During 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...
During 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,...
In the chart below I am making the case that we are in the 3 of (3) of wave and that means the downtrend should accelerate any moment and go straight down without much bounce. All the bouncing was presumably done during the last week on the CPI news. The channel provided for indicative purposes. Its recline will to be set by wave bottom.
Gold price is higher above $1970 during early New York trading session ahead of the Fed. Fed Powell’s speech will be crucial for gold buyers as 0.25% rate hike priced in. XAUUSD tested 1950 support and bounced yesterday which opened the path to $1970. However, a supply zone from May, around $1983 - 1987, appears a tough nut to crack for the XAUUSD bulls. We will...
In the chart above, I highlighted the preferred scenario now in Gold and Silver - flat. Since wave is a clear double zigzag and because Silver invalidated a symmetrical triangle, I would discount the probability of such a triangle in Gold as well. That leaves me with ABC flat, or the whole thing is something else. However, even one scenario with ABC flat...
XAUUSD is currently trading above 1930 as the US Dollar is under pressure. The support is found near $1923 is providing a cushion to the gold bulls. A break above $1940 will open a path to next resistance $1950. We are looking to buy gold after a pullback with first target $1940 and second target $1950.
In the previous week's update, I highlighted enough certainty to go long because of the ending diagonal (C) of in the chart below. We spent the entire week creating the opening move, which I've labelled wave A or (1) below. There is no preferred structure at this moment, and the complexity of the scenarios should remain on the chart. However, I can somewhat...
XAUUSD retested $1920 demand earlier today and currently experiencing a bullish move towards $1930 which is a short time resistance. Following that, the previous weekly high near $1934 may prod the XAUUSD bulls before directing them to $1950 supply zone. The support can be found at $1918 followed by $1900. FOMC minutes and Fed Powell tonight will influence next...
XAUUSD price stays below $1930 major resistance and struggles to extend Friday’s corrective pullback. It remains sidelined between the $1905 and $1930 trading range. As $1915 support was broken, $1904 and the $1900 may be the next target for gold sellers. From a technical perspective, gold stays below $1922 and we can expect further decline. 4th of July holiday in...
Silver has followed the scenario framework. So far there is no reason to drop any of the options. I am expecting a minor correction and then a surge in prices to $24
Just like with Silver and Oil (see related ideas below) I expect an upward correction in Gold. However, since it is wave b it can easily turn to be a triangle or wxy combination (I indicated it as flat/triangle but can be flat/zigzag or flat/flat). Watching. More details in Weekly Update.
Highlighting the possibilities of wave (b) which I believe has not been finished yet.
Same as gold. Silver appears to be bouncing in wave c of abc flat. Not a trading signal at this point.
Despite heavy selling I think there is a good chance of a bounce in ABC flat. Once ABC is complete this would be the moment to consider shorts.
Gold price faces the biggest daily loss in a week at the lowest level. XAUUSD currently trading near $1986, a break of $1980 could direct the gold price towards $1975 support followed by previous monthly low $1950. The recovery can be done if gold buyers manage to move the price above $2000 and $2013 resistances. Market’s sentiment and the metal’s inability to...
Xauusd rebounds from $2010 and currently trading near $2015. The immediate resistance is near $2021 followed by $2030 and multiple tops near $2050. A downside break of $2010 would direct Gold price toward the $2000 psychological level. If broken $1980 and $1970 demand zonw could be next target for the sellers. We are looking to buy Gold with a target $2026.
Xauusd price fell below $1850 on Wednesday. Currently pressured near $1836 gold may fall to test $1830 and $1825 demand zones from January 5 2023. The strong US dollar drive flows away from gold price and is near multi week high with high expectations from the Fed. A recapture of $1850 and $1860 zones are essential for the commodity otherwise the fall below $1825...
Gold faced resistance near $1940 and started moving lower during US trading session. Short term correction is happening with a target $1920 towards next demand zone. In case $1917 support broken it could send XAUUSD to $1910-$1900.