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Gold- Reversal to the upside is loomingIn my yesterday's comment, I said that OANDA:XAUUSD could have found a bottom in 2020 important support. After a spike in 2040 local resistance during yesterday's session, the drive dropped again, but this time stopped at 2024 making a higher low. Although the falling trend line that started at the beginning of the year is not broker to the upside yet, there are high chances for this to happen today. I maintain my bullish bias on Gold as long as the price stays above Monday's low.
OANDA:XAUUSDLong
by Mihai_Iacob
3
AudUsd- An interesting zone to watchAs you know, I've been bullish AudUsd and called for a rise to 0.69 zone resistance. The target was reached at the end of the year and the pair started to correct immediately after. Although AudUsd started the year badly, the trend started in November remains strongly bullish and this correction could represent the opportunity for bulls to enter at a better price. Looking at the posted chart we can see that the recent correction brought the price down to a very interesting confluence of supports, given by the retesting of the falling broken trend line, a drop to the ascending trend line, and the horizontal support. As long as Friday's low is intact, I'm looking to buy dips.
Long
by Mihai_Iacob
Gold near important support zoneOANDA:XAUUSD has had a rough start to the year, experiencing a significant drop of approximately 500 pips from its peak to its lowest point. On Friday, the price exhibited high volatility, solidifying the 2060 zone as a confirmed resistance level. Currently, the price stands at 2028 and is approaching a crucial support zone around 2020. It is imperative for the bulls to successfully uphold this level to sustain the price within a medium-term upward trend. Failure to do so may lead to a potential continuation to the downside, with a target set at the 1980 zone.
OANDA:XAUUSD
by Mihai_Iacob
3
Solana above 100. Still worth to buy?The recent evolution of KUCOIN:SOLUSDT over the past two months has been remarkable, experiencing a staggering 600% surge from its lows in October, and a 400% rise following the breach of the 30 technical level and confirmation of a bullish trend. Amidst the heightened enthusiasm of the past week, a crucial question arises: Is Sol still a viable buy at these levels? In my perspective, the answer is a resounding NO. While the technical analysis indicates a robust bullish trend, a closer examination of the chart reveals that the price is hovering dangerously close to an exceptionally strong resistance zone ranging from 130 to 140. Considering the recent surge of approximately 80% in just the last week, it becomes evident that a substantial correction is imminent. Taking a more extended view, I would recommend considering buying opportunities during price dips/corrections within the 70-80 zone. For those with a short-term and speculative approach, selling above the 130 mark presents an attractive risk-to-reward ratio. This is the potential trade I am actively considering if the specified price level is reached within the next 1-2 weeks.
by Mihai_Iacob
4
Gold could break above resistanceIn my Monday analysis of OANDA:XAUUSD , I emphasized the continuity of the medium-term bullish trend. However, to solidify this assessment, a decisive break above the resistance level within the consolidation was deemed necessary. Over the subsequent days, the price exhibited a contained range between established support and resistance levels. Notably, there was discernible upward pressure from the bulls, and an ascending triangle took shape on lower time frames. To confirm the bullish outlook, a clear breakthrough above the 2050 level is crucial, as previously mentioned. The associated price target for this pattern stands at 2080. My bullish sentiment remains valid as long as the price of XAUUSD stays above the support line of the triangle.
OANDA:XAUUSDLong
by Mihai_Iacob
1