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GLD

#Gold spot on critical support once againThis chart doesn't need much explanation - the $1680 has been solid support on multiple occasions since April 2020. It is also where we see intersection of both the 200 simple and 200 exponential moving averages which should provide further support. This level should hold but also watch out for the flush of weak hands and reversal above. Always safer to buy the reversal but just putting it out there how important this level is. Happy trading!
TVC:GOLDLong
by MarcoOlevano
Gold - Quiet before the storm?The price action of gold has been choppy for the past few weeks, and we are growing increasingly worried about its performance in the face of increasing interest rates later this month. Because of that, we remain bearish on XAUUSD in the short term. Further, we think if the stock market continues to manifest weakness, it will negatively affect gold. Indeed, we believe that market participants will sell their gold once again to cover losses elsewhere (just like on previous occasions). Due to that, we think gold might drift toward 1600 USD over time. Despite that, however, we are very bullish in the long term and believe that the selloff will present an excellent opportunity to add more gold to investors' portfolios. Illustration 1.01 The daily chart of XAUUSD shows two moving averages: 20-day SMA and 50-day SMA. Two yellow arrows indicate bearish and bullish crossovers between these two SMAs. The third yellow arrow indicates the natural retracement of the price toward its SMAs. Therefore, we will pay close attention to the following price action; the breakout above SMAs will be bullish while the position below them is bearish. Technical analysis - daily time frame RSI and Stochastic are slightly bullish. MACD is relatively neutral; however, it will be bullish if it manages to break above 0 points. DM+ and DM- are bearish. Overall, the daily time frame is neutral. Illustration 1.02 The weekly chart of XAUUSD shows two moving averages: 20-week SMA and 50-week SMA. They reflect the presence of the downtrend. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. Overall, the weekly time frame is bearish. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
31
NEM BUY+++++ way oversoldStill no change in view, NEM went lower than expected but appears to still have long term support in place and resistance around $53 range. We should see a retracement back to $63.68 .5 fibonacci range in coming weeks/ months. Copper and Gold miners are way oversold and been taken out to the woodshed with an artificially inflated dollar on the backs of $33 trillion national debt and trillions in funny money printing which will ultimately be the dollars demise. I have October 21st $52.50 calls. GL
NYSE:NEMLong
by ShortSeller76
GDX vs. BTC still holding uptrendI first published this chart in December last year with the view of owning gold & gold miners over Bitcoin. Whether you took a spread on Gold spot or gold miners(GDX) vs. BTCUSD, either one would have doubled your money this year. It has been a great trade indeed but interesting to note how strong this uptrend has been since the end of last year and there looks like no stopping this gravy train at the moment. In the absence of a technical break, I am still happy to own gold vs. bitcoin for now.
AMEX:GDXLong
by MarcoOlevano
1
GLD: Cooling off 💦It is still summer, so no wonder GLD wants to refresh itself in the upper blue zone between $163.03 and $160.17, into which it has leaped so enthusiastically that we have to wipe droplets of water from our faces, watching the chart. Here, GLD should now finish wave (ii) in blue before resuming the overarching upwards movement. However, as part of our secondary scenario, there is a 40% chance that GLD might need more refreshment and thus could jump below the support at $158, diving into the lower blue zone between $159.23 and $152.88. There, it should then do a lap to complete wave alt.(4) in yellow before rising again.
AMEX:GLD
by MarketIntel
Gold - Signs of awakening or the downtrend correction? Surprisingly, gold has been holding up relatively well despite the recent rate hike by the FED. Currently, it trades near the 1770 USD price tag, up over 5% from its low on 21st July 2022. We continue to be bullish on XAUUSD in the medium and long term. However, in the short term, we do not rule out that gold will continue to be choppy before regaining any significant momentum to the upside or downside. *The retracement toward the 50-day SMA may coincide with the end of the downtrend correction. Because of that, we are cautious. Illustration 1.01 Illustration 1.01 shows sloped resistance levels for XAUUSD. If gold manages to break above Resistance 1, it will bolster a bullish case for it in the short term. The same applies to the breakout above Resistance 2. Technical analysis - daily time frame RSI, MACD, Stochastic, DM+, and DM- are all bullish. Overall, the daily time frame is bullish. Technical analysis - weekly time frame Stochastic is slightly bullish. RSI and MACD are neutral. DM+ and DM- are bearish. Overall, the weekly time frame is bearish. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDLong
by Tradersweekly
23
The Gold Odyssey - a different story emergesPreviously, since Donald Trump started the US-China trade war, Gold has been on a clear trend forming a Cup & Handle pattern in the weekly chart. This was covered in earlier posts with decent accuracy, until recently. It appears that the Gold volatility is significantly heightened, to the extent that the the Handle may have been broken. The weekly Gold chart shows many recent support failures, especially since April 2022. The past week appears to have failed breaking above the weekly 55EMA, and clocked a long bearish marubozu-like bearish candle that closed below the support range. Although the technical indicators are still looking somewhat less bearish, the weeks to come look bad for Gold really. The daily chart shows similar patterns of breakdown, with a resistance failure, from a lower high that came from a Bearish Engulfing pattern. This followed through for the week where the 55EMA was again broken down. Technical indicators appear bearish too, especially with the MACD crossing under zero. Gold is not going to do well for a while, so listen to what the charts are saying... very clear bearish message. Look for 1700.
COMEX:GC1!Short
by Auguraltrader
GORO - GLD UP HOMIEReclaim of trendline = MEGA HOT Gold Futures = MEGA HOT Inflation round two inevitable and Biden's "month on month 0 inflation" LOL. New outlets painting a picture of "maybe inflation really is transitory" MEGALOL Let's see how that lasts once we get into winter. Side note: Check out the US oil reserves over the past number of years to now... Yiiiiiikes Break of green on nice volume has me in. Risk to the bottom of the yellow range and build position over pink. Would be nice to see price not go below either pink or purple for max strength but we will see next week. Next area Ill build into is a range clear of yellow range like blue. Break of that = MEGA HOT and risk below pink. Mega range its been in and if gold keeps pushing its gonna drag with puppy with it it too Peter Schiff might have been crying for the last 100 years with his hard-on for gold but next year he finally might be able to trick people into thinking he's not a complete moron No position yet but you know what I'm waiting for.
AMEX:GOROLong
by SlapAsksLiftOffers
1
Gold & Silver Reaching A Launchpad with Currencies (like 2003)Many traders believe the current setup in Gold/Silver is similar to 2018 or 2015. But the reality is this is more similar to 1999~2003 with a strong US Dollar and weakening global currencies. As long as Gold/Silver continue to strengthen while the US Dollar stays strong, foreign currencies will weaken and wreak havoc on foreign markets. Eventually, the risk levels will increase in foreign markets which will send FEAR skyrocketing. That will move capital into Gold/Silver and break the channel/trends that are currently in place. I believe we are very close (possibly 2 to 4+ months away) from that breaking point. Watch global Emerging Markets and foreign governments for signs of collapse. These will be the early warning signs that Gold/Silver are "T-minus 10". Once the US Dollar peaks/turns, we'll be at "T-minus 3". At that point, everything will be ALL SYSTEMS GO for Gold & Silver. Pay attention. This is a huge setup for precious metals.
COMEX:GC1!Long
by BradMatheny
1
Gold - Choppy moves continueOver the recent months, we reiterated that gold was likely to be dragged down by the declining stock market (mainly due to profit-taking/covering losses elsewhere). We also expressed our expectations about gold declining to the 1700 USD region; this move came recently, and XAUUSD made a new low at 1 690.935 USD. Despite that, we stuck to our long-term bullish stance, which we continue to hold. Indeed, we think the weakness in gold can be exploited by accumulating gold for the long-term position. In our opinion, the inflation rate in the U.S. is currently peaking (and due to move lower in 2023). In addition to that, we think the FED will eventually reverse its monetary course and loosen economic conditions. Although, we are very cautious as the FED meeting is approaching; furthermore, if the central bank follows through with another rate hike, then it is likely to be negative for gold in the short term. Additionally, if the stock market reverses its rally, it will likely harm XAUUSD. Illustration 1.01 The price of gold deviated too far from its short-term and medium-term moving averages. Therefore, we are on the lookout for the price retracement toward its 20-day SMA. Technical analysis - daily time frame The RSI is bullish. The Stochastic points to the upside, which is bullish; however, it stays in the lower zone. The MACD strives to reverse. DM+ and DM- are bearish. Overall, the daily time frame starts to show bullish signs. It also hints at the possible peak of short-term bearish conditions. Illustration 1.02 The chart shows simple support and resistance lines derived from peaks and troughs. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- are all bearish. The weekly time frame remains bearish. 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 be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDLong
by Tradersweekly
8