October 26, 2021
SPOT GOLD DAILY

Market Update 10/25 – Gold Breakout

Gold broke above trendline resistance and the 200 day average today. The top side of the trendline (blue) is now proposed support near 1790. Upside focus is the line off of the August 2020 and June high. That’s about 1840.
October 25, 2021
EURJPY HOURLY

Market Update 10/24 – EURJPY Short Setup

EURJPY sports 5 waves down from the 10/20 high so watch for resistance near 132.79 (4th wave high). The 10/20 high is on the upper parallel from the fork that originates at the September low. Eventual proposed support is the lower parallel, which intersects with the September high at 130.75.
October 22, 2021
USDOLLAR 4 HOUR

Market Update 10/21 – How Big a USD Bounce?

USDOLLAR turned up from corrective channel support. Again, my ‘view’ is that the buck has rolled over so I’ll be paying close attention to sentiment in the coming days. For example, strong USD forecasts would suggests that it’s time to short the USD. Price wise, pay attention to 12020s and 12060s for resistance.
October 21, 2021
CADJPY DAILY

Market Update 10/20 – Extreme Daily RSI in Several Yen Crosses

CADJPY RSI closed at 82.79 on Wednesday. CADJPY data on TradeStation only goes back to 2007 but readings this high since then have only occurred several times since then; in December 2017 and June 2007 s(see below)! Bottom line, a reading this high is rare and therefore at risk of a reversal. Price wise, 93.25-94.50 is a zone to pay attention for a resistance and a high (see 2 charts down).
October 20, 2021
USDCAD DAILY

Market Update 10/19 – USDCAD Bounce Time?

USDCAD has spent 4 days trading around the 61.8% retrace of the rally from the June low. Also, today’s long lower wick and 4 hour volume reversal (see below) suggest that a relief bounce could take hold. With resistance probably not until 1.2490s, I’m willing to trade the long side against today’s low.
October 19, 2021
USDJPY DAILY

Market Update 10/18 – USDJPY Nears Big Zone

USDJPY has nearly reached the noted zone so pay attention. Aside from channel resistance, the level just above the market is defined by the late 2017 and 2018 highs at 114.55/74. A pullback from the zone would ‘make sense’. If reversal evidence arises, then there may be an opportunity to play the short side although 113.21 is in line for support (see below).
October 15, 2021
CADJPY DAILY

Market Update 10/14 – 6 Year High in CADJPY

CADJPY traded to a 6 year high today (highest since December 2015). High 91.00s has been a precise pivot since June 2013 and RSI is in rare territory. The chart below shows instances since late 2014 when RSI has been as high as it is today (above 80). Each instances has been within days of an important price peak. I’m not willing to fade this until I see reversal evidence…but be ready!
October 14, 2021
SPOT SILVER (XAGUSD) 4 HOUR

Market Update 10/13 – Bullish Silver

Silver has broken above and established above the 25 line so that line is now proposed support near 22.78. The inverse head and shoulders objective is 24.87, which is also the September high. 23.97 is pullback resistance. From a bigger picture perspective, SLV made a weekly volume reversal at the low 2 weeks ago (see below). Finally, silver has turned up from a 8 month channel and the bottom year+ range and sentiment is downright brutal as evidenced by articles such as EXCLUSIVE Banks prepare to scrap LME gold and silver contracts, sources say
October 13, 2021
COPPER FUTURES 4 HOUR

Market Update 10/12 – Watch Copper Here!

Today was important for copper as price reversed lower from well-defined trendline resistance. Simply, if copper is bearish then weakness will accelerate while price remains beneath today’s high. A break above would indicate an important behavior change and suggest that corrective action since May is complete and that another leg up within a longer term bull market is underway.
OPEN ACCOUNT