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GOLD Will Go Lower! Sell! Take a look at our analysis for GOLD. Time Frame: 3h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is approaching a significant resistance area 2,643.39. Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 2,619.84 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
CAPITALCOM:GOLDShort
by SignalProvider
1
GBPCAD Will Go Lower From Resistance! Sell! Please, check our technical outlook for GBPCAD. Time Frame: 45m Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is on a crucial zone of supply 1.783. The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 1.780 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
Short
by SignalProvider
1
XAUUSD 1/12/24Heading into a new week with a fresh bias on gold, we maintain an overall short bias and aim to follow it. However, we are fully aware that the chances of gold moving long are relatively high. Because of this, we advise caution. Gold can be a challenging asset to trade due to its sensitivity to fundamentals and potential counter-bias movements. Regardless, we stick to our data-proven ruleset. Currently, we are monitoring two key areas: the liquidity highs above the current price and the supply zone at the top of the last major high. These areas may offer good opportunities for a sell move. However, we are more inclined to see a sweep of a major high followed by a sell-off, aligning with our expected short bias. Additionally, the upward-moving institutional average suggests that if gold begins to trade below this level, it could further support our anticipated downward move. Trade safely, and stick to your plan and risk management strategy!
OANDA:XAUUSD
by PipSurfingSociety
EURUSD 1/12/24As we enter the first week of December, our bias remains the same as last week—bearish. While the GBP/USD pair has shifted to a bullish bias, EUR/USD has yet to follow suit. As always, we track price based on our established bias. From this chart, you can see several bearish targets in the form of liquidity lows. If we see a push higher, this may take price into the supply area above and toward the nearest liquidity high relative to the current price. At this stage, we will look for a clear sell setup to drive price back down toward the liquidity levels marked below. If no pullback occurs and price moves lower, aligning with our bearish bias, we’ll look for liquidity highs to form and be taken out as we continue downward. Be aware of the demand zone sitting below the current price, as it may push the market back up if contacted. For now, we remain bearish and focused on sell opportunities. Keep an eye on the daily bias, as it could shift if price holds higher within this range. Trade safe and stick to your plan!
by PipSurfingSociety