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Gold Price and Crude Oil Price At Risk of Downside Break Gold price is correcting lower and trading below $2,000. Crude oil price is facing an increase in selling pressure below $105. Important Takeaways for Gold and Oil Gold price started a downside correction after a strong rally to $2,070 against the US Dollar. There is a key bullish trend line forming with support near $1,985 on the hourly chart of gold. Crude oil price corrected lower, but it found support near $100.00. There was a break below a short-term ascending channel with support near $108.10 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price formed a support base near $1,950 and started a fresh increase against the US Dollar. The price gained pace for a move above the $2,000 level to move into a positive zone. There was a clear move above the $2,020 level and the 50 hourly simple moving average. The price even climbed above the $2,050 resistance level. A high was formed near $2,070 on FXOpen before the price started a downside correction. Gold Price Hourly Chart There was a break below the $2,000 level. The price even spiked below the $1,980 level, but it found support near $1,970. A low is formed near $1,970 and the price is now consolidating. There was a move above the 23.6% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low. On the upside, the price is facing resistance near the $2,000 level and the 50 hourly simple moving average. The main resistance is now forming near the $2,020 level. The 50% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low is also near $2,020. A close above the $2,020 level could open the doors for a steady increase towards $2,050. The next major resistance sits near the $2,070 level. On the downside, an initial support is near the $1,985 level. There is also key bullish trend line forming with support near $1,985 on the hourly chart of gold. If there is a downside break below the $1,985 level, the price could decline to $1,920. Read Full on FXOpen Company Blog...

FXOpen to Switch to Daylight Saving Time on March 13 Dear Traders, On March 13, 2022, FXOpen will shift trading servers’ time by one hour forward, from GMT+2 to GMT+3. The change will affect all account types. For ECN, STP, and Micro accounts, it will come into effect as the market opens on Monday, March 14, 2022. As for Crypto accounts where trading is available over the weekend, traders will notice a change on Sunday, March 13, 2022. The transition of servers to daylight saving time does not impact the trading process. You will be able to open, close and modify orders as usual − just make sure to change the time in your indicators and expert advisors accordingly for them to function properly. FXOpen Company News

ETHUSD and LTCUSD Technical Analysis – 10th MAR, 2022 ETHUSD: Head and Shoulders Pattern Below $2,700 Ethereum continued to move in a bearish phase last week, having touched a low of $2,448 on March 7th, after which the prices started to consolidate above the level of $2,500. We can see ETHUSD moving in a bearish momentum because of the Russia-Ukraine war and its effects on the global investor sentiments. Despite the fact that some correction was seen in the USD, the medium-term outlook for Ethereum remains bearish with a downside projection of $2,200. We can clearly see a head-and-shoulders pattern below the $2,700 handle which is a bearish pattern signifying the end of a bullish phase and the start of a bearish phase in the markets. ETH is now trading just below its pivot level of $2,588 and is moving in a bearish channel. The price of ETHUSD is now testing its classic support level of $2,558, and Fibonacci support level of $2,580 after which the path towards $2,300 will get cleared. The relative strength index is at 34 indicating a WEAKER demand for Ethereum, as well as the continuation of the selling pressure in the markets. All of the technical indicators are giving a STRONG SELL market signal. All of the moving averages are giving a STRONG SELL signal, and we are now looking at the levels of $2300 to $2200 in the short-term range. ETH is now trading below both its 100 hourly and 200 hourly simple moving averages. A bearish reversal seen below the $2700 mark in Eth Short-term range appears to be strongly BEARISH The daily RSI is below 50 at 44 indicating a BEARISH market The average true range is indicating LESSER market volatility Ether: Bearish Momentum Continues Below $2,700 ETHUSD is now moving in a strongly bearish momentum, with the prices trading below the $2,600 handle in the European trading session today. Both the Stoch and StochRSI are indicating an OVERSOLD market, which means that a pullback in the levels of Ethereum is expected soon. The Ethereum bulls have retracted, and we can see that the selling pressure has resumed which is expected to push down the prices below the $2,500 handle. The prices of ETHUSD need to remain above $2,200 for any bullish reversal in the markets. At present, we are looking for the immediate target of $2,300 after which it is expected to enter into a consolidation and correction phase. This week, the key support level to watch is $2,200, and the key resistance level is $2,700. ETH has declined -5.24% with a price change of -143.26$ in the past 24hrs, and has a trading volume of 13.621 billion USD. We can see an Increase of 16.69% in the total trading volume in the last 24 hrs, which appears to be normal. The Week Ahead Ethereum has already exhausted its consolidation channel and is now moving into its next bearish phase towards the level of $2,300. The ongoing Russia-Ukraine war crisis is continuing to affect the prices of Ethereum, as new investors are not willing to enter into the market because of the global crisis scenario and the waning demand in the global cryptocurrency markets. If the prices of ETHUSD continue to remain above $2,200 this week, we can expect a bullish reversal next week. The immediate short-term outlook for Ether has turned strongly BEARISH; the medium-term outlook has turned bearish; and the long-term outlook for Ether is NEUTRAL in present market conditions. This week. Ether is expected to move in a range between $2,200 and $2,700, and next week, it is expected to enter into a consolidation phase above $2,500. Technical Indicators: The moving averages convergence divergence (12,26): at -16.78 indicating a SELL The commodity channel index (14-day): at -117.12 indicating a SELL The rate of price change: at -4.37 indicating a SELL The average directional change (14-day): at 45.85 indicating a SELL Read Full on FXOpen Company Blog...

Gold approaching record high as instability fuels switch to physical assets Ever since the very first items were made from gold over 3,500 years ago in the ancient Egyptian period, this particular precious metal has been held in high esteem as a means of storing a potentially appreciating physical asset. Throughout the ages, whenever an ancient kingdom came under siege, its population would attempt to accumulate gold. As time developed, and the industrialization of the world began, gold became a benchmark for investment, and has been constantly regarded as one of the most reliable physical commodities available on the global markets. Even in modern times, when a war occurs, or a political catastrophe, people buy gold. These past few days have been no exception. During the course of yesterday (March 8, 2022), gold prices rallied and headed toward an all-time high. In the United States, by 12.10pm Eastern Standard Time (New York), the trading price of gold had risen by a remarkable 3.5% to $2,068.07 an ounce, which brought it near to its record trading value of $2072.50 which was set in the summer of 2020 during the period in which lockdowns were omnipresent across Europe and America, and fears of losing jobs and private property were widespread. Those fears are here again, this time fueled by heavy-handed sanctions which are decimating the markets across America and Europe. The US stock market is suffering a tech stock obliteration which is beginning to cause analysts to compare it to the 'dot com' collapse of the early 2000s. This is a very sudden new direction. Tech stocks were the solid, relatively low-risk investment for most investors and traders all the way from those trading part-time from home, to large hedge funds and wealth managers. Now, with these in decline, the mainstay of the US economy is being measured and global investors are heading for the hard collateral that is precious metal. Even nickel, which is used in engineering across most heavy industrial applications worldwide from car manufacturing to construction, has been soaring in price to the extent where pricing has become so difficult in the live market that the London Metal Exchange (LME) has suspended its trading. One report this morning stated that a Chinese investor is facing losses running into the multi-billion-pound range as a result of the volatility in which nickel soared by as much as 111% to a record $101,365, followed by a two-day increase of up to 250% before falling back to $82,250 a tonne. The London Metal Exchange has been pricing nickel for over 145 years, and yesterday's volatility was an all time record in the entire trading history of the venue. Precious metals are therefore in huge demand, and gold is unique in that it is primarily used as a store of value, compared to other high-demand metals like copper and nickel whose primary use is in manufacturing and engineering. Today, Reuters has explained that one particular futures trader had cited the combination of extremely inflationary energy prices, grain prices and base metal prices has contributed the major underlying support behind gold having increased so much in value. Certainly investors are hanging onto physical assets, and those metals with an engineering use are rocketing due to the difficulties in obtaining them for factories to be able to meet the demand for their products or remain in business without having to halt production, leaving gold as an outright store of value which is heading for all time highs. Fascinating market moves brought on by highly well analyzed circumstances. FXOpen Blog

EUR/USD Could Recover, USD/JPY Eyes More Upsides EUR/USD declined heavily to 1.0800 before it started an upside correction. USD/JPY surged above 115.50 and now consolidating gains. Important Takeaways for EUR/USD and USD/JPY The Euro declined heavily below 1.1200 before it found support near 1.0800. There was a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. USD/JPY started a strong upward move above the 115.20 and 115.50 resistance levels. There is a major bullish trend line forming with support near 115.70 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro started a major decline from well above 1.1200 against the US Dollar. The EUR/USD pair declined heavily below the 1.1120 support zone. The pair even broke the 1.0980 level and settled below the 50 hourly simple moving average. A low was formed near 1.0805 on FXOpen and the pair is now correcting higher. There was a move above the 23.6% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. EUR/USD Hourly Chart There was also a break above a key bearish trend line with resistance near 1.0900 on the hourly chart of EUR/USD. An immediate resistance on the upside is near the 1.0935 level. The next major resistance is near the 1.0970 level. The main resistance is near the 1.1020 level. It is near the 50% Fib retracement level of the key decline from the 1.1232 swing high to 1.0805 low. An upside break above 1.1020 could set the pace for a steady increase. If there is no break above 1.0935, the pair might start a fresh decline. An immediate support is near the 1.0880 and the 50 hourly simple moving average. The next major support is near 1.0820, below which the pair could drop to 1.0750 in the near term. Read Full on FXOpen Company Blog...

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GBP/USD and EUR/GBP Could Extend Decline GBP/USD started a fresh decline from well above the 1.3350 level. EUR/GBP is also declining and trading below the 0.8250 support zone. Important Takeaways for GBP/USD and EUR/GBP The British Pound started a fresh decline from well above 1.3350 against the US Dollar. There was a break below a connecting bullish trend line with support near 1.3325 on the hourly chart of GBP/USD. EUR/GBP failed to stay above 0.8300 and started a fresh decline. There is a major bearish trend line forming with resistance near 0.8250 on the hourly chart. GBP/USD Technical Analysis The British Pound struggled to settle above the 1.3400 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3350 support zone. There was a clear move below the 1.3280 level and the 50 hourly simple moving average. The bears pushed the pair below the 1.3200 level. A low is formed near 1.3185 on FXOpen and the pair is now consolidating losses. GBP/USD Hourly Chart On the upside, an initial resistance is near the 1.3240 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low. The next main resistance is near the 1.3280 zone (the previous support). If there is an upside break above the 1.3280 resistance, the price could test 1.3300 or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the 1.3417 swing high to 1.3185 low. If there is no upside break, the pair could extend losses below the 1.3185 low. The first key support is near the 1.3150 level. Any more losses could lead the pair towards the 1.3120 support zone. The next major support sits near the 1.3050 level. Read Full on FXOpen Company Blog...

AUD/USD and NZD/USD Aim Upside Break AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance. Important Takeaways for AUD/USD and NZD/USD The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar. There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD. NZD/USD also climbed higher after forming a base above the 0.6650 level. There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD. AUD/USD Technical Analysis The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase. There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347. AUD/USD Hourly Chart It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD. The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level. The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level. On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450. Read Full on FXOpen Company Blog...

ETHUSD and LTCUSD Technical Analysis – 03rd MAR, 2022 ETHUSD: Bullish Engulfing Pattern above $2,550 Ethereum had a major bearish correction last month when it declined below the $3,000 handle after touching a high of $3,268 on February 9th. This week, ETHUSD started in the consolidation phase after which it had a bullish reversal towards the $2,700 handle and touched an intraday high of $2,982 in today’s Asian trading session. We can clearly see a bullish engulfing pattern above $2,550 which signifies a trend reversal, and we have already seen ETHUSD crossing the level of $2,700. We saw the price of Ethereum retracting from its highs due to some profit taking, but the bullish channel continues now, and we are aiming for the upside of $2,900 and $3,100 in this week. ETH is now trading just below its pivot level of $2,967 and moving in a mildly bullish momentum. The price of ETHUSD is now facing its classic resistance level of $3,020 and its Fibonacci resistance level of $3,094, and is now aiming towards the $3,100 handle in the US trading session. The moving averages are giving a BUY signal. ETH is now trading below both the 100 hourly and 200 hourly simple moving averages. Ethereum is in a mildly bullish channel A short-term trend reversal seen above $2,550 All the major technical indicators are giving NEUTRAL-to-BUY signals The average true range is indicating LESSER market volatility Ether: Bullish Channel Towards $3,000 Confirmed ETHUSD is consolidating its gains above $2,700 in the European trading session, and we can clearly see that the bullish channel is back. We are now aiming for the upsides of $2,900 to $3,100 today in the US trading session today. The retracement from $2,300 was very strong — which suggests that there is more room for the upsides in Ethereum this month, and the level of $3,500 is the next target. We can see the MA crossover pattern above the level of $2,850 which means that in the immediate short-term, we will see the continuation of the bullish channel. ETH has declined -3.47% with a price change of -103.91$ in the past 24hrs, and has a trading volume of 14.424 billion USD. We can see a decrease of 26% in the trading volume as compared to yesterday, which means that new buyers are now entering the markets and waiting for further correction in Ethereum. The Week Ahead Ether is printing above $2,800 today, and we can see levels of $3,000 to $3,200 this week. The medium-to-long term outlook for Ether remains Bullish with targets of above $3m500 in March, 2021. Ether has already broken its major resistance level of $2,800, and is now facing the next resistance level of $3,000. Technical Indicators: The commodity channel index (14-day): at 94.58 indicating a BUY The moving averages convergence divergence (14-day): at 3.79 indicating a BUY The ultimate oscillator: at 53.45 indicating a BUY The rate of price change: at 0.052 indicating a BUY Read Full on FXOpen Company Blog...

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