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Parallel Channel

After Record Highs, Is Gold Primed for a Short-Term Correction?Since Tuesday, after OANDA:XAUUSD completed a brief correction following the previous week’s rally, the price has surged approximately 1000 pips from its low to high. During the Asian session last night, Gold hit yet another all-time high, though it’s now experiencing a minor pullback. While the overall trend remains strongly bullish, a correction from this level is not out of the question. The price could potentially retest the support zone formed by the previous all-time high around 2685-2690. A confirmation of this correction would come if the price clears Friday’s close, and in that case, the recent ATH could act as short-term resistance. Aggressive traders may look to take advantage of this correction, while swing traders might prefer to wait for the correction to complete and then rejoin the dominant uptrend at more favorable prices.
OANDA:XAUUSD
by Mihai_Iacob
8
Gold Long Opportunity: Descending Channel Breakout on H4I'm currently observing a bullish opportunity on gold with a descending channel formation on the H4 chart. A breakout above the channel could signal a strong reversal, providing a potential long entry. Trade Setup: Timeframe: H4 Entry: On a confirmed breakout above the descending channel Targets: First target at the 127.2% Fibonacci level (2707) Second target at the 161.8% Fibonacci level (2735) Stop-loss: Just below the breakout point or at recent swing lows, adjusted for volatility Stay alert for a confirmed breakout as price action could trigger a sharp upward move toward the Fibonacci targets.
OANDA:XAUUSDLong
by SRA_Trades
HelenP. I Bitcoin can continue to gorw inside upward channelHi folks today I'm prepared for you Bitcoin analytics. A few moments ago, the price rose to support 1, which coincided with the support zone and then started to decline. In a short time, BTC fell to support 2, which coincided with one more support zone and some time traded inside. Then, BTC tried to grow, but failed and dropped to the trend line, breaking support 2. After this, the price started to grow inside the upward channel, where it soon broke the 2nd support level again, made the correction, and later rose to support 1. When BTC reached this level, it broke it and rose to the channel's resistance line. After which price turned around and made a small correction to the support zone and then continued to move up in an upward channel. But a not long time ago price almost fell to the trend line, therefore I expect that BTCUSDT will decline a little more, and then continue to grow, thereby making a fake breakout of the channel. That's why I set my goal at 71400 points. If you like my analytics you may support me with your like/comment ❤️
Long
by FirstNameHelen
3
Gold Aiming gor 2,800 by October's CloseGold (XAU/USD) is currently experiencing a strong bullish momentum, driven by fundamental factors that are supporting its price. Given the current market conditions, we do not anticipate significant pushback in the near term. On the daily chart, gold has been trading within an ascending channel since August 8, 2024. This channel is characterized by a tested lower line (support) that has held multiple times, while the upper boundary has been tested less frequently, indicating a robust upward trend. Within this ascending channel, gold has also traded in two distinct neutral rectangle ranges: - First Rectangle: $2,475 - $2,530. The price remained within this range for 22 days before breaking out, resulting in a subsequent price rise of approximately 5.5%. - Second Rectangle: $2,630 - $2,675. The price was contained within this range for 23 days. On October 16, 2024, gold successfully broke above the second neutral rectangle, signaling a potential continuation of the bullish trend. If gold continues to rise and achieves an additional 5% increase from its current levels, we could see the price target around $2,800 by the end of this month. It is important to monitor this level closely, as it may present a point of reversal or profit-taking for traders.
CAPITALCOM:GOLDLong
by XAUBanker
GOLD - History Repeating Itself...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. 📔I find the Gold 4H chart interesting. Do you see a pattern here? Look at the first two purple projections. Gold broke below a low (marked in red), which signaled the start of a correction. The correction was short-lived as the bulls took control again by breaking back above the red zone, triggering the next impulse phase. Currently, Gold seems to be pausing, which might indicate the start of another correction phase. 🔄If history repeats itself, to signal a new impulse movement, we first need a break below the current low around $2,625, followed by a break back above it. This projection could lead to the upper bound of the blue channel, around $2,800. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
FOREXCOM:XAUUSD
by TheSignalyst
6
GOLD → 2685 breakout trigger. News ahead. A new conflict! FX:XAUUSD stops correlating with the dollar. The price is testing the key resistance at 2685. Bulls continue to test this area and accumulate the potential for a breakout attempt. Important news on jobless claims and retail sales are ahead China's economic problems have a negative impact on gold as the country is the world's top gold consumer. At the same time, markets are resorting to profit taking on long USD positions ahead of the release of the most important economic data - the US retail sales report. BUT! Another escalation, but in another part of the world: North Korea has declared South Korea an enemy and completely cut off transportation links with it. The markets are clearly not going to let this fact pass their ears..... Technically, the buyers do not retreat from their intentions and continue to test the resistance with a breakdown target. A pre-breakdown consolidation and several possible scenarios are forming, no matter how many people don't like it. Resistance levels: 2685 Support levels: 2674.5, 2665, 2658 A breakdown of resistance will trigger an impulse, and this is a logical scenario based on the technical situation on H1 (ascending triangle, accumulation and compression to the level). BUT! The news can have an unpredictable impact. If gold forms a false breakout and goes back to 2674, having updated this low, the price may go even lower (to 2665, 2658), for liquidity, before returning to the way north Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
32
ONDO ANALYSIS📊 #ONDO Analysis ✅There is a formation of Descending Channel Pattern and Cup and Handle in daily chart with a breakout of Descending Channel 🧐 Pattern signals potential bullish movement incoming after the confirmation of breakout of Cup and Handle. 👀Current Price:  $0.81600 🚀 Target Price:    $1.02090 ⚡️What to do ? 👀Keep an eye on #ONDO price action and volume. We can trade according to the chart and make some profits⚡️⚡️ #ONDO  #Cryptocurrency  #TechnicalAnalysis  #DYOR
Long
by ZEUS_Market_Alerts
EURO - Price can make retest, after exiting, and continue growHi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊 A few moments ago price entered to rising channel, where it reached $1.1080 level and broke it. Then price some time rising in channel, until it reached resistance line, after which price started to decline. In a short time, EUR exited from rising channel and continued to decline inside wedge, where it soo broke $1.1080 level. Later, price fell to support line of wedge and then tried to grow, but failed and continued to decline. After this, Euro broke $1.0905 level and fell to support line, but recently price bounced up, thereby exiting from wedge. Now, I think that price can make a retest and then bounce up to $1.0940, thereby breaking resistance level. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Long
by WalterMoon
6
DOGE: Fractal Warning of Potential Slow Bleed AheadWhile DOGE has recently broken its trendline, this doesn’t necessarily signal a strong move to the upside. Looking at the fractal, there’s a strong possibility that this is the extent of the upward movement, and we may be in for a slow bleed over the next few days and weeks, bringing DOGE back down. It’s worth keeping an eye on how this plays out, but don’t be surprised if the market trends downward instead of delivering the strong gains many are hoping for.
by cryptechcapital
3
NEIROUSDT → Someone's interested in the coin. Consolidation...BINANCE:NEIROUSDT is a rather interesting coin, which looks quite promising and stronger than the general market. Consolidation is forming on the background of the bullish trend. A good hint of the trend continuation... The coin is moving in steps. The pullback is forming the lower boundary of further consolidation, the purpose of which is to accumulate the potential for the continuation of the trend. Exceptionally bullish character of the movement... Emphasis on the borders of the current consolidation 2.182 - 1.835. The extreme support retest ended with the confirmation of the accumulation boundary without updating the local minimum, which indicates that the correction (most likely) is coming to an end. The reason indicating the readiness of the price to leave the accumulation and move to the realization phase will be a prolonged trade near the resistance. Resistance levels: 0.002182 Support levels: 0.0018355 Consolidation continues, I am waiting for the moment when the coin sticks to the resistance and starts to consolidate between 2.18 - 2.07. In this case, the coin will move to the formation of a pre-breakout consolidation with the aim to breakout and further growth. I don't exclude the fact that NEIRO may go to 1.517 for liquidity before continuing its growth. Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:NEIROUSDT ;) Regards R. Linda!
Long
by RLinda
1
USDIDR Buy On WeaknessThis chart shows the USD/IDR pair (U.S. Dollar/Indonesian Rupiah) on a weekly timeframe. Below is the analysis based on the visible trend lines, price action, and channels: 1. Ascending Channel: The chart illustrates a clear upward channel that has been maintained since 2017, suggesting a long-term bullish trend in the USDIDR pair. The price has bounced from the lower bound of the channel, which indicates that the support line around the 15,200 region is holding well. 2. Support and Resistance: Support: The price is currently hovering around 15,459. The nearest strong support zone is at 15,200 as it coincides with both historical price levels and the lower bound of the upward channel. Resistance: There are several resistance levels ahead: 16,400 (the dotted line): This seems to be a mid-level resistance line within the channel. 16,600: This appears to be the next major resistance, as indicated by the chart and could represent a key decision zone. 3. Possible Future Movement: The chart suggests a bullish bias in the future, as indicated by the projected zigzag path. The price is expected to bounce between resistance and support lines before possibly reaching towards the upper boundary of the channel near 16,600. Short-term correction: Before further bullish movement, the price might dip slightly towards the 15,400 or 15,200 support levels. 4. Long-Term Outlook: The price trend continues to suggest an upward movement in the long term, as the channel is clearly moving upwards. A breakout above the 16,400–16,600 resistance zone could accelerate the USDIDR towards new highs. Conclusion : Bullish Outlook: The USDIDR seems to be in a long-term bullish channel. After potentially testing support at 15,200, the price may resume its upward trajectory, targeting 16,400 and possibly 16,600 in the coming months.
Long
by YogaID
1
ETH / BTC Secondary trend. Descending channel. Wedge. 18 10 2024A local wedge-shaped formation has formed in the descending channel in this ETH/BTC trading pair. There is potential for a breakthrough and price growth, to the resistance of this descending channel. Perhaps after consolidation. If this happens, then most of the “long-suffering” altcoins will similarly go up in price, but with a larger %. The local alt season will begin. This trading pair clearly shows how money flows from one high-cap asset to another. Shown on the chart. Look at the time and the Bitcoin to Dollar chart, at the time of the breakout of the symmetrical triangle of the distribution zone downwards (weakness of Ethereum relative to Bitcoin). Since then, Bitcoin has grown in price by almost +200%. While Ethereum relative to Bitcoin has weakened by as much as -50%. Now there is a reverse flow of bitcoin into ether, and some alts, for about 1.5 months already. Then, the money will flow into a variety of alts, which will consequently be reflected in their prices a little later. Today is a significant date 18 10 2024. There are 18 days left until the US presidential election. Remember, about this, where this zone is in the main trend.
Long
by SpartaBTC
1
EURO - Price can continue to decline inside falling channelHi guys, this is my overview for EURUSD, feel free to check it and write your feedback in comments👊 Some time ago price started to grow inside rising channel, where it soon broke 2-nd ($1.1090) resistance level. After this movement, price some time traded between resistance line of channel and with resistance area. And last time it bounced from resistance line and broke $1.1090 level, thereby exiting from rising channel too. Next, price continued to move down inside falling channel, where it broke 1-st ($1.0950) resistance level recently. Now price continues to fall near resistance line of channel, and I think Euro can rise a little higher resistance line. Then price will turn around and continue to fall to $1.0760 support line of falling channel. If this post is useful to you, you can support me with like/boost and advice in comments❤️
Short
by WalterMoon
12
GOLD → The realization phase continues. What are the targets?FX:XAUUSD in the phase of realizing the accumulated potential updates ATH to 2714 and is in no hurry to give up, movements can be continued... Gold feels support from the Chinese markets after positive hints from the People's Bank of China revived hope for stimulating the economy. Also from the European side - the ECB cut its key rate, in anticipation of another, fourth cut in December... Strong data from the US on Thursday pointed to a solid economic outlook, but this failed to change the odds of a 0.25% rate cut by the US Fed in November. In addition, the gold price found fresh demand amid escalating geopolitical tensions between Iran and Israel (Hamas leader eliminated) Resistance levels: 2711.7, 2715, 2720 Support levels: 2702, 2696, 2689 Technically, gold continues its bull run once again. The chart indicates key support areas that may be of interest before further rally. A correction has been forming since the opening of the European session, but price is quickly returning to ATH. If the bulls hold the defense above 2711, the growth will continue without a pullback. Targets are indicated on the chart Rate, share your opinion and questions, let's discuss what's going on with ★ FX:XAUUSD ;) Regards R. Linda!
FX:XAUUSDLong
by RLinda
5
FILUSDT → Weakness in altcoins will manifest itself in decliningBINANCE:FILUSDT after a false breakdown of the 3.800 range resistance is giving signs towards the continuation of the decline. The coin is in a global and local downtrend and there are no reasons to change direction. The focus is on the support of 3.688. Altcoins are extremely weak on the back of bitcoin's strong rally. The dominance of the flagship is currently at record highs, and the altcoin season has not arrived and apparently will not come anytime soon. Bitcoin is testing strong resistance zones and cannot grow all the time. Any short-term reaction can affect the entire cryptocurrency market, which will color the coins in the red. Support levels: 3.688 Resistance levels: 3.800 Technically, relative to 3.688 a descending triangle is forming after a false breakdown of the range resistance. It is a rather strong conglomerate. Breakout of 3.688 and price consolidation below this area will provoke further selling and price decline to 3.4 - 3.3 Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:FILUSDT ;) Regards R. Linda!
Short
by RLinda
9