Since forming a double bottom (reversal) at 1.7500, buyers have been in total control of the GBP/CAD market.
Now we may see a correction/retracement play out before the next move up.
An area of interest is 1.7750 which has previously acted as support.
There is a Bank of Canada rate statement on Wednesday.
Price has struggled to print a daily close above 1.04290 until Friday last week when we saw a convincing push from the buyers and a close of 1.05215
Now we could look for a pull back, retest and rejection of previous resistance and a move up to 1.05880 which was resistance back in December 2024.
Agree or disagree?
Price for Gold has continued to move higher, and as we can see on this 4 hour chart, there have been specific levels broken and retested before progressing further.
$2660, $2695, $2720 are the most recent levels where we can observe the break/retest/rejection price action.
The next level of interest could be $2760 which broke on Thursday but has yet to be...
Price appears to be moving within a triangle formation.
Last week we saw what might have been a break out. However, this weeks trading has seen price action back inside the triangle.
There is a possibility that we may now see an impulse of buying towards the top of the structure. Look out for the Bank of Japan rate statement later this week.
Price has recently printed multiple tests of 1.1100 to 1.11200, with sellers failing to hold price below the level.
A similar situation occurred in November 2024 with buyers eventually winning the battle and taking price all the way to 1.13600.
Look for the possibility of the same thing happening if we see an impulse of buying.
Price reached the daily resistance level of $2620 per troy ounce on Thursday and then and a bearish inside candle on Friday.
The level was last tested and rejected in December and November last year.
If the next daily candle also has a bearish close, we may see an Evening Star pattern form. Some traders see this as a reversal pattern at resistance but how you...
Price has rejected the ascending trend line 3 times (September 2024, December 2024 and now January 2025).
We could be seeing a triangle pattern in play when looking at the lower highs.
Look for potential long signals if they meet your strategy rules.
Price has been moving with a daily range since September 2024.
Resistance sits at 1.13600 whist support sits at 1.11200
Price most recently double topped at resistance and could be on its way back to support.
Silver began to sell off around the 23rd October 2024 where it made its high for the year at $34.85
Since then, price has begun to decline in the form of a triangle.
With price approaching the top of the triangle (resistance). Watch price for a rejection or a breakout, to potentially sell or buy respectively if an opportunity meets your strategy rules.
Price has been moving within a daily range since December last year.
Mondays price action saw what could have been a break out of support at around the 1.4340 zone.
With Tuesdays close back above and within the range, Mondays candle was probably a break out.
Look for opportunities to buy, targeting back at the top of the range.
Price is moving within a bullish, parallel channel and has double topped at channel resistance around the 1.85 big number.
At the end of the last trading week, price broke and closed below the neckline (support) at 1.84
As price retests the level, we wait to see if further selling takes place.
Potential final target for sells is the bottom of the channel.
Price has made a low and a higher low in what could be an ascending parallel channel.
The current bullish move started on 3rd December and peaked on 26th December before starting a correction.
Now with price at 172.60, we could see buyers enter the market again where they could take price all the way up to 180.00 which is the top of the parallel channel and also...
Price has been moving within a long term uptrend and has found support multiple times at the support trendline since March 2023.
We may see price double bottom at 1.2500 which is where price is currently testing the trend line.
If price can close above 1.2800, there is a possibility of further upside in line with the overall
sentiment.
Price double topped at $2720 over November and December 2024.
Currently, price looks to be correcting in the form of a flag pattern after a bearish impulse from $2720.
A break lower could see a further drop in value to $2560 which was support (also in November 2024).
Price has broken above and retested 1.49 which was support numerous times from August onwards this year.
The final 3 days of trading last week saw a Morning Star pattern being printed which can be a reversal at support.
If you agree, look for opportunities to buy which meet your strategy rules. A final target of 1.5160 could be something to consider.
Price action on the daily chart is moving within a bullish channel.
Channel resistance is where price has reversed twice so far and maybe a third time at the end of last weeks trading.
Look for sell setups if price starts to move as predicted.
Buyers have found 1.6570 as an area of price being over valued on multiple occasions.
Look for a change of cycle and a sell setup if you agree with the analysis.
Potential final targets could be the most recent resistance at 1.6370
Over four days, Silver buyers attempted to break and keep price above $32/$32.10 but failed with the fourth day seeing a bearish engulfing candle printing. This was followed by another bearish candle with a lower low and a lower close.
The next daily support lies at $30/$29.70
Look for pullbacks and sell setups if you agree with this analysis
