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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)’s Dead Cat Bounce (off the October low) is all but over, but is trying to hold the 2022 low going into year end. Nevertheless, NQ appears less likely to bounce back by early January to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low…
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…
The VIX (VX) is trying to form a major bottom by bouncing off near the 2022 low. A daily close above downchannel resistance (on the daily chart) would likely coincide with a weekly close above descending wedge resistance (on the weekly chart), and is more likely than a VX selloff today back to this week’s low…
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)…
The EURUSD appears to be gearing up to complete the 2 week plus Bull Flag consolidation and retest the psychologically key 1.05 whole figure level before the weekend. With the EURUSD comfortably above downchannel resistance (on the weekly chart), the EURUSD has halted a slide since June 2021, which itself is a part of a major downtrend from 2008 (as can be seen remains intact on tradingview.com)…
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…
The EURUSD is trying to gain for a 3rd straight day, nearly complete on the Bull Flag consolidation of the past week after forming a fresh November high. Odds are elevated for a test of the psychologically key 1.05 whole figure level before the weekend…
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…
