XAUUSD ready to make a moveAll eyes are on on Jackson Hole meeting today, Gold is under CPR, and DXY moving in the higher side without breaks, Let's see whats in Friday's menu
Commodities
Possible Elliott wave structure of SILVER (now down then up)Hello Friends
Here we had shared possible Elliott wave counts of SILVER international chart on daily time frame, which are clearly suggesting us that currently we are in some ending phase of correction, which might be finish any time so now selling is not suggested but buying on dips only. I repeat, buy on Dips only is suggested as per Elliott wave structures, whole scenario is explained in current post as a video, please go through out and gain the knowledge.
I am not Sebi registered analyst. My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Gold buyers seek re-entry but road towards north is long and bumGold braces for the first weekly gain in five while bouncing off the multi-month low marked earlier in the week, piercing the 200-DMA of late. The upside bias gains credence from a looming bull-cross on the MACD, as well as a recovery in the RSI (14) line from the oversold territory. However, a nine-month-old previous support line, close to $1,950, precedes a downward-sloping resistance line from early May, around $1,955 at the latest, to restrict the short-term upside of the XAUUSD. Also acting as a barrier towards the north is a three-month-old horizontal resistance area surrounding the $1,985 and the $2,000 psychological magnet. In a case where the metal remains firmer past $2,000, the yearly high of around $2,067 will be in the spotlight.
On the flip side, the recent low of around $1,885 holds the key to the Gold seller’s entry. Following that, the early-March swing high of near $1,858 and the YTD bottom around $1,804, quickly followed by the $1,800 threshold, will challenge the XAUUSD bears. Should there be a sustained downtrend of the bullion past $1,800, the November 2022 peak of around $1,767 will act as the final defense of the buyers.
Overall, the Gold Price is likely to recover but the reversal of the multi-day-old bearish trend is still unclear to predict.
EURUSD → Slips as euro zone PMIs give ECB pauseThe Initial reaction to the data saw EURUSD spike 50 pips lower before hovering around the 1.0820 handle at the time of writing. Key area at present with the 200-day MA resting just below the 1.0800 handle and could cap further losses.
EURUSD did face selling pressure as a stronger US Dollar and rising US yields saw the pair fall to support around the 1.0840 handle and print a fresh 7-week low. There is potential for further downside with a break below the 1.0840 support handle opening up a run toward the 200-day MA resting just a smidge below the 1.0800 handle. For now, though much like the majority of major pairs the range between the 100 and 200-day MAs could continue to hold firm keeping EURUSD confined to the 220 odd pip range.
Key Levels to Keep an Eye On:
Support levels:
1.0840
1.0797 (200-day MA)
1.0747
Resistance levels:
1.0900
1.0930 (100-day MA)
1.1000 (psychological level)
XAUUSD ,Printed Good Bullish Move...Now what? In Yesterday's trading session, we have seen big bullish spike /short squeeze(correction +Retailer Squeeze + Near to expiry PCR)and gold printed a healthy bullish candle which covered almost 5-session decline.
On the price action note now the main task for bears is to breakdown the daily pivot as bulls now defending daily pivot successfully from last 3 trading day .So if they are able to breakdown the daily pivot then we can expect a decline otherwise now bulls are in good control right now.
For bears the main level to watch is 1925,above this bulls can make another bullish move.
EURUSD → At the beginning of a broader Bearish reversal ?On the 4-hour chart, the EUR/USD has broken short-term support levels from June, confirming an upward trend. However, resistance levels from July have maintained a downward technical trend. Immediate support can be seen at the 1.0833 - 1.0859 range.
If this area holds, prices could rise and test the downward trend line from July, potentially sustaining a short-term downward technical trend. Otherwise, a higher breakout will reveal the Fibonacci retracement level of 23.6% at 1.1124. On the other hand, a breakout and immediate support confirmation will expose the 78.6% level at 1.0771 as prices fall to 1.0634.
long silver The commodity is breaking out from the head and shoulder reversal pattern on the hourly charts. The chart is self explanatory, trend which one can ride for a while.
copper long trade plan (mcx)copper on 1 hour chart made a textbook head and shoulder pattern and the head was exactly at pin point rejection with resistance zone of 756-762 lvl
after completing the HnS pattern price made pullback , which was exactly rested on fib lvl of 0.5-0.6 in between which projected the price towards down side of 716.50
also there is one trend-zone coming from higher time frame acting as support
with this two confluence we can initiate long side trade
SILVER MCX MACTHED TO PREVIOUS LEVELS 23-08-2023Our Level and Gann Box Worked Perfectly and also the Date range for bottom. The reversal made exactly from there. We are Still Long with Trailing SL
:)
A boost for Support
Thanks
XAUUSD under Sell pressurePrice is trading in range on Intra day TF the range is 1885-1905 and from last 3 days price managed to close above the daily pivot and today also currently trading above the daily Pivot, so above daily pivot, there is chance for bulls to re-test the yesterday's high but overall we have seen that bears not giving any chances to bulls in any TF.
to go high bulls need to reclaim the first Major resistance at 1900-05 and then 1910-12
CRUDE OIL FUTURES (MCX) we have seen good volatility in crude in last two week
as price was trending both sides
again there is CHOC in the 1h chart as price made the correction and came back towards the higher time frame demand
i am expecting a pullback or a retest towards the reversal of medium time frame
which is 6600
with sl 6500 below the higher time frame demand zone
( or you can sl as per your trading style, and risk management)
the target will be same highs but there will be pullbacks from the lower high made when price was declining it is wise to use TSL if you are going for bigger trade and positional one
or else the trade im looking for has risk to rewards of 1.3
dont buy directly if the price reached the mtf demand zone wait for the price to make some bullish candle stick pattern or form minor higher high and higher low
ill update when the trade activates
CrudeOil Important levels to watch!Crudeoil important levels to watch are as follows
#Support: 6600
Sell below: 6600 only on 15 minute candle closure below the level.
Target 1: 6570
Target 2: 6520
#Resistance: 6675
Buy Above: 6675 only on 15 minute candle closure Above the level.
Target 1: 6740
Target 2: 6860
#Demand Zone: 6600-6620 may act as a immediate buying zone, and price may bounce from the region marked in green on the chart.
#Supply Zone: 6740-6770 may act as an immediate selling zone, and price may reject from the region marked in red on the chart.
#Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital.
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XAUUSD Intra Day Levels Gold Price is still under bearish pressure and bulls are trying hard to break out the 1900 psychological level
in bottomside 1985 is holding well on intraday TF.
If you looking for a sell opportunity then for a Good decline wait it to break down the recent low or wait for rejection on High Volume areas.
Buying is still Limited for scalping only.
Elliott Wave Analysis of GoldHello Friends
Welcome to our Elliott Wave analysis of the Gold chart! This analysis helps us make sense of Gold's price movements by spotting repeating patterns. Think of it like finding familiar footprints in the sand.
Imagine Gold's price as a series of waves. Elliott Wave theory suggests that these waves repeat in predictable patterns. We'll be looking for five main waves within an overall trend and smaller waves in between.
The goal is to figure out where Gold might be in its current wave pattern. This can give us clues about whether the price might go up or down in upcoming days.
Remember, no analysis is a crystal ball. While Elliott Wave can be helpful, it's just one piece of the puzzle. Market news and events also matter.
By understanding these wave patterns, we aim to predict potential future movements in Gold's price. So, let's ride the waves of analysis and see what they might tell us about Gold's journey ahead.
Overall it looks little down first, then little big contra trend upside near $ 1910 or more, and then again down continuation towards $1820 - $1850 might be.
I am not Sebi registered analyst. My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
DXY Levels to watchIf Price Breakdown the trend-line support then next support is at this zone also if price breakdown from this trend-line then we can see some pullback/correction of price on gold
XAUUSD Key Levels Intraday Gold Still under big sell pressure but as we have seen a steep decline so some retracement is possible but overall it is in bears control .
More Info on Chart
