Silver began to sell off around the 23rd October 2024 where it made its high for the year at $34.85
Since then, price has begun to decline in the form of a triangle.
With price approaching the top of the triangle (resistance), watch for a rejection or a breakout, to potentially sell or buy respectively if an opportunity meets your strategy rules.
Since then, price has begun to decline in the form of a triangle.
With price approaching the top of the triangle (resistance), watch for a rejection or a breakout, to potentially sell or buy respectively if an opportunity meets your strategy rules.
The price of XAU/USD reached the daily resistance level of $2720 per troy ounce on Thursday and then and a bearish inside candle on Friday.
The level was last tested and rejected in December and November last year.
If the next daily candle also has a bearish close, we may see an Evening Star pattern form. Some traders see this as a reversal pattern at resistance but how you play this will depend on your strategy rules. Buy or sell?
The level was last tested and rejected in December and November last year.
If the next daily candle also has a bearish close, we may see an Evening Star pattern form. Some traders see this as a reversal pattern at resistance but how you play this will depend on your strategy rules. Buy or sell?
GBP/CHF - H4
Price has recently printed multiple tests of 1.1100 to 1.11200, with sellers failing to hold price below the level.
A similar situation occurred in November 2024 with buyers eventually winning the battle and taking price all the way to 1.13600.
Look for the possibility of the same thing happening if we see an impulse of buying.
Price has recently printed multiple tests of 1.1100 to 1.11200, with sellers failing to hold price below the level.
A similar situation occurred in November 2024 with buyers eventually winning the battle and taking price all the way to 1.13600.
Look for the possibility of the same thing happening if we see an impulse of buying.
GBP/JPY Daily
Price appears to be moving within a triangle formation.
Last week we saw what might have been a break out. However, this weeks trading has seen price action back inside the triangle.
There is a possibility that we may now see an impulse of buying towards the top of the structure. Look out for the Bank of Japan rate statement later this week.
Price appears to be moving within a triangle formation.
Last week we saw what might have been a break out. However, this weeks trading has seen price action back inside the triangle.
There is a possibility that we may now see an impulse of buying towards the top of the structure. Look out for the Bank of Japan rate statement later this week.
The Inverse Head and Shoulder pattern shows a change in sentiment from sellers being in charge, to buyers being in charge of that market.
The ‘left shoulder’ is the low, the ‘head’ is the lower low and the ‘right shoulder’ is the first higher low.
A break and close above the neckline would confirm the pattern. Sometimes we see the neckline retested.
Note that the neckline can be flat or diagonal.
The ‘left shoulder’ is the low, the ‘head’ is the lower low and the ‘right shoulder’ is the first higher low.
A break and close above the neckline would confirm the pattern. Sometimes we see the neckline retested.
Note that the neckline can be flat or diagonal.
Price for Gold has continued to move higher, and as we can see on this 4 hour chart, there have been specific levels broken and retested before progressing further.
$2660, $2695, $2720 are the most recent levels where we can observe the break/retest/rejection price action.
The next level of interest may be $2760 which broke on Thursday but has yet to be retested.
The October 2024 high of $2790 could be in sight soon.
$2660, $2695, $2720 are the most recent levels where we can observe the break/retest/rejection price action.
The next level of interest may be $2760 which broke on Thursday but has yet to be retested.
The October 2024 high of $2790 could be in sight soon.
EUR/USD Daily - Price has struggled to close above 1.04290 until Friday last week when we saw a convincing push from the buyers and a daily close of 1.05215
Now we could look for a pull back, retest ad rejection of previous resistance and a move up to 1.05880 which was resistance back in December 2024.
Agree or disagree?
Now we could look for a pull back, retest ad rejection of previous resistance and a move up to 1.05880 which was resistance back in December 2024.
Agree or disagree?