Gold outlook: Five waves to the top 2,488 – Tower top candlestick pattern

Abhishek H. Singh WaveTalks

Clear five-wave structure from 2,304 bottoms

Yellow metal has unfolded a clear 5-wave structure from the bottoms of 2304 to 2488 ( Alternate Wave Scenario) & reversal candle is unfolding from the tops of 2488.

Reversal candle in play

The Bearish Tower Top is a reversal candlestick pattern typically observed at the top of the trend which can be seen unfolding in the current scenario at the tops of 2488.

Bearish tower top candlestick pattern

A strong bearish candle has taken out the lows of the last few candlesticks while going up, which can be a strong signature unfolding in favor of the bears.

Bearish signature unfolding at 2,488 tops

Slipping below 2465, Gold has key and minor support at 2406 lows. Once the lows of 2406 and 2400 support zone are breached, Gold can slip down to important levels at 2355 and 2305 lows.

Author

Abhishek H. Singh

WaveTalks

Abhishek is a seasoned financial analyst with over a decade of experience specializing in Elliott Wave Theory.

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.