the daily chartist

Gold silent before the storm

published 2 years ago
Gold Daily

 Overall gold and the other precious metals were losing their shine this year with FED lifting up the rates, demand lagging and ongoing Trade War. We have observed a quite long and steep negative trend for gold and it has reached a point where Bears are taking a break from the sell-offs. We've witnessed classic patterns and moves from the yellow metal as it has always made those impulses after some time of silence and a sideways movement. Gold landed at 1160.20 on 15.08.2018 and the bleeding stopped. The daily candle made a false breakout and left a very big shadow, signalling that this move has ended and the Bears had enough. Bulls moved in, building up the correction and we are starting to see a formation slowly getting a shape. What it may be, depends on tomorrow's FED outcome as we have the FED statement and the FED policy rate decision as well. The forecast is for another lift and if this happens we are going to see the price moving down again, finding an exit from the sideways movement currently between 1210 sell zone and 1190 buy zone. I will be expecting a move down towards the zone and sliding inside of it, but Bears will need to show a strong determination for their breach if they want to resume the negative trend. The other way this can go is for a sharp move up if we don't see a change in the rates or in the policy behaviour of the FED as well. No matter which side you are going to take, always use an appropriate stop loss in regards to your risk and money management. 

Ethereum signals further downfall

published 2 years ago
ETH Daily

 ETH as with any other cryptocurrency currently continues to lose its value as time goes by and slowly everyone's dreams for getting filthy rich is being destroyed. This time I am looking at Ethereum and the picture isn't that good. Currently, since 06.05.2018 the currency is in freefall as each impulse is followed by a short sideways move (a correction). We are now in such a corrective move after the price landed at 165.98 on 12.09.2018 and gave some fresh air for the Bulls to push the price higher. Now the price is under pressure again and it has reached the bottom line of the bearish flag formation. I have charted the eventual move from ETH in the short - term period. As you can clearly see the forecast is again for ETH to resume its move down towards 165.98 test it and if successful again a move up again to follow for a more stable level. The stochastic indicator has already provided a sell signal and CCI is catching up as well. Its a matter of time before the price lands firmly on the line and breach it. If the scenario is right, you can wait it out and find a better buying opportunity on the bottom for the near - term resolution. I would recommend a SL under 165.98 at 145.40. Of course, you can decide your own SL accordingly with consistency with your risk and money management.  With this TP and SL it is 2:1 profit/loss ratio. If you want to get into selling to catch the breach as well you can aggressively sell now with TP at 165.98 and SL at 240 which is going to be 2:1 reward/risk as well.  

Black Gold loves the 70's

published 2 years ago
WTI Daily

 It ain't the 70's in the US, but the quote of $70. Crude has traded these days between 70 and 71, trying very hard to break through that limbo and to make an attempt at least for 72. WTI is in an overall uptrend and its big, still supported, still trading inside, nevertheless the inside impulses to the downside, none of them managed to really threaten the integrity of the uptrend. That is what I call stability. Steady price rise, supported by fundamentals and sentiment. This Summer was not a Hot one for Crude (thank God), so the price has managed to gain a lot since June 2017 actually. What may turn as a threat to the trend is the inside wedge that has formed inside of the uptrend, charted on the graph. As the price struggles to move above the upper line and play it as a Bullish Wedge or as it is right now leaving shadows and faded Bullish movements it can reverse South to test the lower trendline. If this happens and it is confirmed we may see an impulse move, clearing of the stop losses there for that liquidity needed to push up again or to accelerated the movement down towards 67.19 and 66 and 64.52 in the long-term. In the end, if everything remains relatively calm in the Middle East, no one pushes for more production and OPEC keeps reason, we may see steady, normal rise for the Crude price even continuing in the next year. Time will tell, but of course trade with caution, now longs are suitable.

The Euro reaching its peak

published 2 years ago

Euro is making its climb steadily with the overall weakening Dollar recently, but today it has turned South after reaching its peak at 1.18086 (forgot to place the line) with today's returning strength from the USD. The movement has formed a wedge formation getting steeper, filled inside with impulses, supported by the Bulls and the CCI and StOCH indicators, forming buying signals constantly. The good thing is that the price has managed to peak above 1.17498, which in the past turned out to be hard to be breached as there were many attempts this to be done, but the impulse from Yesterday closed with its body above the line. There was no fake breakouts and long shadows, indicating that the attack on the level from the Bulls wasn't in vain and quickly exhausted. For today its a different story, as I have mentioned the price quickly turned in to the red zone and left a long shadow on the top side after the breach. The price most likely will close under the level signalling that there is not enough determination from the Bulls to turn the tide in their favour and to continue the climb towards 1.18086 and 1.18518. With this, I think that the price will go further down with returning strength to the USD across the board with long-term movement down towards 1.15282. As Trade War tensions rise again as previously, the USD gained, in this case it will happen again. 

Sterling under pressure

published 2 years ago

 The Pound has suffered heavy losses today as it has lost its strength against the USD, which emerged more stronger today and with the better than expected CPI for the Canadian economy, which dragged GBP/CAD down. CAD CPI came in at 0.9% versus 0.1% on a monthly basis with 0.6% forecast. As the price is under pressure now it has moved away from the top at 1.33011, which was promising for any further recovery for the Pound in amidst the Brexit crisis regarding the negotiations. So right now the price has dipped further towards 1.30562 and it has landed on that level firmly. If any breach occurs followed by a confirmation we may see the price dipping further down towards the lower trend line for a test, where it is going to be crucial to see if the test is going to succeed or fail for further indication on the price's behaviour and movement. StOCH and CCI are in their overbought levels and are already turning South, moving under the dedicated levels, indicating a sell signal, so be on the watch out for that.