Gold Prices Rise Steadily, Testing the 2,658 USD/oz LevelGold prices increased for the third consecutive session, reaching a one-week high of 2,647.43 USD/oz on November 20, supported by its role as a safe-haven asset amid escalating tensions between Russia and Ukraine. However, the rally was capped by a recovering USD, making gold more expensive for international buyers.
The 2,551 level has been confirmed as strong support after two successful tests, prompting a sharp rebound. The 2,658 level is the next immediate target for prices to break, while the 2,789 zone is the next potential peak if the bullish trend persists.
Following a significant correction from the previous high, gold may form a double-bottom pattern around 2,551, signaling strong buying pressure. Currently, prices are testing the 2,658 resistance level and show signs of continuing the upward trend if this level is breached. If a pullback occurs, the 2,652 zone (EMA 34) will serve as an essential support level to watch.
Technical Analysis
Technical analysis of XAUUSD chartDear friends, it's Samson here!
Flag Pattern: The chart showcases a well-formed flag pattern, a classic bearish continuation signal.
Target Projection: Using the height of the previous wave 3 of the flagpole, the pattern's target is forecasted to be around $2,553.
Fibonacci Levels: The price is at a level corresponding to the 0.618 Fibonacci retracement at $2,637, a strong bearish signal, with the next resistance near $2,647 (0.5 Fibonacci retracement).
Breakout Confirmation: A breakout from the flag will confirm the bearish momentum.
Trend Outlook: A macro bearish trend is indicated, supported by resistance rooted in fundamental factors...
Consider, share your opinions and questions, discuss what is happening with OANDA:XAUUSD
My Analysis of EURUSD (1 Hour Chart)Hello everyone,
Ascending Channel Formation:
Price is moving within a clear ascending channel, with higher highs and higher lows forming along the way. This structure suggests a temporary upside correction within the overall downtrend.
EMA Dynamics:
The 34 EMA (purple) is currently acting as dynamic resistance, rejecting multiple attempts to break higher, as indicated by the red arrows.
The 89 EMA (pink) is closely aligned, consolidating the resistance zone and signaling bearish momentum when the price is below these levels.
Key Resistance Zone:
The upper boundary of the channel, near 1.0525, is a key resistance zone. This zone is consistent with the rejection from the EMA and is expected to limit upside momentum.
Near-term Price Movement:
I expect price to retest this resistance level and potentially fake out in the short term before moving lower. A break of the ascending channel to the downside would confirm a continuation of the decline.
Target Level:
The initial downside target is around 1.0450, near the middle of the previous range.
If the decline continues, I expect the price to fall further towards the support level of 1.0352, which marks the lower boundary of my expected price.
Risk Zone:
A sustained break above 1.0550 would invalidate my bearish outlook and signal further upside.
Conclusion:
For now, I am watching how the price reacts at the upper boundary of the ascending channel and the EMA resistance zone. Any rejection or bearish candlestick pattern would confirm my short bias, focusing on the downside targets.
Gold-> continue to drop to $ 2600. What will happen?Hi guys,
Gold prices dropped to their lowest level in a week during the Asian session on Tuesday, although spot prices found some support near the $2,600 mark.
Meanwhile, the prevalent risk-on environment, coupled with bets for slower Fed rate cuts and rising U.S. Treasury yields, is driving flows out of the safe-haven XAU/USD. Theoretically, any attempt to push gold prices higher may face limitations.
Ahead, the U.S. Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred measure of inflation, is scheduled for release on Wednesday.
Technically, gold is attempting to break out of the key range after testing support. If a false break occurs at the 2634 level, a minor correction towards resistance may form.
Resistance levels: 2634, 2649, 2663
Support levels: 2618, 2607, 2600
If sellers hold the price below 2630-2634, the bearish momentum could strengthen. However, as the price is testing strong support, a significant reaction could form a false breakout and a correction, potentially targeting levels like 2649-2663 (fibo 0.5), before continuing the downtrend.
Three White Soldiers | Educational | Colpal The Three White Soldiers candlestick pattern is commonly used in technical analysis.
The pattern identifies potential bullish reversals in a downtrend or a period of consolidation. Traders often use the pattern and other technical analysis tools, such as support and resistance levels, trend lines, and volume indicators, to confirm the trend’s strength and potential entry and exit points.
The Three White Soldiers pattern can be used on various time frames, from short-term intraday charts to longer-term weekly or monthly charts, depending on the trading strategy and goals.
Disclaimer: This is for educational purpose. Definition and details can be found on any other search engine / books/ articles etc.
EUR/USD Analysis: Bearish Momentum ResumesEUR/USD is dominated by a long-term downtrend, with technical factors and market sentiment leaning towards the sellers. The possibility of the price breaking the 1.0430 support is not small, especially in the context that traders are waiting for clear signals from upcoming major economic events.
Investors need to closely follow the price movements at important technical zones to make appropriate decisions, as EUR/USD is approaching a pivotal moment of the trend.
GOLD--> Local trend changing? Will it rise to new ATH?Hi guys,
OANDA:XAUUSD after a false breakout at 2700, the price has returned to a correction phase, aiming to consolidate its potential for continuing the trend. In the current situation, the fundamental backdrop is shifting in favor of the metal, which active buyers are pursuing...
Gold has not reacted significantly to the previous rally of the dollar, despite hawkish signals from the Fed.
The reason for the metal's rise lies in the escalation of tensions following the UK and US allowing Ukraine to use weapons to strike deep into Russian territory. Russia responded with stronger attacks afterward. Fundamentally, these actions make gold a safe haven choice for protecting assets.
This week, due to the Thanksgiving holidays in the US, trading volumes are expected to fluctuate sharply at the beginning of the week.
Technically, it is predicted that the precious metal could update its ATH this year. However, short-term levels ahead need to be monitored closely. Specifically:
Support levels: 2685, 2675, 2650
Resistance levels: 2711, 2733, 2750
Nonetheless, the upcoming resistance levels must be observed, as they are likely to trigger the next move for the metal. The adjustment toward the nearest liquidity zones is expected, but we are not talking about a reversal. The correction could end quickly, and the price is likely to return to an upward phase. The medium-term target is 2731-2750...
Nifty Analysis for 21-22 Nov Based on elliott wave forecasting on hourly chart we are in either wave iv or v of y of wxy correction. Which gives two possible scenarios as given in chart
Green : we are wave iv with a and b completed and c can continue in future. Possible trade given in green box.
Red: we are wave iii of iv and go like red arrow, trade given in red box.
This is for educational purpose and not an advice/recommendation to buy or sell. Do your research before trading. Happy Trading.
Banknifty forecast 21-22 Nov’22 l Elliott waveBanknifty can have two possible scenarios. It is in correction of 5 wave while in 4 of 5.
4 looks completed and we are in last leg then temporary pause of fall expected.
Red : most likely scenerio. Below 50300 we are short for impulse down 💰💰
Green: less likely but we are still in wave 4 it will tests our patience should move very slow up towards 50900-51000.
Disclaimer: This post is for educational purpose. No trade/ buy/ sell signal is suggested or advised. Do your own analysis before buying or selling any stock/options.
USDJPY Awaits a Breakout at 155.878
USDJPY is currently trading in a short-term uptrend but is being held back by a descending trendline and the resistance level at 155.878. After bouncing from the strong support at 153.350, the price is now fluctuating around EMA 34 (154.850) and EMA 89 (153.995), reflecting a tug-of-war between buyers and sellers.
Rising U.S. bond yields and the Bank of Japan's dovish policies continue to support the USD, while the Japanese Yen remains under pressure.
The RSI at a neutral level of 51.52 indicates unclear market momentum. If the price breaks above 155.878, the uptrend could strengthen with a target near 157.000. Traders should closely monitor key levels to make informed decisions.
EURUSD Under Pressure, Support at 1.05151 Awaits TestEURUSD is currently continuing its downward trend, dominated by the descending channel and EMA lines.
After bouncing off the strong support level of 1.05151, the price is now testing resistance at 1.05663 but remains under selling pressure as it stays below the EMA 34, confirming that the main trend has not changed.
Risk-off sentiment has driven capital into the USD, increasing pressure on EURUSD due to the greenback's strength. At the same time, positive CPI data supporting the British Pound has reduced the Euro's appeal, further intensifying downward pressure on the pair.
If the price fails to break above 1.05663, it is highly likely to retest the support at 1.05151 and potentially decline further.
EURUSD : Realization continues, risks increase!Dear traders,
EURUSD is currently in a bearish "flag" phase this Friday morning in Europe, influenced by risk-off flows stemming from escalating geopolitical tensions between Russia and Ukraine and concerns over potential U.S. tariffs on the EU... Now, there is nothing stopping it from further distribution.
Key news is on the horizon that traders should approach with caution. A Fed rate cut. And the question is no longer "when" but "how much" the Fed will cut amid persistently high inflation over the past few months.
From a technical perspective, the focus is on resistance levels at 1.055 and 1.054, which is the (fib 0.618). A gradual retracement and retest will increase the chances of a breakout.
Now, selling pressure on this currency pair is intensifying, prices are entering a risk zone, and buyers are becoming increasingly cautious. We are monitoring the next key downside targets at 1.047-1.044...
USDJPY: Uptrend Faces Challenges at 156.65 ResistanceUSDJPY is currently trading at 155.68, reflecting a significant upward momentum in recent sessions. After successfully testing the strong support area at 153.40—a confluence of the 89 EMA and an ascending trendline—the pair surged sharply toward the key resistance zone at 156.65.
However, the 156.65 – 157.00 zone is considered a "pressure area," with the potential to trigger a short-term correction. If the price fails to break above this resistance, USDJPY could pull back to test support at 154.70 or even deeper at 153.40.
On the news front, the USD remains strong, driven by expectations that the Fed will maintain high interest rates, while the Bank of Japan continues its accommodative policy. Investors should pay close attention to key U.S. economic data, such as PMI figures and speeches from Fed officials this week, as these factors will strongly influence USDJPY's price action.
Strategy: Monitor price reactions at the 156.65 resistance zone. A breakout could target 157.50, while rejection at this level increases the likelihood of a pullback toward support levels.
Gold: Are Buyers Still Motivated?OANDA:XAUUSD extended gains for a third straight day, ignoring a rising US dollar as risk-off sentiment boosted safe-haven assets. The yellow metal has gained more than 3.40% on the week, with buyers eyeing the $2,700 mark.
Technically, gold is in a bullish trend today on most timeframes after buyers accepted the $2,750 level, but buyers must overcome key resistance levels ahead. A break of XAU/USD around $2,658 could see acceptance around $2,700. A break of the latter would expose the November 7 high of $2,710 and the psychological $2,750 figure.
Conversely, sellers would gain the upper hand if the unprofitable metal falls below $2,600. The bearish bias continues to be seen, with the next support level being the 100-day Simple Moving Average (SMA) at $2,550. The bears could target the November 14 low of $2,536, followed by a drop to $2,500 for XAU/USD.