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)…
Gold (GC) formed a daily Gravestone Friday with its weekly Hammer consolidating the prior week’s decisive break above downchannel resistance (on the weekly chart). With GC testing the August high and 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)…
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…
Silver (SI) edged up Friday and appears ready for consolidation this coming week after the massive gains Wednesday and Thursday. SI is suddenly back above the psychologically key 25 whole figure level and near complete in consolidating since forming a fresh 2023 high in April…
WTI Crude (CL) is edging higher going into today’s 1030am EST highly anticipated weekly inventory and Thursday’s US unemployment claims. With CL bouncing yesterday off the psychologically key 70 whole figure level, odds are decent for a weekly close above downchannel resistance (on the weekly chart)…
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The S&P500 (ES) is edging higher just shy of Monday’s fresh 2023 high and triangle resistance (on the weekly chart). Any selloff following today’s highly anticipated US Non-Farm Payrolls (NFP) at 830am EST will dramatically increase odds of a break going into next week below upchannel support (on the 4hr chart)…
Natural Gas (NG) is trying to firm after sliding from the May high back to just above the May and 2023 low and downchannel support (on the weekly chart). Although NG remains vulnerable to closing May at a fresh monthly low, NG did form a higher May high versus the April high…
The AUDUSD is consolidating for a 3rd straight day near the May and April high. Odds are elevated for the AUDUSD to resume by next week, its bounce off just above the 2023 low…
Gold (GC) is hesitating as it tries reclaiming last week’s fresh 2023 high above the 2022 high and just shy of a record high. Regardless though of any deeper consolidation from last Thursday’s rejection at upchannel/ascending wedge resistance (on the weekly chart), GC does not appear likely to slide this week to below the psychologically key 2000 whole figure level…
