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GBPZAR rise strong but momentum is near oversold levels The British Pound strengthens against the rand, trading above 24.00 once again. Similar to USD/ZAR, it is also trading above the 200 SMA and approaching the February swing high of 24.59. However, caution is advised as the RSI indicator suggests a potential pullback due to previous instances of oversold conditions. Considering the ongoing coalition talks, a negative outcome could lead to further depreciation of the rand. Resistance is at 24.59 and support is around 23.54 (200 SMA).
by Xayah_trading
2024-06-06 - a daily price action after hour update - sp500 e-mGood Evening and I hope you are well. sp500 e-mini futures comment: Very similar to nasdaq so if you are a regular reader, I won’t bore you with a long talk about trading ranges. Bears showed some strength from bar 36 - 53 but bulls are still in BTFD mode and as long as that is profitable, this is what they will continue to do. Bulls are in full control and found acceptance at the highs today. current market cycle: trading range key levels: 5320 - 5373 bull case: I think the first time I calculated the 5560 target for sp500 was in February or something. I did not believe we could get there but here we are. If bulls get another break above the current ath and 5400, we can absolutely get there rather sooner than later. Bulls will continue to try buying every dip and it’s just a matter of bears giving up again. Bull trend lines are alive and well and there is no reason for bulls to exit longs. I think they want to keep it above 5350 or bears might think they have a chance. Invalidation is below 5320. bear case: Bears tried and failed, twice. Two-legged moves inside trading ranges are the norm, so everything was in order today for the bulls. Bears are in pain and if bulls can get another strong momentum rally above 5373, we can see capitulation again. If bears manage to somehow break the drawn bull trend line and get strong closes below 5350, we could see 5300. Invalidation is above 5400. short term: Full bull until clear trend-line break and prices below 5350. medium-long term: Bearish. We will see 5000 over the next weeks again and 4600 over the next 12 months. —unchanged current swing trade: None trade of the day: 5370 was rejected many times today, was good for short scalps. Other than that, very tricky day. Buying bar 49 was reasonable but bar 53 was a very big surprise which got many stops. Losing is part of this game, accept it and make peace with it.
CME_MINI:MES1!Long
by priceactiontds
Get support from Middle East, GOLD recovers, bound by EMA21Complicated geopolitical developments are counterbalancing the Fed's recent stance to support gold prices. On the one hand, the Fed strengthens the Dollar compared to other major currencies. On the other hand, gold is also supported. Support when potential market risks are likely to flare up and increase the attractiveness of Precious Metals that do not generate yields. Notable news in the Middle East According to the British news network "Middle East Eye", citing Israeli media on May 27, Egyptian and Israeli soldiers exchanged fire at the Rafah border gate on the border between Egypt and the Gaza Strip that day. An Egyptian soldier died in the fire. The incident was first reported by Israel's Channel 13 and Channel 14, which they called "unusual". Regarding details of the incident, it was reported that Egyptian soldiers opened fire on an Israeli truck at the Rafah intersection and Israeli soldiers returned fire. But this statement has not been officially confirmed. Amid the deteriorating situation in Rafah, this news sent safe-haven gold rapidly higher. However, gold also needs more of these types of impacts to reach its original price of $2,400. Egypt's independent English-language newspaper Daily News cited sources as saying Egyptian soldiers were affected by last Sunday's "Rafa massacre", in which Israeli bombings destroyed a refugee camp in Rafah, killing 45 Palestinians. The Israel Defense Forces said a "shooting incident occurred" on the Egyptian border early Monday morning and that it was investigating the incident and that "dialogue with Egypt is ongoing." A spokesman for the Egyptian Armed Forces also confirmed the exchange of fire late Monday, saying that an Egyptian soldier was killed in the incident. In addition to closely monitoring the situation taking place in the Middle East, traders also need to pay attention to developments from the ongoing conflict in Ukraine, etc. Basically, traders need to pay attention to everything. Regardless of any major geopolitical developments happening globally, gold is an asset that easily reacts to sudden news on the market. In recent history, the US-China Trade War, developments in the Middle East at the end of 2019, the Ukraine conflict, and now continuing the war in the Middle East... have all created huge mutations in the world. gold market. During this trading year, we “traders” need to get used to gold moving 2-3% or more in a day, which will happen even more frequently in the near future. Every time a conflict shows signs of escalation, the price of gold creates a new era peak! Analysis of technical prospects for OANDA:XAUUSD Gold is trying to operate around the EMA21 level as it recovers from the technical level of $2,324, which readers noticed in last Friday's edition. However, the recovery momentum is limited with EMA21. For the gold price to technically qualify for upside, it would at least need to break out and return to operating above the trend and near-term target level followed by the 0.236 trend-following Fibonacci extension %, more than the original price of 2,400USD. Meanwhile, gold is at risk of a further decline if it sells off below the $2,324 support level with a target then around $2,305 – $2,300. Therefore, open long positions should be considered protecting behind the $2,324 level as a reasonable position. During the day, the trend of gold price is neutral with price activity intentionally sticking around the EMA21, and the technical levels of interest will be listed as follows. Support: 2,345 – 2,324USD Resistance: 2,384 – 2,400USD 🪙SELL XAUUSD | 2389 - 2387 ⚰️SL: 2393 ⬆️TP1: 2382 ⬆️TP2: 2377 🪙BUY XAUUSD | 2345 - 2347 ⚰️SL: 2341 ⬆️TP1: 2352 ⬆️TP2: 2357
OANDA:XAUUSD
by Xayah_trading
TFEX S50 FuturesTFEX S50 Futures looking down in all 3 Trend Primary trends Secondary trends Minor Trends At the moment it is at the -2SD support level of the Volume Normal distribution and POC of Regression Trend Now Volume Profile of last Degree move down to the bottom that might bounce. If looking down, wait for a bounce and then open a short at the POC resistance level or wait for a reversal at the upper edge. If you look up and don't care about the trend, open Long at the support level, set Stop Loss at Low. However, There is a target of going down in the Range Volatile month and 3rd month At 800 it is still the first target. Trade with faith in your beliefs and follow your own plan. C.Goii SuperTrader
TFEX:S501!Short
by CoachGoii_SuperTrader
1
GOLD recovered to EMA21, Middle East situation tense On the Asian market on Monday (May 27), gold was delivered immediately OANDA:XAUUSD increase rapidly in the short term. Gold price touched 2,347 USD/ounce, setting a session high and increasing strongly by more than 13 USD during the day. OANDA:XAUUSD The gains were supported by a weaker US Dollar and rising geopolitical risks in the Middle East. Tuesday's speeches by Fed officials Bowman, Mester and Kashkari will be closely watched. Affected by the Memorial Day/Spring Bank Holiday, US and UK stock markets will be closed for one day on May 27; CME Group's U.S. crude oil futures and precious metals trading will be suspended at 01:30 Hanoi time on May 28. Gold will get more data from speeches by Fed officials on Tuesday, including those from Bowman, Mester and Kashkari. The US's first quarter gross domestic product (GDP) released on Thursday will be the focus, with GDP expected to grow 1.5% in the first quarter. Stronger-than-expected data could boost the Dollar and continue to pressure gold, whereas weaker-than-expected data would see gold supported and the Dollar weaker. In terms of the fundamental picture, gold is receiving some support that could be transformative as the geopolitical situation becomes complicated again. Previous lessons show that every time the geopolitical situation becomes complicated and escalates, gold sets a new all-time peak. The Israeli army has conducted many air strikes! Killed about 200 people Early on the morning of May 27 local time, the Gaza Strip Media Office issued a statement saying that in the past 24 hours, the Israeli army conducted 10 attacks on 10 areas in the Gaza Strip such as Jebaliya, Nusayrat, and City. Gaza, and northwestern Rafah. Air strikes targeted evacuation centers run by multiple United Nations agencies, killing a total of about 200 people. A day earlier, the Qassan Brigades, an armed faction affiliated with Hamas, said it had launched a "massive rocket" attack on Tel Aviv, Israel, in response to the "massacre of civilians by the regime". Zionism". Analysis of technical prospects for OANDA:XAUUSD On the daily chart, receiving support from the $2,324 gold level rose quickly to test the $2,345 EMA21 price point which is also the short-term target recovery level sent to you in the weekly publication. Now, with the geopolitical situation becoming more complicated, once gold breaks out of the 21-day EMA and moves above the 21-day moving average and returns to the trend, it is well placed to continue. Technically bullish with a short-term target then aiming for the 0.236% Fibonacci extension and more to the original price of 2,400USD. On the other hand, EMA21 is also the nearest resistance, which provides expectations for the possibility of a price decrease with a target level at 2,324USD, more at 2,305USD. During the day, the technical outlook is still leaning towards the possibility of a price decrease in the case of qualifying for the above increase. Notable prices are listed below. Support: 2,324 – 2,305USD Resistance: 2,384 – 2,400USD 🪙SELL XAUUSD | 2380 - 2378 ⚰️SL: 2384 ⬆️TP1: 2373 ⬆️TP2: 2368 🪙BUY XAUUSD | 2306 - 2308 ⚰️SL: 2302 ⬆️TP1: 2313 ⬆️TP2: 2318
OANDA:XAUUSD
by Xayah_trading
GOLD down 0.17%, focus on GDP and Williams' speechThe benchmark 10-year US Treasury bond yield increased more than 1% yesterday and is currently in the Asian trading session today May 30, also increasing 0.09% and surpassing 4.6%. , causing gold prices to lose support and continue to decline. Gold spot price OANDA:XAUUSD currently reported at around 2,334USD/oz, a decrease equivalent to 0.17% on the day. After the price of OANDA:XAUUSD reaching a new all-time high, it encountered a sell-off and fell back to more than 120 US Dollars an ounce from a high of 2,450 USD/ounce. The recent trend of the United States maintaining high interest rates for a longer period of time will support the US Dollar and high US bond yields, putting some pressure on the precious metals market. However, from a more general perspective if the Federal Reserve begins to cut interest rates in the future, it will significantly support gold prices. In addition, with the support of factors such as central banks continuously increasing gold purchases and the increasing instability of the global geopolitical situation, the potential for gold prices to increase in the near future still remains. Federal Reserve (Fed) officials have made hawkish comments, stimulating demand for the dollar recently. As a result, market sentiment worsened and the US Dollar increased in value. Traders were still absorbing hawkish comments from Federal Reserve official Neel Kashkari on Tuesday. He said Fed officials are not ignoring interest rate hikes, adding that they could cut rates up to twice by the end of 2024 in case they do. This week, traders are preparing to release April's personal consumption expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation. Core PCE is expected to increase 2.8% year-over-year, while overall PCE is expected to increase 0.3% month-over-month. If data shows a rise in inflation this will boost sentiment to keep interest rates high for longer. This situation is negative for gold prices because the opportunity cost of investing in non-yielding assets such as gold is increasing. This scenario will be beneficial for interest-earning assets and US Dollar yields. During this trading day, traders should also pay attention to the US GDP Index data, Initial Jobless Claims and Speech by FOMC member Williams. Analysis of technical prospects for OANDA:XAUUSD After the gold price failed to break above the trend (a) note to readers in previous issues it came under pressure and fell back to test the initial notable support level at 2,324 USD. It is worth mentioning that the gold price has fallen below the EMA21 level, providing favorable conditions for a bearish outlook in the near future. If gold falls below the initial support at $2,324 it could continue to decline towards $2,305 – $2,300 in the short term. The relative strength index (RSI) is still pointing down without reaching the oversold level, which shows that there is still technical room for downside. Only when gold moves above the trend will it have enough conditions to continue to recover and increase in price. For the rest of the day, the technical outlook for gold prices leans towards the possibility of a decrease in price with notable positions being identified. listed as follows. Support: 2,324 – 2,305 – 2,300USD Resistance: 2,340 – 2,345 – 2,353USD 🪙SELL XAUUSD | 2379 - 2377 ⚰️SL: 2383 ⬆️TP1: 2372 ⬆️TP2: 2367 🪙BUY XAUUSD | 2306 - 2308 ⚰️SL: 2301 ⬆️TP1: 2313 ⬆️TP2: 2318
OANDA:XAUUSD
by Xayah_trading
#ES_F Day Trading Prep Week 06.02 - 06.07Last Week : Last week market opened up outside of Value, build some more supply then started the correction lower, we were able to move down to VAL where we found our first Support where we were able to do some covering but eventually we broke, held under and go continuation towards the Lower Edge, we were able to test its bottom where we ran out of Supply and got a sharp reversal back inside Value for a big move from VAL to VAH. This Week : Going into this week if we look at Structure we can see we did a look below VAL and fail which gave a return trip to VAH which we tagged, build more supply under and Failed which gave another round trip back to VAL and this time we tagged Key Support at 5249.75 - 44.75 and it acted as proper Key Support giving another big bounce all the way back towards Key Area and as we can see end of day push over 5295.50 - 90.25. Globex consolidated over Key Area but was not able to hold and we got a flush back inside the Means of 5295.50 - 44.75 Range. This to me screams balance, and I think market will want to stay around these areas going forward until we will build up enough supply to accept under VAL or get stronger buyers to give us acceptance over VAH. My bias is that we might not see higher prices over 5320-40s for some time but of course we never know and have to trade what market gives, for now I believe this current intraday range can finally become our balance range which we haven't gotten in some time, we have been moving ranges back and forth without spending too long in each and I think its about time we get some good balance action that can last a while. The way I will be trading this we have our intraday range means at 5279.25 - 75.25 // 5264.75 - 60.75 this is the area where price might want to keep returning back into, pushes out of them can go towards the Key Edges of 5295.50 - 90.25 as our Resistance and 5249.75 - 44.75 but this is the time to be careful with looking perfect tags or too much continuation outside of Key Edges because if we have found balance we will look for any pushes out of the Means to return back either from failures at/above/below Key Support/Resistance or we could even see pushes out of means that will consolidate above/below without tagging Key Edges and then return back in, and when price is between this will be our balance/build up area. Will continue trading this range until we can see clear acceptance Over or Under Key Support/Resistance and holds over/under VAH/VAL. Levels to Watch : Current Range 5295.50 - 5244.75 Means 5279.25 - 75.25 // 5264.75- 60.75 Key Resistance 5295.50 - 90.25 Key Support 5249.75 - 44.75 IF we do happen to leave balance and accept under/over the ranges would be Above : 5341 - 36 Key Resistance 5324.75 - 20.75 // 5310.50 - 06.50 Means 5295.50 - 90.25 Below : 5234.25 - 30.25 // 5219.75 - 15.75 Means 5204.25 - 5199.75 Key Support
CME_MINI:ES1!
by HollowMn
The franc recovered its lost ground, sending EURCHF lowerThe Swiss National Bank's departing Chairman, Thomas Jordan, believes that a weaker Swiss franc could affect inflation. His remarks led to the franc gaining strength and the EUR/CHF exchange rate dropping. The SNB was the first major central bank to cut interest rates in March, causing the franc to depreciate. However, this depreciation halted in May with the emergence of an evening star pattern. Currently, the EUR/CHF pair is biased towards a decline and has broken below the 50-day simple moving average (SMA). The next points of interest are the channel support, followed by 0.9694 and the 200 SMA at 0.9565.
by Xayah_trading
MNQ 8H Sell to Buy Idea 4/26/24Since price didn't close above the mid-point of the consolidation zone & an 8H inverted hammer formed at market close, I am looking for price to run bearish at market open and then continue back bullish at some point. Personally I'm not looking for full sells OR actual bearish structure until around 17476 where the current lows in price are at. **This is for educational purposes only and this is not financial advice because I am not a financial advisor.**
CME_MINI:MNQ2!Long
by cecedidit
GOLD fell last week, the market will pay attention to PCEAlthough central bank buying and strong Asian demand have created a long-term fundamental bullish trend for gold, OANDA:XAUUSD , but uncertainty surrounding the Federal Reserve's monetary policy continues to create large short-term fluctuations, mainly with mixed pressure to strengthen the US Dollar's position. Gold prices rose to a record high above $2,450 an ounce earlier this week as the market began to consolidate expectations that the Federal Reserve will cut interest rates twice this year. However, the breakout to create a new all-time high was short-lived as gold prices fell more than $100 this week. Minutes of the Federal Open Market Committee meeting showed hawkish sentiment, with the central bank reluctant to cut interest rates as inflationary pressures remain high. The meeting minutes stated: "Participants noted that first-quarter inflation data were disappointing and that various indicators pointed to strong economic growth. They estimated that it would take a long time." than previously expected to get inflation closer to 2%.” The minutes also noted that some committee members were willing to raise interest rates if inflation continued to escalate. This news has delayed interest rate cut expectations and November could replace September as the date for the first rate cut. This change has pushed U.S. Treasury yields higher and the U.S. dollar stronger, thereby hitting non-yielding precious metal prices. Gold market OANDA:XAUUSD will be very sensitive to inflation data next week The Fed's preferred measure of inflation, the core personal consumption expenditures (PCE) index, will be released next Friday. Signs of easing price pressures could revive hopes of a Fed rate cut, pushing gold prices higher. If the PCE report is higher than market expectations, it will continue to provide another source of "energy" that has a negative impact on the Fed's interest rate cut expectations, causing gold prices to fall even more. While Friday's inflation data will be the main focus in the economic week ahead, broader financial markets will also be closely watching the latest US GDP and consumer confidence data. Notable economic data and events next week Tuesday: Conference Board consumer confidence index Thursday: Preliminary US Q1 GDP, weekly jobless claims, pending home sales Friday: Personal Consumption Expenditures (PCE) and US Personal Income and Expenditures Analysis of technical prospects for OANDA:XAUUSD Although the gold price has recovered from the technical level of 2,324 USD noted by readers in the last issue, the recovery momentum was soon defeated by the horizontal resistance level of 2,345 USD, the price point marked with moderate attention. horizontal resistance and also the price point of EMA21. As long as it cannot break and move above EMA21, it is still not technically eligible to increase in price. For gold price to be eligible to increase in price, it at least needs to operate above EMA21 and return. above the trend line again, this is also considered resistance, creating technical pressure on gold prices at the present time. In case the aforementioned resistance confluence area is broken above, gold has the opportunity to rally further and head towards the 0.236% Fibonacci levels and the $2,400 level in the short term. On the other hand, if the $2,324 horizontal support level is broken below gold could continue to decline more to the 2,304 level and more to the $2,300 raw price level in the short term. Technically, the gold price is in more favorable conditions for the possibility of a price decrease, while the Relative Strength Index is pointing down without reaching the oversold level, this shows that gold still has room to fall. Notable prices will be listed as follows. Support: 2,324 – 2,304 – 2,300USD Resistance: 2,345USD 🪙SELL XAUUSD | 2371 - 2369 ⚰️SL: 2375 ⬆️TP1: 2364 ⬆️TP2: 2359 🪙BUY XAUUSD | 2289 - 2291 ⚰️SL: 2285 ⬆️TP1: 2296 ⬆️TP2: 2301
OANDA:XAUUSD
by Xayah_trading
1
CRUDE OIL (WTI): Your Trading Plan For Next Week WTI Crude Oil is trading in a bearish trend on a daily. For the entire month of May, the market is consolidating within a horizontal range. I believe that a bearish trend will continue after a violation of the support of the range. I am waiting for its breakout to sell the market. A daily candle close below 75.5 will confirm a violation. A bearish wave will be anticipated at least to 72.5 level then. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
2
GOLD is breaking bullish structure, pay special attention to FedOANDA:XAUUSD fell to its lowest level in 2 weeks when demand for the US Dollar in the market recovered. A Federal Reserve rate cut in September is looking less and less likely, which is causing some selling pressure on gold. Investors will focus on today's (Friday) speech by Federal Reserve Governor Waller, US durable goods orders and the University of Michigan's consumer confidence index report. Strong U.S. economic data pushed U.S. Treasury yields and the dollar higher, which in turn weighed on gold prices. S&P Global said the US Composite Purchasing Managers' Index (PMI), which tracks manufacturing and services sector activity, rose to 54.4 in May, its highest level since April 2022. Other data released on Thursday showed the number of people filing for unemployment benefits in the US fell to 215,000 last week, the biggest two-week drop since last September. Minutes from a Federal Reserve meeting released Wednesday showed that officials still believe price pressures will gradually ease over at least the next few months, but some officials said they were ready to support spending increases. borrowing costs if inflation spikes. Notable data and events of the day Fed Governor Waller is scheduled to speak on Friday. Hawkish comments from Federal Reserve policymakers could put pressure on gold prices. It's worth noting that higher interest rates typically hurt gold prices because they increase the opportunity cost of investing in gold. In addition, US durable goods orders and the University of Michigan's consumer confidence index will also be published. The preliminary value of US durable goods orders for April will be published, with the monthly rate expected to decrease by 0.8 %, after increasing 2.6% in March. The final value of the University of Michigan's Consumer Confidence Index for May will be announced and is expected to be 67.5. Fed Governor John Waller, who has been hawkish on the Fed's rate-hike cycle, said Tuesday that he would need to see good inflation data for several more months before starting to cut rates. “In the absence of significant weakness in the labor market, I would need to see good inflation data for several more months before I feel comfortable making a move,” Waller said at the Peterson Institute for International Economics in Washington. support the loose monetary policy stance." Waller and other Fed officials have recently emphasized that the central bank may need to keep interest rates steady for longer than previously expected. Policymakers have not adjusted the benchmark interest rate, currently at a 23-year high, since last July. Fundamentally, traders need to pay special attention to the speech of Fed Governor Waller, who is a hawkish Fed official and Waller is very likely to follow up with further comments. causing pressure on gold prices. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold broke most of the key technical levels and broke the technical structure that favors the upside. The drop below the trend and EMA21 is providing further downside risk to gold prices. In the immediate future, gold has a support at the technical level of 2,325 USD, and in case this technical level continues to be broken, gold will be eligible to move towards the level of 2,305 - 2,300 USD in the short term. The relative strength index (RSI) is pointing down but is still far from the oversold area, suggesting that gold prices still have room to decline further on the daily chart. From the technical level of 2,325 USD, the possibility of technical recovery is also limited by the EMA21 level which is currently the closest resistance, noticed by the technical point of 2,344 USD. During the day, gold's technical outlook leans more bearish with limited recovery and notable price levels are listed below. Support: 2,324 – 2,305USD Resistance: 2,344USD 🪙SELL XAUUSD | 2370 - 2368 ⚰️SL: 2374 ⬆️TP1: 2363 ⬆️TP2: 2358 🪙BUY XAUUSD | 2288 - 2290 ⚰️SL: 2284 ⬆️TP1: 2295 ⬆️TP2: 2300
OANDA:XAUUSD
by Xayah_trading
#ES_F Day Trading Prep Week 5.28 - 5.31Last Week : Last week Market opened over VAH and spent all week building Supply over it, as discussed in Sunday Prep since we were at ATH with no over hang we needed to wait for Supply to build up for any meaningful back fill of previous areas and that 5341 - 5290 might be our Range where price will want to stay around and keep returning into for some time while it builds that Supply. On Thursday we ended up pushing inside the Edge but failed to find acceptance in it and the push back out gave us the flush of the inventory filling the buyers into the Value, even with how strong the move looked with break/hold under Key Support on Friday Globex failed to hold under it and we found our way back inside 5341 - 5290 Range where we were able to push back into the Means for the Range where we closed the week in VAH. This Week : Few things this week, we have Month End, Settlement changes from T2 to T1 which we don't know just yet how that will impact the trading and we had Holiday yesterday which pushed us over VAH and we are again building up Supply over it. For now we are inside T2 Range which was Thursday I believe the change goes in effect Today or this week, we are right around Previous Days Range and 5341 - 36 already showed us this morning that it's acting properly as good Resistance. So far going into this week Thursdays flush showed us that don't have stronger buyers up here just yet who want to keep paying over Value and keep pushing us into new range above and that even with strong flush we didn't have enough Supply to accept under 5295 - 90 to continue filling more buyers into VAL. This tells me again that market may want to stay in this 5341 - 5290 Intraday Range and balance around it, we have to be ready to spend quite a bit of time in these areas and trade around them until market will show us clear acceptance and intensions of moving Ranges and that can take some time because we are in a Key Spot on higher time frames we are at tops of Daily/Weekly Balances without finding acceptance above and without having the Supply just yet to move under the Middle of those balances which is around the 5290-80s area. Plan is to continue trading 5341 - 5290 Range level to level just like last week with moves out of its 5324.75 - 20.75 // 5310.50 - 06.50 Means and then returns back towards/inside them. Failures to accept over 5341 - 36 will likely find their way back to/under 24.75 - 20.75, pushes under 5310.50 - 06.50 could also be absorbed under and find their way back to/over 10.50 - 06.50 and inside the Means we could balance. We are in lower volume times so also have to give time for the moves to properly set up and be ready to correct back. Levels to watch : Current Range 5341 - 5290.25 5341 - 36 Key Resistance 5324.75 - 20.75 // 5310.50 - 06.50 Means for the Range 5295.50 - 90.25 Key Support If Accept over 5341 - 36 next Range 5386.50 - 5336 5356 - 52 // 5370.50 - 66.50 Means and Edge Top 5386.50 - 81.50 Key Resistance If Accept under 5295.50 - 90.25 lower Range 5295.50 - 5244.75 5279.25 - 75.25 // 5264.75 - 60.75 Means and VAL 5249.75 - 44.75 Key Support
CME_MINI:ES1!
by HollowMn
XAUUSD GOLD - Selling pressure / Sell opportunity? ### XAUUSD GOLD ============== Check out the background information (), and also review the related ideas. A strong pullback at the current level is needed to confirm the break of the Timer TL and to justify short positions moving forward. Without this pullback, short positions become risky, as a bounce from the bottom of the trading range marked in purple is likely. A seemingly lucrative sell opportunity might be present right now. As traders, our job is to find opportunities, assess the risks involved, plan accordingly, and execute trades. Considering all possible outcomes, the results will reflect our performance. In view of potential further weakness in the markets and price movements favoring our shorts, it is crucial to remain mindful that this forecast is in its early stages. Continuous monitoring of momentum is vital, especially watching for signs of persistent strength entering the markets. - Always size positions properly according to your risk level. - Always be prepared for losses just as you expect profits. - Always plan your trades according to the principles above. Observe your drawdown (DD)!
FXOPEN:XAUUSDShort
by FroggyFX
GOLD corrects strongly, FOMC minutes, main trend areaGold fell sharply under pressure from profit-taking activities in the market and the Fed's (FOMC) meeting minutes. According to the Federal Open Market Committee meeting minutes, although US monetary policy has become a secondary factor in the gold market, continued inflation could cause additional selling pressure as it could force The Federal Reserve must adjust its monetary policy, personally, the Fed is unlikely to increase gold interest rates again. Gold's rally cooled as investors took profits and traders cut bets on the Federal Reserve cutting interest rates this year. With the release of the Federal Reserve meeting minutes, market expectations of the Federal Reserve cutting interest rates continued to decline, leading to increased purchases of the US Dollar, making gold expensive. than for holders of other currencies. According to minutes from the U.S. central bank's April 30-May 1 meeting, Fed officials said it will take longer than previously expected to build confidence that inflation will pick up. 2%. OANDA:XAUUSD is known as an inflation hedge, but the opportunity cost of holding this non-yielding asset increases as interest rates rise. Recent economic data shows inflation trending downward, but Fed policymakers said the central bank should wait a few more months to ensure inflation actually returns to its 2% target first. when cutting interest rates. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold broke through most of the key technical levels and it is now also in a key price area for a technical bullish outlook with a long-term downtrend and moving averages 21 days (EMA21). In the immediate future, if the gold price returns above the 0.236% Fibonacci level, it will have enough conditions to recover with a short-term uptrend from the price channel. During the day, the trend of gold price is still downtrend with notable technical levels that will be listed as follows. Support: 2,366 – 2,353USD Resistance: 2,384 – 2,400 – 2,410USD 🪙SELL XAUUSD | 2406 - 2404 ⚰️SL: 2410 ⬆️TP1: 2399 ⬆️TP2: 2394 🪙BUY XAUUSD | 2344 - 2346 ⚰️SL: 2340 ⬆️TP1: 2351 ⬆️TP2: 2356
OANDA:XAUUSD
by Xayah_trading
1