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Key SMA confluence probes gold buyers below $1,800Gold prints four-day uptrend, tracking monthly support line amid early Friday. However, a convergence of the 100 and 200-DMAs near $1,795 offers a tough nut to crack for the bulls. Should the quote rise past $1,795, the mid-September peak near $1,809 may offer an intermediate halt during the run-up targeting the $1,834 crucial resistance, marked twice in 2021. It’s worth noting that the latest inflation chatters underpin the US Treasury yields and may recall the US dollar bulls should today’s PMIs for October arrive as strong, which in turn could pull the gold prices back from a strong resistance level. On the contrary, a downside break of the stated support line, around $1,778 by the press time, may need validation from $1,770 and June’s low near $1,750 to convince gold sellers. Following that, 23.6% Fibonacci retracement of June-August fall, near $1,733, could probe the fall targeting the $1,700 threshold and the yearly bottom surrounding $1,668. Overall, gold remains in the consolidation mode and needs confirmation for further upside.
OANDA:XAUUSD
by MTradingGlobal
Sunday Prep 9/26 - $PLTR I Do Not Want To Miss This!Palantir Technologies is another name from last week. It broke out beautifully and the chart is in tact. The pull-back was deeper than anticipated (but that came with the market imo) but it’s still strong and I want dips to buy. I’ll be looking for dips to buy.. like the 20d SMA but not sure I’ll get it. I may just start buying on dips risking against previous lows. Make sure to join TrueTrader so you can keep tabs on how I trade this in real time in the chatroom. I do not want to miss this.
PLong
by TrueTraderOfficial
EURUSD eyes 1.1790 break to keep controls on US inflation dayEURUSD struggles to keep rebound from monthly low ahead of the key US Consumer Price Index (CPI) data for August. Given the latest chatters over Fed tapering before the next week’s FOMC, today’s US inflation data becomes crucial for the markets. Ahead of the data, the US dollar slips and prints mild gains on the face of the EURUSD. However, failures to cross the 1.1910 horizontal resistance and sluggish oscillators keep sellers hopeful. It should be noted, though, that the 50-DMA and 20-DMA, respectively around 1.1795 and 1.1790, restrict the quote’s short-term downside ahead of July’s low near 1.1790. If US inflation data rejects tapering concerns with a downbeat figure, the EURUSD prices may recover from the key moving averages. With this, the latest swing high around 1.1850 may offer an intermediate halt before highlighting the 1.1910 horizontal area, comprising multiple tops marked since June 30. In a case where the EURUSD bulls manage to keep reins past 1.1910, odds of its rally towards May’s bottom near 1.1985 and the 1.2000 psychological magnet should return to the charts.
Short
by MTradingGlobal
Gold bears hold controls below $1,800, ECB awaitedGold remains depressed around the lowest in two weeks as market sentiment sours ahead of the key European Central Bank (ECB) monetary policy meeting on Thursday. Having stepped back from a two-month-old horizontal resistance last Friday, gold prices dropped below 200-DMA and 50-DMA during the current week. The downside momentum recently gains support from bearish MACD and an absence of oversold RSI to direct the sellers towards June’s low near $1,750. However, $1,760 and August 18 low close to $1,774 may act as intermediate halts. On the contrary, gold buyers should retake controls if the ECB hawks dominate while announcing the widely chattered PEPP tapering. Even so, 50-day and 200-day SMAs, respectively near $1,798 and $1,809, can challenge the bulls ahead of directing them to the crucial horizontal hurdle surrounding $1,834. To sum up, gold needs market optimism, which is less likely to pop up from today's ECB and hence bears can keep the reigns.
FXOPEN:XAUUSDShort
by MTradingGlobal
GBPUSD struggles to extend bounce off 21-DMA post UK GDPGBPUSD fails to cheer upbeat UK GDP figures as market plays await fresh clues to confirm the Fed tapering chatters. Even so, the cable keeps the previous day’s rebound from 21-DMA amid firmer RSI, suggesting further recovery towards the 1.3900 round figure. However, a convergence of 21-DMA and a downward sloping trend line from June 11, around 1.3925-30, becomes the key hurdle. In a case where the pair buyers cross 1.3930 resistance, July’s top surrounding 1.3985 may test the bulls before offering them a free pass to ride beyond the 1.4000 psychological magnet. Meanwhile, a daily closing below the 21-DMA level of 1.3830 becomes necessary for the Sterling bear’s entry. Following that, the early July’s low near 1.3730 and bottoms marked in March and April, around 1.3670, will challenge the GBPUSD sellers. Although the quote is likely to consolidate around 1.3670 before declining further, a clear south-run below the same horizontal support may not hesitate to visit the previous month’s low, near 1.3570.
by MTradingGlobal
GBPUSD eases inside short-term rectangle near multi-month topWith the renewed chatters over the Fed’s next moves, backed by weekend comments from US Treasury Secretary Janet Yellen, the US dollar regains the safe-haven bids lost on Friday amid early Monday. This weighs down GBPUSD inside a two-week-old rectangle formation between 1.4250 and 1.4190. It should, however, be noted that the upbeat MACD could trigger the cable’s bounce off 200-SMA and a two-month-old support line, respectively around 1.4050 and 1.4010. In a case wherein the quote fails to bounce off 1.4010, the 1.4000 psychological magnet will give another chance for the counter-trend traders entry, losing which should recall the 1.3900 levels to the chart. On the contrary, recovery moves need to cross 1.4180 and the 1.4200 round figure before challenging the stated rectangle’s upper line around 1.4250. It’s worth mentioning that GBP/USD run-up beyond 1.4250 should stay beyond the 1.4300 threshold before challenging the year 2018 high near 1.4375-80.
Long
by MTradingGlobal
BTC - Bearish and Bullish Zones Technical Analysis: In the previous chart, we had more or less fixed something with their curriculum notes. These are the support-resistance levels that need to be followed now, in my opinion. In order for BTCUSD's bearish bearish diagram to break upwards, the downtrend must be broken up and backtested first. Afterwards, movements and fib zones on the bullish diagram can be followed for a bullish move. You can zoom the chart. Market Analysis: With the normalization of the pandemic along with the guidance (pump) to the commodity, the withdrawal of hot money from cold wallets (crypto, etc.) and its entry into the market, the US inflation and expectation, various speculations, etc. reasons brought along the expectation of profit in the crypto market. We are in one of the most important fixes with enterprise-backed sales pressure and FUD. In the event of a Fed rate hike, I think the downward flow will continue with various taxation and prohibitions (prohibition of Chinese mining). We have been on a sideways course for a while, with the idea that there should be corrections for stronger bullish movements and weighted averages should be followed as well. I shared this to use INT chat. thx for your supports. BINANCE:BTCUSDT
by stocker34