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)…
Tag: GC_F
Gold (GC) Tests 38.2% Fib Retrace of Mar Rally Ahead of FOMC
Gold (GC) slid more than 2% yesterday, completing what appears to be a Bearish Island Reversal (on the daily chart) after forming a fresh 2023 high Monday at upchannel resistance (on the daily and weekly chart). Within GC’s current consolidation back below triangle resistance (on the weekly chart), GC is beginning to firm near the 38.2% Fib retrace of the March rally…
VIX (VX) Tries Firming Just Below Key 25 Level
The VIX (VX) has seen strong profittaking from Wednesday’s fresh 2023 peak, but should be finding support soon as it drifts back towards this week’s low, just above where the VX had broke above the weekly chart descending wedge resistance. Any weekly close above the psychologically key 25 whole figure level would dramatically increase odds for a retest of this week’s high in the few days after…
Gold (GC) Consolidating Strong Bounce Off 2023 Low
Gold (GC) is consolidating for a second straight day after the massive surge off last week’s low just above the 2023 low. A further drift lower ahead of the weekend should find support around the 38.2% Fib retrace of the February to March slide…
Natural Gas (NG) Tries Gaining for 6th Straight Day
Natural Gas (NG) is trying to gain for a 6th straight day, but appears ready for healthy consolidation after the strong bounce off downchannel support (on the weekly chart) and last week’s fresh February low. NG has in all likelihood formed a major low just above the psychologically key 2 whole figure level (on the April contract), but may see a pullback following Thursday’s highly anticipated weekly storage data back to downchannel resistance (on the daily chart)…
GBPUSD Daily MACD Positively Crossing Ahead of US CPI
The GBPUSD is consolidating for a 3rd straight day near downchannel resistance (on the 4hr chart). The GBPUSD appears to be readying to complete (in the next week) the Bull Flag consolidation since the mid December high…
Natural Gas (NG) Breaks Below 2022 Low
Natural Gas (NG) has broken below the 2022 low, but should be seeing a bounce in the next day or so as it tests downchannel support (on the daily chart). Regardless of the moderately high likelihood of a short covering rally going into next week, NG remains at roughly the same risk of a deeper slide to the psychologically key 3 whole figure level by month end…
Gold (GC) Daily MACD Positively Crossing
Gold (GC) is rallying to start the year, but likely to see consolidation in the next day or so as it nears upchannel resistance (on the 4hr chart), ascending wedge resistance (on the daily chart), and the 50% Fib retrace of the March to October slide. Regardless of any profittaking this week, GC appears poised to extend the Bull Flag (on the weekly chart) by mid month, with odds now elevated for a test of the psychologically key 1900 whole figure level sometime in January.。。
Nasdaq100 (NQ) Weekly MACD Still Trying to Negatively Cross
Nasdaq100 (NQ) is trying to edge higher to kick off 2023, but remains vulnerable to a descending wedge extension (on the 4hr and weekly chart). NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support…
Nasdaq100 (NQ) Ending Year Trying to Firm Just Above 2022 Low
Nasdaq100 (NQ) is trying to hold the 2022 low going into year end as seen by the near complete weekly Hammer. Nevertheless, NQ appears less likely to bounce back by late January to descending wedge resistance (on the weekly chart) than it is to break in the same period below the 2022 low to wedge support…