Gold technical analysis
-
Move up as expected.
-
I am holding the long position.
-
Bullish trend slow but steady.
-
Above M H3 we will see WH5.
MEGATREND MAs: Bullish
D1 chart Gold
1. Order block support.
2. Double pin bar entry confirmation.
3. W H5 first target.
4. M H4 Final target.
GOLD has made a great bounce after the US CPI yesterday. At this point we can see that GOLD is bouncing after double pinbar confirmation. It is also W H3 confluence so the move is to the upside of course. Megatrend has captured trades perfectly and you can check my gold trades in the link below. It is also RISK OFF mode now. Targets are 1804 followed by 1816 and eventually 1839. But have in mind that the first target needs to become support in order for gold to proceed higher. Same is for the second target.
Yen strength
1. Risk-off sentiment.
2. Gold up.
3. Commodities prices down.
4. Equities down.
5. Yen strengthens as a result.
Additionally the US CPI has fallen on a yearly basis 6.1% predicted to 5.9 % result. It means we will probably see a 0.50 % rate hike and not 0.75 % as many were prediction. This is of course, my personal opinion.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.