GOLD: Market Sentiment & Forecast
Remember that we can not, and should not impose our will on the market but rather listen to its whims and make profit by following it. And thus shall be done today on the GOLD pair which is likely to be pushed up by the bulls so we will buy!
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Forecast
AUDCAD Is Going Up! Buy!
Here is our detailed technical review for AUDCAD.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 0.919.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 0.937 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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SILVER Is Bearish! Short!
Take a look at our analysis for SILVER.
Time Frame: 8h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a significant resistance area 32.634.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 30.996 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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SPX500USD Will Go Up! Long!
Please, check our technical outlook for SPX500USD.
Time Frame: 12h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 5,779.8.
Taking into consideration the structure & trend analysis, I believe that the market will reach 5,887.5 level soon.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GOLD BEST PLACE TO BUY FROM|LONG
Hello, Friends!
GOLD is trending up which is obvious from the green colour of the previous weekly candle. However, the price has locally plunged into the oversold territory. Which can be told from its proximity to the BB lower band. Which presents a great trend following opportunity for a long trade from the support line below towards the supply level of 2,758.705.
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GBP/CAD BEARISH BIAS RIGHT NOW| SHORT
Hello, Friends!
GBP-CAD uptrend evident from the last 1W green candle makes short trades more risky, but the current set-up targeting 1.798 area still presents a good opportunity for us to sell the pair because the resistance line is nearby and the BB upper band is close which indicates the overbought state of the GBP/CAD pair.
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AUDJPY: Bearish Continuation
The charts are full of distraction, disturbance and are a graveyard of fear and greed which shall not cloud our judgement on the current state of affairs in the AUDJPY pair price action which suggests a high likelihood of a coming move down.
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SPX500USD Will Move Lower! Sell!
Here is our detailed technical review for SPX500USD.
Time Frame: 12h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 5,735.3.
Considering the today's price action, probabilities will be high to see a movement to 5,643.6.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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EURCAD Is Very Bullish! Long!
Please, check our technical outlook for EURCAD.
Time Frame: 2h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is on a crucial zone of demand 1.512.
The oversold market condition in a combination with key structure gives us a relatively strong bullish signal with goal 1.516 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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CHFJPY Will Go Higher! Buy!
Take a look at our analysis for CHFJPY.
Time Frame: 3h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is approaching a significant support area 175.805.
The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 176.531 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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SILVER SENDS CLEAR BULLISH SIGNALS|LONG
Hello, Friends!
We are now examining the SILVER pair and we can see that the pair is going down locally while also being in a downtrend on the 1W TF. But there is also a powerful signal from the BB lower band being nearby indicating that the pair is oversold so we can go long from the support line below and a target at 34.252 level.
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AUD/CHF BEARS ARE GAINING STRENGTH|SHORT
Hello, Friends!
It makes sense for us to go short on AUD/CHF right now from the resistance line above with the target of 0.567 because of the confluence of the two strong factors which are the general downtrend on the previous 1W candle and the overbought situation on the lower TF determined by it’s proximity to the upper BB band.
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NZD/CHF SELLERS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
Bearish trend on NZD/CHF, defined by the red colour of the last week candle combined with the fact the pair is overbought based on the BB upper band proximity, makes me expect a bearish rebound from the resistance line above and a retest of the local target below at 0.514.
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SILVER: Will Keep Growing! Here is Why:
The charts are full of distraction, disturbance and are a graveyard of fear and greed which shall not cloud our judgement on the current state of affairs in the SILVER pair price action which suggests a high likelihood of a coming move up.
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US30USD Will Fall! Sell!
Take a look at our analysis for US30USD.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is trading around a solid horizontal structure 42,066.9.
The above observations make me that the market will inevitably achieve 41,539.1 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GOLD Will Go Higher From Support! Long!
Please, check our technical outlook for GOLD.
Time Frame: 8h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is testing a major horizontal structure 2,740.91.
Taking into consideration the structure & trend analysis, I believe that the market will reach 2,791.34 level soon.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
Like and subscribe and comment my ideas if you enjoy them!
USDJPY Will Go Down From Resistance! Short!
Here is our detailed technical review for USDJPY.
Time Frame: 1D
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 151.684.
Considering the today's price action, probabilities will be high to see a movement to 147.149.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
Like and subscribe and comment my ideas if you enjoy them!
GOLD BEST PLACE TO SELL FROM|SHORT
Hello, Friends!
GOLD pair is in the uptrend because previous week’s candle is green, while the price is obviously rising on the 1D timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 2,579.811 because the pair overbought due to its proximity to the upper BB band and a bearish correction is likely.
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