Picks for 7/25/2022

XAU/USD

Price recently bounced off 1680 that has acted as a long term support level several times since 2021 and closed just under the .23 fib level.

As the MACD crosses and the 3 day Force index begins to rise I would like to see a close above the .23 fib level to confirm a reversal. In the short termI anticipate a move to 1758, followed by a rise up the Fibonacci levels to 1931, which is the POC, the price at which most trades were made in the last 12 months.

target: $1931

BABA (short) - After gapping down on July 11 we see a steady down trend. Price recently closed under the (weekly) trend line and the .23 Fibonacci level.

On balance volume confirms the down trend, as does the Force Index . I am looking for a bounce off the 0 fib level or $94 which has acted as support on the monthly time frame.

I will consider adding to a long term position in the highlighted range.

Also watching: LVO, RCAT, ACLX, OPNT, XBI