Hello fellow traders. In this technical article, we are going to present Elliott Wave charts trading setup of  Amazon (AMZN) Stock .  The stock has recently completed a clean 3-wave pullback. Price action developed exactly as anticipated, but our entry was missed by less than $1. 🔗 Source 💡 DMK Insight Amazon’s recent 3-wave pullback is a key setup for traders looking to capitalize on potential reversals. Missing the entry by less than $1 highlights the importance of precision in timing trades. With the stock showing a clear Elliott Wave pattern, traders should consider monitoring the next resistance level closely, as a breakout could signal a strong upward move. If AMZN can reclaim its previous highs, it may attract momentum traders, pushing prices higher. Conversely, a failure to break above resistance could lead to a deeper correction, making it crucial to set stop-loss levels appropriately. Keep an eye on the daily chart for any signs of reversal or continuation, especially around key Fibonacci retracement levels, which could provide additional entry points for those who missed the initial setup. 📮 Takeaway Watch for Amazon to break above its recent resistance; a successful move could signal a strong upward trend, while failure may lead to further downside.

GBP/USD holds minor gains on Friday after rebounding from intraday lows, supported by improving risk sentiment surrounding a potential US-Iran peace deal. At the time of writing, the pair trades around 1.3460 and is on course to end the week little changed. 🔗 Source

Gold (XAU/USD) price advanced more than 1.50% on Friday amid news that Iran and the US are close to signing a deal aimed at extending the ceasefire for 60 days to allow negotiations on Iran’s nuclear program. At the time of writing, XAU/USD trades at $4,563, after bouncing off daily lows of $4,489. 🔗 Source 💡 DMK Insight Gold’s recent 1.50% surge is a direct response to geopolitical tensions easing, and here’s why that matters: The potential US-Iran deal could stabilize the region, which typically boosts gold as a safe haven. Traders should note that XAU/USD is currently at $4,563, a critical level that could signal further upside if it holds. If gold can maintain above this price, it might attract more buying interest, especially from institutional players looking for a hedge against uncertainty. On the flip side, if negotiations falter, we could see a quick reversal, so keeping an eye on news developments is crucial. Additionally, watch for any shifts in the US dollar, as a stronger dollar could dampen gold’s appeal. For now, the immediate focus should be on the $4,600 resistance level; a breakout could lead to a more sustained rally in the coming weeks. 📮 Takeaway Monitor XAU/USD around $4,600; a breakout could signal further gains, but geopolitical developments remain key.

Silver (XAG/USD) price retreats 0.16% on Friday, consolidating around the $75.00-$76.00 area and is virtually unchanged, near the 50-day Simple Moving Average (SMA) at $75.70. 🔗 Source 💡 DMK Insight Silver’s slight retreat signals a critical moment for traders: it’s hovering near key support levels. With the price consolidating around the $75.00-$76.00 range and the 50-day SMA at $75.70, traders should keep an eye on these levels for potential breakouts or reversals. If silver can hold above the 50-day SMA, it might attract bullish momentum, but a drop below this level could trigger selling pressure, especially with broader market volatility. This consolidation phase could also impact correlated assets like gold (XAU/USD), which often moves in tandem with silver. Watch for any economic data releases that could influence precious metals, as they might provide the catalyst needed for a decisive move in either direction. 📮 Takeaway Monitor silver’s price action around the $75.70 SMA; a break below could signal further downside, while holding above may attract buyers.

United Kingdom CFTC GBP NC Net Positions climbed from previous £-64.3K to £-61.4K 🔗 Source 💡 DMK Insight The shift in CFTC GBP net positions from £-64.3K to £-61.4K signals a growing bullish sentiment among traders. This change, albeit modest, suggests that speculators are starting to favor the pound, potentially anticipating a rebound against the dollar. With the GBP/USD pair currently navigating critical resistance levels, this could be a precursor to a more significant move if momentum builds. Traders should keep an eye on upcoming economic data releases from the UK, particularly inflation and employment figures, which could further influence sentiment and positioning. If the net positions continue to improve, it might indicate a shift in the broader market narrative, especially if correlated with a weakening dollar. However, it’s worth noting that this sentiment shift could be fragile. If the UK economic data disappoints, we might see a quick reversal. Watch for the GBP/USD to hold above key support levels to confirm this bullish outlook, ideally above 1.25, to maintain upward momentum. 📮 Takeaway Monitor GBP/USD for a break above 1.25; a sustained move could confirm bullish sentiment as net positions improve.

United States CFTC Gold NC Net Positions fell from previous $159.8K to $154.3K 🔗 Source 💡 DMK Insight Gold’s net positions just dropped significantly, and here’s why that matters: The CFTC’s report showing a decline from $159.8K to $154.3K in net positions indicates a shift in trader sentiment. This drop could signal that traders are becoming more cautious, possibly anticipating a pullback in gold prices. With inflation concerns still looming and interest rates fluctuating, a decrease in net positions might reflect a broader market skepticism about gold’s safe-haven status. If gold starts to break below key support levels, say around $1,800, we could see further selling pressure. But don’t overlook the flip side—this could also present a buying opportunity if the market stabilizes. If we see a rebound in net positions in the coming weeks, it might suggest renewed bullish sentiment. Keep an eye on the upcoming economic data releases, as they could influence these positions and gold’s trajectory. Watch for a potential reversal pattern on the daily charts, especially if prices hold above $1,800, which could signal a bullish turnaround. 📮 Takeaway Monitor gold’s price action around $1,800; a break below could trigger further selling, while a rebound might indicate renewed bullish sentiment.

United States CFTC Oil NC Net Positions down to 161K from previous 172.6K 🔗 Source 💡 DMK Insight CFTC’s latest report shows a drop in oil net positions, and here’s why that matters: The reduction from 172.6K to 161K indicates a shift in trader sentiment, likely reflecting concerns over demand amid economic uncertainties. This decline could signal that traders are bracing for potential volatility in oil prices, especially with ongoing geopolitical tensions and fluctuating supply dynamics. If this trend continues, we might see further downward pressure on crude prices, which could impact related markets like energy stocks and ETFs. Watch for key support levels around recent lows; a break could trigger a cascade of selling. On the flip side, this could also present a buying opportunity if prices stabilize and demand rebounds. Keep an eye on the upcoming OPEC meetings and U.S. inventory reports, as these could shift market dynamics significantly. For now, monitor the 160K mark closely; a sustained move below could confirm bearish sentiment in the oil market. 📮 Takeaway Watch the 160K net position level closely; a break below could signal further bearish momentum in oil prices.

Japan CFTC JPY NC Net Positions down to ¥-114.7K from previous ¥-93.9K 🔗 Source 💡 DMK Insight Japan’s CFTC JPY net positions just took a hit, and here’s why that matters: A drop from ¥-93.9K to ¥-114.7K signals a growing bearish sentiment among traders regarding the yen. This shift could indicate that market participants are anticipating further weakness in the JPY, possibly due to ongoing economic pressures or shifts in monetary policy. With the Bank of Japan’s stance remaining dovish, traders should keep an eye on how this affects USD/JPY, especially if it approaches key resistance levels. If the yen continues to weaken, we might see a test of psychological levels, which could trigger further selling. But don’t overlook the flip side—if the market reacts to any unexpected positive news from Japan, we could see a rapid reversal. Watch for any announcements from the Bank of Japan or economic data releases that might shift this sentiment. The immediate focus should be on the ¥-120K mark as a potential pivot point for further positioning. 📮 Takeaway Keep an eye on the ¥-120K level for potential shifts in JPY sentiment, especially with upcoming Bank of Japan announcements.

Australia CFTC AUD NC Net Positions: $60.2K vs previous $85.6K 🔗 Source 💡 DMK Insight The drop in Australia’s CFTC AUD NC net positions from $85.6K to $60.2K is a significant signal for traders. This 29.5% decline indicates a shift in sentiment among traders, possibly reflecting concerns over the Australian dollar’s strength amid global economic uncertainties. With the AUD facing pressure from fluctuating commodity prices and interest rate expectations, this reduction in net positions suggests that traders are either hedging against further declines or anticipating a bearish trend. Keep an eye on related markets, particularly commodities like gold and iron ore, which heavily influence the AUD. Looking ahead, the key level to watch is the psychological barrier around the $0.63 mark for the AUD/USD pair. If it breaks below this level, it could trigger further selling pressure. Conversely, if it holds, we might see a short-term rebound. Traders should monitor the upcoming economic data releases from Australia and the U.S. for additional volatility. 📮 Takeaway Watch the AUD/USD pair closely; a break below $0.63 could signal further declines, while holding above may indicate a potential rebound.

Eurozone CFTC EUR NC Net Positions down to €29.4K from previous €33.5K 🔗 Source 💡 DMK Insight Eurozone’s CFTC net positions dropping to €29.4K signals a shift in trader sentiment. This decline from €33.5K suggests that traders are becoming more cautious, possibly anticipating volatility or unfavorable economic indicators. A decrease in net positions often indicates that traders are either closing out long positions or increasing short positions, which could lead to downward pressure on the Euro. Given the current macroeconomic backdrop, including inflation concerns and interest rate decisions, this shift is worth monitoring closely. If the Euro weakens further, it could impact related assets like the EUR/USD pair, making it essential for traders to watch key support levels. Look for the €1.05 mark as a critical threshold; a break below could trigger more selling. On the flip side, if the Euro shows resilience and rebounds, it might catch traders off guard, especially those betting on a continued decline. Keeping an eye on upcoming economic data releases will be crucial for gauging the Euro’s trajectory. 📮 Takeaway Watch for the €1.05 support level in EUR/USD; a break could signal further downside as trader sentiment shifts.