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GLD

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
Gold Miners ETF, GDX bullish potentialThe weekly chart closed the week nice candle that had a long bottom tail, albeit a red candle, but bullish indication here. The daily chart had GDX gap down on Friday's opening, then rally hard to close a bullish engulfing, spanning across a resistance zone. This can form the higher low point later next week. Indicators are not yet bullish, but candlesticks are suggesting the end of the massive retracement with bullish signs and patterns.
AMEX:GDXLong
by Auguraltrader
The Gold Odyssey - time to flyA quick note to say that as previously expected, the deep retrace happened, and had bottomed out. The last week closed with a bullish candle with a 5 week high close, that bounced off support from the weekly 55EMA, and broke out of the trendline resistance. Technical indicators have yet to turn around. The daily chart shows Friday's surprise surge in Gold prices, closing on the recent weeks high. Thing is that the technicals are not yet very supportive of a rally, although there already are optimistic indications. Gold is going up!
COMEX:GC1!Long
by Auguraltrader
Gold Ready for Multi-year Bull MarketGold has been waiting in the wings while equities, commodities, and more speculative assets like crypto aggressively took off following the COVID-19 shakeout. Metals, on the other hand, saw very little growth. However, given the market conditions surrounding inflation and a hyper-inflated equities market, housing market, and commodities market, there is a LOT of capital on the table waiting to rotate. As the dollar surges in strength vs other major world currencies (see ticker $DXY for reference) bloated that saw incredibly large returns over 2019-2021 are now seeing bleeding declines. The strength of the dollar is enticing and I expect to see continued profit taking from equities, crypto, and commodities. The real trick is understanding where the money will likely flow to once all the profit taking has concluded. One asset class that I believe will do very well over the next 5-10 years is metals -- specifically Gold. Gold appears to be wrapping up a consolidation pattern known as a "cup and handle" . The projected price target of a Cup and Handle is calculated by measuring the distance from the bot tom of the cup to the top of the cup . Take that measured distance and project it to the breakout level and you'll have your target: . This target doesn't necessarily mean the trend would conclude there, but it would be an initial price target and likely be a point where the market will for some sort of consolidation structure. When we look at the trend metrics like Bollinger Bands and Ichimoku Cloud analysis, gold displays all of the characteristics we would associate with the beginnings of a bullish continuation of the trend. Bollinger Bands : If you're new to Bollinger Bands (bbands), you can think of them as a tool that measures and forecasts volatility of a market. The more constricted the bands are, the more the consolidated the market is, and the more spring-loaded the market is. If we have a highly consolidated market, we can think of this as a coiled, compressed spring that is ready to release all of the stored energy . At the moment, Gold is showing a very very consolidated market and is trending very nicely above it's bbands midline: . As an objective metric, markets that are trending above the bbands midline are said to be in a "bullish trend" and markets that are trending below the bbands midline are said to be in a "bearish trend". For Gold, it is decisively a bullish trend. Ichimoku Cloud : Ichimoku Cloud can look very complicated, but when you know what you're looking at, it can actually be a very simple and useful tool to gage the strength or weakness of a trend. Without going terribly in-depth, my gold standard (pun intended) for a highly bullish trend is seeing: 1. The price is trending above both the fast and slow moving average 2. The price is trending above the cloud 3. The lagging moving average (the yellow squiggle) is above the price 4. The cloud is green For my trend system, i add additional criteria using the 50 and 200 EMA (exponential moving average): 1. Price should be above both the 50/200 EMA 2. 50 EMA should be trending upwards above an upward trending 200 EMA Long story short -- Ichimoku Cloud is showing a perfect bullish trend for the most part TLDR: Gold is a slow moving ship and has fallen off of most peoples radar. I think the next 5 years will be a very very strong market and Gold will see upwards of 80-300% growth. Gold tends to be a hedge against economic uncertainty and all of the fundamentals for a massive flight to gold are here
COMEX:GC1!Long
by Bitcoin_Schmitcoin
2