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Gold- Drop to 2480 before reversal?In my Friday analysis, I mentioned that a break above 2530 could trigger an upward acceleration, especially since gold had been trading within a tight range throughout the week. However, this breakout did not occur. Instead, XAU/USD ended the week just above the key 2500 level. As of this writing, the price is slightly below 2500, currently at 2496, and it may continue to decline. However, there's strong support at 2480, a level that has previously acted as resistance three times—in mid-July, early August, and mid-August. If the price reaches this level, I anticipate a reversal. In conclusion, I'm looking to buy on dips, targeting a reversal that would push the price back above 2500.
OANDA:XAUUSDLong
by Mihai_Iacob
7
Lingrid | NZDCAD short from STRONG resistance zoneThe market has reached a significant resistance level on the daily timeframe, specifically at the area where a sharp bearish move occurred two months ago. The price action is currently creating a broadening triangle pattern, which can indicate a loss of momentum and increased volatility. Considering these factors, I anticipate a pullback toward the support level, especially in light of the divergence observed in the price action. Additionally, the psychological level at 0.85000 adds weight to the potential for a retracement as we might look to take profits or reassess positions around this key area. My target is support level at 0.83700 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
1
Lingrid | AUDCAD ranging MARKET. Potential SHORTFX:AUDCAD has been consolidating following a significant move, with price action fluctuating between established support and resistance levels. This consolidation phase has formed a slight descending channel. As the market approaches the highs from the previous week, we may witness a rebound from the channel's upper boundary and the upward trendline, suggesting a potential continuation of the current sideways trend. My target is support level at 0.91330 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
3
Lingrid | GOLD trend CONTINUATION patternThe price perfectly fulfills my last idea. It hit the target zone. OANDA:XAUUSD has formed a trend continuation pattern in the shape of an ascending triangle. This pattern indicates that buying pressure is increasing as the price continues to test the resistance zone, suggesting that a breakout could be imminent. I believe that if the price successfully breaks through this resistance level, it may continue to rally, potentially reaching the 2500 resistance zone. With high-impact news scheduled for today, there is a strong possibility that the market may be poised to push towards new all-time highs. Keep an eye on the market reactions to the news, as they may provide key insights into the strength of the breakout and overall market sentiment. My goal is resistance around 2555. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSDLong
by Lingrid
3
Lingrid | EURUSD bullish TRADING OpportunityThe price has indeed fulfilled my previous target idea, reaching the anticipated level. After hitting that target, the market has pulled back, with bearish sentiment pushing the price towards the support zone. FX:EURUSD has seen a retracement from the weekly resistance zone. Currently, the market is bouncing off a support level that aligns with the 78% retracement of the previous bullish weekly price range. Given that the overall trend remains bullish, I believe the bounce from this support level increases the likelihood of the market moving higher from this area. Overall, I expect the price to climb, potentially retesting the recent resistance zone above if the price breaks through the trendline. My goal is resistance around 1.11300 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Long
by Lingrid
5
Lingrid | BONKUSDT Range-Bound Market PRICE ACTIONBINANCE:BONKUSDT is currently consolidating, oscillating between resistance and support levels. Notably, it is fluctuating around the psychological level of 0.000020, which indicates that there is accumulation occurring at this level. Overall, the market has reached the April high, and on the weekly timeframe, it has formed an inside bar pattern. This could signal the potential beginning of a bull run if the price closes above this pattern. I expect the market to continue oscillating within the consolidation zone until we see a clear breakout. Any movement beyond the established resistance or support levels will provide further insights into the market's direction. My target is resistance zone aroud 0.0000222 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Long
by Lingrid
2
Lingrid | EURUSD weekly RESISTANCE zone. ShortFX:EURUSD has experienced a short-term pullback and then proceeded to make higher highs and higher closes. The market has broken through the previous day's high while moving upward to test the psychological level at 1.12000. This level is significant as it's the same zone where the market declined sharply last year in July. Currently, the price has reached the upper border of the channel, forming a 1-2-3 extension and exhibiting a bearish divergence. Given these factors, I anticipate a potential fake breakout at the channel border, which aligns with the highs of 2023. Therefore, I expect a pullback from this channel border, coinciding with weekly resistance levels. My target is the support level around 1.10820 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
12
Lingrid | GBPNZD consolidation before EXTENSION. ShortThe price perfectly fulfills my last idea. It hit the target. FX:GBPNZD is currently consolidating between resistance and support levels. On the daily timeframe, the price has experienced a bearish movement, and for the past two weeks, the market has repeatedly tested the same support level. I believe that a break below this support is likely, which would lead to an impulsive bearish move. At this stage, I anticipate a potential downward movement by breaking through last week's low. If the price successfully breaks and closes below the support level, I expect the further bearish trend to continue. My target is the support level around 2.10050 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Short
by Lingrid
5
Lingrid | GOLD Weekly Technical AnalysisThe surge in OANDA:XAUUSD price following Jerome Powell's speech underscores the market's reaction to potential shifts in monetary policy. His indications of a likely interest rate cut, possibly occurring in September, have prompted a weakening of the U.S. dollar and a decline in Treasury yields, further enhancing gold's appeal as a safe-haven asset. As a result, the weekly candle closed as a green doji, reflecting both investor sentiment and anticipation of shifts in economic conditions. The market bounced off the swap zone and closed above the psychological level; however, there was not enough momentum to retest the previous higher high, which also represents an all-time high (ATH). This indicates that the market may now consolidate around the 2500 level or below the previous resistance zone to accumulate liquidity for a potential move to higher levels. On the daily timeframe, price action remains within the range of the previous day, suggesting the possibility of forming a triangle trend continuation pattern. It seems that there will be fewer high-impact news events next week, which may result in less momentum in the market. Nevertheless, we must remain cautious of the uncertainty in the market and be prepared to respond accordingly. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSDLong
by Lingrid
19
Lingrid | ETHUSDT building Block of ACCUMUALTION Befor ExpansionBINANCE:ETHUSDT is clearly in the accumulation phase, sitting just below the psychological level of 3000. Recently, the price hit a support level that was also tested back in February and subsequently bounced off it. Over the past three weeks, we've observed mostly sideways movement. When examining the weekly timeframe, it's evident that the market formed a long-tailed bar, indicating a liquidity grab below the February low. This suggests that there was strong buying interest after the dip. Given that the market has retested the recent low area and rebounded, I believe we can expect a gradual upward movement from here. My target is resistance zone around 2950. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Long
by Lingrid
3