Gold markets are notoriously volatile to begin with, so this type of environment is only going to be exacerbated and you need to be concerned about your account more than anything else. 

• Gold markets rallied a bit Tuesday only to find a lot of resistance near the 50-day EMA.
• Furthermore, we are sitting just below the $1800 level, so it does make quite a bit of sense that we would see plenty of sellers.
• The $1800 level has been important support in the past, so it’s only a matter of time before “market memory” comes into the picture.

Finding Answers at the $1720 Level

The shape of the candlestick is a shooting star, and that of course is negative. Because of this, it’s very likely that we will continue to see plenty of downward pressure, but I don’t necessarily know that it would be the end of the gold market trying to rally, just that it might be ready to pull back. I think the real question is found answered at the $1720 level. If we break down below there, then we could put a serious attempt into the idea of breaking down below the $1680 level. If we break down below there, then the market will unwind, perhaps going down to the $1500 level.

On the other hand, if we were to break above the $1800 level, we could see a move higher, but I think it’s not necessarily until we get above the $1815 level that it becomes important. At that point, then we might make a move to the 200-day EMA. I don’t know if we can get there but obviously would make quite a statement.

When you trade gold, you need to be aware of interest rates in the United States, which spiked during the trading session, which also works against the value of gold at times. Furthermore, the US dollar strengthened, which doesn’t help gold markets overall. Because of this, I think that at the very least we are going to see a bit of a drop from here. I think the only thing you can probably count on is a lot of volatility, so you will need to be cautious about your position sizing, as it’s likely we continue to see noise overall. Gold markets are notoriously volatile to begin with, so this type of environment is only going to be exacerbated and you need to be concerned about your account more than anything else. The giveback was quite impressive.

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XRP/USD has sunk to depths not seen since January of 2021 as it hovers near the 30 cents ratio in early trading this morning.

In early price action today XRP/USD is below the 30 and a half cents level. A handful of hours ago XRP/USD fell through the 30 cents juncture, but then was able to reverse slightly higher. A parade of optimists is likely not about to suddenly emerge on the streets proclaiming XRP/USD has incredible upside. Ripple like all the other major cryptocurrencies continues to struggle in a violent bearish trend which is showing no remorse.

In yesterday’s trading XRP/USD did flirt with the 29 cents ratio, but did not fall below this juncture.  XRP/USD is now looking straight into a price range it last saw sustained price action during January of 2021, and intriguingly this ratio does show some technical support which may be targeted near the 27 cents mark.

Unfortunately technical trading at this point is largely about perception and real market value is likely to test many types of theories regarding where price junctures correlate. In other words, traders will hear plenty of opinions that may not amount to much in reality. The lower depths now being tested by XRP/USD are near prices which in January of 2021 were starting to actually cycle higher and gravitate towards over exuberance when XRP/USD nearly hit the 2.0000 level in the second week of April 2021.

The highs water marks XRP/USD experienced last spring are long gone; the broad cryptocurrency market is now suffering from an extremely strong slump in value. While some speculators may be tempted to look for short term reversals higher, skeptics may rightfully believe the stronger price action and velocity will still develop to the downside. If current conditions prevail in digital assets, the 30 cents level in XRP/USD will prove psychologically important.

Traders looking for a quick target who have the ability to withstand potential strong volatility may want to target 30 cents as a take profit via selling positions. If the 30 cents ratio proves vulnerable the 29 and three/quarters cents level could be the next goal. If XRP/USD breaks below 29 cents today, the next area Ripple may be headed is towards the 27 cents depth.

Traders are advised to be extremely cautious and make sure all their risk management is in place. Entry price orders when igniting positions are urged, to make sure price fills meet expectations. Selling XRP/USD feels like the logical wager in the present circumstances.

Ripple Short-Term Outlook

Current Resistance: 0.31170

Current Support: 0.29950

High Target: 0.33340

Low Target: 0.27350

The NASDAQ 100 has fallen hard again on Monday, as we continue to see a lot of negativity in the marketplace. The 11,600 level is broken to the downside and opens up a new wave of selling, and it now looks as if 11,000 will be threatened in the short term. We could get the occasional rally, but that rally will more likely than not simply offer yet another selling opportunity as the markets are in chaos.

The fact that we are closing at the very bottom of the candlestick typically means that we will get follow-through, and therefore think it is probably only a matter of time before we not only test the 11,000 level, but break down below it to go much lower. Rallies are opportunities as far as I can see, with the first one being at the 11,600 level, followed by the 12,000 level. This is a market that is melting down as interest rates continue to climb, putting a lot of pressure on technology companies that need a growth environment to function.

Furthermore, we continue to see a lot of “risk-off behavior” around the world, and that is not going to do much for the NASDAQ 100 either. I would be a bit surprised to see this market break back above the 12,000 level, but it’s actually not until we break above the 12,800 level that I would be impressed, let alone convince to start buying. I just don’t see how that happens, so ultimately this is a situation where I think we are looking at a market that has only one direction in mind, and that’s much lower.

How far lower we go I have no idea, but I do recognize that there is nothing on the horizon that suggests things are about to change, and unless the Federal Reserve suddenly starts talking about loosening monetary policy, that’s not going to change. With inflation burning as hot as it has, and the fact that it was worse than most of Wall Street anticipated, it should not be a huge surprise to see that the sheep have started running. It’s interesting to see that they have done this because quite frankly most of this was obvious beforehand. However, Wall Street has an entire generation of traders that have always been coddled by the Federal Reserve, and therefore misplaced optimism makes sense.