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BluetonaFX - SILVER Potential Double Top OpportunityHi Traders! There is a potential double top pattern forming on the Silver 4H chart. This depends on the very important level on the chart, which is 23.091. Originally, we had a price rejection at 23.091, which we marked on the chart. The price rejection formed a price channel to the downside; there was then a break of this channel in an attempt to re-test 23.091, and we have found resistance again near this level. If 23.091 holds again, the chart pattern will become a double top pattern, which is bearish. If there is a momentum break and a close above 23.091, the potential double top will be broken, and then there are long-term levels to the upside. We have a calculated long-term Vector level of 24.205. There are opportunities for possible entries near 23.091, or another option is to wait either for a confirmation sign of a breakout or a reversal. There are great risk-reward opportunities for both options. Please remember to like, comment, and follow us, as your support greatly helps us. Thank you for your support. BluetonaFX 
TVC:SILVER
by BluetonaFX
2
COPPER: Best sell signal on a 1 month basis.Copper hit the top of the Channel Down pattern that started in mid January and got rejected straight away. The 1D time frame already turned neutral (RSI = 51.361, MACD = 0.023, ADX = 28.747) and if the price crosses under the 1D MA50 and MA200, it will give a confirmed sell continuation signal. First target is the S1 (TP1 = 3.5525) and second near the S2 (TP2 = 3.3750). A 1D RSI Double Bottom inside its S1 support, will be the first buy signal. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
COMEX:HG1!Short
by InvestingScope
2
Oil: Can support survive? Today's focus: Oil Pattern – Descending Triangle Possible targets – 64.06 73.22 Support – 67.05 Resistance – 72.22 74.15 Hi, and thanks for looking at today’s update. Our attention is on oil after yesterday’s sharp selling took price back to key support. This level has held firm for buyers, but could this be the fourth time lucky for sellers? So far, production cut updates have done little more than spur on sellers. Will we see buyers re-hold this level, or could we see a new break lower by sellers that gets the downtrend back on track? Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:USOUSD
by Eightcap
XAUUSD as we see gold price respond 139 if we get initiative we come into the support we get initiative of f that low that low we should see price responds as well ok once price responds to the upside that's the price response we looking for and that's ultimately the process of initiation that's began ,buying offers but sellers are responding . so the process of responsive and initiative as we approach resistance we see buyers that lifting offers , but sellers are providing more liquidity than the sellers combine that's why we see a positive delta at the high and a negative delta at the low . once price come 144 146 trade location shift in dynamic, after absorption price lift above 148 excess point to opportunity to go long without excess point there is no trade. market through 1970 after bounce of on handle .
OANDA:XAUUSD
by YODA-TRADER
US House passes debt ceiling billDespite earlier reservations from several Republican House members, the proposed bill to raise the debt ceiling has been passed with 314 supporting votes - an overwhelming majority. The Senate will be the next hurdle before the bill is signed off by President Biden. The JOLTs Job Openings increased by 10.1 million in April, which will boost estimates for Friday's Nonfarm Payroll figures. USD/CAD slipped 28 pips to 1.3575, and USD/JPY declined 46 pips to 139.34. GBP/USD added 27 pips to 1.2441, and EUR/USD fell 46 pips to 1.0689. Australian retail sales in May stagnated without growth or contraction. AUD/USD slid 11 pips to 0.6503. Spot gold gained $3.32 to $1,962.67 an ounce, and WTI oil futures fell $1.37 to $68.09 a barrel. Bitcoin and Ethereum both slowed to $27,096.0 and $1,872.20 respectively. The US stock market closed red, with the Nasdaq 100 dropping 100 points to 14,254. The S&P 500 closed 25 points lower at 4,179.83, and the Dow Jones Industrial Average plunged 134 points to 32,908.
by Mitrade_official
NVIDIA rose past the historical $400 levelChipmaker NVIDIA maintained a strong run, reaching an all-time high of $413.95, while supporting the Nasdaq 100 climbing 56 pips to 14,354. Meanwhile, the S&P 500 closed flat at 4,205, and the Dow Jones Industrial Average slipped 50 points to 33,042. AUD/USD slipped 5 pips to 0.6517. The Australian year-on-year inflation increased by 6.8%, higher than Mitrade's estimate of 6.4%. EUR/USD added 16 pips to 1.0735, and GBP/USD advanced 74 pips to 1.2414. USD/CAD slid 8 pips to 1.3603, and USD/JPY fell 80 pips to 139.80. Spot gold increased $15 to $1,959.35 an ounce, and WTI oil futures closed $3 lower at $69.46 a barrel. Bitcoin and Ethereum retreated to $27,712.0 and $1,895.38 respectively.
by Mitrade_official
The one and only commodity I am selling in May 2023!We’re looking at the weekly chart. We can see palladium’s price has fallen since 2021 from $3,000 down to today at $1,424. Then in 2022, palladium shot up to above $3,400, this has formed what’s known as a Descending Triangle. This is where the price makes lower highs and bounces on the same floor level. Now that the price has broken below the triangle, this tells me the sellers are winning and will continue to dominate the market. This will bring down the price further. I expect the palladium’s price to drop to the 200MA (black line) and then further down to $880. If this happens, this downside for the precious metal will ONLY be the beginning. Considering all these factors, we need to brace for palladium’s next crash and at least try and profit from the fall. FUNDAMENTALS: Why Palladium’s demand is dropping Experts from Norilsk Nickel, a major mining company, predict there could be only a small shortfall of 100,000 ounces. This is less than what they thought in February when they expected a shortfall of 300,000 ounces. This is mainly because the car industry is not recovering as quickly as they thought, so demand has not increased as expected. Chip supply and the war in Ukraine have further slowed the car industries recovery. And South African palladium producers have also contributed to this slowing as they have lowered their production goals and reduced their refining activities, largely due to loadshedding. And this isn’t good for palladium and its price. But as always I look to the charts for the overarching signal and this is what it’s telling me.
NYMEX:PA1!Short
by Timonrosso
The space race in the private sector intensiDespite the recent SpaceX rocket explosion, the space race is still in full swing with much private capital flowing into civilian space travel and satellites. Virgin Galactic has already claimed commercial space travel services will be ready in June. Astranis just launched its first satellite to provide internet access to remote regions. As the US and UK markets are closed on Monday, NVIDIA remained at a historical high of $389.46. Investors now turn to the cryptocurrency market, with Bitcoin declining to $27,786.0, and Ethereum slipping to $1,897.09. Later tonight, US Consumer Confidence is expected to drop from 101.3 to 99.0. For Wednesday, Mitrade estimates had the German inflation rate growing by 0.6% in May and a 0.2% month-on-month growth for Canada’s GDP.
by Mitrade_official
Preliminary agreement reached on US debt ceilingUS President Biden has announced Republican congressional leaders have agreed to raise the debt ceiling, though Congress has not passed it yet. Meanwhile, US quarter-on-quarter GDP rose by 1.3%, higher than Mitrade's estimate of 1.1%. USD/CAD closed higher at 1.3611, and USD/JPY climbed to 140.60. EUR/USD declined to 1.0719, with German quarter-on-quarter GDP contracting by 0.3%. GBP/USD retreated to 1.2340, and AUD/USD slipped to 0.6522. Spot gold fell to $1,945.74 an ounce, and WTI oil futures enjoyed minor gains and closed at $72.67 a barrel. Bitcoin and Ethereum advanced to $28,198.0 and $1,916.82 respectively. The Nasdaq 100 surged 359 points to 14,298. The S&P 500 added 54 points to 4,205, and the Dow Jones Industrial Average increased 328 points to 33,093.
by Mitrade_official
US QoQ GDP growth is expected to fall to 1.1%Although the latest Federal Reserve meeting minutes highlighted US economic resilience in banking, industrial production, and employment, Mitrade expects quarter-on-quarter growth for its GDP will fall from 2.6% to 1.1%. As the German GDP quarter-on-quarter is expected to recover from -0.4% to -0.1%, EUR/USD declined 20 pips to 1.0750. GBP/USD fell 43 pips to 1.2365, and AUD/USD decreased 66 pips to 0.6543. USD/CAD climbed 91 pips to 1.3595, and USD/JPY gained 88 pips to 139.47. US crude oil inventories were reduced by over 12 million barrels, much higher than expected. However, WTI oil futures closed $1.43 lower at $74.34 a barrel. Spot gold dropped $18 to $1,957.33 an ounce. Bitcoin and Ethereum are trading lower at $26,127.0 and $1,778.61 respectively. The Dow Jones Industrial Average plunged 255 points to 32,799.92. The S&P 500 slipped 30 points to 4,115.24, and the Nasdaq 100 fell 68 points to 13,604.48.
by Mitrade_official
Fed speak sidestepped the debt ceiling and focused on inflationOn Tuesday, Federal Reserve Chairman Jerome Powell did not address debt ceiling negotiations during a meeting with Democratic Congress members. Instead, he focused on high inflation rates, while maintaining an optimistic economic outlook. The Nasdaq 100 dropped 177 points to 13,672, and the S&P 500 slid 47 points to 4,145. The Dow Jones Industrial Average plunged 231 points to 33,055. The UK recorded several lower-than-expected PMI readings, indicating an economic decline. The GBP/USD then fell by 23 pips to 1.2414. Meanwhile, the UK year-on-year inflation rate is expected to slow from 10.1% to 8.3% in April. EUR/USD declined 43 pips to 1.0770, and AUD/USD slipped 44 pips to 0.6609. USD/CAD and USD/JPY both closed one pip lower at 1.3504 and 138.59 respectively. Later tonight, Mitrade estimates US crude oil inventories to decrease by over 9 million barrels. WTI oil futures edged up $0.86 to $72.91 a barrel. Spot gold gained $3 to $1,975.09 an ounce. Bitcoin and Ethereum rose to $27,167.0 and $1,847.13 respectively.
by Mitrade_official
Meta fined $1.3 billion for improper user data transferMeta Platforms (META) was fined $1.3 billion for violating European Union data protection regulations, specifically for transferring Facebook users’ data to the US, thereby exposing them to US intelligence agencies. While the tech giant stated it would appeal the decision, its NASDAQ share price was unfazed as it climbed $2.68 to $248.32. Meanwhile, major indices closed mixed on Monday, with investors awaiting a debt ceiling deal. The Nasdaq 100 advanced 46 points to 13,849, and the S&P 500 edged up less than one point to 4,192. The Dow Jones Industrial Average plunged 140 points to 33,286. EUR/USD increased 5 pips to 1.0813, and AUD/USD closed 6 pips higher at 0.6653. GBP/USD slipped 2 pips to 1.2437. USD/CAD remained at 1.3505 as the market closed, and USD/JPY rose 61 pips to 138.60. Spot gold declined $6 to $1,971.84 an ounce, and WTI oil futures added $0.36 to $72.05 a barrel. Bitcoin and Ethereum just rose to $27,026.0 and $1,816.13 respectively.
by Mitrade_official
Stocks fall as debt ceiling talks continueThe US government is yet to strike a deal with Congress to raise the debt ceiling. US stocks weakened with the Dow Jones Industrial Average plunging 109 points to 33,426. The Nasdaq 100 fell 31 points to 13,803.49, and the S&P 500 slipped 6 points to 4,191. Meanwhile, the greenback also weakened against its peers. EUR/USD added 38 pips to 1.0808, and GBP/USD increased 30 pips to 1.2439. AUD/USD moved up 25 pips to 0.6647. The Canadian market is closed on Monday, while USD/CAD edged up 3 pips to 1.3505, and USD/JPY dropped 71 pips to 137.99. Spot gold rose $20 to $1,977.80 an ounce, and WTI oil futures closed $0.17 lower at $71.69 a barrel. Bitcoin and Ethereum slid to $26,678.0 and $1,797.84 respectively.
by Mitrade_official
Japan’s YoY core inflation rose to 3.4%After a short relief, the Japanese core CPI rebounded to 3.4% as expected. This has increased pressure on the Bank of Japan to introduce further tightening measures. USD/JPY climbed 102 pips to 138.7. On the other hand, US Initial Jobless Claims slowed to 242,000 in April, and USD/CAD gained 47 pips to 1.3502. EUR/USD declined 70 pips to 1.0770, and GBP/USD fell 78 pips to 1.2409. Australia recorded a 4,300 drop in total employment in April, and AUD/USD slipped 38 pips to 0.6622. US crude oil inventory jumped by 5 million barrels, and WTI oil futures declined $1.00 to $71.86 a barrel. Spot gold slid $24 to $1,957.58 an ounce. Bitcoin and Ethereum are trading lower at $26,836.0 and $1,798.61 respectively. The Nasdaq 100 surged 245 points to 13,834, and the S&P 500 advanced 39 points to 4,198. The Dow Jones Industrial Average added 115 points to 33,535.
by Mitrade_official
XAUUSD More decline expected but prepare to buy on these levels.Gold / XAUUSD is declining, which is a technical pull back inside the long term Channel Up. A 4hour Death Cross will be formed tomorrow and in the past 12 months it has been a bearish signal of sell continuation. We expect the bottom to be either on the 1day MA100 (1930) or the lower dotted line (1910). In either case, over Support A as on February 28th. Confirmed buy signal will be when you see Higher Lows on the 4hour MACD leading to 0.0. Long term Target = 2080. Previous chart: Follow us, like the idea and leave a comment below!!
FX_IDC:XAUUSDShort
by TheCryptagon
22
German economic sentiment drops for the first time in four monthIn May, Germany’s economic sentiment index fell to -10.7, much higher than Mitrade's estimates of -2. The poor reading reflected concerns about Europe’s economic health in general. EUR/USD slipped 11 pips to 1.0863, and GBP/USD declined 41 pips to 1.2487. AUD/USD fell 45 pips to 0.6655. Meanwhile, US retail sales grew 0.4% in April, lower than expected growth of 0.7%. USD/CAD added 11 pips to 1.3478, and USD/JPY moved up 26 pips to 136.38. Spot gold plunged $28 to $1,988.95 an ounce, and WTI oil futures slid $0.25 to $70.86 a barrel. Bitcoin and Ethereum are trading lower at $27,112.0 and $1,829.99 respectively. The Nasdaq 100 rose 12 points to 13,426. The S&P 500 retreated 26 points to 4,109, and the Dow Jones Industrial Average dropped 336 points to 33,012.
by Mitrade_official
XAUUSD: Will the 1D MA50 offer support?Gold came today the closest it's been to the 1D MA50 since March 13th when it crossed over it and initiated the Channel Up the price has been trading in for the past 2 months. Being at the bottom of this Channel Up, the 1D technicals are neutral (RSI = 46.769, MACD = 11.340, ADX = 29.957) and this indicates how strong of a long term buy opportunity this is. Until Gold closes 1D under the 1D MA50, we are bullish, targeting the R1 (TP = 2,080). A closing under the 1D MA50, will turn us bearish, targeting the 1D MA100 and S2 (TP = 1,935). With the 1D RSI inside a Channel Down, it shows a hige bearish divergence in contrast to Gold's Channe Up and supports the bearish case. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSD
by InvestingScope
10
US still under talks to raise the debt ceilingInconclusive talks to raise the debt ceiling pose a default risk as the US approaches its borrowing limit. The greenback then weakened against its peers, EUR/USD added 17 pips to 1.0874, and GBP/USD climbed 80 pips to 1.2528. AUD/USD advanced 54 pips to 0.6700, and Australia’s consumer sentiment plunged 7.9% - considerably worse than Mitrade's estimates of -1.7%. USD/CAD declined 81 pips to 1.3467, and USD/JPY rose 41 pips to 136.12. Spot gold climbed $5 to $2,016.46 an ounce, and WTI oil futures rose $1.07 to $71.11 a barrel. Bitcoin and Ethereum slipped to $27,130.0 and $1,811.59 respectively. The Nasdaq 100 gained 73 points to 13,413, and the Dow Jones Industrial Average increased 47 points to 33,348. The S&P 500 rose 12 points to 4,136.
by Mitrade_official