The TC Gold signal has closed off for 650 pips and the major Battle Lines across other instruments, noted in my w/e post, continue in play out as important levels impacting price action. Oil, whilst back down below the $50 psychological level, looks like it could be shaping up with another basing-style pattern; that of a bullish-reversal inverse H&S pattern.
USDX daily: still within a descending channel but holding above major 92.50 support:
Oil weekly: a bear trend line was broken some time ago and now another basing-style pattern might be trying to form. Watch for any support from the right hand ‘shoulder’:
S&P500 daily: the Cloud formed some support today but will this continue to hold:
TC Signal: the Gold signal has closed off after peaking at 650 pips. Note how the $1,300 level was pierced but has not held as yet. This is the major resistance level to keep an eye on, however, I would not be surprised to see a pullback to the 61.8% fib region as part of any bullish continuation move. This is noted on the chart with a rectangle and is near the $1,250 S/R region. Please refer to this post to check out the other key levels I’m watching with Gold:
EUR/USD: some spike-style movement on the 4hr chart but the trend line has held. Note how price is back near the major 1.12 level; the monthly chart’s 61.8% fib region:
A/U 4hr: choppy but not straying too far from the key 0.74 level:
GBP/USD 4hr: the 1.40 level has been respected for now despite the recent tragedy surrounding the Brexit campaign:
Kiwi 4hr: still above the key 0.70 level:
USD/CAD 4hr: I noted on the w/e how I was looking for a move back to test the 1.30 level and this has now evolved.
EUR/AUD 4hr: the congested zone around 1.55 continues to be a force here:
Yen pairs: the Yen pairs are down near major support levels that I wrote about back in February. These are also the Battle Lines mentioned over the w/e as well. Please check these posts for a full explanation of the significance of these major levels. Thus, watch for any make or break from these levels:
U/J 4hr: watch the 100 / 101.5 region:
E/J 4hr: watch the 115 level:
A/J 4hr: watch the 75 level:
G/J weekly: watch the 147 region:
The post Gold signal closes for 650 pips. Major Battle Lines still in play. appeared first on Trade Charting.
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