- Gold reversed from support zone - Likely to rise to the resistance level 3060.00 Gold recently reversed up from the support zone between the round support level 3000.00 and the 38.2% Fibonacci correction of the upward impulse from the start of March. The upward reversal from this support zone stopped continues the active minor impulse wave 5 of the intermediate impulse wave (3) from November. Given the clear daily uptrend, Gold can be expected to rise to the next resistance level 3060.00 (which reversed the price earlier this month).
Good Evening and I hope you are well. comment: Volume is garbage but we are moving higher. Likely more due to strong bears stepping aside rather then strong bulls buying. 20700 is the 50% and we will likely get there over the next 1-2 days. I do think bears have to prevent the bulls from getting a 4th consecutive daily bull bar or more bulls could join and more bears cover. My thesis is that we are in W2 and forming a bear channel, so I would greatly prefer it if market stays below 20700. 20900 would be the breakout retest and is the next logical target above. current market cycle: strong bear trend but currently in W2 (above 20700 that thesis drops to a 50/50 chance) key levels: 19600 - 20700 bull case: Bulls have a bull trend from Globex open yesterday and keeping the market above the 1h 20ema. Right now longs with stop 20360 are reasonable since we are making higher lows. 20700 is the obvious target and then the breakout-retest 20900. As long as bulls keep the lower bull trend line valid, they are good. The upper wedge line is likely to get broken, so I don’t think it’s bigger resistance. Market is doing his best to keep most traders out of this move up, since most of the gains are made in the pre- and after market (obviously not futures). Invalidation is below 20360. bear case: Bears don’t have much right now. The bear trend is obviously still alive and market is likely forming a bear channel but since we are going up in a very tight channel, bulls are in control on the lower time frames. Bears need to either print a strong rejection tomorrow before or after we hit 20700. I’d prefer before, then another leg up to the 50% and then another strong rejection down to 20000 but it’s a rough guess. First target for bears is a break below 20300 again and going sideways. short term: Neutral 20500 and bullish only closer to the 1h 20ema. 20700 is my bull target and there I expect the battle for either continuation of the big bear trend or transition into a big trading range. medium-long term - Update from 2024-03-16: My most bearish target for 2025 was 17500ish, given in my year-end special. We don’t know if we have printed the W1 of the new bear trend or repeat the pattern from 2024, where we sold of very strong to reverse even more strongly and make new all time highs. Market needs a bounce and around 20000/20500 we will see the real battle for the next weeks. trade of the day: Buying 20300 early in EU session or any pullback close to the 1h 20ema. Market is so strong since open of the week that moving far below the 1h 20ema was very low probability.
I see a valid break and retest forming with nice volume the trade is simple Im buying the retest of the break and im taking my trade to the breakout high most likely im going to get 50% of the move back to the high either way im going to make cash
First, I must apologize to everyone watching this blog space. After a long recess we are back with some stock idea. Today we are looking at one of our most followed consumers discretionary stocks in this blog space $CAVA. AMEX:XLY is the S&P 500 select sector discretionary ETF, and this ETF has lost almost 40% of the value. NYSE:CAVA has lost almost 60% of the values form its ATH. It has been oversold with RSI touching 30 and all the 20-Day, 50-Day and 100-Day SMA below the 200-Day SMA. Recently, NYSE:CAVA stock has had some good few days and it’s almost 20% above its all-time lows. Now the stock is above the 20 Day SMA which we can call its first bull flag in a few months. Accumulate NYSE:CAVA < 100 USD.
Currently, gold has broken through the 3035 line, but it has not stabilized. However, the fact that gold can test the pressure from above means that gold may rise further. Only by breaking through the adjustment will it have greater energy to take the 3035 line. Operation suggestion: Go long near 3015-3020, stop loss 3008, target 3035
Here’s a clear trade setup based on your chart: Entry: Around 2.0542 Stop Loss (SL): 2.05647 (Above the red resistance zone) Target: 2.03900 (Marked green target zone) This setup aligns with the breakdown from the bullish channel and retest of resistance. Manage risk carefully. Let me know if you need further insights. Sell Setup - Key Support & Resistance Levels Resistance Levels (Potential Entry/SL Zone): 2.05647 – Major resistance (Ideal SL zone) 2.05400 – Immediate resistance within the red zone 2.05200 – Key resistance level (Potential entry zone) Support Levels (Potential TP Zones): 2.04500 – First support zone (Minor support) 2.04100 – Strong support (Key TP zone) 2.03900 – Final support target (Major TP zone) This aligns with the downward momentum after breaking the bullish channel. Ensure proper risk management and follow your trading plan.
Bitcoin potentially following Gold's cup and handle breakout, price target for this is around $340k which I'm not saying will happen, but there's some nice market structure here for sure
Tomorrow could be an exciting day for gold! ? The current trend channel has broken out and is now moving sideways. The big question: Will the market push higher, or are we in for a drop? If the bulls take control, we could see a test of the $3,036 zone – a key target for long traders! ? But be careful: If the price falls below $3,015, it's time to watch closely! If the market stays bearish, further downside could be on the horizon. So, keep an eye on the charts, set your strategy, and be ready when the move happens! ?? This is my first Idea in TV, what do you think – bulls or bears? ?? ---------------------------------------------- This is just my personal market idea and not financial advice! ? Trading gold and other financial instruments carries risks – only invest what you can afford to lose. Always do your own analysis, use solid risk management, and trade responsibly. Good luck and safe trading! ??
Potential asymmetrical triangle breakout for Bitcoin?
https://www.tradingview.com/x/xCHdYjZV/ Hello,Traders! EUR-GBP made a bearish Breakout of key horizontal Level of 0.8353 so we are Bearish biased and after A potential pullback we will Be expecting a further Bearish move down Sell! Comment and subscribe to help us grow! Check out other forecasts below too! Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.