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Commodity

Gold’s weekly outlook: July 06-10Another 52 week closing high (weekly) for gold as pandemic continues to roil the globe with infections surging to record highs in various countries. The onslaught caused by the coronavirus still fails to truly show in the economy as the recent data suggests a miraculous turnaround from the lows that too at a never seen before pace whose gap from reality is just increasing where furloughs / jobcuts, closures and bankruptcies have become a fairly common sight. This mirage or denial mode points toward another forthcoming riskier asset class correction when the quarter numbers start trickling in or the worst might have been actually over but all depends over the thin line of statistics. All in all the pessimistic clouds have been shrouded by the free money euphoria which to a large extent could be just an election gig and reality should bite hard once the event is over. $1800 looks closer than ever as both fundamentals and technicals strongly favors higher prices. To watch next week – Inflation and other important economic data. On the chart – Gold continued its rally as it created another 52 week high on back of gloomier economic outlook and a falling dollar. The closing high suggests that there is still more scope on the upside with other global factors already buoying the price in full force. Chances are there that gold might find its true resistance near $1800 area as seen historically but its all the more bullish if it does and aims for inverse head and shoulders pattern which if charted through will catapult gold prices into another range. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1789. If this is crossed it can move towards $1804. And if this is taken out it can rally to $1823. 2. Short trades still remain colorless as trend remains overly bullish except scalp trades. Bullish view – Bulls registered another high both 52 week and closing as the rush for safe haven continues amidst chaos and uncertainty caused by the pandemic. Fundamentals should remain in favor of bulls for a good amount of time till the virus weakens and things start getting back to normalcy but technically gold nears a crucial resistance zone which if taken out will propel it at an even higher pace. For bulls to keep on the unopposed run they need to take out the critical levels and hold the supports. Bearish bets still remain out of context. On larger terms, Gold continues to remain bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1780 for the targets of $1789 and $1804 with a stop loss placed below $1771. Longer term target $1823. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
11
Gold’s weekly outlook: June 29 – July 03Gold extended its bull run hitting a fresh 52 week high broadly on account of deepening global crisis due to the persistent wrath of the pandemic. The economic outlook gets grimmer day by day as number of infections are surging pretty fast forcing the countries to put a screeching halt to their phased re-openings (of economies). Moreover, the race for vaccine is not look as promising either which is ultimately proving that viruses yet cannot have any sort of vaccines or a singular approach of treatment. While most of the riskier asset classes are in a denial mode, reality for sure has started biting from different angles as their demand is getting sluggish compared to safe havens. Current situation looks ripe for a burst over $1800 as the technical headwind is simply too strong on the upside. To watch next week – Powell and Mnuchin testimonies, Fed meeting minutes and other important economic data. On the chart – Gold registered a new 52 week high whilst having a close at another. This fresh upmove suggests the consolidation has been successfully broken on the upside triggering another leg of sustained run which would this time conquer the much awaited “$1800”. Fundamentals remain strongly supportive for higher prices while technicals point towards an uninterrupted run on the upside. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1771. If this is crossed it can move towards $1789. And if this is taken out it can rally to $1804 and 1823. 2. Short trades seems to have filtered out again excepting scalp trades unless the trend changes. Bullish view – Bulls advanced further making a new high as well as closing at another rather closing above its previous 52 week high making a strong case for prolonged uptrend. The ongoing concerns remain ignited firming gold’s already high demand. Fundamentals continue remain in favor of gold while technicals got even stronger after the breakout from the consolidation making $1800 look closer than ever. Bears look defeated again after they failed to stop the breakout. On larger terms, Gold remains bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1771 for the targets of $1789 and $1804 with a stop loss placed below $1761. Longer term target $1823. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
6
USOIL 🎯 The Insider's Guide to OilBias: 🔞Just a brief overview of Oil with two potential outcomes, the bullish being much more optimistic so be cautious bulls. note* This is a new "quick and dirty" formating style that contains only the bare minimum context needed to give us the ability to push out some quick outlooks that don't require as much in-depth research and evaluation such as what you see on a regular basis from us. Let us know what you think in the comments about this approach if you have any feedback :) Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣 ----- Support: S1: This is a not as obvious as S2 but still quite clear when highlighted as to be a price pivot point. It currently contains an S/R flip that has yet to be invalidated. S2: Very recognizable price pivot point and likely to come into play if we do retest the bottom range of Oils current up-trending price action. Though I would caution anyone trying to catch a falling knife here and much rather say this is a level of interest to keep your eye on for how price reacts here. Resistance: R1: Bearish S/R flip that is likely to see a reaction from the price on the way back up to retreat the point of break down. R2: Dead cat bounce swing high, this will be a noticeable level of interest for any bears looking to short this resting orderblock. R3: Orderblocks resting at the prior swing high range, a pretty clear range of interest for the bears. ----- ✨ Drop a comment asking for an update, we do NEW setups every day! ✨
TVC:USOIL
by AlphaBotSystem