XauUsd- Best place to sell for 1:3 R:RYesterday, XAU/USD continued its descent and dropped to the 2350-2355 support zone without retesting the 2390 broken support, indicating selling pressure.
At this moment, the market is correcting to the upside, which should offer bears better entry prices.
The best zone to sell remains 2390-2400; however, if this zone is not tested, traders should look for lower entry levels in anticipation of a 2350 break.
In the case of a break below 2350, the most obvious level for bears is 2320.
On both weekly and daily charts, the situation looks gloomy, with a strong Pin Bar on the weekly and a Fakey pattern that marks the retest of the broken ascending trendline on the daily.
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Gold- at important junctureYesterday, after the second test, XAU/USD reversed from 2390 and reached the 2420 resistance zone.
However, last week's drop was impulsive and might only be the first leg of an overall correction within the long-term bull trend.
The rise to just under 2400 appears corrective so far, suggesting we might see another drop below 2400 and eventually a drop below the 2390 support level.
In my opinion, short trades are favored, and the 2420 zone is crucial for traders to watch. However, if the price breaks above this zone, it would indicate a false down break and give an advantage to the bulls, with a new all-time high in sight.
SPX broke the trend line with a gap. Time to sell rallies?Since April, the SPX has risen around 15%, and since November's low, it has increased by almost 40%.
This is quite significant for such an index, making us wonder if this rise is fundamentally justified (in my opinion, it is not).
But, as they say, "trade what you see, not what you think".
What we saw was a strong upward move.
However, keeping this expression in mind, we also observed a breakdown with a gap yesterday, which was not filled during the day, indicating a "gap and run."
My preferred strategy for the index is to sell on eventual rallies above 5500, with a target at 5250.
This strategy would be negated by a new all-time high (ATH).
EurAud- Important break could lead to 1k pips riseAfter a recent dip to the 1.6 zone and a period of consolidation, the EUR/AUD has reversed strongly over the past two weeks, leading to a significant breakout.
As shown in the chart, following an initial upward movement lasting about a year, the pair corrected and consolidated within a falling wedge pattern for another year.
Currently, we see a clear breakout above the falling wedge's resistance, which could lead to a rise of approximately 1,000 pips in the medium to long term.
Swing and positional traders might consider buying on any dips around 1.64, aiming for a target of 1.75, while keeping the interim resistance and falling wadge's target at 1.7 in mind.
Bitcoin- Buy and hold on dipsIn my recent BTC post, I mentioned that the break below $60,000 is most likely a false one.
This proved to be correct, and the price has returned towards the important $70,000 zone.
At this moment, BTC could enter a correction phase from the recent upward movement.
This correction should be seen as a buying opportunity, potentially leading to a new all-time high this year.
Gold could go down furtherIn my analysis yesterday, I mentioned that gold could drop below $2400, and indeed it did. After touching the support zone around $2390, the price reversed to the upside.
However, the bulls seem weak and unable to sustain the price above $2400, with the price now pressing against the support.
A break below this level looks probable, and the price could drop further to the important support at $2350. My strategy is to sell rallies above $2400.
BX Blackstone Options Ahead of EarningsAnalyzing the options chain and the chart patterns of BX Blackstone prior to the earnings report this week,
I would consider purchasing the 140usd strike price Calls with
an expiration date of 2024-10-18,
for a premium of approximately $6.70.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Gold could drop back under 2400Last week, gold reached a new all-time high, almost hitting $2500.
However, the market started to reverse on Wednesday, and XAU/USD finished the week at $2400, forming a large pin bar on our weekly chart.
On the short-term chart, we also see that the recent ascending trend line has been broken, which also has bearish implications.
In my opinion, gold will drop below $2400, and selling rallies should be a good strategy.
GBPAUD - Waiting for more confirmations to shortTaking a look at the daily timeframe, I'm still not convinced now is the time to sell. But in the event price action does close below the previous candle on the daily tf, I'll then look for a possible sell. My idea is chalked up on the chart of what I'm looking for. If this doesn't happen - no trade.
Please note that this is not a complete trade plan, this is just some prep work