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GC1! (Gold Futures)

XAUUSD One more bearish leg left to 1930.Gold (XAUUSD) maintains its Channel Down status since last December and so far has established the 1W MA50 (blue trend-line) as the current Support having been nearly tested 2 weeks ago. The current analysis is on the 1W time-frame, which offers a highly reliable long-term outlook. As you can see Gold has been on a highly symmetrical 4-year Channel Up pattern (since December 2019) with the recent top (week of December 04 2023) being the latest Higher High. Even though the natural technical target on such pattern is the bottom of the Channel (0.236 Fibonacci retracement level), it is more likely for the downtrend to stop on the 1D MA200 (orange trend-line), which is headed straight for the 0.786 horizontal Fib, which has also been a standard target within this pattern. For us, since there is a Higher Lows trend-line coming straight from the October 31 2022 bottom involved, we will initially target that on the medium-term, on a 193 target and then see if we can short again upon a rebound if the downtrend remains intact. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
GOLD → Resistance Retest. What are the chances of a FB?FOREXCOM:XAUUSD is forming a correction and testing strong downward resistance formed from 2150. The chances of a breakout are a little less than a false breakout, which, at this point in time, we are betting on. On the senior timeframe we can clearly see that the price is testing a strong resistance area. There is no clear trend, something similar to a descending triangle is forming with the boundaries: descending resistance and support area 1980-2000. Technically, even the imposed sanctions on Friday did not show a proper market reaction. On the background of high rates and tight Fed policy, the gold market is still under the pressure of sellers. It is still worth emphasizing 2038.15 and the downside resistance. False breakout and price consolidation below these lines, followed by a downward breakout at 2031.16 may form a price decline to the support of the 2021-2015 range. Resistance levels: red line, 2038, 2042 Support levels: 2031, 2021, 2015 At the moment we are betting on the formation of a false breakdown, as there are more preconditions for this than for the price to break this area. The market is still in a global flat TVC:DXY CAPITALCOM:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
FOREXCOM:XAUUSDShort
by RLinda
14
GOLD → New reasons for the growing interest in goldFOREXCOM:XAUUSD strengthened last week and closed with +1.2% at 2035.375. Price returns to the flat range that is forming within the uptrend. Let's move a bit away from the local situation and take a look at the global chart. The global uptrend with variable trends indicates a rather huge interest from buyers, which is not subsiding. The pressure on the resistance, which restrains the growth beyond 2100 continues to increase and most likely in the medium term there will be continued attempts to break through 2075 - 2100 and further strengthening towards 2300-2500. As for the range. The market continues to form a global flat on the background of the Fed's tough policy. Buyers are holding back all attempts to fall, which bears are trying to forge on the background of negative news for gold. Let's pay attention to Friday, February 23: Gold receives an unexpected inflow of funds due to the sanctions imposed by the U.S., Canada, the UK and European countries against Russia, the former CIS countries and Asian countries. Against the backdrop of a possible crisis, money is looking for a safe haven and is finding it in gold. Accordingly, the interest to the metal is growing and most likely the price will continue its growth to higher highs. Expectations for the coming week: Flat is forming on D1, after realizing the potential relative to the range support the market gets a target in the form of flat resistance. Important levels are shown on the screenshots above. Fundamentally, the gold market is still under the pressure of sellers, but at the same time the interest in the metal, against the background of geopolitical crisis is growing, which favorably affects the price. In the medium term it is worth considering to prioritize buying, because technically and fundamentally the situation has shifted a bit, but we should not forget that there are no trend rules inside the flat. Price is moving between levels. Resistance levels: 2044.6, 2060, 2065.46 Support levels: Fibo: 0.618, 0.5, 0.382 TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSD
by RLinda
15
GOLD rising, confluent resistance is about to appearGold rose for the fourth straight session on Tuesday (+0.50% to $2,027), holding above the $2,025 mark, supported by falling US Treasury yields and a weaker US dollar. The same risk aversion on Wall Street is likely to support the metal's rally. Considering the recent gains, XAU/USD is up over 2% from last week's low near $1,985 after higher-than-expected US inflation figures. Despite the positive performance, the direction of the Federal Reserve's monetary policy may limit gold price increases in the near term, so caution is warranted. At the beginning of 2024, the prospects for gold bullion look brighter with the assumption that the Fed will take aggressive easing steps this year. However, overly dovish expectations have subsided due to strong US labor market data and stagnant deflation progress. Traders may continue to reduce dovish speculation on the FOMC if incoming information continues to reflect economic strength and strong price pressures. This is because these two factors could encourage policymakers to delay the start of the easing cycle and reduce the magnitude of further rate cuts. There are no major events on the US economic calendar in the coming days, but next week January PCE figures will be released. This report is poised to explain the latest inflation dynamics and provide insight into the Fed's next steps, so traders should keep an eye on it.
OANDA:XAUUSD
by Xayah_trading
2
GOLD is waiting for salary data and hearingsWorld gold prices are waiting for salary data and the hearing of the Chairman of the US Federal Reserve (Fed) in early March. At 8:40 a.m. this morning, February 22, Vietnam time, the world gold price stood at 2,027 USD/ounce, a slight increase of 2 USD/ounce compared to the same time last morning. In the short term, world gold prices may move sideways. World gold prices are waiting for salary data and the hearing of the Chairman of the US Federal Reserve (Fed) in early March. Fed officials noted that inflationary pressures eased and economic activity remained strong. According to the minutes, the committee wants more evidence to show that inflation continues to fall to the target level of 2% before making a decision to loosen monetary policy. It is forecasted that gold will likely continue to move sideways in the short term and the information the market is waiting for will be the personal consumption expenditure (PCE) report published next week, followed by the payroll and regulatory session. Fed Chairman Jerome Powell's testimony in Congress in early March. Tonight, the US continues to release the purchasing management index for the manufacturing, services, and mixed sectors and the first unemployment benefit applications of the week. This will be the data for the Fed to assess the health of the economy. These will be data that impact gold prices in the short term.
OANDA:XAUUSD
by Xayah_trading
GOLD the upward trend in the price of the dollar remains stableMarket participants are looking forward to the release of core PCE data next week, which is expected to cause volatility in the FX market. Consensus estimates forecast a 0.4% rise in January, bringing the annual rate down to 2.7%. Traders should prepare for a potential surprise similar to last week's CPI and PPI reports. Stiff price pressures in the economy, along with solid job creation and strong wage growth, could force the Fed to delay the start of its policy easing cycle until the second half of the year, resulting in little adjustment once the process is underway. A scenario like this could push interest rate expectations in a more hawkish direction compared to their current status. TECHNICAL ANALYSIS OF GOLD PRICES Gold edged up on Thursday but encountered resistance around $2,030, a key resistance zone where a falling trendline aligns with the 50-day simple moving average. Sellers must defend this area strongly to prevent the bulls from reasserting their dominance; failure to do so could result in an increase towards $2,065. On the other hand, if sentiment turns in favor of sellers and the price starts to pull back, support can be identified at $2,005, positioned near the 100-day simple moving average. Further downside pressure may put $1,990 in focus, followed by $1,995.
OANDA:XAUUSD
by Xayah_trading
2
GOLD → Negative fundamental background and support retest FOREXCOM:XAUUSD , as we expected, is declining. False breakdown of 2031, retest of global resistance and negative fundamental background leads to the price losing 0.9% from the local high. There is little news today, the fundamental backdrop for gold persists, as does the outflow of GOLD-ETFs from the market, which is a generally negative scenario. The dollar continues to strengthen, as well as forming a candlestick pattern that confirms the general policy. Technically, gold is testing 2015 and may form a rebound to 2020-2025, after which the market may wait for a retest of 2015-2016 with the aim of breaking the support and further decline to the mentioned targets. Both technically and fundamentally, the overall picture suggests further price decline. Resistance levels: 2021.5, 2027 Support levels: 2015, 2010, 2000, 1995 The situation is generally bearish. The fundamental background and TA determine for us the medium-term potential, which is directed towards the realization of the movement to 2000-1990 TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
FOREXCOM:XAUUSDShort
by RLinda
19
GOLD → Retest of a previously broken level. Panic zone FOREXCOM:XAUUSD is testing local levels in the correction phase and heading towards descending triangle resistance. There are several strong levels crossing in the area of 2035-2037. What to expect from the price? The price is in the correction phase testing the symmetrical triangle resistance as well as the previously broken ascending support line. Technically, gold is in a stalemate situation, as well as in the selling zone. The crossing area of strong levels is at 2035-2040. Most likely, before a possible further fall, the price may test 2035-2040 with a false breakout. But, there is news ahead and we should not forget about their nature of unpredictability. Resistance levels: 2035, 2037, 2040 Support levels: 2030, 2020, 2016 Fundamentally, gold is weaker against the dollar. Technically, we have no trend, only flat. There is news ahead and on the background of the news, I expect that the price may continue to fall after the correction phase. Targets remain the same TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
14
GOLD nudges higher in early tradeUS equity and bond markets are closed for the day – US Presidents’ Day holiday – and this will weigh on market activity across a range of asset classes. Activity over the rest of the week should pick up with FOMC minutes, the release of the February PMIs, and chip-giant Nvidia’s earnings all worthy of attention. In addition, a handful of Fed speakers will give their latest thoughts on the economy, and maybe a steer on the future path of US interest rates. The precious metal is continuing last week’s move despite hotter-than-expected US CPI and PPI data. Market rate-cut expectations continue to be pared back with the first cut now seen at the June meeting with a total of 90 basis points of cuts priced in for this year. In late December, the market forecast the first cut at the March meeting and expected a total of 175 basis points of cuts. We noted last week that gold was heavily oversold using the CCI indicator – see the story at the top of this article – and this weakness is currently being reversed. A move higher will find initial resistance from the 20-dsma at $2,023/oz. and ta prior level of horizontal resistance, and the 50-dsma around $2,033/oz. Initial support at $2,000/oz. ahead of $1,987/oz.
OANDA:XAUUSD
by Xayah_trading
XAUUSD Channel Down is about to top.Gold has been trading within a Channel Down pattern since the December 28 2023 High. The price is at the moment around the 4H MA200 (orange trend-line) and close to completing a +2.84% rise, which is the usual Bullish Leg % within this pattern and currently falls just below the 2045 Resistance. The 4H RSI is already on the same Bearish Divergence that priced the Highs of February 01 2024 and December 28 2023. As a result, we are turning bearish again on the short-term, targeting the top of the long-term Support Zone at 1985. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
GOLD - Price tests resistance ahead of FOMC meetingOANDA:XAUUSD is testing 2030 and forming a false breakdown. Today the market is waiting for news from the FOMC , where they are likely to discuss inflation, interest rate and may make some statements. At this time the metal price is forming the range of 2030 - 2016 Globally, gold is flat as investors are confused by the US market regulators. But, interest in the metal is still high from the Central Bank, at the same time the GOLD-ETF is caught up in a wave of sell-offs due to the Fed's sharp statement last week about a possible interest rate cut in summer instead of spring. Technically, gold may head towards 2020, 2016 support from resistance. But, at the time of news, the price may test 2029 and 2037 before further correction to these targets. Resistance levels: 2029, 2037 Support levels: 2020, 2016, 2004 The market is neutral and the price is moving between strong levels. Most likely, on the background of the FOMC speech, the price may again form a bearish correction after the resistance retest. TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
7
GOLD → Growth towards the liquidity area. False breakdown?OANDA:XAUUSD on high timeframes continues to form a sideways movement, but at the same time is in the selling zone. The market is still under pressure from the negative fundamental background. There is almost no news today, US Leading Index is published at 15:00 GMT and in general, analysts expect bearish data for the dollar. Gold is in panic zone on H1. The price is trying to go outside the descending channel while the US market is resting. Technically, the MarketMaker has an interest to rise to the area of 2029, as there is a rather large pool of liquidity hiding there. On the background of a possible strong distribution may form a retest of resistance in the format of a false breakdown, which would mark a further decline from 2029 to 2020-2016. BUT, consolidation above 2029 will give confirmation of local trend change within the global flat. Resistance levels: 2023, 2029, 2037 Support levels: 2020, 2016, 2010 A rise towards 2029 may soon follow, a quick move up will allow to reach the liquidity area. But because of this distribution we have a high chance to see a false breakdown of 2029 with further decline to support TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
5
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
GOLD recovering from US inflation concernsPrecious metals edged higher, partly due to the Commodity Channel Index (CCI) being technically oversold. The CCI indicator, comparable to the RSI, compares the difference between current and historical prices over a set timeframe and indicates whether the market is overbought, neutral or oversold. On Wednesday, the CCI showed gold was deep in oversold territory and back to levels last seen in late September, just before the market surge. If the market continues to shed this oversold level, gold could retest the $2009/oz level. ahead of the 20 and 50 day simple moving averages currently at $2,023/oz. and 2,031 USD/oz. corresponding.
OANDA:XAUUSD
by Xayah_trading
1
GOLD → Retest of downtrend resistance. Low volatility on Monday FOREXCOM:XAUUSD is redeeming part of the fall that occurred on Tuesday. The price is testing trend resistance amid the correction, but the negative fundamental background is still in place. There is no news today, as the USA is celebrating the President's Day. Technically, buying back positions is not an uncommon maneuver from a market maker who has the task to get back some liquidity from speculators who had time to open trades in the right direction. Also, the area of 2029 is an attractive zone and we have a high enough chance to retest this resistance. But, after breaking through the channel resistance, there is no upward impulse, which would indicate a change of trend. XAU is currently in a narrow consolidation and may soon test the 2016 support and the previously broken channel boundary. If a false break of trend resistance is formed, a sell-off phase towards 2000-1998 will begin. Resistance levels: 2020.9, 2023, 2029.4 Support levels: 2016, 2015, 2011 The price is in the 2020.9 - 2016 consolidation. A break of one of the boundaries will give temporary potential. If resistance is overcome, price will head towards 2029.4 before falling further. But, a breakout of 2016-2015 will form a phase of decline to the mentioned targets on the chart TVC:DXY COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
10
XAUUSD: Channel Down making a Lower High. Bearish.Gold is on the third bullish 1D candle in a row. That is after the Channel Down made a LL on the 1D MA100 and formed the current bullish wave. The 1D MA50 has been rejecting every breakout attempt since February 7th and is the ideal LH level. Having turned neutral on the 1D technical outlook (RSI = 48.139, MACD = -7.100, ADX = 31.092), this is the ideal level to start selling again with a max tolerance level the top of the Channel Down. The sell signal will be confirmed after the 1D RSI crosses under the MA trendling again. We are bearish targeting the S1 level and 1D MA200 (TP = 1,975). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDShort
by InvestingScope