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Gold-trading

Gold’s weekly outlook: May 13-17Gold continued to consolidate in $15 range but this time the expansion was on the upside unlike the previous weeks, finally closing with gains of $7. The uptrend was halted as the price action created a double top formation directly inverse to previous week’s double bottom formation which continue to suggest the trend still remains bearish in-spite of favorable fundamentals which failed to keep the price at higher levels. On the charts – Gold remained rangebound unable to break through the flag even after having a fairly good week after nearly a month. The closing still remains the key indicator of a bear market consolidation given the price action. We have 2 scenarios – 1. Bulls still remain on sidelines as they failed to build on the gains. 2. Gold closed below the support, till this is respected it can move towards $1284. If this is taken out it can fall to $1273. And if this is breached it can slide towards $1260. Bullish views remain dull unless gold breaks through the flag on upside. Bearish view – Bears were able to to bring the price down from highs comfortably with fundamentals mostly against them indicating the metal is having selling pressure at the highs. For bears to continue having the trend in their favor they need to stop the price from breaking out from the flag with next major support seen near $1236-$1240. On larger terms, Gold continues to remain bearish and prices are expected to head lower. Possible trades are on both sides, gold can be bought once it breaks out of the flag or at the bottom of the flag/channel. Gold can be sold under $1277 for the targets of $1273 and $1260 with a stop loss placed above $1289. Longer term target $1248. A sell-on-rallies can be useful under current scenario.
TVC:GOLDShort
by vanimator
Gold Bulls Await A Sustained Move Beyond $1288/1295 supply zone Fundamental View : =================== 1. The precious metal lacked any firm directional bias on Tuesday, albeit continued showing some resilience below 200-hour SMA amid the prevailing risk-off environment. 2. Oscillators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart, supporting prospects for additional gains. 3. However, traders are more likely to wait for a sustained move beyond the $1287-88 supply zone before positioning for a move towards the key $1300 psychological mark. 4. Meanwhile, a decisive break below the mentioned support, around the $1280 region, might negate the constructive set-up and trigger some aggressive technical selling. China increased its gold holdings for the fifth consecutive month in April, the People's Bank of China said on Tuesday, according to Xinhua News Agency. Gold reserves rose by 480,000 ounces month on month to 61.1 million ounces in April. Despite the uptick, gold reserves still make up a small percentage of China's massive reserves of more than three trillion US Dollars. The yellow metal is currently trading at $1,287 per Oz, the highest level since May 1. And other side May 9th USD Important news is PPI and Fed Chair Powell Speaks . So dollar can be a bit stronger. 1300 is strong resistance area in Gold So Gold can be dropped by this level test. The bullion is yet to cross $1288/90 resistance area comprising 38.2% Fibonacci retracement of March – April drop and highs marked since mid-April. Meanwhile, an upside clearance of $1290 can trigger the prices increase to $1300 with $1297 being an intermediate halt. Also, 61.8% Fibonacci retracement near $1302 and April month top near $1311 could become buyers’ favorites beyond $1300. Technical View: ============== Daily SMA100 1294.3 Daily SMA200 1253.94 Previous Weekly High 1288 Previous Weekly Low 1266.35 Previous Monthly High 1310.7 Previous Monthly Low 1265.6 Daily Fibonacci 38.2% 1280.44 Daily Fibonacci 61.8% 1282.51
FOREXCOM:XAUUSDShort
by Saleh11
Gold’s weekly outlook: May 06-10Gold continued to trade in the defined range similar to the previous week ending with cuts of more than $6. The week saw gold getting battered towards the low again as the Fed’s policy outcome was dovish for the dollar. The week again has important fundamental news majorly the U.S – China trade talks which is presumed to be at the last level of round of talks. Gold failed to create a new high even after having a positive opening rather it closed below the support again allowing the bearish trend to get stronger on every passing week. On the chart – Gold moved in a range showing indications of bear market consolidation as it was unable to breach highs or lows of previous week. The pattern breakdown was again retested and yet again confirmed solidifying the bearish trend. We have 2 scenarios – 1. Bulls continue to remain unwanted as the breakdown continues excepting scalp trading. 2. Gold closed below the support, till this is held it can move towards $1273. Once this is breached it can slide to $1260. If this fails to hold it can fall to $1248. Bullish bets remain unattractive as breakdown continues, they only come in contention once a breakout on upside happens. Bearish view – Bears resumed the attack after a week as they pushed the price back towards the low but failed to register a new one. The bearish bets saw a massive surge once the high of the previous week was respected and the price reversed. For bears, the technicals remain in their favor as the breakdown continues allowing room for further downside with the next crucial support area being $1236-$1240. On larger terms, Gold remains bearish and prices are expected to head lower. Possible trades are on both sides, gold can be bought once it breaks out of the flag or at the bottom of the flag/channel. Gold can be sold under $1278 for the targets of $1273 and $1260 with a stop loss placed above $1289. Longer term target $1248. A sell-on-rallies can be useful under current scenario.
TVC:GOLDShort
by vanimator
Gold Technical Analysis: Touch 1264/1260 Level GOLD Breakout 1270 level now touch 4 month low support zone. gold breakout daily 200 ma 1274 level and GOLD touch another support zone weekly 200 ma and 100 ma 1265 level break this then touch 1260 level . *** So GOLD buy position is 1258/1250 Area this the best opportunity for buy GOLD target 1274 / 1284 level . News: ====== 1. Wednesday’s not so dovish FOMC statement continues to weigh on the commodity. 2. US-China trade optimism dents safe-haven demand and adds to the bearish pressure. 3. A subdued USD price action does little to lend any support or stall the ongoing slide. 4. Falls to over 1-week lows, further slide to $1260 area now looks a distinct possibility 5. Meanwhile, the overnight slide confirmed a bearish break through an important $1278 horizontal support and hence, the ongoing downfall could further be attributed to some fresh technical selling. Technical View: ============== Pivot (invalidation): 1278.00 Our preference: Short positions below 1265.00 with targets at 1260.00 & 1250.00 in extension. Alternative scenario: Above 1278.00 look for further upside with 1280.00 & 1284.00 as targets Daily SMA100 1293.27 Daily SMA200 1252.88 Previous Weekly High 1288.75 Previous Weekly Low 1265.6 Previous Monthly High 1310.7 Previous Monthly Low 1265.6 Daily Fibonacci 38.2% 1278.73 Daily Fibonacci 61.8% 1281.96 Daily Pivot Point S1 1270.6 Daily Pivot Point S2 1265.21 Daily Pivot Point S3 1256.91
FOREXCOM:XAUUSD
by Saleh11
Gold Breaks Through Support As PredictedGold breaks through strong support region, pushed down by positive macro news flow as predicted in my previous post. This completes the descending triangle pattern, was a reversal The support region marked could be changed based on more news flow, will be updated regularly. 1.) More positive earnings surprises will likely follow 2.) Positive trade news is more likely than negative trade news 3.) No Brexit fears currently to support Gold prices Check out my blog gdxdaily.com to see how I determine my investment thesis!
TVC:GOLDShort
by FireFly450