Gold (GC) continues in its month long consolidation after pushing to a fresh December high yesterday. Regardless of the low liquidity in this holiday shortened week, odds are decent going into mid next week for GC to extend its ascending wedge (on the daily chart) and to resume its Bull Flag (on the weekly chart)…
The AUDUSD is edging higher as its near month long consolidation around downchannel resistance (on the weekly chart) approaches completion. The AUDUSD has all but made a major bottom in October, halting a slide since early 2021 (as can be seen easier on a monthly chart on tradingview.com)…
Silver (SI) is consolidating yesterday’s massive 4.5% plus surge near a fresh December high. Although any gains going into Xmas are likely to be modest, SI appears poised to continue extending the upchannel (on the daily chart) and Bull Flag (on the weekly chart) next week…
Natural Gas (NG) is consolidating after yesterday’s massive 6% plus gains, hesitating after bumping up against the psychologically key 7 whole figure level. For now, NG’s lower December low versus the October and July lows (on the January contract) appears to have merely been a part of a broad descending wedge (on the weekly chart) that is arguably a Bull Flag consolidation…
Silver (SI) is consolidating a 3rd straight day, vulnerable to a bit more healthy profittaking ahead of the weekend. Nevertheless, SI’s brief break on Monday above the 61.8% Fib retrace of the March to September slide suggests a completion to the major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…
Cocoa (CC) rallied nearly 1% yesterday, closing above the psychologically key 2500 whole figure level. With CC back above the 50% Fib retrace of the February to September slide, CC appears to be nearing completion on the 2 week plus Bull Flag consolidation…
Gold (GC) is in the advanced stages of a 2 week plus Bull Flag consolidation, with the triangle (on the 4hr chart) about to complete. GC appears to be gearing up for a test ahead in the next week or so of the psychologically key 1800 whole figure level and the 38.2% Fib retrace of the March to October slide…
Silver (SI) appears to have found its floor in the consolidation that began last week, refusing to slide much below the 38.2% Fib retrace of the March to September slide. With SI having formed a major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com), SI is likely to regain last week’s high before month end, with odds now moderate for a test of the May high before year end…
Gold (GC) is consolidating a second straight day just below the psychologically key 1800 whole figure level and the 38.2% Fib retrace of the March to October slide. GC is at risk ahead of the weekend of a deeper healthy pullback as it is nearing completion on what appears to be an ascending wedge (on the 4hr chart)…
The EURUSD is consolidating after the strong bounce from the 2022 low (in September). Although the EURUSD is vulnerable today to a bit more healthy profittaking, odds are elevated for a weekly close above downchannel resistance (on the weekly chart) and the psychologically key 1.00 whole figure level…
