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Bitcoin has begun the realization of the previously considered wave scenario. The price of the leading cryptocurrency has resumed its strengthening. However, as soon as a local maximum was updated, the price encountered strong selling pressure and now there is an intense struggle for initiative.
The pound once again responded very well to the Mean Reversion strategy today. I traded the Japanese yen using Momentum. According to the data, eurozone retail sales fell by 0.6% in July after increasing by 0.2% in June, while the decline across the EU was 0.4%, with annual growth almost disappearing, falling to a symbolic 0.6%. Let me remind you that retail sales reflect consumer demand, and such a sharp decline indicates a noticeable cooling in demand.
Long-term trend: long. The maximum accumulation of volumes for the current contract is located in the range of quotes 1.14450β1.14700. Currently, investment operations on the pair are being carried out above this range, indicating buyer strength.
Long-term trend: short. The maximum accumulation of volumes for the current contract is located in the range with quotes 29450.0β29650.0. Currently, investment operations on #NQ100 are being carried out within the specified range, which indicates temporary uncertainty.
Long-term trend: long. The maximum accumulation of volume for the current contract is located in the range of quotes 4380.00β4420.00. Currently, investment operations on XAUUSD are being executed above this range, indicating buyer strength.
Monthly options contracts are trading in the comfort zone above the day balance level of 0.7158. The price has formed an active climax absorption pattern. A strong resistance level is located around 0.7170, where selling is profitable. The main target for corrective sells is in the area of 0.7108. The medium-term goal for the upward impulse is in the area of 0.7250. Continued medium-term priority and active growth are expected after a downward correction.
GOLD: SELL 4453.66-4511.26, TP1-4396.06, TP2-4244.66.
Long-term trend: long. The maximum accumulation of volumes for the current contract is located in the range of quotes 4370.00β4410.00. Currently, investment operations on XAUUSD are being carried out above the specified range, which indicates the strength of buyers.
GOLD: SELL 4455.00, SL 4505.00, TP 4335.00
Gold begins the week after a sharp decline triggered by reassessment of Fed policy prospects. The probability of a September rate hike has increased, US bond yields have risen, and dollar strength reduces the attractiveness of the metal, which does not generate interest income.
