Chartanalysis
Will Gold Prices Bounce Or Slide?The gold market is currently experiencing high volatility, making it essential to exercise caution. Key levels to watch:
- Break above 2523: Potential buying opportunity
- Break below 2518: Potential selling opportunity
Traders are advised to closely monitor these levels and adjust their strategies accordingly. Stop-losses (SLs) are recommended to mitigate risk.
Stay vigilant and adapt to market changes to capitalize on potential trading opportunities.
Breakout with Volume...NSE:TV18BRDCST trade at 51.55. Support is at 47.70 and Resistance is at 54.30
When its break Resistance level you can watch it @ 59 and after this 68.
Nvidia: DownhillNVDA has completed the green wave (X) and started descending toward our blue Target Zone between $91.30 and $76.02, which should mark the joint low of waves (Z) in green and A in beige. From this range, the beige five-wave downward move should continue, layawaying along the boundaries of our pink triangular trend channel to finish the large wave (IV) in blue. This final overarching low should take the form of a truncation, i.e., a shortened correction, and initiate a new uptrend above $137.32. However, it is 30% likely that the blue wave alt.(IV) has already concluded, which would result in a direct breakout above the $137.32 mark.
#Copper bearish move possibility
The price of copper has reached the upper boundary of a long-term bearish channel, which is currently acting as resistance. Additionally, the recent bullish move failed to break above the previous high, indicating that the bulls may be losing strength.
I'm looking for a minor bullish corrective move in this asset to potentially short it at a more favorable price level.
The bears are trying to take the lead.We are watching the price closely to see if it stays stable.
If it falls below 22 Aug bears candles (see on the chart) and stays there, it could be a problem. For now, I'm being cautious even though things seem positive overall and even too positive especially in option market.
#SPX intermarket analysisAs observed, the SPX and Copper have shown a strong positive correlation over the past few weeks, often forming tops and bottoms simultaneously.
Given that Copper recently failed to break above a long-term bearish channel upper line and has broken its structure to the downside, we might expect a similar move in the SPX.
However, when trading SPX based on this intermarket analysis, it's crucial to wait for a price confirmation in the SPX itself before taking any action.