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XAUUSD: Still bearish short term.Gold is neutral on its 1D technical outlook (RSI = 52.129, MACD = 17.800, ADX = 29.397) as since the April 30th Low it has been trading sideways in anticipation of the 1D MA50 test. The 1D RSI has been trading under its MA line for almost 1 month, which keeps the momentum bearish on the medium term, so we have to stay on this side of the trend. Our target is that potential contact with the 1D MA50 (TP = 2,270), which is marginally over the 0.382, a standard technical target for corrections. If the Channel Down breaks downwards, we will be expecting Gold to bottom near the 0.618 Fibonacci level or on the 1D MA100 if it hits that first. That will be a low risk level to start buying again for the long term. ## 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
GOLD → Consolidation continues. What's next, 2400 or 2200?FX:XAUUSD is testing the resistance of the range, the market maker is capturing liquidity around 2328 and is not ready to let the price go yet. Trading inside 2328 - 2300 continues. On Sunday we discussed the bullish trend, correction and the fifth wave that may get its start after the end of the correction. Yesterday price tried to form a confirmation of the end of the correction, but 2328 was not broken and trading in the correction phase continues. A retest of the range support is possible before a further rise to resistance. There are two risk areas that will affect the medium term: Breakout of 2328 and consolidation above the level will confirm the readiness to go up to 2382. A break of 2300 and consolidation below the level will confirm the readiness to go down to 2267 Resistance levels: 2328, 2344, 2352 Support levels: 2305, 2300, 2295 Trading within the consolidation range continues while the dollar is also standing still. At the moment it is worth considering trading inside the range, and when breaking through one or another boundary to take the principles of trading in the breakdown. Regards R. Linda!
FX:XAUUSDLong
by RLinda
15
XAUUSD. Levels for intraday trading 7.05.2024During the day you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones.Relevant to use as a location for installing TP. Levels are valid throughout the day, the date is in the title. The next morning I adjust the levels based on current data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) --------------------------------------- Levels are drawn before the European session, based on volumes and data from the CME. They are used as zones of interest for intraday trading. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level. If there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern. TV does not allow publishing timeframes smaller than M15.Reactions to levels and the search for entry points are more convenient to look at M5-M1. Don’t forget to like Rocket and Subscribe!!!
OANDA:XAUUSD
by Forex_Hoby
Fib level 2.618%, GOLD is under pressure before the FOMC meetingOANDA:XAUUSD spot faced strong selling pressure and fell to a one-week low ahead of the Federal Reserve meeting. The Conference Board's consumer confidence index fell for the third straight month in April, falling to 97.0 from a downwardly revised 103.1 in March. Pessimism prevails ahead of the Federal Reserve's monetary policy announcement scheduled for Wednesday. The central bank is expected to leave interest rates unchanged amid lingering signs of inflationary pressures. The central bank is expected to keep interest rates higher for longer and send a hawkish message. Gold investors' attention turns to FOMC and Nonfarm Payrolls The Federal Reserve will announce its monetary policy decision on Wednesday. Markets expect the Federal Reserve to keep policy rates unchanged at 5.25%-5.5%. According to the CME FedWatch tool, there is about a 91.6% chance that the Fed will choose to leave policy unchanged again in June. On Friday, the US Bureau of Labor Statistics will release the April jobs report. A sharp decline in nonfarm payrolls (NFP) growth could cause an immediate dollar sell-off . Even if the data doesn't have a very profound impact on expectations for a rate cut in June, it could still weigh on the dollar if investors favor a policy change in September. The CME FedWatch tool shows that markets are pricing in a 53.3% chance that the Fed's policy rate will be unchanged in September. On the other hand, nonfarm payrolls data is stronger than expected, especially if it goes coupled with higher wage inflation data, could increase expectations that the Fed will take no action in September and cause gold prices to fall sharply this weekend. Analysis of technical prospects for OANDA:XAUUSD Gold fell sharply in yesterday's trading session after breaking the $2,322 level and now this technical level becomes the closest current resistance. Along with that, gold is also stopping its decline when approaching the 2.618% Fibonacci extension level, and this is also the current closest support level. If gold continues to sell off breaking below the 2.618% Fibonacci extension it will likely experience further selling pressure with no chance of a recovery towards the upper channel edge and beyond the 3.618 Fibonacci level. %. Therefore, for protection levels open long positions should be installed behind the 2.618% Fibonacci extension level. On the other hand, the fact that gold still holds above the Fibonacci retracement level still "raises hope" for those who opened long positions to see a recovery to retest the level of 2,322 USD. However, currently, in the short term, gold does not have enough conditions to increase in price as price activity is in a short-term downtrend from the price channel and price activity is below EMA21. During the day, the technical outlook of gold price is noticed by the following technical levels. Support: 2,284USD Resistance: 2,300 – 2,322USD 🪙SELL XAUUSD | 2326 - 2324 ⚰️SL: 2330 ⬆️TP1: 2319 ⬆️TP2: 2314 🪙BUY XAUUSD | 2259 - 2261 ⚰️SL: 2255 ⬆️TP1: 2266 ⬆️TP2: 2271
OANDA:XAUUSD
by Xayah_trading
1
GOLD → End of correction? Up to 2380?FX:XAUUSD is strengthening after Friday's shakeout due to NFP, amid the dollar's decline. Possible retest of the liquidity area, with the aim of changing the trend. On H4 the price breaks the resistance of the wedge, formed within the corrective wave. The bulls are trying to hold above 2300, since the opening of the session the price strengthens to 2320 and makes an attempt to break the figure, which in general may mean the end of the correction. The price consolidation above 2328 will be a confirmation of the bulls' intention. In the near future the market may move to the phase of realization of the accumulated potential. Resistance levels: 2328, 2352 Support levels: 2295, 2277 Technically and fundamentally there are many preconditions for possible growth. The main task is to wait for a retest of the resistance at 2328 and further market reaction. A false breakdown and a small correction before further growth may follow Regards R. Linda!
FX:XAUUSDLong
by RLinda
7
XAUUSD This correction is far from over. What the US10Y shows.Gold (XAUUSD) completed on Friday the 2nd straight red 1W (weekly) candle for the first time since mid February. That was when the enormous 9 week rally started that only had to show 1 red week. Even though the long-term pattern is a Bullish Megaphone, the bad news for Gold is that this correction may be far from over and the US10Y (orange trend-line) makes a good case out of it. The last time Gold was trading within a Megaphone and started to decline while the US10Y was rising (negatively correlated) was after the May 01 2023 High. As you can see, that was when the yellow metal started a slow and steady decline first to the 0.382 Fibonacci retracement level (where it had its first rebound) and then just above the 0.618 Fib (where it bottomed and started the new Megaphone). Notice how despite the aggressive rise on the US10Y at the time, Gold had a steady decline. Due to having entered a new long-term Bull Cycle, we don't expect it reaching prices this low but technically a pull-back to the 0.382 Fib would be a very healthy correction of the early 2024 rally. As a result our medium-term Target is 2200. ------------------------------------------------------------------------------- ** 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 → Correction may continue ↓ before further growth ↑FX:XAUUSD continues to form the phase of correction. The price stops in the zone of 0.236 fibo, but the candlestick setup on D1 is forming multidigit. The struggle between buyers and sellers for 2285 continues. Last week was fundamentally rich, but the market reaction is weak, sellers are actively selling out any buying activity. A pre-breakdown setup is forming around 2285, and if it is not broken, the correction will extend to 2222 (2195). The signal to the continuation of the fall will be the fixing of the price below 2285. But, with active participation of buyers, which may be caused by fundamental and geopolitical reasons, the market may break the structure: Break of resistance and price consolidation above 2320-2325. This will mean the end of correction with further continuation of growth and formation of the fifth wave, the target of which could be the area of 2450-2550. Resistance levels: 2320 - 2325, 2350. Support levels: 2305, 2295, 2285 The global trend is bullish, the local trend is bearish (correction). Take this into account when trading! It is necessary to wait for price confirmation, which will mean either the continuation of the correction or its end. Only then you can take some measures to open orders in one or the other direction TVC:DXY MCX:GOLD1! COMEX:GC1! CAPITALCOM:GOLD Regards R. Linda!
FX:XAUUSDLong
by RLinda
9
Eyes on Fed, GOLD in narrow range with bearish conditionsMarket attention turns to the Federal Reserve's monetary policy decision on May 1 and upcoming nonfarm payrolls data. Data released last week showed US gross domestic product fell short of target, while the core personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, stagnated at growth of 2.8% year-on-year for the second consecutive month. Key data due for release this week include European inflation and US labor market indicators, while the Federal Reserve is scheduled to hold a two-day meeting on Tuesday and Friday. is expected to keep the basic interest rate unchanged but with a hawkish tone. The last time Federal Reserve Chairman Jerome Powell spoke, he said policymakers would likely keep borrowing costs high for longer than previously expected, citing a lack of progress in inflation falls and the labor market continues to be strong. Despite the Fed's postponement of interest rate cuts, gold prices are still up more than 13% this year and reached a record high earlier this month. The rise in precious metals prices over the past two months has been linked to central bank buying, strong demand in Asian markets, especially China, and rising geopolitical tensions from Ukraine to the Middle East. Analysis of technical prospects for OANDA:XAUUSD The current gold price range is still quite narrow and has not changed much compared to what was published in the weekly issue published on Sunday. Technical conditions remain bullish in the short term with the closest support coming from the EMA21 level and the $2,322 technical point followed by the 0.236% Fibonacci retracement level. A more negative case for gold prices can only be clearly seen when it sells off below the 0.236% Fibonacci retracement level, at which point the target level could reach the upper edge of the price channel and beyond the 0.382 Fibonacci level. % in short term. So, for open buy positions should be protected behind the 0.236% Fibonacci level. On the other hand, gold holding above the EMA21 level will be a necessary condition to continue aiming for the short-term targets of 2,345 USD and more to the level of 2,365 USD. During the day, the technical outlook for gold prices is bearish with the following notable technical levels. Support: 2,315 - 2,284USD Resistance: 2,345 - 2,365USD 🪙SELL XAUUSD | 2361 - 2359 ⚰️SL: 2365 ⬆️TP1: 2354 ⬆️TP2: 2349 🪙BUY XAUUSD | 2304 - 2306 ⚰️SL: 2300 ⬆️TP1: 2311 ⬆️TP2: 2316
OANDA:XAUUSD
by Xayah_trading
1
GOLD → Consolidation ahead of NFP. Rise to 2328 or fall to 2250?FX:XAUUSD decreases volatility, smoothly moving into a consolidation phase before the publication of NFP. The market structure is bearish and the overall fundamentals are negative. What should we wait for? Today is quite a busy news day, but all attention is focused on NFP. The gold market is locally bearish and set for further decline. Breakout of 2295 and price consolidation below this area will form a bearish potential. But on the news background anything can happen, like a shakeout to 2328 before a further fall to 2250, or an attempt to break the trend resistance.... Resistance levels: 2305, 2328, 2346 Support levels: 2295, 2280, 2267 Technically and fundamentally the market is weak and ready to conquer the lower liquidity zones, but there is news ahead. It is impossible to determine the movement in advance, but based on the general data, there is a probability to see the continuation of the decline. Regards R. Linda!
FX:XAUUSDShort
by RLinda
3
XAUUSD. Weekly trading levels 29.04.2024 - 3.05.2024During the week you can trade from these price levels. Finding the entry point into a trade is up to you, depending on your trading style and the development of the situation. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. The next morning I adjust the levels based on the new data and publish a new post. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- Levels are drawn based on volumes and data from CME. Used as areas of interest for trade. When approaching a level, a “reaction” is expected, which can be traded for both a rebound and a breakout. The worst option is if we revolve around the level in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to enter into a continuation of the movement. Until the price has drawn a reversal pattern. Don’t forget to like Rocket and Subscribe!!!
FOREXCOM:XAUUSD
by Forex_Hoby
GOLD stabilizes above EMA21 supportOANDA:XAUUSD market could see more volatility next week on news from the Federal Reserve and is expected to signal that it will not be ready to cut interest rates in June. Although expectations of loosening policy by the US Federal Reserve are fading, gold prices have also increased about 17% since February this year. Gold's strong performance is linked to central bank buying, and volatile geopolitical tensions. New inflation data reinforces the view that high interest rates are here to stay for now. The Fed's preferred gauge of core inflation, U.S. PCE data rose 0.3% in March and rose 2.8% year-on-year, unchanged from the previous month. Figures from the beginning of this year were also adjusted slightly upward. Worrying inflation data for three straight months suggests progress towards the central bank's 2% target has stalled and suggests the first round of interest rate cuts will continue to be delayed. Investors are expecting one or two rate cuts this year starting in November, but concerns are growing that the Fed may not reduce borrowing costs by 2024. Fed policy decisions and US nonfarm data will be the macro focus next week Next Friday, the U.S. Bureau of Labor Statistics will release its April jobs report. If U.S. nonfarm payroll growth slows significantly to below 200,000, that could trigger a sell off the US Dollar and cause an immediate positive reaction to gold prices. If nonfarm payroll growth is stronger than expected, especially if wage inflation data is hot, that could increase market expectations that the Fed will not act in September and put gold on the back foot. under pressure to reduce prices. Even if the data does not have a significant impact on expectations for a June rate cut, it could still weigh on the dollar if investors favor a policy change in September. The Chicago Mercantile Exchange's FedWatch tool shows that the market expects the probability of the Fed keeping policy rates unchanged in September to be 42.6%. Investors should also pay attention to other data including US ADP and the Fed's Monetary Policy Decision due on Wednesday, and Jobless Claims on Thursday. Economic data to watch next week Tuesday: US consumer confidence index Wednesday: ADP nonfarm payrolls, ISM manufacturing PMI, JOLTS vacancies, Fed monetary policy decision Thursday: Weekly unemployment claims Friday: Nonfarm Payrolls (NDP), ISM Services PMI, US April Unemployment Rate Analysis of technical prospects for OANDA:XAUUSD Gold has recovered after a period of sudden correction, taking support from the EMA21 level and the 0.236% Fibonacci retracement. Note to readers in last week's weekly issue and currently gold is also active at The position is quite positive, above the EMA21 and above the technical level of 2,322USD. Maintaining activity above the EMA21 level opens up the possibility of gold continuing to recover with last week's target at $2,365 still not achieved. Currently, the gold price still has all the technical conditions for a possible increase in price with main support at EMA21 and the 0.236% Fibonacci retracement level. However, gold will also face the possibility of further declines once it breaks below the 0.236% Fibonacci level, the downside target level could then reach the upper edge of the price channel, more than the 0.382% Fibonacci retracement level. Therefore, if long, open long positions should be protected behind the 0.236% Fibonacci level. Gold has a technical outlook that favors the possibility of an increase in gold prices. The technical levels will be noted and listed as follows. Support: 2,322 – 2,310 – 2,300 – 2,284USD Resistance: 2,345 – 2,365USD 🪙SELL XAUUSD | 2361 - 2359 ⚰️SL: 2365 ⬆️TP1: 2354 ⬆️TP2: 2349 🪙BUY XAUUSD | 2304 - 2306 ⚰️SL: 2300 ⬆️TP1: 2311 ⬆️TP2: 2316
OANDA:XAUUSD
by Xayah_trading
GOLD → The bears are selling off all the growth. 2250 ahead?FX:XAUUSD is forming a range of 2328 - 2295. The market sold off all the excitement formed on the background of Powell's comments yesterday. A bearish market structure is forming on D1. The area of 2328 is keeping the price down and plays the role of a strong key resistance. The bears (sellers) are quite strong and continue to gain momentum. The price is testing the range support. There is a possibility of support breakout with the subsequent decline, but for this there should be either technical or fundamental reasons. There may be a pullback before the news. Ahead of Initial Jobless Claims, traders are waiting for a negative scenario against the dollar, if the data is below 212K, the gold may continue its decline, if the IJC is above 212K, the gold will head towards 2328. Resistance levels: 2305, 2328 Support levels: 2295, 2280, 2267 The market is bearish, the correction is ongoing and gaining momentum. The market maker aims to go down to liquidity zones. But ahead of Initial Jobless Claims and tomorrow NonFarm Payrolls. Regards R. Linda!
FX:XAUUSDShort
by RLinda
2
GDP and PCE will be two important data for GOLD price trendsThe US Dollar Index is entering accumulation and recovering after 2 days of decline, making gold priced in US Dollars less attractive thanks to direct correlation. The near-term appeal of the precious metal remains weak as tensions in the Middle East ease and safe-haven demand weakens. The gold market has been less affected by the escalating conflict in the Middle East as developments have cooled down. What the market is interested in as well as the current trading question is whether this correction in gold prices will create a long-term downtrend, or simply a short-term decline. Directions and clues about the answer keep the market focused on the Fed and economic data. If inflation data continues to show stubborn, hot inflation could push the Fed to keep interest rates high for longer. Originally, the interest rate cut time had been pushed back by the market to September, previously expected to be June. This is not beneficial for gold, an asset that does not yield any yield. First-quarter GDP and core inflation will provide additional data on when the Federal Reserve will begin cutting interest rates. US gross domestic product (GDP) data will be released on (today) Thursday and the personal consumption expenditures (PCE) report will be released on Friday. US core PCE inflation, the Fed's preferred inflation measure, is expected to rise at a solid 0.3%, with the annual index falling to 2.6% from 2.8% in the month Two. Gold prices could face a sharp sell-off if core inflation data comes in higher than expected. Currently, traders expect the Fed to cut interest rates starting at its September meeting. Further signs of sustained price pressure will allow the Fed to maintain its stance of keeping interest rates on hold. at current levels over the long term. Theoretically, this scenario bodes well for the US dollar and US bond yields, while reducing the appeal of non-yielding gold. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is still struggling to maintain activity above the EMA21 level, and despite the recovery from the 2,310 – 2,300 – 2,284 USD support levels presented to readers in previous issues, the The recovery levels were quickly defeated and entered a state of accumulation. Temporarily, the market has not shown any signs of sudden changes to open a new trend structure, while technical conditions are still supporting the possibility of price increases with support from EMA21 and Fibonacci retracement 0.236. % as key support levels. If gold holds above $2,322 it will be a positive and the target level is then aimed at $2,334, more so than $2,365. On the other hand, a further bearish cycle will be unleashed once gold sells off below the 0.236% Fibonacci retracement level, so protection levels for open long positions should be protected below the 0.236% Fibonacci level. %. During the day, the technical outlook for gold prices remains supportive of upside with notable technical levels listed below. Support: 2,310 – 2,300 – 2,284USD Resistance: 2,322 – 2,334 – 2,365USD 🪙SELL XAUUSD | 2342 - 2340 ⚰️SL: 2346 ⬆️TP1: 2335 ⬆️TP2: 2330 🪙BUY XAUUSD | 2267 - 2269 ⚰️SL: 2263 ⬆️TP1: 2274 ⬆️TP2: 2279
OANDA:XAUUSD
by Xayah_trading
3
The Fed's favorite inflation gauge, GOLD trend conditionsUS GDP data for the first quarter of 2024 was lower than expected, increasing speculation that the Federal Reserve may reduce borrowing costs. However, inflation has risen sharply over the same period, which will delay the Fed's interest rate cuts. The U.S. Bureau of Economic Analysis reported on Thursday that U.S. gross domestic product (GDP) grew 1.6% year-on-year in the first quarter on a seasonally adjusted basis, below forecasts. 2.4% growth by economists surveyed by Dow Jones. GDP growth in the fourth quarter of last year was adjusted from 3.4% to 3.9%. Other data showed that the initial value of the US core PCE price index in the first quarter after seasonal adjustment was 3.7%, the estimate was 3.4% and the previous value was 2 .0%. The geopolitical situation also supports gold prices. The Israel Public Broadcasting Corporation reported on April 25 that Israeli Prime Minister Benjamin Netanyahu approved a plan to conduct ground operations in the city of Rafah in the southern Gaza Strip. In addition, after a two-week lull, Houthi forces launched attacks on US cargo ships and naval vessels. -According to Zerohedg- For gold, this price gain comes after a nearly 3% drop this week as markets downgraded assessments of rising tensions in the Middle East. Fed officials last week including Chairman Jerome Powell agreed, saying: "Recent data shows no further progress in inflation this year." Currently, as tensions in the Middle East gradually ease, safe-haven demand for gold remains weak in the short term. Looking ahead, the market will focus on March's core personal consumption expenditures (PCE) price index data, which will guide the next move of gold prices. If PCE inflation is higher than expected, it will signal pressure on gold prices and it is possible that gold will continue to sell off, while if PCE inflation continues to shrink, lower will be an important support for gold. with gold prices because it helps the case of the Fed cutting interest rates soon become more open. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold continues to recover from the key support area that readers noticed throughout recent publications with key support from the EMA21 and the 0.236% Fibonacci retracement level. The 2,310 – 2,300 – 2,284 USD support levels produced bullish corrections and currently the price action position is also more positive for gold prices with price activity above EMA21 and the 2,322 USD technical point. However, for gold to continue to rise further it needs to break the $2,334 technical level to operate above this level and then target around $2,365, which is also the target bullish recovery level. weekly attention in weekly issue publication. Gold can only become more negative if it breaks below the 0.236% Fibonacci level, the downside could then reach the upper channel edge and more to the 0.382% Fibonacci level, so open long positions should be protection behind the 0.236% Fibonacci level and if this level is broken it means losing ground to buy. During the day, the technical outlook for gold prices is still tilted towards the possibility of price increases with the following technical levels being noticed again. Support: 2,310 – 2,300 – 2,284USD Resistance: 2,334 – 2,365USD 🪙SELL XAUUSD | 2349 - 2347 ⚰️SL: 2353 ⬆️TP1: 2342 ⬆️TP2: 2337 🪙BUY XAUUSD | 2299 - 2301 ⚰️SL: 2295 ⬆️TP1: 2306 ⬆️TP2: 2311
OANDA:XAUUSD
by Xayah_trading
2
GOLD → The price continues to decline. Is it 2250?FX:XAUUSD continues to decline and test new local lows. The fundamental background is negative and the decline may continue. Important events are ahead, everyone is waiting for Powell's speech. Bears finally hold the area of strong liquidity 2328, which only intensifies the price decline. At the moment the market is testing 2280. Today is a busy news day. Traders are highly likely to expect Powell to leave the interest rate unchanged today and may even change his tone to a more aggressive one, amid high inflation. This could strengthen the dollar, which would only exacerbate the fall in the gold price, which is already looking towards liquidity zones below 2267. Resistance levels: 2295, 2305 Support levels: 2267, 2250, 2228 The market is starting to put possible negative news into pricing. The fall may continue. But on the background of news the price is able to test the nearest resistance zones before further bearish impulse. Regards R. Linda!
FX:XAUUSDShort
by RLinda
13
GOLD → Correction continues, possible target 2250FX:XAUUSD continues to decline within the framework of corrective movement. Sellers are providing strong resistance and at the moment are not ready to let the price go above the key zones. GOLD → The bulls continue to fight back. Consolidation Earlier gold showed signs of strengthening, which in general the market evaluated positively and was ready to wait for the achievement of high targets, but as I said earlier it is not worth waiting for growth now. The market is interested in reaching the lower liquidity zones as well as in liquidation of traders in order to balance the market. On the background of consolidating dollar the price of gold is decreasing. The market is waiting for Powell's speech, who will give comments on interest rates. Traders lay in the situation the fact that Powell may give a tough comment on the current situation and leave the rate at the same level. Support levels: 2305, 2267 Resistance levels: 2328, 2344 Technically the correction continues. This correction is formed on the basis of both fundamental and technical reasons. This week is quite busy and it is worth paying attention to the news, which can determine the medium-term perspective. Regards R. Linda!
FX:XAUUSDShort
by RLinda
5
Stock market weakness affects goldGold retreated over $100 from its all-time highs established earlier this month. Interestingly, this move down follows a pullback of similar magnitude in the U.S. stock market, which we have repeatedly referred to as a threat to gold’s spectacular performance; one minor detail to point out here is that this time around, gold seems to be falling in reaction to what has been happening in the stock market, unlike in previous corrections throughout 2023 and 2024, when gold either preceded weakness in stocks or did not react to it. But now, the stock market appears to be at a critical point of either breaking down or staging a recovery, with many big names reporting their earnings this week, which can help to achieve one of these objectives. If corporate results do not meet investors’ expectations and, by any chance, there are significant downgrades to future guidance along with announcements of new layoffs, then it is unlikely the situation will calm investors’ nerves and lead to recovery. Contrarily, it is more likely to produce more fear among market participants, which could inadvertently lead to more selling in the stock market, accompanied by weakness in gold. Illustration 1.01 Illustration 1.01 shows the daily graph of XAUUSD and simple support/resistance levels derived from past peaks and troughs. The area between $2,000 and $2,075 acts as an important base in the case of a strong stock market selloff. Illustration 1.02 Illustration 1.02 depicts XAUUSD’s RSI on the weekly timeframe. The yellow arrow indicates a bearish crossover, a worrisome sign for gold. The same crossover can also be observed on the daily chart; besides that, Stochastic and MACD also reversed to the downside. Technical analysis gauge Daily time frame = Bearish Weekly time frame = Bullish (stalling with bearish signs) *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 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
2
XAUUSD Failed to reclaim the 4H MA50. Strong decline ahead.We expand on our April 15 idea (see chart below) on Gold (XAUUSD), where we discussed the 'necessity' for a medium-term technical pull-back based on its 5-year Cycles: As you can see that correction happened and the new Bearish Leg of the long-term Bullish Megaphone is well underway. The price got rejected both yesterday and on Friday on the 4H MA50 (blue trend-line), while forming the first 4H MA50/100 Bearish Cross since February 13 2024. We expect the 4H MA200 (orange trend-line) to be tested shortly but the correction shouldn't stop there. It will either take the long way within the dashed Channel Down towards 2200 or hit that level earlier within the more aggressive blue Channel Down that will seek the dashed bold Higher Lows trend-line. Either way, our medium-term Target is 2200. ------------------------------------------------------------------------------- ** 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
3
GOLD → The bulls continue to fight back. Consolidation FX:XAUUSD is in consolidation after the beginning of correction on the background of profit-taking and also strong sell-offs. Technically, the price does not show hints to leave the descending channel in one direction or another, but there are preconditions that indicate that the gold may strengthen to the resistance of the correction channel before further falling. The fall may resume amid the beginning of the strengthening of the dollar index. Within the range and channel, it is worth using the range trading strategy and false breakout or bounce principles. Resistance levels: 2344, 2365 Support levels: 2328, 2305 The bulls are resisting within the correction, this may strengthen the price to 2350-2360, but in general the correction and price decline may continue as the market is still in a huge imbalance and the price still has not reached the key liquidity areas. Regards R. Linda!
FX:XAUUSDShort
by RLinda
11
GOLD recovers from key support areaOANDA:XAUUSD stabilized after hitting a more than two-week low as concerns about escalating tensions in the Middle East subsided, while investors await key economic data to further clarify the timing of US interest rate cuts. America. Israel stepped up its attacks on the Gaza Strip, its worst shelling in weeks, but fears of a wider conflict eased after Iran said last week it had no plans to retaliate for the attack. apparent Israeli drone strike, financial markets showed signs of increased risk appetite and sold off safe-haven assets. Markets are also paying attention to signals from the United States, with US inflation data and a Federal Reserve statement suggesting that there may not be an interest rate cut in June. Recent comments from Fed officials suggest there is no need to cut interest rates immediately, reducing the appeal of zero-coupon gold. Markets now expect the Fed's first rate cut will most likely come in September. Markets will closely monitor US GDP data on Thursday and personal consumption expenditures (PCE) data on Friday for further insight into the US economy and timing. In previous trading, the S&P Global PMI was weaker than expected, fueling speculation that the Federal Reserve could cut interest rates. This month, the manufacturing PMI index fell from 51.9 to 49.9. On the other hand, both the services and composite numbers fell to 50.9 from 51.7 and 52.1. According to the US Department of Commerce, other data for new home sales increased the most in six months, as building permits remained at a narrow level despite an upward revision of -3.7%. from -4.3%. The data helps gold prices recover but in general PMI data is not a data that can be used to guide the market so it will only work in the short term. Analysis of technical prospects for OANDA:XAUUSD After gold fell sharply and gained support from an important technical area for a medium-term uptrend sent to readers throughout the publication at the 0.236% Fibonacci retracement level and EMA21, it had the most recovery. stable and currently trying to hold above the $2,322 level. $2,322 is also a key technical level and if gold holds above it will likely continue to recover towards another key technical level of $2,365. Currently, technically speaking, gold still has all positive conditions with a medium-term trend from EMA21 and a long-term trend from the price channel. Meanwhile, the negative (bearish) case could widen further if the 0.236% Fibonacci retracement level is broken below and the target level then targets the upper edge of the price channel and beyond the 0.382% Fibonacci retracement level. . This means the protection levels for open long positions should be placed just behind the 0.236% Fibonacci level. During the day, the technical outlook for gold prices remains bullish with notable technical levels listed below. Support: 2,310 – 2,300 – 2,284USD Resistance: 2,334 – 2,365USD
OANDA:XAUUSD
by Xayah_trading
Middle East has few new points, GOLD adjustsDuring the Asian session on Monday (April 22), spot gold had a gap and opened lower, falling to a low of $2,370/ounce as of press time. Gold is mainly under pressure because tensions around Israel and Iran appear to have cooled, which has eased risk aversion, thus putting pressure on gold prices. On April 19 local time, Israeli Army Radio said Israeli security officials confirmed that Israel had launched an attack on Iran. Iranian state television on April 19 confirmed that an air defense system specifically designed to intercept drones east of Isfahan, Iran, intercepted three small drones that day. According to local military officials in Isfahan, this interception did not cause any casualties or damage. A senior Iranian official told Reuters on January 19 that reports of Israeli attacks on targets in Iran had not yet been confirmed and that Iran had no immediate plans to retaliate against Israel. According to the report, the above mentioned senior Iranian officials also expressed doubts about whether Israel was responsible. Iran: “Foreign sources about the incident have not yet been confirmed. We have not suffered any external attacks and discussions on this issue are more about infiltration than attack.” According to Reuters, Israeli leaders and the military remained silent. Iranian media's reaction to the attack was also silent. There are no new points in the development of geopolitical conflicts, all attacks are just in the media "literally called gangsters". There are no new points and no risk of escalation. Gold will be under selling pressure because it is considered a safe haven asset during market periods with many risks and especially geopolitical risks. On Thursday, the US Bureau of Economic Analysis (BEA) will release first-quarter gross domestic product (GDP) data. If US GDP data is stronger than expected, the US dollar could hold its ground and put pressure on gold. Surveys show that the initial quarterly real GDP rate in the United States in the first quarter is expected to increase 2.1%. According to CME Group's "FedWatch" tool, there is a less than 20% chance that the Fed will cut its policy rate by 25 basis points in June. On Friday, the US will release data on the personal consumption expenditures (PCE) price index for March, the Fed's preferred measure of inflation. The core U.S. PCE price index in March is expected to rise at an annual rate of 2.6%, compared with a 2.5% gain in February. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold dropped significantly this morning, it again received support from the technical level of $2,365. Note to readers in the previous issue and was limited by this level. . Temporarily, gold still has enough conditions to increase in price technically as the short-term uptrend remains stable with the price channel and support level at the technical point of 2,365 USD. Maintaining above 2,365 USD gives gold the ability to retest the 1% Fibonacci level at 2,382 USD. However, a break below $2,365 would open the door for a broader bearish correction with the target level then likely to be the 0.786% Fibonacci extension. Support: 2,336USD Resistance: 2,358 – 2,382 – 2,400 – 2,417 – 2,431USD 🪙SELL XAUUSD | 2414 - 2412 ⚰️SL: 2418 ⬆️TP1: 2407 ⬆️TP2: 2402 🪙BUY XAUUSD | 2335 - 2337 ⚰️SL: 2331 ⬆️TP1: 2342 ⬆️TP2: 2347
OANDA:XAUUSD
by Xayah_trading
Risks cool down, GOLD is sold off to a critical pointOANDA:XAUUSD have fallen sharply from recent highs due to the impact of reduced geopolitical risks and a stronger US Dollar. Federal Reserve officials, including Chairman Powell, have maintained a hawkish stance on interest rates, which has weighed on gold prices. Sentiment has changed as expectations for a Fed rate cut were revised to a potentially longer than previously expected June date. Iran downplayed the retaliatory Israeli drone strike on April 19, which was previously seen as an escalation of the conflict. Federal Reserve officials have made hawkish comments recently. Federal Reserve Chairman Jerome Powell said a lack of progress in fighting inflation is the reason interest rates must stay high for longer. Chicago Fed President Goolsby also agreed with Powell. Goolsby said progress on disinflation had "stalled". Notably, Goolsby is one of the most dovish members of the Federal Open Market Committee (FOMC). Investors now await the US personal consumption expenditures (PCE) report on Friday for further direction on the outlook for US interest rate cuts. In fact, in recent times, gold has been deeply affected by major and sudden events. The media war in the Middle East has caused gold to increase sharply followed by news that suddenly cooled the conflict. Sticking to a rigid trend is a mistake that takes a lot of time to correct. There are some people who have won by following the market risk and making purchases and then receiving certain profits. But when the risk suddenly disappears, not reacting in time or knowing but not accepting the change is a huge mistake that brings heavy losses. Analysis of technical prospects for OANDA:XAUUSD Gold has broken out of a short-term downtrend after breaking below the $2,365 level noted in the weekly edition and is now trading at a very important support area for the uptrend. medium term while maintaining price activity above EMA21. Meanwhile, if the 0.236% Fibonacci retracement level continues to be broken below gold will continue to be at risk of further declines with the target level then at the upper edge of the price channel and more than the 0.328% Fibonacci level. This means if open long positions are taken they need to be protected behind the 0.236% Fibonacci level. During the day, gold is expected to recover slightly but is not yet qualified for a strong price increase with notable technical levels as follows. Support: 2,284USD Resistance: 2,325 – 2,305USD 🪙SELL XAUUSD | 2364 - 2362 ⚰️SL: 2368 ⬆️TP1: 2357 ⬆️TP2: 2352 🪙BUY XAUUSD | 2282 - 2284 ⚰️SL: 2279 ⬆️TP1: 2289 ⬆️TP2: 2294
OANDA:XAUUSD
by Xayah_trading