Gold Gold Daily Video, April 18, 2023

Sive Morten

Special Consultant to the FPA
Messages
18,460
Good morning,

We consider 2030$ level as vital for short term scenario. Action to 2040-2045 and above could mean immediate upside continuation to 2060-2065$. And vice versa - ability of the Gold to stay under 2030$ should make H&S pattern work properly with the action to ~1955$ daily support area:

 
Fundamental and technical Brief on Natgas

Fundamental


We have experienced the second hottest winter in the last 40 years, that drived domestical consumption to historical lows.

Yet Russia’s war against Ukraine impacts energy markets and supply security globally and this has intensified competition in securing resources European and japan are willing to securise their autonomy by increasing importation of US LNG. https://www.meti.go.jp/information/...utm_medium=Email&utm_campaign=IEA+newsletters

A lot of LNG hub recently constructed will be operationnal next year boosting demand for LNG.
G7 leaders noted that, since the onset of Russia’s invasion in February 2022, the Kremlin has cut off the bulk of gas delivered to Europe via pipeline. This dramatically bolstered European calls for U.S. exports of LNG. By extension, the shift set the stage for increased global competition for liquefied natural gas, given Asia’s increasing use of the super-chilled fuel to displace coal. Indeed, China has accelarated its coal-to-gas transition.

Technical

3 month Chart
Capture d’écran 2023-04-18 à 10.13.11.png

What we can notice here is that we are on a strong bottom zone that has rejected price the last 20 years!!!

Weekly
Capture d’écran 2023-04-18 à 10.22.40.png

I consider that this AB equal CD pattern has been completed and a legitimate retracement can occur.
If the DRPO is validated at the end of this week, it will be a strong sign of possible shift in the bearish trend we have.
 
Daily
Capture d’écran 2023-04-18 à 10.26.20.png

On the daily chart I also consider this DRPO look alike as a good sign for a bull shift in the trend. We can also notice that the 3 months zone as been respected and now the appearance of a bullish grabber with a gap.
So yes the trend is clearly bearish and yes there is still a potential downward continuation but this potential is small compared to the bullish view. Also the risk ratio is very good right now considering we have strong patterns on our back.
 
Back
Top