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Gold Price Gains Momentum While Crude Oil Price Faces Hurdle Gold price is trading in a positive zone above the $1,825 support. Crude oil price is facing hurdles near $82.20 and $83.00. Important Takeaways for Gold and Oil Gold price started a decent increase above the $1,820 resistance against the US Dollar. There is a key bullish trend line forming with support near $1,842 on the hourly chart of gold. Crude oil price is struggling to gain pace for a move above the $82.20 level. There was a break below a major bullish trend line with support near $81.65 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price started a fresh increase above the $1,800 pivot level against the US Dollar. The price gained pace and it was able to settle above the $1,820 resistance zone. The price even settled above the $1,820 level and the 50 hourly simple moving average. Finally, there was a break above the $1,850 level. A high was formed near $1,867 on FXOpen and the price corrected lower. There was a break below the $1,860 level and the $1,855 support. Gold Price Hourly Chart The price even traded below the 50% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high. However, the bulls remained active near $1,842. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high. Besides, there is a key bullish trend line forming with support near $1,842 on the hourly chart of gold. The price is back above the $1,855 level and the 50 hourly simple moving average. An immediate resistance on the upside is near the $1,862 level. The main resistance is near the $1,870 level. A close above the $1,870 level could open the doors for a steady increase towards $1,885. The next major resistance sits near the $1,900 level. On the downside, an initial support is near the $1,855 level. The first major support is near the $1,850 level. A downside break below the $1,850 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,820 support. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 11th NOV, 2021 ETHUSD: Evening Star Pattern Above $4,500 We observed Ethereum moving in a bearish channel after it touched an all-time high of $4,865, continuing with a sharp drop in profit-taking seen across all the major cryptocurrency exchanges. The price dynamics of Ethereum has shown an Evening Star pattern above the $4,500 handle, signifying a potential reversal of the bearish trend and the continuation of the medium to long-term bullish trend. ETHUSD touched an intraday high of $4,847 in yesterday’s US trading session, after which the price saw a downward correction of more than 7%, dropping to an intraday low of $4,471. A consolidation wave towards the level of $4,600 followed next. ETH is now trading above its classic support level of $4,647 and Fibonacci support level of $4,675. In today’s US trading sessions, it is forming a bearish trend reversal pattern and is about to enter the bullish channel once again. The bearish correction occurred due to profit taking seen at higher levels, but the dips remain well supported. The price of Ethereum continues to trade above the $4,600 handle in the European trading session. All the major technical indicators are giving a STRONG BUY signal. ETH is now trading just above its 200 hourly simple and exponential moving averages. Ethereum trend reversal pattern is seen above the level of $4,500 Mid-term range appears to be bullish for ETHUSD Average true range indicates less market volatility Relative strength index is NEUTRAL Ether Bearish Trend Reversal Above $4,500 Confirmed ETHUSD has been surging in a steep trend line since 20th Jul, 2021 when it was ranging at the level of $1,700, yielding its long-term investors profits on a continuous basis. The uptrend rally is not yet over, and we are still awaiting for Ether to cross the $5,000 handle, after which more upsides will be seen towards the $5,200 to $5,500 range in the coming months. At present, the price of Ethereum is in a aub-consolidation phase, forming a bearish trend reversal pattern since yesterday. The relative strength index is at 45, indicating a NEUTRAL market; we could see a range bound movement in the prices of ETHUSD in the US trading session today. ETH has lost 0.22% with a price change of -$10.33 in the past 24hrs, and has a trading volume of 23.638 billion USD. The Week Ahead We have seen a moving averages crossover in the 5-hour range, which signifies a short-term potential trend reversal. ETHUSD will need to remain above the $4,700 handle for the bullish trend confirmation, and this week, we are looking for levels of $4,800 to $4,950. StochRSI is OVERBOUGHT which indicates that the prices are going to REVERSE very soon. The current levels are very attractive for entering into the markets with the target of $5,000. The price of ETHUSD has already broken its pivot level of $4,674 and Fibonacci resistance level of $4,700. We should see the prices of ETHUSD touching an all-time high again next week, printing at above the $5,000 handle. Technical Indicators: Stoch (9,6): at 74.34 indicating a BUY Average directional change (14-day): at 21.96 indicating a BUY Ultimate oscillator: at 68.83 indicating a BUY Commodity channel index (14-day): at 60.54 indicating BUY Read Full on FXOpen Company Blog...

FXOpen Cashback Program FXOpen Cashback Program lets traders receive an additional refund for any kind of trades including loss-making. It is easy to get cashback: it is added to your Commission account that is open automatically, with no further actions. The cashback amount is determined in accordance with the total margin used on all client's trading accounts. The program is available for all types of FXOpen trading accounts: ECN, STP, Crypto, Micro, PAMM ECN, PAMM STP. You can use FXOpen Cashback Program during the first 90 days from the moment of registration for new clients. For existing clients the program is available during 90 days from the moment of joining the program (connection is carried out upon request to the support service at support@fxopen.com). The minimum cashback is $5, the maximum is $1,000. The maximum cashback per trade is $100. FXOpen Company cashback

EUR/USD and EUR/JPY: Euro Could Extend Losses EUR/USD is struggling to recover above the 1.1600 resistance. EUR/JPY is diving, and it could extend losses below the 130.50 support. Important Takeaways for EUR/USD and EUR/JPY The Euro started a recovery wave above the 1.1550 and 1.1560 levels. There is a key contracting triangle forming with support near 1.1580 on the hourly chart. EUR/JPY is declining and is trading below the 131.20 level. There is a key bearish trend line forming with resistance near 131.00 on the hourly chart. EUR/USD Technical Analysis The Euro started another decline after it struggled to clear the 1.1620 resistance against the US Dollar. The EUR/USD pair broke the 1.1550 support zone to move into a bearish zone. The pair even traded below the 1.1520 support and settled below the 50 hourly simple moving average. A low was formed near 1.1513 on FXOpen and the pair is now correcting losses. There was a break above the 1.1550 and 1.1560 resistance levels. EUR/USD Hourly Chart The pair even spiked above 1.1600 and the 50 hourly simple moving average. However, it is facing hurdles near the 1.1620 level. The pair is now correcting lower and trading near the 23.6% Fib retracement level of the upward move from the 1.1513 swing low to 1.1607 high. On the downside, the 1.1580 level is a major support. There is also a key contracting triangle forming with support near 1.1580 on the hourly chart. Any more losses might lead EUR/USD towards the 1.1525 support zone in the near term. The next major support sits near the 1.1500 level. On the upside, the first major resistance is near the 1.1600 level. The main resistance is near the 1.1620 level. A clear break above the 1.1620 resistance could push EUR/USD towards 1.1665. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 09th NOV, 2021 BTCUSD: Bullish Ascending Channel Above $65,000 Bitcoin is moving in a strong bullish ascending channel above the $65,000 handle, and the continuous demand is pushing the prices of BTCUSD higher today in the European trading session. Bitcoin has already crossed its previous all-time high of $67,700 and is now trading above it. This bitcoin rally is a result of continuous buying pressure and demand for BTC ETFs. The current trend is expected to continue with the immediate targets of $70,000 this week. We have seen a moving averages crossover for the 5 hourly MA signifying that in the short-term, a downward correction in the levels of bitcoin is expected. StochRSI is indicating OVERBOUGHT levels signifying that the markets can enter into a consolidation or price recovery phase at any time. Those who are looking to buy at current market levels will have to wait for the downward correction of prices to get an attractive entry for long-term holdings. Bitcoin is now moving above its both 100 hourly simple and exponential moving averages. Medium to long term outlook remains bullish for BTCUSD with targets of $70,000 before the end of this month. Bitcoin is slowly consolidating its gains without any significant drop in its levels today. Average true range indicates less market volatility Williams percent range is indicating an OVERBOUGHT level The price is now trading just below its pivot level of $67,989 All the moving averages are giving a STRONG BUY signal at the current market level of $67,860 Bitcoin Rally Towards $70,000 Confirmed BTCUSD has already crossed its major resistance level of $64,129 and continues to trade above the important psychological support level of $65,000. The price of BTCUSD is now facing its Fibonacci resistance level of $67,844 and Camarilla resistance level of $67,914, after which the path towards $70,000 will get cleared. In the last 24hrs, BTCUSD has gone UP by +3.36% with the price change of +2215$ and has a 24hr trading volume of USD 40.583 billion. Bitcoin Touches Record Highs on Inflation Fears Since last week, Bitcoin has witnessed heavy inflow of cash investments with a total value of $95 million USD on US inflation fears. Leading investment firm JPMorgan has already revised its upwards projection for the BTC stating that bitcoin is going to cross $146,000 in the year 2022, and hit the level of $73,000 before the end of 2021. Next week, bitcoin is also expected to roll out its biggest software update known as Taproot, which will enable increased transaction efficiency and privacy for its users. Since last week, this news has led to an increase in the total market capitalization of bitcoin by $120 billion USD. The Week Ahead If the price of bitcoin continues to hold above the $65,000 handle, we can witness another rally in the markets next week which will eventually push the prices of BTCUSD towards $70,000. A short-term correction is also expected, pushing the BTCUSD down below the $65,000 mark and also giving more opportunities to fresh buyers in the market. Since the dips in bitcoin remain well supported, there is no possibility of a trend reversal, and the uptrend is expected to continue in the next week. This week, BTCUSD is expected to cross the $68,000 line and aim for upsides of $69,000 to $69,500 the next week. Both the medium term and long term outlooks remain positive, and next week, we could witness BTC printing at above the $68,000 mark. Technical Indicators: Relative strength index (14-day): at 70.04 indicating a BUY Rate of price change: at 2.835 indicating a BUY Moving averages convergence divergence (12,26): at 990.80 indicating a BUY Ultimate oscillator: at 66.44 indicating a BUY Read Full on FXOpen Company Blog...

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Gold Regains $1,800 On Inflation Fears. What’s Next? Gold has spent the year consolidating. But, curiously enough for market participants, all this time, inflation has been on the rise in the advanced economies all this time. Most recently, inflation reached levels not seen in decades, running hot in the United States and Europe, two regions where central banks have a hard time generating inflation according to their price stability mandate. But despite the ongoing rise in the prices of goods and services, gold, a traditional hedge against inflation, is powerless. Just the opposite, one may say: it has traded with a bearish tone all year. However, it found important support in the $1,680 area where buyers stepped in. Last month, gold gained +1.5%, but still ended October down by a little over -6%. Gold equities rallied last month, up by more than +7%, and yet, for the year, they are down close to -12%. One explanation for gold-related equities and gold’s poor performance is the US dollar index. By the end of October, the dollar index was up by +4.65% on the year, putting pressure on the price of gold. This is another oddity because the dollar gained while inflation rose, and typically things work the other way around. What will the rest of the trading year bring for gold? Technical Picture Remains Bullish From a technical analysis perspective, the price of gold remains bullish. Two pivotal areas should be mentioned here. On the one hand, in 2021, the price found strong support at the $1,680 level and has since bounced three times from. On the other hand, the $1,960 is a pivotal area on any move higher. While in between, the price of gold continues to consolidate. However, judging by the triangular consolidation that just ended, the recent move higher above the upper edge of the triangle indicates more strength ahead. On a daily close above $1,850, traders will push for another run to $1,900. One thing is clear. If inflation does not cool down in the months ahead, gold will have a hard time remaining at the current level. As such, traders should focus on the bigger picture and adjust their positions accordingly. FXOpen Blog

GBP/USD and GBP/JPY Could Struggle To Recover GBP/USD declined heavily below the 1.3600 and 1.3550 support levels. GBP/JPY also declined below 154.00 and is currently struggling to recover. Important Takeaways for GBP/USD and GBP/JPY The British Pound started a major decline below the 1.3600 support against the US Dollar. There is a major bearish trend line forming with resistance near 1.3625 on the hourly chart of GBP/USD. GBP/JPY declined heavily below the 154.60 and 154.00 support levels. There is a key declining channel forming with resistance near 153.20 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound started a major decline from well above 1.3650 against the US Dollar. The GBP/USD pair broke the 1.3620 and 1.3600 support levels. The pair even settled below the 1.3550 level and the 50 hourly simple moving average. Finally, there was a spike below the 1.3500 support zone. It traded as low as 1.3423 on FXOpen and is currently consolidating losses. GBP/USD Hourly Chart The pair is now facing resistance near 1.3485. It is near the 23.6% Fib retracement level of the recent decline from the 1.3697 swing high to 1.3423 low. The first key resistance is near the 1.3500 zone. The next major resistance is near the 1.3550 level. It is near the 50% Fib retracement level of the recent decline from the 1.3697 swing high to 1.3423 low. There is also a major bearish trend line forming with resistance near 1.3625 on the hourly chart of GBP/USD. A close above the 1.3625 level could open the doors for more gains. The next major hurdle is near 1.3660 and the 50 hourly SMA, above which the pair could surge towards 1.3700. On the downside, an immediate support is near the 1.3450 level. The next major support is near the 1.3425 level. If there is a break below the 1.3425 support, the pair could test the 1.3400 support. If there are additional losses, the pair could decline towards the 1.3350 level. Read Full on FXOpen Company Blog...

Dear FTC participants and followers! We are always thrilled to observe our contestants using different trading approaches, depending on how the market situation changes. The most recent example is the accounts of one of our leaders, Prieur Du Plessis. On November 2, Prieur Du Plessis removed the account with strategy #1 from the championship and registered a new one with strategy #4. We hope that the new strategy will bring the desired results to the contestant! Regards, FTC2021 team