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Gold (XAUUSD): Key Levels to Watch This Week 🟡 Here is my latest structure analysis for Gold. Resistance 1: 1977 - 1985 area Resistance 2: 1999 - 2010 area Resistance 3: 2034 - 2048 area Resistance 4: 2063 - 2066 area Support 1: 1932 - 1940 area Support 2: 1975 - 1989 area The market is currently stuck within a horizontal range. Its upper boundary is Resistance 1, its lower boundary is Support 1. It looks like after the test of the support, we may expect a bullish movement up to Resistance 1 now. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDLong
by VasilyTrader
7
Gold's Bullish Impulse Meets Resistance at Previous LevelDuring the Asian trading session, gold experienced a bullish surge, retracing towards the previous resistance area. This level may once again act as a point of rebound, potentially intensifying the bearish pressure on the precious metal. The current market sentiment leans towards a rush for safety, leading to increased demand for the US dollar, which weighs on gold prices. Nevertheless, there is some relief for gold as optimism surfaces in the bond markets following the initial response to the agreement among United States policymakers to extend the debt ceiling and avert a potential default. This positive development appears to have established a floor under the price of gold. However, it is worth noting that the XAU/USD bears remain in control, driven by ongoing challenges to market sentiment and a cautious approach in anticipation of significant upcoming data releases and events.
FOREXCOM:XAUUSDShort
by DAY_PROFITS
17
Gold Price (XAU/USD) Sinks Lower, Bearish Trend IntactGold price (XAU/USD) is currently encountering resistance near $1,945.00 during the Asian session. The precious metal is poised to move higher as the US Dollar Index (DXY) has retraced from its recent pullback to around 104.20. The approval of a raise in the US debt ceiling has put downward pressure on the USD index. It is evident that the United States economy may face a downgrade in its long-term credibility by credit rating agencies due to higher debt levels, which increases the risk of default. This development is likely to have a negative impact on the US Dollar Index and US equities, while positioning gold as a safe-haven asset. Consequently, the bullish outlook for the gold price appears highly favorable. From a technical perspective, our analysis suggests the possibility of a new bearish setup if the price manages to break below the dynamic trendline of the bearish triangle. Please note that market conditions are subject to change, and it is important to closely monitor price movements for updated trading decisions.
OANDA:XAUUSDShort
by DAY_PROFITS
14
XAU/USD Bears Pressure Amid Rising Dollar and Yields - GOLDGold price bears are grappling with the impact of rising United States Treasury bond yields and the strength of the US Dollar. The ongoing impasse in US debt ceiling talks, coupled with hawkish sentiments expressed by Federal Reserve officials, has further bolstered Treasury bond yields and the US Dollar, placing downward pressure on XAU/USD. Traders are closely monitoring risk catalysts and upcoming second-tier US data for clearer indications of the Gold price's future direction. Today, financial markets are experiencing a sense of risk aversion, with the US Dollar capitalizing on this sentiment. As a result, XAU/USD has declined throughout the day and is approaching its daily lows within the $1,956 price range. The downward pressure was fueled by comments made by United States House Speaker Kevin McCarthy following another round of talks with President Joe Biden regarding the extension of the debt ceiling. McCarthy highlighted the ongoing differences between Republicans and Democrats, emphasizing the Republican stance on spending cuts and opposition to tax hikes. However, he reassured that the US would not default and expressed optimism that a deal would eventually be reached. In addition to the uncertainty surrounding the US debt ceiling, market sentiment is also influenced by speculations regarding the future monetary policy of the Federal Reserve. Traders are eagerly awaiting the release of the Minutes from the recent Federal Open Market Committee (FOMC) meeting, as it may provide insights into the central bank's stance. In recent days, policymakers have surprised investors with hawkish comments, suggesting the possibility of one or two more interest rate hikes before a potential pause. These factors combined have contributed to the current environment, wherein Gold price bears are struggling amid rising Treasury bond yields and a strengthening US Dollar. Traders remain attentive to various risk drivers and upcoming economic data releases, seeking clearer signals for the future trajectory of the Gold price.
OANDA:XAUUSD
by FOREXN1
22
XAUUSD A Killer Wave C of Corrective B?Gold sharply rose from 1804 to as high as 1914 mitigating the larger Weekly Order Block. There might be though an opportunity to sell if price misbehaves on the range 1919-1927 and a potential 4:1 RRR with a risk invalidation above 1959 targeting 1765 which was the extreme of the previous Wave (B) of last Impulsive Wave A. Disclaimer: Elliott Wave Analysis is not a perfect trading system and it is necessary to always have applied risk management and strict compliance to confirmation as well as Invalidation levels. It only has the capability of advancing potential market direction base on its printed data. Actual market data will also provide flexible variation for the wave count. Risk only base on your tolerance. #marketpainterph #elliottwave #XAUUSD #GOLD
OANDA:XAUUSDShort
by marketpainterPH
Key Levels and Market overview for the Asian session open 2/03A review of the price action from the European session and US sessions which gave us some choppy price action. Markets remain under some pressure from sellers with DAX and FTSE giving back earlier gains while the US edged lower. The USD found some sellers which supported Gold while US bond yields rallied again and Oil ranged....mixed bag really!! I look at some key levels to watch and the price action setups I expect to see play out. Markets covered :- DOW Nasdaq DAX FTSE ASX200 Hang Seng USD Index Gold Oil Copper
NYMEX:CL1!
by TradeTheStructure