Commodity Market Elliott Wave Analysis: Bitcoin has an Impulse wave up of its 40k low. Interestingly, this pattern is not confined to Bitcoin alone; similar tendencies are discernible in other cryptocurrencies like DOT and XRP. I intend to engage in a discussion with Kittiampon to delve into these developments further, exploring potential long positions within the crypto market on the up-and-coming Elliott wave abc corrective retracement.
Shifting our attention to the forex market, the USD DXY is maintaining its elevated position. Nevertheless, noteworthy movements are underway, with the CAD and CHF exhibiting indications of a potential downside break, while the AUD and other currencies are showcasing an upward trend. That said, it is not confirmed that the USD / DXY will move lower.
Turning to Precious Metals, silver is manifesting signs of an impulse wave pushing it higher. I am contemplating taking advantage of a buying opportunity during the abc wave b correction. On the other hand, Gold presents a slightly different scenario, prompting me to explore potential entry points during its retracement.
Base Metals, there are unfolding developments suggestive of the later stages of an impulse wave higher for copper, while Iron Ore is still working through Wave B of an ABC corrective pattern before further upside and Uranium is being held at 30.00 dollars Major TradingLevel 3 (TL3) My attention is directed towards identifying potential long trade setups during the retracement phase, with a particular emphasis on stocks such as BHP, RIO, FMG, VALE, among others.
Video chapters
00:00 Bitcoin (BTC)
14:05 US Dollar Index, DXY
16:50 TLT Bonds. US Gov Bonds 10 Yr Yields
20:50 Precious Metals: Spot Gold XAU /GDX ETF / US Spot Silver XAG
32:11 Base Metals: Iron Ore, Copper XCU/USD. Uranium URA ETF
37:41 Energy: Crude Oil WTIOIL / Natural Gas NG
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
EUR/USD retreats from daily highs, holds above 1.0800
EUR/USD loses traction but holds above 1.0800 after touching its highest level in three weeks above 1.0840. Nonfarm Payrolls in the US rose more than expected in June but downward revisions to May and April don't allow the USD to gather strength.
GBP/USD struggles to hold above 1.2800 after US jobs data
GBP/USD spiked above 1.2800 with the immediate reaction to the mixed US jobs report but retreated below this level. Nonfarm Payrolls in the US rose 206,000 in June. The Unemployment Rate ticked up to 4.1% and annual wage inflation declined to 3.9%.
Gold approaches $2,380 on robust NFP data
Gold intensifies the bullish stance for the day, rising to the vicinity of the $2,380 region following the publication of the US labour market report for the month of June. The benchmark 10-year US Treasury bond yield stays deep in the red near 4.3%, helping XAU/USD push higher.
Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday
Crypto market lost nearly 6% in market capitalization, down to $2.121 trillion. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) erased recent gains from 2024.
French Elections Preview: Euro to “sell the fact” on a hung parliament scenario Premium
Investors expect Frances's second round of parliamentary elections to end with a hung parliament. Keeping extremists out of power is priced in and could result in profit-taking on Euro gains.