Gold (XAUUSD)Long
GOLD_115 2024.11.07 09:17:05 Trading Signal BUY
FrankPro Signal for GOLD_115
Type: Screen
Signal: BUY
TP: 2710.205
SL: 2649.32
Entry Price: 2660.39
Analysis for GOLD
Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Up LT=Down
[Method1] ST=Down LT=Down
[Method2] ST=Up LT=Up
Analysis Method(0)
Based on the provided analysis, here is my assessment of the expected price movement for XAUUSD (Gold) as of November 7, 2024:
**Short-term Analysis (next few days/week):**
The price is expected to go **UP**. The analysis suggests that the short-term uptrend has reversed, indicating a potential shift in the market, and analysts expect an attempt to develop a bullish price correction before a possible continuation of the fall. Additionally, moving averages suggest a short-term bullish trend.
**Long-term Analysis (next few weeks/months):**
The price is expected to go **DOWN**. The analysis mentions a fall scenario with a target below the 2525 level, and a breakout above the 2745 level would be needed to cancel this scenario. The expectation to test the resistance level near the 2685 area, followed by a potential downward rebound, also supports a long-term bearish outlook.
Please note that these assessments are based on the provided analysis and are subject to change as new data and market developments emerge.
Result: [Method0] ST=Up LT=Down
Analysis Method(1)
Based on the analysis, here are my predictions for the XAU/USD (Gold) price:
**Short-term (next few days to a week):**
* The price is expected to go **down**. The technical indicators are in the negative territory, and the pair has broken below the bullish 20 SMA, indicating downward momentum. The forecast suggests an attempt to develop a bullish price correction, but it is likely to be short-lived, and the overall trend is expected to continue downward.
* Target levels: $2,652.25, $2,638.00, and $2,615.65 (support levels)
**Long-term (next few weeks to months):**
* The price is expected to go **down**. The overall trend is expected to continue downward, targeting levels below $2,525 unless there is a strong breakout above the $2,745 level. The rising US Treasury bond yields and the strong US Dollar following the presidential election are likely to maintain downward pressure on gold prices.
* Target levels: below $2,525 (unless a strong breakout above $2,745 occurs)
**Key levels to watch:**
* Resistance levels: $2,686.70, $2,698.70, and $2,714.90
* Support levels: $2,652.25, $2,638.00, and $2,615.65
* Breakout level: $2,745 (if broken, could indicate continued growth above $2,795)
Result: [Method1] ST=Down LT=Down
Analysis Method(2)
Based on the provided analysis, here is my assessment of the expected price movement for the XAUUSD (Gold) pair:
**Short-term analysis (next few days to a week):**
* The price is currently testing the area between the signal lines, indicating pressure from buyers and potential continuation of growth from current levels.
* There is an expectation for an attempt to develop growth and test the resistance level near the 2685 area.
* However, a downward rebound and a continuation of the fall in the price of gold with a potential target below the 2525 level is anticipated after testing the resistance level.
**Expected short-term price movement:** UP (testing the 2685 resistance level) followed by a potential DOWN (rebound and fall towards 2525)
**Long-term analysis (next few weeks to months):**
* A breakout of the 2745 level would cancel the fall scenario, indicating continued growth with a potential target above the 2795 level.
* The Elliott Wave Analysis suggests that the current trend could change on a daily basis, indicating potential for a longer-term reversal.
* Market drivers such as the EUR/USD exchange rate, U.S. inflation rates, and interest rates will continue to influence the gold price.
**Expected long-term price movement:** UP (potential breakout above 2745 and continued growth towards 2795) or DOWN (if the 2745 level holds and the price falls below 2625)
**Overall assessment:**
* The short-term price movement is expected to be volatile, with an initial upward movement followed by a potential downward rebound.
* The long-term price movement is uncertain and will depend on various market drivers and technical levels.
* Traders should be cautious and monitor the price action closely, as the trend can change quickly.
Result: [Method2] ST=Up LT=Up
Type: Screen
Signal: BUY
TP: 2710.205
SL: 2649.32
Entry Price: 2660.39
Analysis for GOLD
Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Up LT=Down
[Method1] ST=Down LT=Down
[Method2] ST=Up LT=Up
Analysis Method(0)
Based on the provided analysis, here is my assessment of the expected price movement for XAUUSD (Gold) as of November 7, 2024:
**Short-term Analysis (next few days/week):**
The price is expected to go **UP**. The analysis suggests that the short-term uptrend has reversed, indicating a potential shift in the market, and analysts expect an attempt to develop a bullish price correction before a possible continuation of the fall. Additionally, moving averages suggest a short-term bullish trend.
**Long-term Analysis (next few weeks/months):**
The price is expected to go **DOWN**. The analysis mentions a fall scenario with a target below the 2525 level, and a breakout above the 2745 level would be needed to cancel this scenario. The expectation to test the resistance level near the 2685 area, followed by a potential downward rebound, also supports a long-term bearish outlook.
Please note that these assessments are based on the provided analysis and are subject to change as new data and market developments emerge.
Result: [Method0] ST=Up LT=Down
Analysis Method(1)
Based on the analysis, here are my predictions for the XAU/USD (Gold) price:
**Short-term (next few days to a week):**
* The price is expected to go **down**. The technical indicators are in the negative territory, and the pair has broken below the bullish 20 SMA, indicating downward momentum. The forecast suggests an attempt to develop a bullish price correction, but it is likely to be short-lived, and the overall trend is expected to continue downward.
* Target levels: $2,652.25, $2,638.00, and $2,615.65 (support levels)
**Long-term (next few weeks to months):**
* The price is expected to go **down**. The overall trend is expected to continue downward, targeting levels below $2,525 unless there is a strong breakout above the $2,745 level. The rising US Treasury bond yields and the strong US Dollar following the presidential election are likely to maintain downward pressure on gold prices.
* Target levels: below $2,525 (unless a strong breakout above $2,745 occurs)
**Key levels to watch:**
* Resistance levels: $2,686.70, $2,698.70, and $2,714.90
* Support levels: $2,652.25, $2,638.00, and $2,615.65
* Breakout level: $2,745 (if broken, could indicate continued growth above $2,795)
Result: [Method1] ST=Down LT=Down
Analysis Method(2)
Based on the provided analysis, here is my assessment of the expected price movement for the XAUUSD (Gold) pair:
**Short-term analysis (next few days to a week):**
* The price is currently testing the area between the signal lines, indicating pressure from buyers and potential continuation of growth from current levels.
* There is an expectation for an attempt to develop growth and test the resistance level near the 2685 area.
* However, a downward rebound and a continuation of the fall in the price of gold with a potential target below the 2525 level is anticipated after testing the resistance level.
**Expected short-term price movement:** UP (testing the 2685 resistance level) followed by a potential DOWN (rebound and fall towards 2525)
**Long-term analysis (next few weeks to months):**
* A breakout of the 2745 level would cancel the fall scenario, indicating continued growth with a potential target above the 2795 level.
* The Elliott Wave Analysis suggests that the current trend could change on a daily basis, indicating potential for a longer-term reversal.
* Market drivers such as the EUR/USD exchange rate, U.S. inflation rates, and interest rates will continue to influence the gold price.
**Expected long-term price movement:** UP (potential breakout above 2745 and continued growth towards 2795) or DOWN (if the 2745 level holds and the price falls below 2625)
**Overall assessment:**
* The short-term price movement is expected to be volatile, with an initial upward movement followed by a potential downward rebound.
* The long-term price movement is uncertain and will depend on various market drivers and technical levels.
* Traders should be cautious and monitor the price action closely, as the trend can change quickly.
Result: [Method2] ST=Up LT=Up
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.