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Metals

Gold sellers need acceptance below $1,928 to dominate furtherGold braces for the third consecutive weekly loss as it challenges a six-month-old bullish trend channel formation. That said, bearish MACD signals join a three-week-old descending resistance line to keep XAUUSD sellers hopeful, the nearly oversold RSI conditions and the key support near $1,928 stop bears from taking control. As a result, the metal’s further downside appears elusive unless witnessing a daily close below $1,928. Following that, a quick fall to the 38.2% Fibonacci retracement level of October 2022 to May 2023 upside, near the $1,900 round figure, can’t be ruled out. However, the early March swing high of near $1,860 and March’s monthly low of $1,804, quickly followed by the $1,800 threshold, might allow bears to take a breather afterward. Meanwhile, the Gold price recovery hinges on a clear upside break of the three-week-old bearish trend line, close to $1,962 at the latest. Should the quote manage to remain firmer past $1,962, the $2,000 psychological magnet could gain the bullion buyer’s attention. It’s worth noting that the Gold price upside past $2,000 needs validation from $2,050 and the latest all-time high surrounding $2,080 to aim for the fresh record high, which in turn highlights the previously mentioned rising channel’s top line near $2,120. Overall, Gold is likely to decline further but needs to sustain below $1,928 to convince bears.
OANDA:XAUUSD
by MTradingGlobal
Gold remains vulnerable to further downside, $1,935 in focusA clear downside break of the nearly two-month-old ascending trend line and 200-EMA keeps the Gold price on the bear’s radar. However, the RSI (14) is drilling the grounds as it becomes oversold, suggesting little room towards the south. As a result, swings marked during March constitute a short-term key support of around $1,935. Should the XAUUSD drops below $1,935, the 61.8% Fibonacci retracement level of its March-May upside, near $1,905, quickly followed by the $1,900 round figure, can act as the last defense of the buyers before handing over the ball to the bears. On the contrary, a convergence of the 200-EMA and the 200-EMA, around $1,994, precedes the $2,000 round figure to limit the short-term upside of the Gold price. Following that, a 23.6% Fibonacci retracement level near $2,005 may become an extra check for the buyers. It’s worth noting that a five-week-old horizontal resistance around $2,050 acts as an important hurdle for the bulls to cross before eyeing a fresh all-time high, currently around $2,080. Overall, the Gold price is well set for further downside even if the room toward the south appears limited.
OANDA:XAUUSD
by MTradingGlobal
Gold fades upside momentum within rising wedgeGold price eyes the first weekly loss in three as it retreats inside a 15-week-old rising wedge. However, the 21-day EMA adds strength to the $2,008 support, a break of which will confirm the bearish chart pattern suggesting a theoretical fall toward $1,750. That said, the $2,000 psychological magnet will precede the multiple lows marked near $1,970 and February’s peak of around $1,960 to act as an intermediate halt ahead of the aforementioned theoretical target of the wedge. It should be noted that the year-to-date bottom of around $1,810 may offer an extra filter towards the south. On the contrary, Gold price recovery may initially aim for $2,050 ahead of challenging the stated wedge’s top line surrounding $2,075. In a case where the XAUUSD bulls defy the bearish chart formation by crossing the $2,075 hurdle, the recently flashed all-time high of around $2,080 and the $2,100 will be in the spotlight. Overall, the Gold buyers appear to run out of steam and the rising wedge teases the bears. However, the downside appears challenging and has multiple speed-breakers, including the mixed signals flashed by the RSI (14) line and MACD signals.
OANDA:XAUUSD
by MTradingGlobal
GOLD Possible Elliott wave countsHere we had shared possible Elliot wave counts of GOLD chart in which weekly, daily, 4 hourly and hourly all these time frames counts are aligned with each others. 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...! Disclaimer. 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.
GLong
by RK_Chaarts
SILVER possible Elliott wave sountsHello Friends, Here we have shared possible Elliot wave counts of SILVER 4 hourly chart in which we can say possibly we are heading towards north direction as a fresh impulse wave, which can lead towards Bullish bias as now onwards. 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...! Disclaimer. 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.
TVC:SILVERLong
by RK_Chaarts
3
Determining trend and consolidation through wave cycles.MCX:GOLD1! In past, we have discussed how to know the quality of a trend and how to know a chart pattern's extrinsic nature according to the market phase. If you haven't read that then I want you to read that before to have a better understanding of this idea. Let's get started!! How to determine the trend or consolidation through the wave cycles and degrees. The trend moves in 3 different wave degrees:- For example , think of it like a multi-timeframe analysis. 1. Higher wave cycle (HWC) - This is a 1-month time frame trend. 2. Medium wave cycle (MWC) - This is a 1-day time frame trend. 3. Lower wave cycle (LWC) - This is 30 min time frame trend. So Without knowing which wave cycle is being traded one can encounter these problems:- 1. Inability to select consistent breakout levels. 2. Inability to select effective stop loss levels. 3. Inability to apply effective stop sizing. 4. Inability to distinguish between trend and consolidation mode. 5. Inability to determine the direction of the predominant trend. How can we eliminate these complications? 1. Consolidation and Trend Action in Terms of Wave Cycles and Degrees. A market may be both in trend and consolidation modes at the same time, depending on the wave cycle being observed. 2. We may also define breakouts via the degree of the wave cycles. Different degrees of waves help in determining whether a breakout will gonna be valid or not as a range formation near the higher wave cycle resistance zone will likely fail. In the above figure:- we have breakouts based on waves of lower, medium, and higher degrees. In other words, the breakout level will depend on the wave degree being traded. Being aware of the wave degree being traded will allow the trader to size the stop-loss effectively, according to the average wave amplitude and volatility associated with that particular wave degree. 3. Significance of higher wave degree reversals When big market trends change direction, it affects smaller trends as well. This is because all the smaller trends are part of the bigger trend. So, when the big trend changes, the smaller trends also change in the same direction. This is important to understand because it means that when you see a change in a big trend, it's a sign that many smaller trends are also changing. However, smaller trends changing doesn't necessarily mean the big trend will change too. Conclusion:- Always know which wave cycle you are trading and at what point you stand in that wave cycle. Note: In upcoming Ideas, we will cover how Waves are used in the Elliott Wave concept. I hope this short idea on trend or consolidation determination has added some knowledge and helped in improving your trading. please like and comment with your views on this idea. Keep learning, Happy trading. Thank you for reading.
MCX:GOLD1!Education
by SANJAYPATIDAR_
6
COPPER possible Elliott wave countsHello Friends, Here we have shared possible Elliott wave counts on 4 hourly chart of COPPER, in which we can say that still selling pressure may continue for some while, because now possibly we are in complex correction phase as wave ((w))-((x))-((y)), in which we had completed ((w))-((x)) and now possibly we are unfolding wave ((y)) in which subdivisions are (a)-(b)-(c) and here also we had completed first two subdivisions as wave (a)-(b) and now we are unfolding wave (c), which can still continue same bearish trend ahead for now some while, where wave (c) would be completed , there wave ((y)) will be done, where wave ((y)) would be done, there wave 2 will be finished and we can say bearishness will be finished with wave 2. wave 2 will not retrace more than 100% of wave 1 so bottom of wave 1 is pegged at $ 3.2410 which should not be crossed as per wave principles, wave (c) can be or may be at equality of wave (a) which level is coming near $ 3.6269, and wave ((y)) can finish near equality with wave ((w)) which level is coming near $ 3.6618. Well, post wave 2 we can assume fresh impulse ahead as wave 3. wave (c) can be or may be at equality of wave (a) which level is coming near $ 3.6269 wave ((y)) can finish near equality with wave ((w)) which level is coming near $ 3.6618. 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...! Disclaimer. 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.
FX:COPPERShort
by RK_Chaarts