Gold Spot / U.S. DollarUpdated Gold XAU/USD Analysis Wednesday 21 August 24
https://www.tradingview.com/x/gWP2tJsK/
Hello,
We have had a smallish correction so far in the last 24 hours in the Gold-price. The USDX shows some temporary strength the past 8 hour or during the Oceania (New Zealand & Australia) and the Asian session during Wednesday.
The Silver price has faired better during these Oceania & Asian sessions.
2500 level is very key psychological & key support. It seems to be holding well as I write this article. I want to see support at 2507 & we are currently almost there.
2507 and support there would be on the 50 EMA in the 1 hour timeframe. I find the 50 EMA on the 1 hour to be a good yardstick of where the Gold price may go next.
See charts above.
* Don't rely solely on my investment advice, conduct your own research & form multiple sources.
Hello,
We have had a smallish correction so far in the last 24 hours in the Gold-price. The USDX shows some temporary strength the past 8 hour or during the Oceania (New Zealand & Australia) and the Asian session during Wednesday.
The Silver price has faired better during these Oceania & Asian sessions.
2500 level is very key psychological & key support. It seems to be holding well as I write this article. I want to see support at 2507 & we are currently almost there.
2507 and support there would be on the 50 EMA in the 1 hour timeframe. I find the 50 EMA on the 1 hour to be a good yardstick of where the Gold price may go next.
See charts above.
* Don't rely solely on my investment advice, conduct your own research & form multiple sources.
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The light-blue-line is my 20 EMA and the dark-blue-line is the 50 EMA, purple-line is always my 200 EMA.
I want to see the Gold price get support again above the 50 EMA (dark blue) on the 1 HR which is left of screen.
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The Important Economic News Today: (* Courtesy of investment.com)
New York (Eastern time)
10:00 USD Payrolls Benchmark, n.s.a. -187.00K (previous fig. only)
10:30 USD Crude Oil Inventories 2.000M (forecast) 1.35(previous)
13:00 USD 20-Year Bond Auction 4.466 (previous fig. only)
14:00 USD FOMC Meeting Minutes
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I said recently (above) that I wanted to see the Gold price get sustained support above the key 2500 level, we got support in Oceania / Asian trading at the 2504 level very recently.
I also mentioned above that I wanted to see the Gold price get support on the 1HR chart at the 50 EMA and ideally above it.
You can see on both chart a 2m & 60m that we are getting this accumulation of support at the 2507 level which represents the 50 EMA (dark blue line) on the 60m /1HR chart. Take a look. This represents a good buy long in gold at the moment.
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We see support at the 2507 level on the 2m & 60m charts above.
Now on the 2m & 5m chart note that on the 2m chart a supportive cross-up of the 20 EMA (light-blue) above the 50 EMA (dark-blue). This convergence holds price up & price has then pushed through the 2509.20 levels on both charts 2m & 5m which is the red-consolidation box.
Note
Consolidation Spotter Multi Time Frame
My correction, it is the green box.
Consolidation Spotter Multi Time-Frame is the free indicator on tradingview if you want to use it, like I do. It is a fantastic breakout indicator & it is clean, it only gives you the current zone so you don't have boxes everywhere.
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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.