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Gold Price Stays Below 2000 Amid Dollar Rate Hike UncertaintyGold price experienced significant volatility on Wednesday as they initially moved closer to the $2,000 threshold ahead of the Federal Reserve's policy announcements. This surge was accompanied by the US Dollar's hesitant recovery, coupled with subdued US Treasury bond yields and a mixed market sentiment. However, there was a reversal in gold prices as they briefly dipped to around $1,970 immediately following the Fed's widely anticipated decision to keep the key policy rate within the existing range of 5.25%-5.50%. The pivotal moment came during Fed Chair Jerome Powell's press conference and his responses to questions. Powell's comments had a substantial impact, causing a sharp decline in the US Dollar and US Treasury bond yields and triggering a strong recovery in the price of gold. While Powell did not entirely rule out the possibility of another interest rate hike, the markets interpreted his words as less hawkish than expected. He acknowledged factors like tighter financial conditions, a robust job market, a resilient economy, and elevated inflation levels. The drop in US Treasury bond yields was also influenced by a quarterly Treasury announcement, indicating a slowdown in the expansion of its longer-dated auctions. The increase in 10-year Treasury bond auctions was $2 billion, falling short of the market's $3 billion expectations. This led to a decline of over 20 basis points (bps) in the benchmark 10-year Treasury bond yield, which reached its lowest point in over two weeks at 4.7089%. Furthermore, the US Dollar faced headwinds due to mixed economic data. The US ADP private sector payrolls for October showed an increase of 113,000, below the estimated 130,000. The US ISM Manufacturing Purchasing Managers' Index (PMI) for October dropped to 46.7, falling short of the expected 49.0. Additionally, the Job Openings and Labor Turnover Summary (JOLTS) report revealed that the number of job openings on the last business day of September slightly rose to 9.55 million, up from a revised 9.50 million in August and surpassing the forecast of 9.25 million. As for Thursday's trading, the price of gold is building upon its previous recovery. Investors are carefully considering the future path of interest rates set by the Federal Reserve, with expectations for rate hikes in December and January being scaled back. Some market participants are even beginning to price in the possibility of Fed rate cuts as early as June next year. The ongoing global stock market rally led by the Fed's policies is expected to continue weighing on the safe-haven US Dollar. This trend persists as traders shift their focus away from events such as the Hamas-Israel conflict in anticipation of Friday's release of US Nonfarm Payrolls data. In addition to these factors, gold traders are also keeping a close eye on the monetary policy decision of the Bank of England (BoE), scheduled for later in the day. The key interest rate is expected to remain unchanged at 5.25% for the second consecutive meeting. A dovish stance from the BoE is likely to boost stocks further while exerting downward pressure on the Pound Sterling, which, in turn, could alleviate some of the stress on the US Dollar. Nevertheless, the price of gold continues to hold upside potential, supported by its daily technical setup.
OANDA:XAUUSDShort
by sabellaFX
1
Gold Price Holds Below 2000 Amidst Dollar and Rate Hike UncertThe price of gold (XAU/USD) is currently holding steady just below the $2,000 psychological mark as the Asian trading session kicks off on Monday. Gold is seeing some support due to a correction in the US Dollar (USD) and a slight pullback in US Treasury bond yields. As of now, the price of gold is hovering around $1,996, showing a modest gain of 0.07% for the day. Simultaneously, the US Dollar Index (DXY), which measures the USD's value against a basket of global currencies, has slipped to 106.20 after pulling back from its weekly high of 106.70. In the bond market, the 10-year Treasury bond yield has made small movements and is currently around 4.90%. Last week, Federal Reserve (Fed) Chair Jerome Powell reiterated that the Fed intends to keep interest rates steady at its upcoming meeting on Wednesday. However, Powell hinted that the decision for December would depend on incoming economic data. He mentioned that if there's continued strong economic growth and a labor shortage, an additional rate hike is a possibility. This potential for higher interest rates could limit the upward potential for gold. It's important to note that rising interest rates make it less attractive to invest in assets like gold, which don't provide any yield. Additionally, investors are keeping an eye on the Chinese Purchasing Managers' Index (PMI) data, set to be released on Tuesday. China's Manufacturing PMI is expected to remain in expansionary territory, with an estimated growth to 50.2, while the Non-Manufacturing PMI is anticipated to rise to 51.8. Positive surprises in this data could boost the price of gold, as China is both the largest gold producer and consumer in the world. Looking ahead to Tuesday, there are key economic indicators to watch in the US, including the Housing Price Index and Consumer Confidence. However, the primary focus will shift to the Federal Reserve's interest rate decision and the subsequent press conference on Wednesday. Traders will closely monitor these events for cues and potential trading opportunities, particularly in the USD/JPY currency pair.
TVC:GOLDLong
by sabellaFX
Unlocking Gold's Next Move Factors at Play in the Marketgold price is gaining momentum in anticipation of a further increase, with the Bull Flag pattern still in effect, giving hope to buyers. The 14-day Relative Strength Index (RSI) is approaching overbought levels, indicating the potential for more upward movement. The immediate resistance for the gold price is at $1,997, which corresponds to the five-month highs. Breaking above $2,000 on a weekly closing basis is crucial for further gains. The next significant resistance level is around $2,020, which represents the mid-May highs. On the other hand, if the price is rejected near the multi-month high of $1,997, it could lead to a sharp correction towards the previous day's low at $1,972. If it continues to decline, the next support level to watch is at $1,963, followed by the psychological level of $1,950. Gold is currently trading above $1,980 as it takes a pause after recent volatile trading. Factors influencing the market include the possibility of Japanese FX intervention, strong US Gross Domestic Product (GDP) data, ongoing Middle East concerns, and positive earnings from Amazon.com Inc. The focus is shifting to US inflation data. The positive market sentiment is partially suppressing the US Dollar and US Treasury bond yields, allowing gold to maintain its positive momentum. Investor optimism is fueled by strong post-market earnings reports from US tech companies, including Amazon.com Inc. Despite geopolitical tensions in the Middle East, including military strikes by the US and preparations for a ground invasion in Gaza, gold remains influenced by broader market sentiment, geopolitical developments, end-of-week flows, and bond market movements. The US Congress has a new Speaker of the House, Mike Johnson, and concerns about a government shutdown persist. While the US Personal Consumption Expenditures - Price Index is on the horizon, it may receive limited attention as the recent US Q3 GDP report already included quarterly PCE inflation figures. The report showed a 4.9% annualized growth rate in the third quarter, surpassing the 4.2% estimate, largely driven by factors such as consumer spending, inventories, exports, residential investment, and government spending. This economic performance aligns with the Federal Reserve's outlook for higher interest rates in the future, even though it didn't significantly impact the US Dollar or Treasury bond yields. Gold initially corrected lower in response to the data but later found support to close slightly higher on Thursday.
CAPITALCOM:GOLDLong
by sabellaFX
BULLISH MOMENTUM In this trading idea, we'll explore a potentially profitable strategy for buying gold by utilizing a combination of technical analysis tools. We'll focus on key factors such as critical support levels, Fibonacci retracement levels, order blocks, and trend reversals. Support Levels : We'll closely monitor important support levels on the gold chart. These levels often act as significant barriers for price movement. A break below these levels can indicate a potential trend reversal or a strong bearish sentiment. Fibonacci Levels: Fibonacci retracement levels are essential for identifying potential reversal zones. We'll use Fibonacci analysis to pinpoint key levels where price may encounter resistance or support, offering valuable entry and exit points. Order Blocks: Understanding order blocks is crucial for spotting areas where significant buying or selling activity has occurred. We'll identify these zones to anticipate potential reversals or trend continuations. Trend Reversal: Recognizing signs of a trend reversal is vital for shorting gold effectively. We'll analyze various technical indicators and chart patterns to identify potential shifts in the trend direction. By combining these elements in our analysis, we aim to provide you with a comprehensive trading strategy for buying gold that maximizes profit potential while minimizing risk. Keep a close eye on these factors and stay prepared for potential market moves. Remember to perform your due diligence and risk management before executing any trades
OANDA:XAUUSDLong
by KarolinaKanova
SPOT Spotify Technology Options Ahead of EarningsIf you haven`t sold SPOT here: Then analyzing the options chain and the chart patterns of SPOT Spotify Technology prior to the earnings report this week, I would consider purchasing the 155usd strike price in the money Puts with an expiration date of 2023-11-17, for a premium of approximately $12.70. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NYSE:SPOTShort
by TopgOptions
V Visa Options Ahead of Earnings If you haven`t sold V Visa ahead of the previous earnings: Then analyzing the options chain and the chart patterns of V Visa prior to the earnings report this week, I would consider purchasing the 230usd strike price Puts with an expiration date of 22023-11-17, for a premium of approximately $5.15. If these options prove to be profitable prior to the earnings release, I would sell at least half of them. Looking forward to read your opinion about it.
NYSE:VShort
by TopgOptions
XAUUSD is Preparing to GO DOWN !In this trading idea, we'll explore a potentially profitable strategy for Selling gold by utilizing a combination of technical analysis tools. We'll focus on key factors such as critical support levels, Fibonacci retracement levels, order blocks, and trend reversals. Support Levels: We'll closely monitor important support levels on the gold chart. These levels often act as significant barriers for price movement. A break below these levels can indicate a potential trend reversal or a strong bearish sentiment. Fibonacci Levels: Fibonacci retracement levels are essential for identifying potential reversal zones. We'll use Fibonacci analysis to pinpoint key levels where price may encounter resistance or support, offering valuable entry and exit points. Order Blocks: Understanding order blocks is crucial for spotting areas where significant buying or selling activity has occurred. We'll identify these zones to anticipate potential reversals or trend continuations. Trend Reversal: Recognizing signs of a trend reversal is vital for shorting gold effectively. We'll analyze various technical indicators and chart patterns to identify potential shifts in the trend direction. By combining these elements in our analysis, we aim to provide you with a comprehensive trading strategy for selling gold that maximizes profit potential while minimizing risk. Keep a close eye on these factors and stay prepared for potential market moves. Remember to perform your due diligence and risk management before executing any trades
FOREXCOM:XAUUSDShort
by KarolinaKanova
4
SPY (S&P 500 ETF) - Bullish OutlookIn this technical analysis, I see the potential for a bullish trend in the SPY (S&P 500 ETF) based on historical data calculated using the ABC Calculator indicator and in consideration of the trend suggested by the Adapted Volume indicator. My outlook suggests a price target of approximately $450 USD within the next month. 1. Historical Analysis with ABC Calculator: The ABC Calculator indicator has been a reliable tool for assessing historical price movements in the SPY. After a thorough analysis, it's evident that the SPY has exhibited several bullish patterns in the past, often following periods of consolidation or minor corrections. These historical patterns suggest the potential for a bullish trend to develop. 2. Adapted Volume Indicator: The Adapted Volume indicator has consistently signaled strength in buying activity, indicating that market participants are showing increased interest in the SPY. This growing volume aligns with bullish market sentiments, as higher volumes often accompany upward price movements. Price Target: $450 USD within 1 Month: Taking into account the historical analysis and the current sentiment suggested by the technical indicators, I foresee a target price of around $450 USD for the SPY within the next month. However, it's important to note that the market can be influenced by various external factors, and this projection should be used as a guideline rather than a guarantee. Risk Factors: It's crucial to acknowledge that all investments carry inherent risks, and the SPY is no exception. Potential risks include economic events, geopolitical developments, and unforeseen market sentiment changes that could impact the bullish outlook. Traders and investors should employ risk management strategies to protect their positions. In conclusion, the technical analysis indicates a bullish potential for the SPY, supported by historical patterns and the Adapted Volume indicator. However, it's important to stay informed about market developments and employ proper risk management to make well-informed investment decisions. Please note that this analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and consider consulting a financial advisor before making investment decisions.
AMEX:SPYLong
by Julien_Eche
UNH : Swing inside within the band and now BreakoutSwing Scalping Period : 14 April - 1 Sep 2023 - The share price swing up and down within the band, scalp the profit by selling 50% at the middle line and the rest breakeven or opposite side band Trending up period : 1 Sep - 13 oct 2023 - Entry when price enter and closed inside the band of midas on 1sep, trend midas line turn to pink on 19sep, this is a typical jackpot type of entry. (it will not happen each n every time, be RATIONAL.) Let the profit run : 19 sep - 13 oct 2023 - we will not have full long position on this period, as a scalper/trend trader, we will already bagged some profits and enjoy the ride until the middle trend midas color change to white. * A sharing on how to use band of midas as reference. * None of the indicator works perfectly. * Be honest and rational.
NYSE:UNH
by MidasAlgo
Steve's NVTHV calls are 100% on BTC big movesThis indicator is the Steve's NVT HV. It's a private indicator. It follows the HISTORICAL VOLATILATY and the NETWORK VALUE OF TRANSACTIONS. This indicator is 100% accurate on finding bitcoins major moves, both up and down. The way it works is very simple, on the one week only... The movement of the line is the volatility. once the volatility reduces to under the yellow line and then pops back up above it, it means volatility is coming, but you we don't know which way. The color say the direction. if it's white then prices plummet, if red then prices will go up. It doesn't' matter what color it is upon entry, on the the exit matters. So, take a look at it 's historical accuracy so it's saying that a big move is coming.. but where ? we don't have confirmation yet, but it will flash here in the next week or two. So we wait.. leave a comment if you are interested in this indicator, I can point you in the right direction. Thanks for peeking, WeAreSatoshi
COINBASE:BTCUSD
by WeAreSat0shi
10
#OIL selling opportunityHi dear traders and colleagues, lets look at oil and see if there is any selling opportunity in this commodity or not. As you can see on the chart we have done a research and find out that any time when stochastic indicator is in overbought in Weekly timeframe and cross below cross below its signal line we have seen a bearish move by the price. Other things that gives us more confluences to take this trade is the fact that price currently is testing resistance area and also close to tentative bearish trendline. from fundamentally perspective also we know although we shortage supply by the side of suppliers especially from Saudi Arabia but the fact that we are close to the end of hiking cycle by the central banks and as a result we can see some damages in economic which cause lower demand for the oil. These are all showing that at least having a bearish correction move in Oil prices is possible and even if price wants to go higher we can have correction from this area.
CAPITALCOM:OIL_CRUDEShort
by mohemati
GBPNZD 111 PIP GAIN!!! KLS GBPNZD provided a beautiful trade set up using our KLS tool. The Key Level system indicator provides us with two key levels multiple times throughout the trading week. Once higher timeframe aligns and parameters are met, then two key levels will appear on your chart automatically. We achieved a nice 2:1 trade set up with GN for a nice 111 pips profit. 1st key level 2.04203. Blue Line 2nd key level 2.03747. Red Line How to determine directional bias? with the KLS you cut your analysis and chartime in HALF. Directional bias is determined by key level placement order. Blue Key level (KL) above Red KL = Bullish sentiment. Look to take longs only Red Key Level (KL) above Blue KL = Bearish sentiment. Look to take shorts only
Long
by Elev8FX