Looking to catch big moves this week?
Blink and you might miss the bullish action on gold, S&P 500 and GBP/JPY!
Gold: Daily
Here’s one for the gold bulls out there!
The precious metal already busted through the top of its symmetrical triangle pattern visible on long-term charts, so y’all better be ready for a climb that’s the same height as the formation.
This particular triangle spans around $1,650 to $1,950 per troy ounce. In other words, gold prices could surge by as much as $300 from here.
Just be careful since Stochastic already reached the overbought zone to reflect exhaustion among buyers, so a pullback to the broken triangle top might be a possibility.
A bullish moving average crossover could confirm that more gains are in the cards, though!
GBP/JPY: Daily
Who’s up for a Guppy bounce?
This pair is hanging out at an area of interest which might draw pound bulls back out. Price is finding some support at the 61.8% Fibonacci retracement level, a former resistance zone, and the 100 SMA dynamic inflection point.
If this is enough to keep losses in check, GBP/JPY could recover to the swing high at 158.30 and beyond!
After all, Stochastic is already indicating oversold conditions and might be ready to turn higher to show that buyers are taking over. The 100 SMA is still above the 200 SMA, so support levels are more likely to hold than to break.
S&P 500: Daily
Missing out on the S&P 500 rally these days?
We might have a pullback in order, so keep your eyes peeled!
The index is stalling around its latest highs, and the handy-dandy Fib tool is showing where more buyers might be waiting to join in.
The 61.8% Fib lines up with the 100 SMA dynamic support and a long-term rising trend line that’s been holding since the first quarter of the year. A shallow correction could already find support at the 38.2% to 50% levels that span an area of interest.
Stochastic has room to head south, though, so a large retracement might be in the works until oversold conditions are met. Still, the 100 SMA is safely above the 200 SMA on this time frame to suggest that the uptrend is more likely to resume than to reverse.
