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XAUUSD H1 | Bearish Continuation?Based on the H1 chart analysis, we can see that the price is rising toward our sell entry at 2649.37 that aligns with 61.8% Fibo retracement, which is a pullback resistance. Our take profit will be at 2622.57, a swing low support level. The stop loss will be at 2664.73, an overlap resistance level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:XAUUSDLong
by FXCM
Analysis of the Downward Trend in Gold Prices This WeekGold prices remained stable above $2,600 in the past week, primarily supported by increasing geopolitical tensions. However, after Donald Trump's victory in the U.S. presidential election, gold still faced pressure to limit its price increase, as the U.S. dollar is expected to be supported by Trump's win. Regarding gold's recent recovery, after the release of the U.S. Personal Consumption Expenditures (PCE) data earlier this week, which met expectations, market anticipation for a Federal Reserve rate cut in December has risen, driving gold prices higher. Currently, the market is pricing in about a 66% chance of the Fed cutting interest rates by 25 basis points in December, a significant increase from just over 50% a week ago. Geopolitical tensions in Europe, caused by Russia's missile attack on Ukraine, have also provided support for safe-haven assets like gold. The Israeli military announced on Thursday that their air force had struck a facility in southern Lebanon used by Hezbollah to store medium-range missiles, as both sides accused each other of violating the ceasefire agreement. On Thursday, Russia launched its second major attack this month on Ukraine's energy infrastructure, causing widespread power outages in the country. Gold OANDA:XAUUSD is generally seen as a safe investment during periods of economic and geopolitical instability. Gold prices have dropped about 3% this month, hitting a two-month low on November 14. This is mainly due to the strengthening U.S. Dollar since Trump's election, and his tariff policies, which are seen as likely to push inflation higher, thus slowing down the Federal Reserve’s rate-cutting cycle. Next week, the U.S. will release key economic data, including job openings, ADP employment reports, and non-farm payrolls, which could provide direction on the Federal Reserve's policy outlook. Important Economic Data to Watch Next Week Monday: ISM Manufacturing PMI Wednesday: ADP Employment Report, ISM Services PMI, Federal Reserve Chairman Jerome Powell will participate in a panel discussion at the New York Times DealBook Summit Thursday: Weekly Jobless Claims Friday: U.S. Non-Farm Payrolls Report, University of Michigan Preliminary Consumer Sentiment Technical Outlook for XAUUSD (Gold Price) Gold is attempting to recover but remains limited by the 50% Fibonacci level and the EMA21, as pointed out in yesterday's publication. In terms of overall structure, gold still leans towards a bearish outlook, with the main trend indicated by the price channel (a) and resistance from the EMA21. The Relative Strength Index (RSI) has also not yet surpassed the 50 level. Therefore, in terms of trend and momentum, gold is more likely to face downward pressure rather than rise. As long as gold stays within the price channel (a), it does not meet the technical conditions for a long-term price increase, so any rallies should be viewed as short-term recoveries. In the short term, if gold drops below the 0.618% Fibonacci retracement level, the next target for a decline would be around the $2,600 level. In conclusion, the technical outlook for gold on the daily chart is bearish, with the following key levels to watch: Support: $2,634 – $2,606 – $2,600 Resistance: $2,663 – $2,693 However, traders must note that in the context of geopolitical conflicts, technical structures can be broken very quickly due to sudden, impactful events. Therefore, the risk will be higher in the short term. This concludes the article. Henry wishes for a healthy, joyful, and happy weekend.
OANDA:XAUUSDShort
by Henrybillion
1
The focus of the gold market recentlyThe focus of the gold market recently has been developments in the United States after Donald Trump won the 2024 presidential election. In a short period of time, the future cabinet list was announced with all candidates. is considered to have impressive achievements. In addition, Mr. Donald Trump pledged to sharply increase taxes on America's three largest trading partners, including Canada, Mexico and China. Economists say Mr. Trump's overall tariff plans could be the most damaging economic policy, causing inflation and reorganizing global supply chains. According to experts, the short-term gold market is difficult to predict. However, fluctuations in gold prices create buying opportunities for investors. Regarding the medium-term trend, Colin Cieszynski, expert at SIA Wealth Management, believes that the support price of 2,600 USD/ounce of gold will still be maintained and will tend to increase from there. Gold's resistance level is 2,690-2,720 USD/ounce. The gold market is unlikely to have a strong breakthrough in the near future. 🔥 GOLD BUY 2627 - 2625🔥 💵 TP1: 2640 💵 TP2: 2650 💵 TP3: OPEN 🚫 SL: 2618
TVC:GOLDLong
by FalCol_TradingMaster
The short-term gold market is difficult to predictLast week, the Federal Reserve's preferred inflation measure was the newly announced personal consumption expenditure index (PCE). PCE increased 2.8% over the past 12 months, higher than expected. The US central bank indicated in its latest meeting minutes that higher-than-expected inflation could force it to adjust the pace of its easing cycle. The market still predicts the Fed will cut interest rates by 25 basis points in December and will continue cutting until early 2025. In addition to Trump's social media posts, markets will focus on key economic data this week such as jobs data. If the employment situation is not as expected, gold prices may increase again. A stronger labor market could make an interest rate cut unlikely this month. Investors who record profits can rest assured. In the long term, market sentiment is quite optimistic. Many analysts believe that gold price will reach 3,000 USD/ounce next year. 🔥 XAUUSD BUY 2627 - 2625🔥 💵 TP1: 2640 💵 TP2: 2650 💵 TP3: OPEN 🚫 SL: 2618
OANDA:XAUUSDLong
by FalCol_TradingMaster
Gold Rebounds: Geopolitical Tensions and a Weaker DollarGold Rebounds: Geopolitical Tensions and a Weaker Dollar Drive the Recovery Gold prices have rebounded after a recent dip, which followed reports of a ceasefire agreement between Israel and Hezbollah. Despite this temporary pullback, the broader dynamics supporting gold remain intact, driven by geopolitical uncertainty, inflation concerns, and central bank policies. Geopolitical Tensions Support Gold One of the primary factors behind gold’s continued strength is the persistence of geopolitical risks. The ongoing conflict in Ukraine keeps investors seeking safe-haven assets, with gold standing out as a key hedge against global instability. Even with temporary easing of tensions in the Middle East, the broader geopolitical landscape remains a strong support for gold prices. US Dollar Weakness Boosts Gold US economic data presented a mixed picture, which weakened the dollar and provided a boost to gold prices: - **US GDP QoQ (2nd Estimate):** 2.8%, in line with forecasts, indicating steady economic growth. - **US Initial Jobless Claims:** Reported at 213K, slightly better than the forecast of 215K, showcasing a stable labor market. - **US Durable Goods Orders:** Increased by 0.2%, below expectations of 0.5%, signaling a softer investment demand. - **US PCE Price Index YoY:** Rose to 2.3%, matching forecasts but higher than the previous 2.1%. - **US Core PCE Price Index YoY:** Climbed to 2.8%, in line with expectations but up from the prior 2.7%. - **Chicago Fed National Activity Index (Oct):** Fell to -0.40, below the expected -0.2. - **Dallas Fed Manufacturing Index (Nov):** Came in at -2.7, worse than the forecast of -2.4. - **New Home Sales (Oct):** Declined to 0.61M, significantly missing expectations of 0.73M. - **Richmond Fed Manufacturing Index (Nov):** Plunged to -14, below the forecast of -10. - **Durable Goods Orders (Oct):** Increased by just 0.2%, underperforming the 0.5% forecast. - **Initial Jobless Claims (Nov 23):** Reported at 213K, slightly better than expected (216K), but still pointing to a resilient labor market. - **Chicago PMI (Nov):** Dropped to 40.2, well below the anticipated 44, highlighting weakness in manufacturing. These figures weakened the US dollar, which typically moves inversely to gold, making the precious metal more attractive to global investors. Inflation Concerns and Central Bank Activity Inflation remains a key driver for gold. Planned tariffs on imported goods, proposed by future President Donald Trump, could exacerbate inflationary pressures in the US, further boosting gold’s appeal as an inflation hedge. Moreover, gold continues to benefit from a global environment of falling interest rates. Lower rates reduce the opportunity cost of holding non-yielding assets like gold, while central bank purchases add strong, consistent demand to the market. Emerging Market Demand Strengthens Gold Emerging economies, such as China and India, play a critical role in gold’s price trajectory. In these regions, gold holds significant cultural and investment value, and rising wealth levels contribute to increasing demand. This structural support further solidifies gold’s position as a long-term investment choice. What’s Next for Gold? Gold’s rebound highlights its resilience amid shifting global dynamics. While geopolitical developments like the ceasefire in the Middle East can trigger short-term volatility, the broader drivers—geopolitical tensions, inflation fears, and central bank policies—remain firmly in place. As the dollar shows signs of softening, gold is likely to maintain its upward momentum in the long term. Is this the beginning of a renewed rally for gold, or will further global developments bring new challenges? Share your insights in the comments!
OANDA:XAUUSDLong
by InvestMate
XAUUSD 1/12/24Heading into a new week with a fresh bias on gold, we maintain an overall short bias and aim to follow it. However, we are fully aware that the chances of gold moving long are relatively high. Because of this, we advise caution. Gold can be a challenging asset to trade due to its sensitivity to fundamentals and potential counter-bias movements. Regardless, we stick to our data-proven ruleset. Currently, we are monitoring two key areas: the liquidity highs above the current price and the supply zone at the top of the last major high. These areas may offer good opportunities for a sell move. However, we are more inclined to see a sweep of a major high followed by a sell-off, aligning with our expected short bias. Additionally, the upward-moving institutional average suggests that if gold begins to trade below this level, it could further support our anticipated downward move. Trade safely, and stick to your plan and risk management strategy!
OANDA:XAUUSD
by PipSurfingSociety
#202448 - priceactiontds - weekly update - wti crude oil futuresGood Evening and I hope you are well. tl;dr wti crude oil futures: Bearish. Bears printed 4 consecutive bear bars and made new lows. Next target is 67. Only a daily close above 70 would do it for the bulls but even then the next bear trend line runs below 71. Market is once again forming nested triangles on the daily chart. Tough to trade. Quote from last week: comment: Was also bullish on this and bulls finally came around. Clear break of the bear trend line and next target is 72.6. Is this a very bullish structure? Hell no. I expect more sideways movement just in a bigger range 69 - 72/73 until the bear gap is closed. If bulls somehow manage to close it next week, we can expect 75+ next. Continuation of the current range is much more likely though and that is why you should not over analyze trading ranges. Market is in balance in the midpoint, so mark it and fade the extremes. comment: The most likely outcome was a continuation of the trading range and that’s what we got. Bears are on their way to test 67 again and the market now have formed a head & shoulders pattern like in August where we broke down to make new lows. Most h&s patterns fail and are just continuation patterns. We will likely get the answer to that next week. Anything between 68 and 70 is a dead zone and I will only be interested in longs around 67, if bulls come around again. Shorts do not make sense below 70. current market cycle: trading range key levels: 67 - 72.6 bull case: Horrible week for the bulls with a clear sell signal going into next week. They have to defend 67 or we will likely go down to 66 or 65.74 again. Bulls who bought 67 have made money since September and we have no reason to expect it to be different this time. Daily close above 69 brings 70 and 70.5 in play. Invalidation is below 67. bear case: I do think Monday’s bar was a big bear surprise and market went mostly sideways afterwards. They also had a really good reversal on Friday which is a sell signal going into next week. They want to test the November low 66.27 and break below the very shallow bull trend line to test 65.73 or the lower bull trend line starting December 2023 at around 64. Invalidation is above 71.6. outlook last week: short term: Bullish that we reach 72 but upside is probably limited after that. Pullbacks are likely to be bought if not too strong and if we stay above 68. → Last Sunday we traded 71.24 and now we are at 68. Outlook was just plain wrong and that was already clear on Monday at US open. Market basically went nowhere after that. short term: Neutral 68 - 70 and I doubt we make lower lows below 66. Even if bears push below, downside is likely limited. medium-long term - Update from 2024-11-10: Unless an event comes up, this will very likely close around 70 for the year. current swing trade: None chart update: Nothing worth mentioning.
NYMEX:MCL1!
by priceactiontds
THE KOG REPORT - ELECTION SPECIAL - UpdateQuick update on our Election special chart which we posted prior to the election giving our view of what to expect in terms of movement in Gold. The Red arrow was the projected path, the green arrow is real time movement. Can quite honestly say it's worked well for us, not exact, but close enough when fine tuned with the red boxes, Knights inid, and of course Excalibur. We'll keep tracking this. Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated. As always, trade safe. KOG
OANDA:XAUUSD
by KnightsofGold
3
#202448 - priceactiontds - weekly update - gold futuresGood Evening and I hope you are well. tl;dr gold futures: Neutral. Bulls need a strong break above 2700 to test 2720 and the upper triangle line, above that is 2750 and if they break even that, no more resistance until 2800. Most bullish target I have left is 2900 but that’s too far to talk about right now. If bears break below 2630, it’s likely going down to 2560 again. Quote from last week: comment: Market overdid it a bit with the selling and since Monday there are no bears to be found. Measured move up gives us 2866 and if we reach that, 2900 is probably given. You can’t think bearish at all until we reach 2800 again. 5 very strong bull bars closing at the highs. Can’t get any stronger for the bulls. Right now we went from overbought to oversold to overbought. Some pullback is expected and it will likely be a great buying opportunity. comment: Talk about you can’t time the market. Pretty good call that was from the above outlook last week. Higher low, and lower high. Triangle on the daily, very bullish above and very bearish below. Not rocket science to read this. I do think bulls are slightly favored. current market cycle: Bull trend key levels: 2500 - 2900 bull case: My line in the sand was 2650 and low was 2630. Next stop for the bulls is 2700 and 2720. A break above the bear line opens the market up to 2800 again. That is all there is to it right now. Clear invalidation levels and breakout points to set alerts. Invalidation is below 2630. bear case: Bears had a pretty amazing day on Monday but the follow through was disappointing and so we have formed a triangle. Wait for the breakout to either side and hop along or play the current range. Invalidation is above 2750. outlook last week: short term: Max bullish if we stay above 2650. 2800 is my expectation and 2900 possible. → Last Sunday we traded 2712 and now we are at 2681. Missed the low by about 20 points but ok. Not the best outlook but I wrote that a pullback is expected and we got one. short term: Slightly bullish if we stay above 2630. Max bullish above 2750. medium-long term - Update from 2024-11-24: Likely to close 2024 above 2800 but I do think the recent selling was the first hint that we will transition into a trading range soon. current swing trade: None chart update: Added bear trend line from the triangle.
COMEX_MINI:MGC1!
by priceactiontds
THE KOG REPORT THE KOG REPORT: I last week’s KOG Report we wanted the lower support level to hold 2710, give us the push up into the higher resistance level where we said watch 2720 and 2730 which needs to break above. It’s those higher levels, in particular 2750 we wanted to attempt that short trade back down into the lower levels. From the open, price resisted 2720, failed to break and gave us the red box trades down into the support levels. We then had to switch to level-to-level trading due to the ranging which worked well, but we only managed 5 out of 6 Gold targets out of a combined 16 targets completed across the other pairs. During the week we updated traders with the plans and managed guide them up from the lows to where we closed the week. It was another successful and consistent week; however, the market didn’t move completely how we wanted it to. The Election special chart however, still on track and working well with our view from the start of November. So, what can we expect in the week ahead? Ok, it’s going to be another choppy week, trades are most likely going to be again level-to-level on the red boxes which we will share with the wider community as and when we can. We have the level of 2670 sticking out as resistance with the support level 2650-55 being the key level. With NFP on Friday we would expect most of the movement during the early part of the week before they then settle pre-event into a small range. The weekly key level here is 2620 which will need to break for price to go lower. We’ll start the week again looking for the higher levels 2662-5 and extension of the move into 2670, if held, an opportunity to short may be available into the lower support level 2650 and below that 2640. We need price to hold above the 2640 region in order to continue higher into the 2675 and above that 2678 price points, so please keep an eye on the support levels. On the flip, if we continue downside from the open, we will be looking at the 2640-5 region to hold, and if it does, an opportunity to long is on the horizon into the 2665 and above that 2675 region. KOG’s Bias for the week: Bullish above 2640 with targets above 2655, 2665 and above that 2670 Bearish on break of 2640 with targets below 2635 and below that 2620-15 RED BOXES: Break above 2652 for 2660, 2665, 2670 and 2675 in extension of the move Break below 2640 for 2635, 2630 and 2617 in extension of the move As usual, we will update traders through the week with KOG’s bias of the day and the Red boxes which have proven to work extremely well on not only gold, but also any other pair you wish to apply them to together with our basket of indicators. Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
8
XAU/USD Analysis – 1-Day Time FrameXAU/USD Analysis – 1-Day Time Frame Over the past month, XAU/USD has been bearish. However, we recently saw a reversal, with the price testing a key resistance zone at 2718. Following this, the price retraced sharply to 2608 before starting to climb again. Potential Trade Setups: Short Opportunity at 2675: As the price approaches the 2675 resistance level, watch for a strong rejection signal, such as a prominent wick or a significant red candle. This could indicate a potential short opportunity. Break and Retest for a Buy Opportunity: If the price breaks through 2675 and closes above it, wait for a retest of this level as a new support zone. Once the price confirms this retest (e.g., through a strong doji or bullish candle), it may provide a favorable buy entry. Important Notes: Do not trade this idea blindly. Ensure there is proper confirmation before entering a position. Look for clear candlestick patterns, such as a doji, to validate your entry decision, whether for a long or short trade. I hope this analysis helps in your trading journey. Don’t forget to like and comment for more ideas like this!
ICMARKETS:XAUUSD
by KainT21
China’s $83 Billion Gold Discovery: Fuels Bullish MomentumChina Discovers $83 Billion Gold Reserves in Hunan China has uncovered gold reserves valued at approximately $82.9 billion (600 billion yuan) in Hunan province, according to state media Xinhua. This discovery solidifies China’s position as the world’s largest gold producer, contributing roughly 10% to global output in 2023. The reserves, located in Pingjiang County, feature over 40 gold ore veins at a depth of 2,000 meters, with a core resource of 300.2 tons and grades reaching up to 138 grams per ton. Experts forecast more than 1,000 tons of reserves at greater depths. Despite its significant production capacity, China remains a net importer of gold to meet domestic demand, with consumption far exceeding output in the first three quarters of 2023. Gold prices have seen a surge this year, driven by geopolitical uncertainties, further highlighting the strategic importance of this discovery. Gold Technical Analysis Gold is currently exhibiting a strong bullish trend, supported by the stabilization of the weekly candle in bullish territory. Here’s the refined analysis: Bullish Scenario: As long as the price stays above 2644 and 2625, we anticipate a push towards 2678, 2706, and 2739. A breakout above 2739 could lead to new all-time highs at 2787 and 2838. Bearish Scenario: For a bearish outlook to materialize, the price must break 2625 on a daily candle, potentially targeting 2585 and 2558. However, this scenario remains less likely under current conditions. Outlook: The bullish scenario is favored due to the ongoing geopolitical tensions and China's significant gold provisions, including the recently announced reserves of 1,100 tons. Key Levels: Pivot Point: 2644 Resistance Levels: 2678, 2706, 2739, 2787, 2838 Support Levels: 2625, 2612, 2585 Trend Outlook: Uptrend This analysis highlights the robust upward momentum in gold, underpinned by global uncertainties and China's strategic reserve accumulation.
OANDA:XAUUSDLong
by SroshMayi
1
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing EMA5 play between two weighted levels with a gap above at 2668 and a gap below at 2647. We will need to see ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2668 EMA5 CROSS AND LOCK ABOVE 2668 WILL OPEN THE FOLLOWING BULLISH TARGET 2696 EMA5 CROSS AND LOCK ABOVE 2696 WILL OPEN THE FOLLOWING BULLISH TARGET 2713 EMA5 CROSS AND LOCK ABOVE 2713 WILL OPEN THE FOLLOWING BULLISH TARGET 2733 BEARISH TARGETS 2647 EMA5 CROSS AND LOCK BELOW 2647 WILL OPEN THE FOLLOWING BEARISH TARGET 2631 EMA5 CROSS AND LOCK BELOW 2631 WILL OPEN THE SWING RANGE SWING RANGE 2609 - 2592 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
5
GOLD 4H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 4h chart levels and targets for the coming week. We are seeing price lay between two weighted levels with a gap above at 2665 and a gap below at 2612, as weighted Goldturns and will need ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2665 EMA5 CROSS AND LOCK ABOVE 2665 WILL OPEN THE FOLLOWING BULLISH TARGET 2694 EMA5 CROSS AND LOCK ABOVE 2694 WILL OPEN THE FOLLOWING BULLISH TARGET 2736 EMA5 CROSS AND LOCK ABOVE 2736 WILL OPEN THE FOLLOWING BULLISH TARGET 2785 BEARISH TARGETS 2612 EMA5 CROSS AND LOCK BELOW 2612 WILL OPEN THE SWING RANGE SWING RANGE 2566 - 2519 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
GOLD DAILY CHART MID/LONG TERM UPDATE.Hey Everyone, Please see our mid to long term daily chart update. After completing our bullish targets 2629 and 2686 we were left with a candle body close above 2686 leaving a gap above at 2760 last week and stated that we needed ema5 cross and lock to confirm this or a rejection will see the lower Goldlturn levels for support. - EMA5 failed to cross 2686 with a turn confirming the rejection. We are enow seeing a test at the 1st stage of the retracement range at 2629 and expecting a reaction here for a bounce. EMA5 cross and lock below this level will confirm test for the full retracement range. Failure to lock below will see bounce from this retracement range inline with our plans to buy dips. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up using our smaller timeframe ideas. Our long term bias is Bullish and therefore we look forward to drops like this, which allows us to continue to use our smaller timeframes to buy dips using our levels and setups. Buying dips allows us to safely manage any swings rather then chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
WEEKLY CHART MID/LONG TERM ROUTE MAPHey Everyone, This is an update on the weekly chart idea we have been tracking for over a month now and playing out exactly like we analysed. Last week we stated that this chart allowed us to project the long term corrections and direction. We were able to track our bullish targets until no ema5 lock to confirm rejection into the retracement range below for the correction. We also remined everyone that we had been suggesting over the last few weeks that we will be looking for the channel top and the retracement range to provide the support for a reactional bounce. - This played out perfectly last week with the weekly candle testing the channel top and then wicked out for the support and bounce like we analysed. Overall the channel top is providing the support like we analysed. Although we saw candle body closes below the channel there was no ema5 break into the channel, which allowed us to identify the fake-out and confirm the support. This is the beauty of our Gold channels, which we draw in our unique way, using averages rather than the price. This enables us to identify fake-outs and breakouts clearly, as minimal noise in the way our channels are drawn. We will continue to track the movement down and trade the bounces up, inline with our plans to buy dips, using our smaller time-frames, keeping in mind the long range gaps above for the future.. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx