US500: A further correction towards 5192 before resuming purchases.
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
Gold: early signs of an uptrend?
2023-03-08 • Updated
Have a look at the daily chart below. At the first sight, gold has been in a downtrend since summer 2020. However, since it dropped to 1 765, it never continued the downtrend in an equally distributed channel that's been there since July till November. Instead, while the resistance stayed at 1 960, the lows have not gone downwards so far. So, does it mean we are now at the bottom of the uptrend that will push the price back up to 1 960 and above? That's a possibility to be verified with time. Therefore, here are your tactical scenarios.
Scenario 1: sideways
The price may reach local highs around 1 900 by the end of January, then it goes downwards below 1 800 again to possibly reach 1 765 again in the middle of February; after that, it may revert to the upside again. Eventually, it may come to 1 960 by the end of February.
Scenario 2: uptrend
The gold price is now right after a newly formed low; it will go upwards to test the resistance of 1 960 in the first days of February.
Similar
US30 Trading Strategy and Key Levels: Where Are the Supply and Demand Zones?
Bearish Scenario: Sell below 39600... Anticipated Bullish Scenario: Intraday buys above 39750... Bullish Scenario after Retracement: Intraday buys above 39150
US100: Consolidated and preparing correction below 18100. Key levels on H4!
Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
Latest news
USD: Powell Speaks on Cutting Interest Rates
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
WTT: Currency Pairs To Trade In April
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
EURUSD: Seeking liquidity in weekly selling zones. Key intraday levels.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
