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GOLD Breakout Imminent? Key Levels & Patterns to Watch Now!Technical Breakdown of XAUUSD Overview The chart depicts the price movement of Gold Spot (XAUUSD) against the US Dollar on the 1-hour timeframe, highlighting key technical patterns and support/resistance levels. The analysis aims to provide insights into potential price actions based on historical movements and current market conditions. Key Patterns and Levels Descending Channel: The price has been moving within a descending channel, characterized by lower highs (LH) and lower lows (LL). The channel is defined by two parallel trendlines (in white) that indicate a downtrend. The descending channel suggests bearish momentum as the price continues to make lower highs and lower lows. Support/Resistance Levels: Support/Resistance Inside Channel: A notable level within the channel where the price has repeatedly found support or resistance, marked by dashed horizontal lines. 4HR LQZ (Liquidity Zones): Two critical liquidity zones at 2447.5 and 2432.4, acting as major support and resistance levels. These zones are crucial as they represent areas where significant buying or selling activity has occurred. Highs and Lows: Higher High (HH): The highest point reached before the price entered the descending channel, indicating a peak in bullish momentum. Lower High (LH): The lower high within the descending channel, showing the continuation of the bearish trend. Daily Bull Flag: The price is approaching the upper boundary of a daily bull flag pattern (marked in yellow), suggesting a potential bullish breakout if the price can sustain above this level. Current Market Conditions: Support/Resistance Retest: The price recently tested the resistance level at 2474.9 within the 4HR LQZ and pulled back slightly, indicating the presence of sellers at this level. Potential Breakout: The price is attempting to break above the descending channel and the 4HR LQZ, which could signal a reversal of the downtrend if confirmed by sustained buying pressure. Additional Insights: Dollar Interaction: The inset chart shows the US Dollar index coming into a support/resistance level within its own channel, providing additional context to the gold movement. Market Sentiment: The overall market sentiment and external factors such as economic data releases and geopolitical events can also influence the price movement of gold. Conclusion: The XAUUSD is currently at a critical juncture, testing key resistance levels within a descending channel. A successful breakout above the 4HR LQZ and the descending channel could signal a bullish reversal, while failure to break these levels may result in continued bearish pressure.
OANDA:XAUUSDShort
by Adlercon333
GOLD Begins Downtrend Amid Fed Rate Cut SpeculationsGold prices have initiated a downside movement during the early European session on Monday. Market participants appear convinced that the Federal Reserve (Fed) will start cutting interest rates in September, which is seen as a potential tailwind for the non-yielding yellow metal. Our analysis indicates that the price is currently within a supply area, showing a rebound on the daily timeframe. Commercial traders remain bearish on gold, while retail traders are holding bullish positions. Despite not having all the confirmations, we anticipate a possible drop in gold prices towards the previous demand area. The prevailing market sentiment suggests a potential for gold to continue its downward trajectory. Moreover, the markets are also factoring in the possibility that the Fed will lower borrowing costs again in December. This expectation is preventing the US Dollar (USD) from capitalizing on its modest recovery from a three-month low, adding another layer of support for the USD-denominated gold price. Typically, lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, thereby boosting its appeal. As the Fed's monetary policy outlook continues to evolve, the anticipation of rate cuts is likely to influence gold prices further. The interplay between commercial and retail traders' positions, along with broader market dynamics, will play a crucial role in shaping the future price movements of gold. In conclusion, with the early signs of a downtrend in gold prices and the market's conviction about impending Fed rate cuts, we are poised to see continued volatility. The current supply area and the bearish sentiment among commercial traders support the case for a potential decline towards the previous demand area. Investors should closely monitor these developments to make informed decisions in the gold market. ✅ Please share your thoughts about GOLD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
COMEX:GC1!Short
by FOREXN1
4
XAUUSD: Turning bearish if the 1D MA50 breaks.Gold (XAUUSD) stopped its 10 day pullback yesterday on the 1D MA50, which is the level where the short term Channel Up priced the previous HL on December 13th. The 1D timeframe is technically neutral (RSI = 47.836, MACD = 6.750, ADX = 32.595). If the 1D MA50 is crossed though, the trend will turn bearish in a way comparable to the May 17th 2023 bearish crossing. This was the bearish extension after the one year Channel Up peaked on a HH and declined all the way to the 1D MA200 and under. We expect a similar course to be followed, so if the price crosses under the 1D MA50, we will go short on the long term with one target on the 1D MA200 and the S2 level (TP1 = 1,972.50) and a second on the S3 level (TP2 = 1,928.10). Notice that a 1D RSI Bearish Divergence has preceeded the May 4th peak. We can see a similar pattern since October 27th. See how our prior idea has worked: ## 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
XAUUSD: Excellent opportunity to buy the dip this week.Gold is on a fierce rally since the October 6th bottom that has turned the 1D technical outlook overbought (RSI = 71.518, MACD = 17.530, ADX = 38.679). The price crossed over the Fibonacci 0.618 level but Friday's 1D candle closed downwards leaving a big wick above (but still closed green). We may see a Triangle consolidation much like March 20th-April 3rd before a higher price, allowing the 1D RSI to drop under 60.000 again the the 1D MA50 to approach within supporting distance. Technically, the whole pattern since September 20th-now, is indentical with February 2nd-March 20th, as their highs and lows are on symmetric levels. Consequently, this week's pullback can be an excellent opportunity to buy the dip and target the candle body high of May 4th, the All Time High (TP = 2,050). See how well our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSD
by InvestingScope
XAUUSD: Monday opening its a buy.Gold is oversold on the 1D timeframe (RSI = 25.484, MACD = -12.310, ADX = 33.367), the RSI hasn't been that low since July 2022. This is the selling leg from the top of the Channel Down after t brutal 1D Death Cross (the first in more than a year). The standard selling sequence is around -5%. We expect a rebound (short term) to the former LL trendline (TP = 1,875). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDLong
by InvestingScope
4
XAUUSD: Huge Inverse Head and Shoulders calling for rebound.Gold crossed and will most likely close the day under the 1D MA50 turning the 1D timeframe marginally bearish (RSI = 44.910, MACD = 1.190, ADX = 25.617). The strongest Support level is the 1D MA200, which right now is trading exactly on S1 (1,893). We have however a bullish pattern close to completion as the price may be forming the RS of a huge Inverse Head and Shoulders pattern. This technical pattern is associated with long term bottoms and bullish trend reversals. The price is now on the 0.236 Fibonacci level from the market high. The longer it stays there, the more likely it is to hold it as the neckline's Support and complete the Inverse Head and Shoulders. A 1D candle close over R1 (1,987.50) will target the 0.786 Fibonacci and that is our long position's target (TP = 2,040). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDLong
by InvestingScope
8
RLinda ! GOLD-> Price is headed for support. What's next? Gold continues to form a correction. After a strong and confident growth, the price moves into a consolidation phase. From the resistance of 1807, the price is heading towards the support of 1765. There is a strong support zone on the chart (includes the support level, the lower boundary of the price channel, the lower boundary of consolidation). Price meets resistance in the form of MA-50, which is a signal of a possible price decline. I assume that the price may reach the support in the near future, and it is worth paying attention to the price reaction to this zone. After that I will look for a set-up to open long positions. Short-term target - resistance of the range of 1807 Trend target - resistance of the 1858 range. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
26
RLinda ! GOLD-> Gold is strengthening. Can the bulls lose? The dollar traded lower Monday after Friday's reaction to U.S. nonfarm payrolls data (NFP) led markets to speculate that the Federal Reserve would be less aggressive. (Chart 1. Correlation between the performance of the dollar index, 10-year government bonds and the price of gold) The U.S. dollar index is down 0.4% The price of 10-year government bonds is in a range. The price is up 1% since the opening of the session Gold price is up 0.48% since opening Gold prices have been down since the opening session on Monday, but from the 1666 point the price is forming a bullish momentum that is breaking through local resistance again. Gold is strengthening on the local drop in the dollar. Investors will now focus on U.S. inflation data due out later this week. The data will likely shed light on the Fed's decision to raise rates at the upcoming December meeting. (Chart 2 shows market sentiment as price gains support from MA-50) U.S. inflation data could make or break gold. While the markets are currently in favor of a 50 basis point rate hike, hot inflation data will likely increase the odds of a 75 basis point rate hike and cause the dollar to rise and gold to fall On the physical front, the World Gold Council said in a note Friday that stable local gold prices, a weak yuan and economic uncertainty supported gold sales in regions such as Beijing and Shanghai in October. (Chart 3: The 15-minute chart indicates a bullish mood. Local trend, prices above trending MA-50 and MA-500, quick buyback of metal after falling from the opening session) On Monday, gold prices declined and retreated from a three-week high from the previous session as the U.S. dollar rebounded. Higher interest rates are increasing the opportunity cost of holding gold, which is currently not generating income. The issue of the hedging instrument is increasingly being questioned (Chart 4 demonstrates the bullish manifestation in the arena) The local chart shows in terms of technical analysis the price transition into the long zone after the breakdown of the 1673 level on the retest. The price forms a bullish momentum to 1680 and a pullback back to the previously broken zone is possible. The bulls are trying to hold their positions and in case of positive circumstances, we might see the price strengthening towards 1700 But if the price goes back to the short zone against the resistance at 1673, you might see a drop towards 1642 Regards R.Linda!
OANDA:XAUUSDShort
by RLinda
28
RLinda ! GOLD-> False resistance breakdown. What next?GOLD: The price made a false breakout of the resistance level 1720, which I had indicated earlier. You can see on the chart that after the false-break, the price formed a consolidation under the level - which is an adequate entry point. The global trend is descending, also, the price is traded in the price channel and earlier, when the price did not reach an important support level, we saw the reversal of the price and formation of a technical pullback. I assume that if the resistance level of 1720 is strong enough and the price does not break-through, the fall in the trend is likely to continue. On the chart I have marked two nearest targets: Short term - support at 1698 and medium term - 1681. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
24
GC1! Gold 2021 Dec 05 Week GC1! Gold 2021 Dec 05 Week Market traded in a $20 range last week, quite an average trading week for Gold. After the ultra high volume wide range bar a, we do not see any follow through in strength. Trade will be guided by the trend channel. Price having exited the uptrend line, will this indicate oversold? or if price is rejected by the uptrend channel line, then we can see short opportunity Market is in extended rotation, there's possibility of market testing 1718 / 1678 Weekly: Average volume down bar closing slightly below 50% of bar spread and almost level with previous bar. Weekly channel showing oversold, we may see temporary strength returning Daily: Low volume up bar closing off high = weakness H4: Very high volume up bar followed by upthrust bar = Selling is present Short on Test and Reject | Long on Test and Accept 1920 1966 1879 1845 1816 1784 1771 1718 1678 Remember to follow and like if you find this useful. Have a profitable week ahead. GC1!
COMEX:GC1!
by paradox677
XAUUSD GC1! GOLD 2021 Aug 30 Week GC1! OANDA:XAUUSD GC1! XAUUSD GOLD 2021 Aug 23 Week Last week we talked about trend emerging. Price broke out of channel, long opportunities on retests on 25 and 26 Aug. Market usually returns to test the previous zones, so it is fine to miss a trade, WAIT and it will come to you. Weekly: Wide spread up bar closing on high on healthy volume Daily: Wide spread up bar closing on high, approaching supply region 1819 H4 = Absorption UHV bar. Strategy as usual are entry on price reaction to red/green levels 1) Long when price test previous levels 2) Short when price rejected at previous high 1820 Have a good trading week ahead. Like and follow if you find this helpful.
COMEX:GC1!
by paradox677
GOLD is valid for entry in ! Hello, after gold was at the top and gradually declined, as shown in the analysis, with low and tilted resistance until its price reached 1873 It rose secondly, trying to break the green resistance, but did not break it and settled into a resistance in the form of a rectangle, who tried secondly to break the green resistance and was unable and quickly fell and was unable to break the black resistance and returned to its stability in the resistance in the form of a rectangle Gold is now stable and has many resistances if it rises and the first place it can be valid for purchase is when the green resistance is broken in a large size. Note: If the black resistance is broken, gold will decline more and more Bonjour, après que l'or ait été au sommet et a progressivement diminué, comme le montre l'analyse, avec une résistance faible et inclinée jusqu'à ce que son prix atteigne 1873 Il a augmenté deuxièmement, essayant de briser la résistance verte, mais ne l'a pas cassée et s'est installé dans une résistance sous la forme d'un rectangle, qui a essayé deuxièmement de briser la résistance verte et a été incapable et est rapidement tombé et a été incapable de briser la résistance noire. et retrouvé sa stabilité dans la résistance sous la forme d'un rectangle L'or est maintenant stable et a de nombreuses résistances s'il monte et le premier endroit où il peut être valable à l'achat est lorsque la résistance verte est cassée dans une grande taille. Remarque: si la résistance noire est cassée, l'or diminuera de plus en plus
COMEX:GC1!Long
by ELHABARSAAD
Gold is valid for entry Hello, gold is now in the fierce resistance shown in the analysis in green, but I notice that this is a good opportunity to buy although the resistance is difficult, but when the first green resistance is broken, we can buy with comfort and when the yellow resistance is broken it will be a good profit for us and we wait for a break Orange resistance to take profit Bonjour, l'or est maintenant dans la résistance féroce montrée dans l'analyse en vert, mais je remarque que c'est une bonne opportunité d'acheter bien que la résistance soit difficile, mais quand la première résistance verte est cassée, on peut acheter avec confort et quand le la résistance jaune est cassée ce sera un bon profit pour nous et nous attendons une pause La résistance orange pour prendre du profit
COMEX:GC1!Long
by ELHABARSAAD
GC AnalysisHello traders, After having a period in equilibrium, The Gold Future is taking an increasing trend. GC could break that zone of equilibrium above it, and therefore it takes that upward trend. But as I said in my long term analysis of GC we need an important volume that could push the GC price over that maximum price of 18/05/2020, we should wait for those volumes, in case we’re looking for long term investment. PS: A down break of the trend support could change the current increasing evolution.
COMEX:GC1!
by oualidskh
GC signs of a trend changeWith an increasing trend since 18 June, now we have signs of a decreasing one. With the high level of volume, GC will go down. This prediction is for an intraday trading. It seems that each GC is trying to break the previous zone of GC it goes back to it. If we take a look at GC in daily, we will find that the volumes are stable since April, so to go out of this zone, we need a higher level of volume. PS: If it goes down and break the current trend support, it ùeans we have a deep decreasing new trend The advice about GC : It's time to sell now and take profit.
COMEX:GC1!Short
by oualidskh