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Gold bulls lack momentum within rising wedge, Fed inflation eyedGold price remains sidelined at the highest level since May 05, making rounds to $2,045-50 during early Thursday, as market players await the Fed’s preferred inflation gauge, namely the US Core PCE Price Index for October. That said, the overbought RSI (14) line and an impending bear cross on the MACD indicator challenge further upside of the XAUUSD within a two-month-old rising wedge bearish chart formation, currently between $2,055 and $1,987. It’s worth noting that an ascending trend line from mid-November, near $2,017, precedes the $2,000 psychological magnet to act as extra downside filters to watch during the quote’s pullback. Above all, the bullion buyers can remain hopeful beyond the 200-SMA, close to $1,978 by the press time. On the contrary, a clear upside break of the gold price beyond $2,055 will aim for the yearly high surrounding $2,067. It should be observed that the previous yearly high peak of $2,070 and the year 2020 top near $2,075 are additional challenges for the precious metal buyers to watch during the quote’s further upside. Following that, the XAUUSD bulls could quickly aim for the $2,100 round figure. However, the oscillators signal the need for buyers to take a breather before the next leg up, which in turn highlights each resistance. Apart from the challenging technical details, the recent improvement in the US GDP also hints at firmer US inflation data, which in turn can help the US Dollar recover from the three-month high prod the Gold buyers.
OANDA:XAUUSD
by MTradingGlobal
Gold retreats on Black Friday but bulls stay hopefulGold price pares the weekly gain, the second consecutive one, after the Thanksgiving holiday as traders seek more clues to stay bullish amid mixed clues. Also testing the XAUUSD buyers is the cautious mood ahead of today’s preliminary readings of the US S&P Global PMIs for November. That said, a downward-sloping RSI line from the overbought territory and the bearish MACD signals also add strength to the pullback moves. However, a fortnight-long bullish channel formation’s bottom line, close to $1,989 by the press time, challenges the bullion sellers. Following that, the 200-SMA level of $1,959 will be the final defense of the bulls before giving control to the bears. Meanwhile, the $2,000 psychological magnet and the previous monthly high surrounding $2,010 will test the short-term Gold buyers during the quote’s fresh recovery. In a case where the XAUUSD remains firmer past $2,010, the aforementioned channel’s top line, close to $2,023 at the latest, will prod the upside momentum before directing the bulls toward the 61.8% Fibonacci Expansion (FE) of the precious metal’s October-November moves, near $2,054. Overall, the Gold Price is likely to witness further weakness but the bullish trend remains intact beyond the 200-SMA.
OANDA:XAUUSD
by MTradingGlobal
CRUDEOIL LOOKING WEAK-SHORT ENTRYCRUDEOIL LOOKING WEAK AS PER ANALYSIS Moving Average Observations: Price below 50-day, 100-day and 200-day Moving average. RSI Observations: The Daily RSI indicator has remained below 50. This is a bearish zone. Current Daily RSI reading is 42.43. ADX Observations: The Daily DMI position remains bearish. Donchian Channel Observations: Price is below middle Donchian channel (Bearish). Ichimoku Observations: Price below Ichimoku clouds. Price is below middle Bollinger band (Bearish).
MCX:CRUDEOIL1!Short
by YASHSINCE1995
Unlocking Opportunity: Soybean Oil's Reversal Sparks InterestSoybean Oil Futures Analysis: Current Price: $52.71 Soybean oil has consistently been an appealing asset, having traded near the year's high just six months ago. Recently, the commodity experienced a notable downtrend, dropping from $64.80 to $48.01. However, a modest upward movement is now observable. Upon closer examination, we identify a change in character within the market dynamics. We are strategically considering a buy position for the oil script, setting a risky stop loss at $50, and a broader stop loss at $48. Despite existing chart resistance, our expectation is for the price to reach $60.80 and beyond. It's important to note potential resistance points, as indicated on the chart. Additionally, should the price manage to breach and sustain $64.80, a significant and sustained rally could unfold over an extended period. Please be aware that this analysis is for informational purposes only and does not recommend replicating the same trading strategy. Happy Investing!
CBOT:ZL1!Long
by iamrk7
Copper MCX | Waiting for the BreakoutCopper MCX: We're currently witnessing Copper in a range-bound movement, specifically within the 695-720 range. This zone doesn't offer a clear trading opportunity as of now. To avoid potential traps, it's crucial to wait for a breakout and a sustained move beyond this range before considering any trade. Breakouts often signal a change in market sentiment, so patience is key. For those who prefer more aggressive setups, there's a slightly riskier approach: consider selling near 720 and buying near 695. This approach carries a lower risk, but remember to manage your trades cautiously. Stay informed and trade smart!
MCX:COPPER1!
by iamrk7
CrudeOil Important Levels to watch ! CrudeOil important levels to watch are as follows #Support: 6480 Sell below: 6480 only on 15 minute candle closure below the level. Target 1: 6420 Target 2: 6350 Target 2: 6280 #Resistance: 6540 Buy Above: 6540 only on 15 minute candle closure Above the level. Target 1: 6610 Target 2: 6720 => # Remember each level will act as a support and resistance individually so there is a probability of reversal and a pullback on either side so its better to make an habit to book profits at each targets and re-enter again after a breakout from the same with a proper stoploss as per your own risk appetite. => # Please do your own research before initiating any trade. Always use stoploss in order to protect your capital. => #If you are Unable to trade properly and dissatisfied with your manual trading results due to psychological disadvantages or busy schedule or "Fear & Greed" emotions, then Algorithmic trading can be the most useful solution to overcome such problems. Kindly follow us and join us using details mentioned below the idea. => # Please refer our indicators for more informed decision making. if you find it useful give it a like. => # Follow us for more such information and educational ideas and Indicators. Give it a like if you appreciate the idea. Queries will be answered in comment section. #Disclaimer: This is just a view and published here only for educational purpose, this should not be considered as a buy or sell signal. Trading in stock market may involve financial risk therefore, do your own research before taking any position.
MCX:CRUDEOIL1!
by InvestyourAsset
Gold price recovery appears elusive below $1,975Gold price braces for the first weekly gain in three while defending the week-start rebound despite the previous day’s retreat from a convergence of the 100-SMA and a two-week-long falling resistance line, currently around $1,973-75 by the press time. It’s worth noting that a one-month-old horizontal area joins upbeat RSI (14) and bullish MACD signals to keep the XAUUSD buyers hopeful of crossing the aforementioned resistance confluence. Following that, the metal’s run-up to the $2,000 psychological magnet and then to the previous monthly high of around $2,010 will be imminent. However, the yearly high marked in May around $2,067 and the previous year’s peak of near $2,071 could challenge the bullion buyers afterward. Meanwhile, a horizontal area comprising levels marked since early October joins the 200-SMA to highlight $1,931-30 as a short-term key challenge for the Gold sellers. In a case where the precious metal drops below $1,930, the 50% Fibonacci retracement of its October-November upside, close to $1,910, will precede the $1,900 round figure to act as the final defense of the buyers. It’s worth noting that 61.8% and 78.6% Fibonacci ratios, respectively near $1,885 and $1,850 could test the XAUUSD bears past $1,900 and before October’s bottom of $1,810. Overall, the Gold price appears in recovery mode but the upside needs validation from $1,975 and the US data.
OANDA:XAUUSD
by MTradingGlobal