Introduction A few days ago, we looked at CL, which was approaching a significant support zone at $72 per barrel. Price continued to fall and hit the support zone and bounced out with strength as bullish buy pressure surged. The daily chart now has a double bottom and a bullish candlestick pattern printed on it that Read More…
Interest futures fell on Thursday as Treasury yields soared with a drop in expectations for a 50 bps Fed rate cut. However, the move reversed before Fed Chair Jerome Powell’s speech on Friday. At the same time, there is still optimism about a 25 bps September Fed rate cut. Treasury yields had a bullish day Read More…
Recent News US Economic Data: The release of the US Consumer Price Index (CPI) data on August 14 showed a slight increase, which led to fading expectations of an imminent rate cut by the Federal Reserve. This resulted in a minor decline in gold prices, as the likelihood of a rate cut, which would weaken Read More…
Trading Strategy Overview Josh, a trader from Connecticut, has received funding in OneUp Trader’s funded trader program by employing a straightforward support and resistance trading approach. His strategy focuses on identifying key levels on the chart and profiting on breakouts and retracements. Many traders use support and resistance levels in their approach, but Josh has Read More…
Oil prices fell sharply on Wednesday after the US government revised the US payrolls data to show a weaker labor market. This revision overshadowed positive sentiment from a decline in crude oil inventories and dovish FOMC policy minutes. Brent Futures (Source: ICE Futures Europe) The US economy added fewer jobs than reported between April last Read More…
Important Points All-Time High (ATH) Resistance: Support and Resistance Levels: Price Action: Trade Opportunities: Bullish Scenario: Bearish Scenario: Risk Management: Final Call: Overall, the chart is showing a bullish bias, with a key decision point around the ATH. Traders should watch for either a breakout or a rejection to determine the next move.
Gold prices pulled back on Wednesday after reaching new highs in the previous session due to Fed rate cut optimism. Investors are preparing to peruse the FOMC meeting minutes and a Fed Chair Jerome Powell speech. Gold traders are optimistic that the Fed will start lowering borrowing costs in September. Last week, retail sales data Read More…
Equities rose on Monday, adding to last week’s gains as markets priced in a Fed rate cut at the September meeting. At the same time, risk appetite improved since data last week eased fears of a looming US recession. S&P 500 weekly performance (Source: Bloomberg) Equities closed the best week of the year on Friday, Read More…
Currency futures rose on Friday and Monday as the dollar retreated amid profit-taking. At the same time, the US currency fell at the end of the week as markets raised the chances of a 25 bps September Fed cut. On Thursday, the greenback had soared after sales data showed a robust economy. Last week, the Read More…
Monthly Chart The monthly chart gives us a good idea of where CL has been sitting since the start of 2023. The longer the price sits in the tight range the stronger the break out will be but at the moment CL is being pushed around a lot by fundamentals. The volume profile point of Read More…
