Gold (GC) gained nearly 1% Friday for its 8th straight green daily candle, closing the week just shy of Friday’s fresh 2024 and record high. GC has broken above a Bull Flag resistance since August 2020 (as seen easier on a monthly chart on tradingview.com) and is poised to extend the Bull Flag higher in much of the next few months…
Tag: GBPUSD
GBPAUD Breaking Weekly Chart Triangle Resistance
The GBPAUD edged higher Friday, eking out its 8th straight green daily candle. Notably, the GBPAUD closed the week just above triangle resistance (on the weekly chart)…
S&P500 (ES) Rejected @ Weekly Chart Upchannel Resistance
Happy 2024! Hope you’ve enjoyed the holiday season. The S&P500 (ES) edged higher Friday from the July high, but remains vulnerable going into this week after forming the 1st red weekly candle in 10 weeks. With ES having arguably been rejected by upchannel resistance (on the weekly chart), odds are moderate and rising for a swing back to upchannel support sometime in Q1 (despite December’s record high as can be seen more easily on a monthly chart on tradingview.com)…
GBPUSD Retests 61.8% Fib Retrace of Jul-Oct Slide
The GBPUSD surged nearly 100 pips from Friday’s low to high, trying to extend its upchannel (on the 4hr chart). The Bull Flag (on the daily chart) though is tiring as the GBPUSD bumps against the 61.8% Fib retrace of the Jun 2021 to Sep 2022 slide (as can be seen more easily on a monthly chart on tradingview.com)…
Gold (GC) Reclaims Key 2k Level
Gold (GC) edged higher Friday, closing just below triangle resistance (on the weekly chart). With GC nearing the November high and having reclaimed the psychologically key 2000 whole figure level, GC is near complete in its Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…
EURUSD Reverses More Than Half of Jul-Oct Slide
The EURUSD edged higher Friday, resuming its bounce off the 2023 low (arguably a Bull Flag on the daily chart). Although the EURUSD is likely to pause early week as it bumps against the 4hr chart ascending wedge/upchannel resistance, odds are elevated for a break by late week above the September high to the psychologically key 1.10 whole figure level…
GBPJPY Breaks Weekly Chart Triangle Resistance
The GBPJPY is forming a daily Doji after yesterday’s daily Hammer/Doji, catching its breath after a rally extension from last week’s low. Odds are decent for a test of the December high in April after decisively breaking this week above triangle resistance (on the weekly chart)…
EURUSD Weekly Chart Bull Flag Consolidation Near Complete
The EURUSD is in the late stages of a Bull Flag consolidation (on the weekly chart) after forming a fresh March high last week. Odds are elevated for an extension of the upchannel (on the weekly chart) to a fresh 2023 high and the psychologically key 1.10 whole figure level by early April…
S&P500 (ES) Daily Chart Triangle Near Complete
The S&P500 (ES) is trying to form a weekly Doji just above the psychologically key 4k whole figure level. Although ES managed to hold the 2023 low 2 weeks ago, the ES has been reluctant to extend its subsequent bounce…
GBPUSD Nears 2023 High Ahead of UK Rate Decision
The GBPUSD powered almost 100 pips in the hour following the highly anticipated FOMC and Fed rate hike. The GBPUSD is now extending the Bull Flag (on the daily chart), and testing a massive triangle resistance (on the weekly chart)…