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GC

Two potential swing trades for goldGold futures saw a false break of $2060 on Wednesday, before momentum turned lower and sent prices back beneath the weekly and monthly pivot points. Those pivots have since turned into resistance, before gold saw a trendline break. As RSI (2) is oversold and prices have found support at the 10-dy EMA and daily S1 pivot, bulls could seek a near-term swing long trade with a stop below 2045 and a target back near the pivots. At which point, we see the potential for another leg lower, so bears could seek evidence of a swing high and for a move back down to $2040, or the swing lows near the daily S pivot.
COMEX:GC1!Short
by CityIndex
Market selloff poses a threat to the gold's performanceFinally, our expectations for gold to slide below $2,000 were fulfilled yesterday when the shiny metal sold off following the release of higher-than-expected inflation data in the United States. Given the hell breaking lose (yesterday) in the stock market, we remain concerned about gold’s performance in the short and medium term (while being bullish in the long term). It is very likely that the selloff in stocks will negatively affect gold’s price (if it continues), dragging it to $1,950 and potentially even lower (depending on the new developments). In line with our previous assessments, we patiently wait for a better price to manifest itself before taking advantage of the opportunity (ideally waiting for the dip below $1,900). Illustration 1.01 The image above shows the daily chart of XAUUSD and adjusted fan lines. The yellow arrow indicates a bearish breakout below the third fan line. Illustration 1.02 Illustration 1.02 portrays the daily graph of XAUUSD and simple support/resistance levels derived from peaks and troughs. Illustration 1.03 On the daily time frame, the MACD crossed into the bearish territory, bolstering the odds of gold continuing lower. Technical analysis Daily timeframe = Bearish Weekly timeframe = Neutral (turning slightly bearish) Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
4
Gold likely to continue shining in 2024For over two years of publishing on TradingView, we have maintained a bullish stance on gold, which has been marching higher in tandem with our expectations. In 2024, our outlook remains unchanged, and we expect it to continue performing well amid the persistence of institutional interest, global economic slowdown, and geopolitical tensions. However, we also recognize a potential threat to its well-being, represented by the stock market weakness. This thesis is built upon the fact that gold has been climbing higher alongside stock market indices for several months, showing a positive correlation. Furthermore, we have seen a perfect example in 2022, when the stock market selloff forced investors to sell gold in order to cover losses elsewhere; we expect the same thing to happen in the case of prolonged weakness in market indices. Nonetheless, we do not have plans to sell our holdings; instead, we plan to accumulate more (if the opportunity arises). With that said, our long-term price target for gold stays at $2,300. Illustration 1.01 The image above shows the daily chart of XAUUSD and simple support/resistance levels derived from peaks and troughs. Technical analysis Daily = Bullish Weekly = Bullish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDLong
by Tradersweekly
5
GBPCAD: READY TO SHORT SOON!We got a confirmed bearish trend change for GC (2 LL and 2 LH is what I look for to ensure I do not fall for the trap of a fake trend change!) Now looking for trend continuation to take a short trade. Waiting for at least a 50% retracement and price coming into the fair value gap (this is a must for my system!)- then we look for a bearish trend change on 15min and ATTACK! This is looking like a very yummy short! Follow and Stay tuned my friends ;)
Short
by RomanaTrades
Bullish in the long-term, but not so bullish in the short termDespite our expectations for gold to continue slightly lower, it rebounded from around $1,940 to more than $2,000 per troy ounce. While this move is impressive, it is important to note that gold has been rising together with the stock market. As a result, we are again skeptical about its prospects of retaining the current price tag (especially if the stock market starts reversing from the current heights). With that said, we remain bullish on gold in the long term. However, we think gold will likely stay choppy in the foreseeable future. Illustration 1.01 Illustration 1.01 portrays the daily chart of XAUUSD and simple support/resistance levels. Technical analysis Daily = Slightly bearish Weekly = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
4
Gold is giving up some of its October 2023 gainsIn tandem with our expectations, we saw gold give up some of its gains after an impressive rally last month. Currently, it trades near $1,938 per troy ounce. Although we remain bullish in the long term, we are still unconvinced about a straight path higher in the short term/medium term. In fact, we believe gold has a chance of continuing lower, especially if the stock market starts weakening again. This view is also supported by technical indicators like RSI, Stochastic, and MACD on the daily chart, which are growing increasingly bearish. Consequently, we would not be surprised if gold dived below $1,920 and potentially tested an important psychological support at $1,900. Illustration 1.01 Illustration 1.01 displays the daily chart of XAUUSD and simple support/resistance levels derived from particular peaks and troughs. Technical analysis Daily = Slightly bearish Weekly = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
5
The road higher will be bumpyWhile bullish in the long term, we are still awaiting further pullback in the price of gold after its impressive run above $2,000. Right now, we are paying close attention to support and resistance levels near $2,009, $1,985, and $1,959. If the price of gold manages to hold above $1,985, it will be positive; the same applies to the breakout above $2,000 and resistance near $2,009. However, if the price fails to stay above the mentioned level, and we see more decline in RSI and Stochastic on the daily chart, it will alert us to more downside; in such a case, we would expect gold to drop below $1,960 (and maybe even to as low as $1,925). Yet, regardless of our opinions, it is important to note that there is a FOMC meeting scheduled for today, which can have a volatile impact (to either side) on the price depending on the FED’s decision and the chairman's tone during the press conference. Illustration 1.01 Illustration 1.01 portrays the daily chart of XAUUSD and simple support/resistance levels derived from particular peaks and troughs. Illustration 1.02 The image above shows the daily chart of RSI. The yellow arrow indicates a bearish crossover below 70 points, which raises our suspicion (though it still could be just a fakeout). Technical analysis Daily = Bullish Weekly = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Editors' picks
OANDA:XAUUSDLong
by Tradersweekly
27
gold 4hour = if last high break, gold will go upper I think gold is sell now , see daily chart AC indicator , it is red = down trend will come if high not break if you have open sell , 100% put SL or hedge buystop on high ( if buystop never close it, gold main trend is up, if you close it and gold go upper,you will 0.00 ...) my orders = I have sell (I open after pinbar with SL in pinbar high + buystop in last high + I will buy gold in 2 place 1925 after buy pinbar I want you win,profit
FX:XAUUSDShort
by ramin_trader2006
Gold's safe-haven behaviorIn the previous idea about gold, we expressed skepticism for overly bullish prospects in the short term (in the long term, we stay bullish). The main idea behind that is gold often reacts (initially) positively to geopolitical tensions, stock market weakness, or any type of disruptive event. Nevertheless, even if persistent, these events (or disruptions) eventually start to be priced in and ignored by market participants. Depending on many external factors, the periods of an initial positive reaction vary in length and strength. Below are charts illustrating this relationship between gold and SPX. Illustration 1.01 - 2021 market peak Illustration 1.01 shows the daily chart of XAUUSD. The orange line represents the S&P 500 Index. It can be observed that in late 2021 when SPX started to fall, gold reacted positively at first. However, this positive reaction lasted only for about two months. After that, gold started to follow the stock market to the downside. Illustration 1.02 - COVID-19 stock market crash The image above displays the daily chart of XAUUSD. The orange line represents the S&P 500 Index. Again, gold can be seen rising in an initial reaction to the COVID-19 stock market crash but falling later. Illustration 1.03 - 2007/2008 crisis Illustration 1.03 portrays the daily chart of XAUUSD and SPX (orange line). After the stock market peaked in 2007, gold continued to rise. In fact, it managed to go on an approximately 200-day rally before finally reversing to the downside (this is one of the strongest positive reactions in gold to the weakness in stocks). Illustration 1.04 - 1987 crash (Black Monday) Illustration 1.04 shows the daily chart of XAUUSD and SPX (orange line). In response to the 1987 crash, gold rose for 111 days. Interestingly, its peak coincided with the stock market's bottom. Illustration 1.05 - 2010 flash-crash Above is the daily chart of XAUUSD and SPX (orange line). During the May 2010 selloff, gold reacted positively to the weakness in stocks at first. Then, it erased nearly all of its gains, rebounded again, and erased gains for the second time. Technical analysis Daily = Bullish Weekly = Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
2
Too steep, too quickly...After literally months of waiting, we finally signaled that gold had reached some attractive price levels on 2nd October 2023. Subsequently, gold bottomed out in the next four days and rose more than $150 from its lows. While these gains are impressive, we are starting to grow very skeptical about how much higher gold can go from the current level. That’s because stocks are beginning to manifest signs of weakness, and in the case of significant selling pressure in the stock market, we think investors will be forced to cover losses elsewhere by liquidating their gold position (especially willing to do so with its recent gains). Hence, we are on high alert and closely monitoring the situation. Technical analysis gauge Daily = Bearish Weekly = Slightly bullish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
4
Gold futures eyes $2,577 in acceleration of upside impulseA pullback in yellow wave (2) almost hit 61.8% of yellow wave (1). Now we see the strong minor impulse to the upside. It can be a part of large yellow wave (3). The target is projected at the distance of 1.618x of wave (1) with aim at $2,577. Watch how price breaks above the top of wave (1) beyond $2,086 Risk/reward is 1:2.5, one could get it better if goes on a lower time frame and buys on minor pullback following minor wave 1 of (3). Do you see gold futures touching $2,577?
COMEX:GC1!Long
by aibek
Gold in danger as stocks keep fallingFinally, our expectations were fulfilled, and gold dropped below $1,900 yesterday. We continue to be bullish on gold in the long term. However, in the short and medium term, we are still inclined toward the scenario with gold sliding lower, likely testing $1,875 (and potentially $1,850 if the weakness in the stock market does not stop). Therefore, just like in the past few months, we remain waiting for a better opportunity to add more gold to our portfolio. Technical analysis Daily = Bearish Weekly = Bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
22
More downside for gold is probableIn line with our previous ideas and choppy price action, we continue to wait for a better opportunity to add gold to our portfolio. We are neutral to slightly bearish in the short term while bullish in the long term. However, we still deem a weakness in the stock market as a danger to the higher price of gold (at least for now). As a result, we believe gold's price is still not out of the woods. Indeed, we would not be surprised to see it plunge below $1,900 again in the foreseeable future. This possibility is indicated by technicals on the daily and weekly charts, which are growing increasingly bearish. Therefore, more weakness for gold is probable. We will update our thoughts on the asset with the emergence of new developments. Illustration 1.01 Illustration 1.01 shows the daily chart of MACD, which failed to hold above the midpoint. That is a bearish development. Technical analysis Daily = Bearish Weekly = Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
4
Unclear path for gold Almost two weeks ago, we touted gold’s retest of the support at $1,900 and the potential continuation lower to $1,875. However, soon after that, gold halted its decline slightly below $1,885 and reversed. Subsequently, it went above $1,920. For the most part, this move coincided with the relief in the stock market. Therefore, we remain on high alert and somewhat undecided about the next path for gold. Technicals on the daily time frame turned slightly bullish, with Stochastic and RSI pointing to the upside. But DM+ and DM- still suggest the presence of a downtrend, and MACD hovers in the bearish territory. To bolster a bullish case in the short term/medium term, we would like to see MACD break above the midpoint and RSI with Stochastic continue to develop bullish structures. Besides that, we want to see the stock market stabilizing (as we think the market weakness still threatens the higher price of gold). To summarize this short article, we are neutral in the short-term and medium-term and bullish in the long term. In accordance with that, we continue to wait for a better opportunity to buy gold. Illustration 1.01 Illustration 1.01 shows the daily chart of XAUUSD and two simple moving averages that act as alternative resistance levels. In the next few days, we will observe their ability to stop the rising prices. Technical analysis Daily = Neutral/Slightly bullish Weekly = Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly