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. :)
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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.
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GD1!
XAUUSD. Levels for intraday trading .04.2024During 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. :)
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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!!!
#Gold Update 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 TO TEST SUPPLY AT $1980Gold 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 be looking for Fed Powell press conference later today for trading opportunities.
#Gold UpdateIn 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 may have a great degree of uncertainty as wave C can take the shape of an ending diagonal as indicated below, or an impulse with wave w relabeled as wave (1) - less likely considering complex structures on minute timeframes. It can also be an expanded diagonal which is always a nightmare for ElliottWave traders.
Bullish move expectedXAUUSD 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.
#GOLD Update 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 discount the larger running triangle labelled in black circles ABCDE. Given that wave is a clear (W)(X)(Y), and wave is nearly 2x of , the running triangle is less likely but not ruled out.
Gold upside move expectedXAUUSD 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 move for gold.
XAUUSD SHORT 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 the US tomorrow and the liquidity will be light.
#Gold Update #XAGUSD #XAUUSDJust 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.
Gold short towards $1980Gold 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 cross the short-term key upside hurdle keep the XAUUSD bears hopeful for more downside.
Gold short term longXauusd 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.
Gold short towards $1830 and $1825Xauusd 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 can be expected. Long term trend is bullish but currently gold is experiencing correction phase.
XAUUSD 1 HOUR CHART Gold price is currently trading around $1926 as bulls try to move higher after a five-week uptrend. Possible correction is on the cards. XAUUSD needs to close above $1940 resistance for further gains with first target $1950. The support is found near $1917 area, which if broken could send yellow metal to $1900. In a case gold price drops below $1900, March 2022 low near $1890 will act as the final defense of buyers.
We are looking to buy XAUUSD as long as it is above $1917 and $1900 demand zones.
XAUUSD 1H CHARTGold price climbed to $1880 today during the US trading session, posting an eight-month high. Any corrective pullback now seems to find decent support near the $1865 -$1855. XAUUSD bulls are likely to aim to reclaim the $1900 for the first time since May 2022. A strong move above $1880 woulf follow a fresh breakout towards $1890 - $1910. The trend is bullish, and we look buying gold with $1890 as first target.
XAUUSD long ideaGold price reached seven-month highs above $1860 in European session as the US dollar is falling. The fresh upside move in the XAUUSD price could be also attributed to the big technical breakout on the daily chart, breaking to the upside from the ascending triangle and closing above $1825. Previous strong resistance now support lies at $1850. The bullish momentum has been triggered and a pullback might be seen as a buying opportunity. FOMC minutes will have a bigger impact on gold price today during the US trading session.
Gold short term buy Gold is moving sideways near $1850 during the European session. XAUUSD failed to move above $1860 and corrected towards $1845 earlier today. It may continue to consolidate until tomorrow NFP release. The trend is still bullish, and we look to buy Gold with a test of $1855 - $1858. The next upside target for the bulls is $1860, above which the previous day’s high at $1865 will be put to test. $1845 and $1840 will offer immediate support for the commodity.
Gold short to test $1830 and lowerGold tested $1850 supply zone during the first trading day of 2023 and was unable to break it. Gold bulls seems getting exhausted and we may go for a pullback. The support is found at $1830 which was tested earlier today. A slide below it could trigger a reversal and XAUUSD may test $1820.US dollar rebound will also have impact on the commodity. We consider selling gold and targeting $1825 and lower.