Daily Market Analysis By FXOpen

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Market Analysis: Gold Rallies To New ATH, WTI Crude Oil Eyes Recovery

Gold price started a fresh surge above $2,720. Crude oil is recovering and might rise toward the $73.85 resistance zone.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price started a strong increase from the $2,645 zone against the US Dollar.
• A major bullish trend line is forming with support at $2,735 on the hourly chart of gold at FXOpen.
• Crude oil is recovering losses and trading above the $70.50 support.
• There was a break above a connecting bearish trend line with resistance near $70.00 on the hourly chart of XTI/USD at FXOpen.
  

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near the $2,645 zone. The price remained in a bullish zone and started a fresh increase above $2,680.

The bulls even pushed the price above the $2,720 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,748. The price is now consolidating gains near the $2,745 zone and the RSI is above 50.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Nikkei 225 Index Resumes Its Decline?

In mid-October, the Nikkei 225 index attempted to break through the psychological barrier of 40,000 points but ultimately reversed direction.

This week, the index has continued its downward trend, driven by concerns surrounding the upcoming elections for Japan's House of Representatives scheduled for October 27. According to Reuters, the ruling Liberal Democratic Party (LDP) and its coalition partner, Komeito, may lose their majority in the elections.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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General Motors (GM) Shares Surge Nearly 10%

According to the chart for General Motors (GM), the following points stand out:

→ Yesterday, the share price closed above $53, a significant rise from just below $49 the previous day.
→ Since the beginning of the year, the stock has experienced an increase of around 50%.

The sharp rise in price can be attributed to the company's robust Q3 earnings report:

→ General Motors reported a 10% year-on-year increase in gross revenue for Q3, reaching $48.75 billion, significantly higher than analysts' expectations of $44.67 billion.
→ Earnings per share climbed by 30% year-on-year to $2.96, compared to a forecast of $2.49.
→ Additionally, the company raised its earnings guidance for the next quarter and indicated that it is intensifying efforts to launch autonomous vehicles.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Three Outside Up and Down Candlestick Patterns: How to Identify and Trade Them

The three outside up and three outside down candlestick patterns offer traders a powerful way to analyse potential market reversals. Formed by 3 consecutive candlesticks they can signal key shifts in market sentiment, providing valuable insights into future price movements. In this article, we’ll break down how traders identify, trade, and confirm these patterns.

What Are the Three Outside Up and Down Patterns?

The three outside candlestick patterns are powerful tools in technical analysis that can help traders analyse potential market reversals. These patterns are made up of three consecutive candlesticks that reveal shifts in market sentiment. There are two variations: the three outside up and three outside down formations, each signalling opposite directions.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

RISK WARNING: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgement as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

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Tesla (TSLA) Shares Surge by 11%

As shown by Tesla's stock chart, trading closed below $213.50 yesterday. However, following the main trading session, the company reported its third-quarter earnings:

→ Earnings per share (EPS): actual = $0.72, expected = $0.59
→ Gross revenue: actual = $25.46 billion, expected = $25.18 billion

Additionally, Tesla forecasted a sharp increase in vehicle sales, assuring investors that CEO Elon Musk remains focused on expanding the company's core electric vehicle business.

According to Reuters, this earnings report positively impacted investors who were previously concerned about:

→ Profit margins shrinking due to price cuts.
→ Musk potentially being distracted by new projects like the Cybercab robotaxi, Robovan, and humanoid robots (Optimus Gen), which were unveiled during the "We, Robot" event that caused a TSLA stock drop on October 11.

As a result, Tesla's pre-market share price shows a rise of over 11%, indicating that today's trading may open around $235.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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DAX 40 Loses Upward Momentum

Today, Germany's PMI data was released, according to Forex Factory:
→ German Flash Manufacturing PMI: actual = 42.6, expected = 40.7, previous = 40.6;
→ German Flash Services PMI: actual = 51.4, expected = 50.6, previous = 50.6.

The DAX 40 index (Germany 40 mini on FXOpen) showed a slight intraday increase, which could be viewed positively, especially given that last week, the index reached a yearly high.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice.