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Technical Analysis

Gold --> Bear Market Heating Up? Resistance AheadOANDA:XAUUSD rising after a false breakout of 2547. Fundamentally, the situation is quite complicated as well as technically... The metal price is positively affected by the escalating Russia-Ukraine war, making gold more attractive to investors as a safe-haven asset. In addition, the appeal of gold is reinforced by geopolitical tensions, economic risks and a low interest rate environment. Fed officials are expected to speak this week, thereby providing more details on the US interest rate cut roadmap. Currently, according to traders' predictions, there is a 62% chance that the Fed will cut interest rates by 25 basis points in December... Theoretically, it is still unclear whether gold can maintain its bullish momentum as prices are approaching strong resistance and traders are cautious as they wait for new signals on the Fed's interest rate outlook. Technically, gold is in the range of 2643 - 2626. Since the opening of the session, the price has increased quite strongly, which increases the possibility of resistance to stop this increase. The situation is complicated by the mixed fundamental backdrop. A false break of 2647 and consolidation below this area will strengthen the selling pressure. But there is a possibility of a retest of 2686 (order block area) before the decline continues. The expected decline will reach the levels of 2547 - 2471 respectively. Rate, share your opinion and questions, let's discuss what's going on with.
OANDA:XAUUSDShort
by Bentradegold
5
[INTRADAY] #BANKNIFTY PE & CE Levels(21/11/2024)Today will be flat opening expected in banknifty. After opening if banknifty sustain above 50550 level then possible upside movement upto 50950+ level. Strong Downside fall possible if banknifty starts trading below 50450 level. This downside rally can goes upto 400-500 points. 50050 will act as a downside support for today's session. Below this support level if banknifty gives breakdown of 49950 level then possible sharp fall in market.
NSE:BANKNIFTY
by TradZoo
EURUSD: Consolidation “flag”. Willingness to go belowBen, hello everyone! CAPITALCOM:EURUSD is consolidating in the form of a "flag", the purpose is to accumulate before continuing the trend... The fundamental context remains negative. On D1, when looking closely at the 4-hour chart, it is clear that the price is maintaining a decline below 1.0600. There is no reaction to push the price higher. Therefore, in the short term, the momentum and strength of buyers are not expected to be enough to reverse the local situation. Looking ahead, as long as the dollar continues to consolidate, the euro will theoretically be hit hard... In particular, the focus is on the consolidating "flag". Breaking this channel, the downtrend will continue. Ben personally appreciates trading in the direction of the current trend, if there is a clear move, that is, expecting the price to break out and consolidate below the 1.052 area, aiming for a lower target in the short term. The focus is still on the 1.060 level and around the resistance at 1.065.
Short
by Bentradegold
7 Best Chart Patterns For Trading Forex and Gold If you are studying chart parts, I prepared for you the list of 7 price action patterns you should never miss. In this article, I will share with you powerful chart patterns for trading forex or any other financial market. These patters work perfectly for day trading, swing trading and scalping. We will study real market examples. I will explain the psychology and meaning of each pattern and explain to you how to trade them. The first chart pattern that we will discuss is double top. The pattern is formed on the edge of a bullish impulse. It is based on 2 equal highs and a higher low between them. A higher low composes a minor support. A strong bearish signal is a breakout of a neckline and a candle close below that. Entry is on its retest. Stop loss is above the highs. Target is the closest strong support. The bullish version of a double top pattern is called double bottom The pattern is formed on the edge of a bearish impulse. It is based on 2 equal lows and a lower high between them. A lower high composes a minor resistance. A strong bullish signal is a breakout of a neckline and a candle close above that. Entry is on its retest. Stop loss is below the lows. Target is the closest strong resistance. The second powerful pattern is a descending triangle formation. The pattern is formed on the edge of a bullish impulse. It is based on at least 2 equal lows and 3 lower highs between them. A falling trend line should respect the lower highs. A strong bearish signal is a breakout of a neckline and a candle close below that. Entry is on its retest. Stop loss is above the highest high. Target is the closest strong support. A bullish variation of a triangle pattern is called an ascending triangle. The pattern is formed on the edge of a bearish impulse. It is based on at least 2 equal highs and 3 higher lows between them. A rising trend line should respect the higher lows. A strong bullish signal is a breakout of a neckline and a candle close above that. Entry is on its retest. Stop loss is below the lowest low. Target is the closest strong resistance. Chart pattern number 5 - Cup & Handle pattern. Cup & handle pattern is the variation of a double bottom. The only difference between 2 patterns is 1 lower low and a consequent higher low, instead of 2 equal lows. Entry trigger and trade execution rules are absolutely the same as with a double bottom. Stop loss is strictly below the lower low. A bearish version of a cup & handle is called an inverted cup & handle. Inverted cup & handle pattern is the variation of a double top. The only difference between 2 patterns is 1 higher high and a consequent lower high, instead of 2 equal highs. Entry trigger and trade execution rules are absolutely the same as with a double top. Stop loss is strictly above the higher high. The last and the most powerful chart pattern is the range . Range is a strictly horizontal parallel channel where the price sets equal highs and equal lows, respecting the support and the resistance of the range. This chart pattern signifies that the market found equilibrium, a fair value. A strong bullish signal is a breakout of a resistance of the range and a candle close above that. Target will be the next strong resistance, stop loss should lie below the lows of the range. A strong bearish signal is a breakout of a support of the range and a candle close below that. Target will be the next strong support, stop loss should lie above the highs of the range. Of course, there are more patterns to study but these 7 are essential . Your ability to recognize them is the key for accurate price action trading. Learn to spot these patterns and good luck in your trading.. Let me know which patterns do you want to study in the next article. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
4
Gold-> Buyer Back Yet?Dear Traders, Ben here! After suffering significant losses last week, gold has regained its recovery momentum and is trading positively above $2,600 on Monday. The fundamental backdrop supports this recovery. Key resistance levels at $2,518 and $2,628 now divide the market into two distinct zones. Meanwhile, market participants are awaiting moves from several Fed officials this week to gain further insights into the U.S. interest rate trajectory. The most likely scenario at the moment is a slight recovery in gold prices following the recent steep sell-off, with expectations for gold to climb higher after several reversals in the USD. In the medium term, bulls need to reassess U.S. policy planning in December, as the Fed is expected to hold rates steady in January. This has not been fully priced into the market, so any adjustments could pose challenges for gold. Technically, since the market opened, prices have climbed considerably, increasing the likelihood of resistance capping further upward movement. A false breakout at $2,589 and subsequent consolidation below this zone would strengthen selling pressure. However, there is potential for a retest of $2,618 (Order Block). Similarly, a failed breakout could trigger selling momentum. But if the fundamentals align strongly in favor of gold, the market may have a chance to shift the local trend from the $2,618 zone.
OANDA:XAUUSDShort
by Bentradegold
CXW Inverse Head and Shoulder + Bullish Divergence!Hey Folks! Not a fundamental analysis or financial advice, but trading idea on why it could do well in the coming months and beyond. I have discovered a technical repeat pattern in this one. I first found this stock after Trump made his statement regarding large deportations if elected. So naturally I look up prison stocks lol. I made a nice trade on it last time it dipped and reversed, and I want to bring it to everyone's attention. The overall pattern is shaping up nicely for a big move, a long election season is approaching border security will be a big deal and Core Civic will benefit in form of major government contracts, especially if Trump gets re-elected, even Biden might get pressured to crack down on border security. From the company, I'd like to see a new fundamental catalyst to capitalize on this bullish setup. Happy Trading! OnePath
NYSE:CXW
by OnePath
2
Chevron (CVX): Bottom in Sight?Chevron ( NYSE:CVX ) has maintained a wide range between $167 and $137 since March 2022, with one notable push above this range likely corresponding to the completion of wave 3. The focus is now on identifying the wave 4 bottom, which we anticipate to form between the 50-61.8% Fibonacci retracement levels, or $128–$113. This range is supported by key technical indicators, including a High Volume Node Edge and a Point of Control (POC) within this area, adding significant confluence. From a macroeconomic perspective, Chevron faces challenges from declining crude oil prices, which is impacting investor sentiment. Despite a brief surge in oil-and-gas stocks following Donald Trump’s victory, this momentum has not sustained across the sector. Broader bearish factors such as weak Chinese demand, global overproduction, and OPEC’s indecision on further cuts add to the uncertainty. Bullish bets on oil due to geopolitical tensions have largely underperformed over the last two years, further pressuring the commodity and Chevron. Should NYSE:CVX reclaim the range high at $167, it could signal a trend reversal, suggesting the wave 4 bottom may already have formed at $135.55, the last significant low. However, if the resistance holds, further downside into the targeted area seems likely. We will continue monitoring how global tensions, oil price fluctuations, and broader market conditions impact Chevron’s performance. Until then, patience is key as we await a clear signal.
NYSE:CVXLong
by freeguy_by_wmc
Market Analysis: CADJPY H1 Bearish Wave Structure AnalysisThis evening, my focus is on the CADJPY H1 timeframe. We have identified a completed bearish wave structure on the H1 timeframe. Earlier this afternoon, during the New York session, a trend reset was observed, breaking above the last Structure 4. From this point, based on wave structure anatomy, we anticipate selling interest to initiate a new bearish wave structure downward. The key level to watch is 110.48. Happy trading!
Short
by Charts247TradingAcademy
2
CCJ cup & handle Breakout to 65 & 70+Cameco Corporation (CCJ) is currently displaying a classic cup and handle pattern, a bullish continuation signal. Here’s a breakdown of the pattern and what to watch for: Cup and Handle Breakdown: The Cup: A rounded base formed between April 2024 and October 2024, with the left and right peaks near $58.72 and a low around $46.76.This symmetrical cup formation indicates accumulation after a downtrend, with buyers gradually gaining strength. The Handle: After testing the $58.72 resistance level, the stock pulled back slightly to form a handle, consolidating around $55.66. Handles are characterized by lower highs and decreasing volume, setting the stage for a breakout. Volume: Volume has declined during the handle formation, a textbook signal of the pattern. Look for a volume spike to confirm the breakout. Breakout Level (Rim of the Cup): $58.72 Projected Target: Add the cup depth to the breakout level: $58.72 + $11.96 = $70.68 Profit Targets: First Target: $65.00 Second Target: $70.68 Bearish Contingency: If the price breaks below $55.66 , the pattern is invalidated, and CCJ may test lower levels.
NYSE:CCJLong
by EssieQuantumTrader
Ethereum (ETH/USD): Bullish Momentum Building Ethereum is currently trading within a rising channel pattern, indicating sustained bullish momentum. Here's the breakdown: 1.Support Levels: Strong support at $3,080 (marked as 4H Support) has held firm, preventing further downside. The ascending trendline is providing consistent upward pressure. 2.Resistance Zones: Immediate resistance at $3,143 (30m Resistance). Key level to watch is $3,224 (4H Resistance), which aligns with the upper boundary of the channel. 3.Volume & RSI: Volume is gradually increasing, indicating renewed buyer interest. RSI is rising from oversold levels, supporting a bullish outlook. 4.Target Levels: A breakout above $3,143 could propel ETH towards $3,224, the next significant resistance. Bullish Scenario: If ETH holds above $3,114 and breaks $3,143 decisively, expect a swift move toward $3,224. Beyond this, a continuation within the channel could aim for $3,280. Risk management is key—watch the $3,080 support zone closely for invalidation of the bullish setup.
COINBASE:ETHUSDLong
by AngshumanSaikia
Nifty 50 - Short-Term Relief Rally in Progress?Analysis: Nifty 50 seems to be showing signs of recovery after a correction phase, with a potential inverse Head and Shoulders pattern indicating a bullish reversal. The neckline near the 23,700 level appears crucial, and a sustained breakout above this level could drive the index towards 24,042 and 24,461 in the coming weeks. Key support levels to watch are 23,327 and 22,755 , as they represent areas where buyers might step in. Meanwhile, the RSI indicates that the index might be exiting the oversold zone, adding weight to the recovery thesis. A zig-zag consolidation can be expected before a sharp move higher, as shown by the projected trajectory. A breach of 24,816 could signal a strong rally toward 25,600 and beyond .
NSE:NIFTYLong
by AngshumanSaikia