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GOLD-BUY

XAUUSD BuyBuying Gold due to the failed close below 2016. I predicted 2012 last week, but to see this I'd anticipate good confirmation. This has not happened yet, CPI has dropped gold over 150 pips, now im expecting a clear push back to 2025+ area. Ive entered at 2016.54, targeting 2029.54 and my stop is set at 2013.54. Gives me a 1:4.33 R/R 1%Risk Entered at the low end of a 4Hr OB, which I'd like price to close above. Not to much more analysis here, kept it simple, still using @nephew_sam_ FVG indictor so testing this on my funded account.
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by xEthan
GOLD STRONG BUY , short term correction coming soon#Gold STRONG BUY 100% Buy with a Strongest short term outlook on maintaining the current direction. Long term indicators fully support a continuation of the trend. The market is approaching overbought territory. Be watchful of a trend reversal. The dollar index (DXY00) on Friday fell by -0.16%. The dollar on Friday gave up an early advance and posted moderate losses. A sharp rally in stocks Friday curbed liquidity demand for the dollar. Also, strength in GBP/USD Friday weighed on the dollar after the British pound rallied to an 11-month high. The dollar Friday initially moved higher as the better-than-expected U.S. Apr payroll report may prompt the Fed to keep interest rates higher for longer. For long-term analysis and investment purposes I like to use cash indexes as it takes futures spreads and rolling out of the equation. The monthly chart of the cash index (GCY00) I track for gold is showing an interesting pattern, hitting a high of $2,070.48 during August 2020 then another high of $2,065.89 during March 2022 .If we consider this a double-top, then the break below the interim low $1,677.64 from March 2021 completed the bearish pattern indicating the long-term trend has turned down. However, this doesn’t fit the narrative of expected lower interest rates, stronger Treasuries, and a weaker US dollar. That puts the spotlight on the latest rally that had the index posting an early May high of $2,059.31, within sight of its previous marks.
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by DaveBrascoFX
34
Gold Breakout and potential retraceOur attention is centered on XAUUSD, as we actively monitor a potential buying opportunity around the 2037 zone. Gold, represented by XAUUSD, recently broke free from a downtrend, signaling a significant shift in market dynamics. Presently in a correction phase, the precious metal is steadily approaching the retrace area at the critical 2037 support and resistance zone. This numerical level holds importance as both a historical support point and a pivotal juncture where the ongoing correction may interact with notable market forces. Our strategic approach for today involves a careful assessment of optimal entry points within the identified 2037 zone, aligning our trading decisions with the recent breakout and the potential market dynamics at the crucial support and resistance area. Navigating the correction phase with precision is paramount as we aim to capitalize on the identified buying opportunity within the broader context of Gold's current trend. Trade safe, Joe.
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by JoeChampion
1
Golden Prospects: Uptrend Signals Strengthen for XAUUSDGold recently found support near the 38.2% Fibonacci retracement level, a point where robust demand has emerged. Furthermore, the average-price uptrend trendline has been resoundingly rejected, indicating a promising signal for the continuation of the long-term upward trend. In the grander scheme, maintaining a daily/weekly closing price above the recent low reinforces the expectation of an upward price movement. Our target is set at the 127.2% Fibonacci resistance area, positioned just beyond the downtrend trendline. A noteworthy development is that if the price successfully breaches the downtrend trendline, it's likely to trigger stop losses for sellers. This, in turn, can introduce selling liquidity to the XAUUSDT market.
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by CryptoPAMM
XAU/USD 28.08.2023 buySAXO:XAUUSD Greetings Traders, In today's trading, I am focusing on identifying potential bullish trading opportunities. I've observed a considerable amount of bearish momentum in the DXY (US Dollar Index). Should we manage to breach a key resistance level and subsequently witness a retest, my plan involves entering a buy position in the gold market. I am considering a strategy that revolves around a breakout scenario, particularly focused on the successful breach of a significant resistance level(104.000), followed by a retest for confirmation. Throughout this process, I will diligently implement effective risk management strategies and remain well-informed about ongoing market dynamics. Wishing you all a successful and profitable trading day!
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by NeptenFX