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[HubuFX]

Gold Technical Analysis:

The XAUUSD pair, which represents the trading relationship between gold and the US dollar, is currently positioned below a descending channel. This indicates that the market sentiment is leaning towards the bearish side as long as the price of gold remains beneath the trendline. Investors and traders are closely monitoring the $1940 price level, which has proven to be a significant barrier for the bulls. If the bullish market participants are unable to push the price above this level, it could signal a lack of buying pressure in the market. This could potentially lead to a shift in market sentiment, causing the price of gold to retreat.



In such a scenario, the next key level to watch would be the $1,894 support level. This price point could serve as a safety net for the gold price, providing a platform from which it could potentially bounce back. However, if the price breaks below this level, it could trigger further selling pressure, leading to a deeper correction in the gold price.

[HubuFX]

Analyzing Bitcoin's Potential Rise to $28,500

Bitcoin is currently in the process of testing the pivot point at $27,129 for the second consecutive day. Given the bullish momentum that's building up, it's highly probable that BTCUSD will close above this pivot point in the upcoming trading session. This bullish sentiment is further confirmed by the Relative Strength Index (RSI) indicator, which has recently flipped above the level of 50, indicating a strong upward price movement driven by the bulls. If this scenario holds true, Bitcoin could potentially set its sights on the $28,500 mark as its next target.

[HubuFX]

EURUSD Technical Analysis

The EURUSD currency pair is currently hovering around a crucial pivot point, situated at 1.069. This pivot area is of significant interest to traders as it often acts as a reliable supply zone for bearish market participants. As such, it's not surprising to see the market trading in a relatively narrow range around this level.

However, the market's direction is not solely determined by technical factors. Fundamental events, such as policy announcements from influential institutions like the Federal Reserve, can cause significant shifts in market sentiment and price action. In this case, the market is eagerly awaiting the Federal Reserve's policy announcements scheduled for this Wednesday.




Given the potential impact of these announcements, many traders are choosing to adopt a cautious approach, refraining from placing substantial bets until they have a clearer picture of the Fed's stance. Consequently, we can expect the EURUSD pair to continue trading within its current range until the market receives further updates from the Federal Reserve. This careful, anticipatory behavior underscores the importance of balancing technical analysis with an understanding of key economic events in successful forex trading.

[HubuFX]

Bitcoin at the 27.315 Resistance: What RSI and Candlestick Patterns Tell Us

Bitcoin has successfully reached the resistance level of 27.315 and is currently undergoing testing at this level. The BTCUSD 4-hour chart reveals that the Relative Strength Index (RSI) indicator is in the overbought zone, suggesting a potential pause in Bitcoin's upward trend.



Given the RSI signal, it's recommended to wait for the candle to close within the 4-hour timeframe. The shape of the candlestick can offer valuable insights into market activity.

Specifically, we're on the lookout for a long wick candlestick, a doji, or an inverted hammer. These candlestick patterns could potentially indicate a trend reversal scenario, adding another layer to our market analysis.

[HubuFX]

GBPUSD Technical Analysis

The GBPUSD currency pair is currently trending downwards, with the RSI indicator moving away from the oversold zone of 30. The pivot and resistance point is around the 1.245 zone, which is a key area for bearish traders to sell the currency pair. Therefore, it's important to monitor this pivot area and look for price action or candlestick patterns before making a trade decision. This information could be beneficial for those interested in forex trading, particularly with the GBPUSD pair.

[HubuFX]

The WTI Crude Oil Odyssey: From $85 and Beyond

The possibility of more growth in US oil production is quite limited. The number of oil drilling machines has dropped by 140 this year, which is a 20% decrease since the start of the year.

The amount of gasoline stored in the US is at the lowest it's been in the past five years. It's also about 5% less than the average amount stored over the past five years, which means people are still using a lot of gasoline.

Goldman Sachs says that Saudi Arabia needs the price of oil to be around $85 per barrel to balance its budget. It's important to remember that Saudi Aramco is planning to sell more shares in December. So, we can expect pressure to keep oil prices high until then. But for the UAE, it's closer to $50 per barrel. For a long time, Russia needed the price of oil to be between $40 and $50 per barrel to balance its budget. But now, because of the ongoing war, it needs the price to be as high as $115 per barrel. Last year, when prices were this high, we saw a big drop in demand.

• The EIA predicts that demand for oil will reach its highest point before 2030.
• There's a big increase in speculative interest in the oil market. Net positioning is already above the average of the past two years.
• The next big hurdle for WTI oil is around $90 per barrel.

Examining the WTI Crude Oil daily chart, the uptrend persists post a minor correction and $85 test. The RSI indicator is in the overbought zone. HubuFX analysts advise retail traders with small balances to wait for a correction to around $84 for better long trade entry points.

[HubuFX]

Dollar Gets Stronger Amid Changes in World Economy

The US dollar is doing better after it fell due to comments from Japan and China. Also, Beijing has made rules that need approval for buying more than $50 million. These different money policies around the world keep helping the dollar. It's doing better against all the G10 currencies and is mostly the same as yesterday. Most currencies from developing countries are lower, with those from Central Europe falling the most. The Chinese yuan is steady.

Most stock markets are down, but those in Japan, Taiwan, and Australia went up today. Europe's Stoxx 600 is a bit lower and US index futures have dropped by about 0.25%.

Japan's 10-year yield has gone up a bit to 0.70%. European yields are a bit lower by up to two points. Even with a rise in average weekly earnings in the UK, the 10-year Gilt yield has dropped almost five points to 4.42%. The US 10-year yield has dropped about 1.5 points to almost 4.27%. Today, the US plans to sell $35 billion of the 10-year note.

Gold is trading between $1918.6 and $1924.5 today, with its 200-day average around $1920. October WTI is steady near yesterday's high of $88.15 before today's OPEC and EIA monthly market reports. The IEA's report will be out tomorrow.

[HubuFX]

Decoding GBPJPY’s Price Dynamics Amid Weak JPY Fundamentals

The GBPJPY currency pair has been exhibiting a rectangular trading pattern since the onset of the week. At present, the pair continues to test the previous week's low at 182.86. Despite this, the market remains bullish above the 182.86 support level, providing a glimmer of hope for bullish investors to drive up the pair's price. This optimism is further bolstered by the current weak fundamentals of the Japanese Yen.

However, it is crucial to exercise caution before initiating a long trade on GBPJPY, as indicated by the Relative Strength Index (RSI) which is currently positioned below the signal line. The level of 183.7 serves as a minor resistance point that bullish investors must overcome to aim for R1 at 185.59.



Conversely, should there be a firm close below the S1 support at 182.86, it could potentially signal a continuation of the downtrend. Therefore, it is essential for investors to closely monitor these key levels and market indicators to make informed trading decisions.

[HubuFX]

thank you hubufx for you share your trading ideaa, good job for you

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[maxjp]

thank you hubufx for you share your trading ideaa, good job for you