Gold (GC) surged nearly 2% Friday (on the June contract) to a fresh 2024 and record high. Although GC may start the new quarter with healthy consolidation as it bumps up against uptrend resistance (on the weekly chart), GC is unlikely this week to slide back to the 2023 high…
WTI Crude (CL) edged lower Friday with a daily Gravestone, completing a weekly Gravestone that was rejected at a fresh 2024 high. Odds appear fairly elevated for a deeper consolidation by mid week to below the psychologically key 80 whole figure level…
Gold (GC) surged nearly 2% Friday, ending February at its month’s high and nearing the 2024 high formed early January. GC is now testing a Bull Flag consolidation resistance since August 2020 (as seen easier on a monthly chart on tradingview.com) which it had broke briefly above in December, and appears poised to extend the Bull Flag higher in March…
Nasdaq100 (NQ) edged more than 1% lower Friday, closing ahead of Monday’s US Presidents’ Day shortened session just below last Monday’s fresh record high. Another red weekly candle this week would suggest NQ has been rejected at upchannel resistance (on the weekly chart)…
WTI Crude (CL) edged another near 1% higher Friday, completing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
WTI Crude (CL) slid nearly 1% Friday, continuing a month plus bottoming effort around the psychologically key 70 whole figure level. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Gold (GC) surged more than 3% Friday, closing at downchannel resistance (on the weekly chart). With GC suddenly approaching the September high, odds are elevated for a test of the psychologically key 2000 whole figure level sometime this month…
The S&P500 (ES) formed a daily Doji Friday after Thursday’s daily Hammer, trying to halt the slide from the September high. Any break below ascending wedge support (on the weekly chart) sometime next week dramatically increases the likelihood of a lower September low versus the August low, and that the July high was the high for 2023…
WTI Crude (CL) gained for a second straight day Friday closing the week near the July high above the psychologically key 80 whole figure level. CL appears to be in the late stages of consolidating from its 2023 high (set 2 weeks ago) after sharply reversing from last week’s weekly Hammer low…
Nasdaq100 (NQ) slid more than 0.5% lower Friday, closing the week near its low. NQ increasingly appears close to completing its massive rally from the 2022 low (in October) to the 2023 high (formed in July) with NQ testing ascending wedge support (on the weekly chart). If the August candle (as can be seen more easily on a monthly chart on tradingview.com) elongates in its red body to below the June low, the July high will likely have marked the high for 2023…
