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Gold-trading

Gold – watch for a rebound from 23.6% Fibo supportResistance - $1258, $1263, $1273 Support - $1253-1249, $1243, $1230 Gold’s corrective rally from yesterday’s NY session low of $1243.81 levels could gain further traction if prices rebound from $1253 (23.6% of Sep 2011 high-Dec 2015 low) and break above $1258 (Asian session high), in which case resistance at $1263-1273 stands exposed. On the lower side, failure to sustain above $1253 would expose yesterday’s low of $1243.81. A break below the same would signal continuation of retreat and expose support at $1230 levels.
FX:XAUUSD
by TipTVFinance
Gold – Rising trend line breachedSupport - $1249, $1243, $1225 Resistance - $1256.70, $1263, $1268 Gold’s breach of rising trend line on Wednesday following the release of hawkish Fed minutes has opened doors for a test of daily 50-SMA seen at $1249. The bearish close yesterday also marked a downside break from symmetrical triangle formation, thus adding credence to bearish break from rising trend line. Consequently, support at $1249 could be breached, thereby exposing $1243 (23.6% of Dec low-May high). On the higher side, only a day end close above $1268 (rising trend line hurdle) would indicate bearish invalidation.
FX:XAUUSD
by TipTVFinance
Gold – Nervous equities may come to rescueHourly Chart Formation – Falling channel Support – 1270, 1263, 1255 Resistance – 1279, 1284, 1295 Rebound from $1256.77 ran out of steam near $1280 levels. If followed by a bearish break below hourly 50-MA (currently at $1270) would shift risk in favor of a re-test of channel support at $1255. The hourly RSI, at 42.00, remain in favor of bears. Meanwhile, bears should treat a rebound of hourly 50-MA with caution as such a rise if followed by a break above $1280 could translate into a rally towards channel resistance seen at $1284 levels. US equities suffered losses in the overnight trade, with DJIA dropping 217 points. Meanwhile, treasury yields are hardly showing any signs of life despite rally in oil. Consequently, gold has little to worry about except technical factors. The data docket is thin as well with just weekly jobless claims due for release. Fed speak due after data release is likely to try and talk up June rate hike bets.
FX:XAUUSD
by TipTVFinance
Gold to remain on front foot unless Fed rate hike bets spikeResistance - $1300-1320, $1350, $1400 Support - $1253, $1227-1223, $1190 Prices clocked a high of $1287 levels. Gold’s repeated failure to take out $1227 (23.6% of Dec low – Mar high) followed by a bullish daily close above flag pattern on daily chart indicates prices could cut through $1284 and move towards $1300-1320 levels. On monthly chart, strong rebound from falling channel marks a convincing bullish break. This adds credence to the bullish action on daily chart. A break above $1320 would expose $1350 levels. The bullish bias is at risk if prices see a daily close below $1263, while bears would make a comeback below $1227 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold – Head and Shoulder intactResistance – 1237, 1244.12, 1263 Support – 1227, 1219, 1207.69 Gold’s failure to sustain above $1263 on Thursday followed by a break below 50-DMA on Friday indicates the prices could be heading towards head and shoulder neckline seen today at $1219 levels. Day end closing below $1219 would expose strong support around 1190 levels. On the higher side, hourly closing above $1237 could shift risk in favor of a rise to $1244 -1250 levels. Bullish momentum would gather pace only if prices see day end closing above $1263 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold – double top breakout on hourly chartHourly chart Formation – double top, head and shoulder on daily chart Resistance - $1249.10, $1263, $1271 Support - $ $1235, $1227.12, $1217 Double bottom breakout on the hourly chart has opened doors for a drift lower to $1240-1238 levels and adds increases the likelihood of the metal completing head and shoulder formation. The head and shoulder neckline is seen around $1217 levels. Drop in oil and resulting risk aversion and rise in demand for the safe haven treasuries (which offer positive yield) could weigh over metal. On the higher side, previous day’s high of $1258.05 could be challenged once again if prices rise back above double top neckline of $1249.10
FX_IDC:XAUUSD
by TipTVFinance
The fundamentals for #gold are Already included in the priceThe fundamentals for #gold are Already included in the price: Many bulls stories have happened again and again in the gold trade, just in the last year has been talked about massive purchases of gold to increase reserves in a imminent currency war facing a setting dominated by central banks. Stories like the end of QE in US, the plebiscite of Swiss National Bank for hold at least 20 percent of its 520-billion-franc ($538 billion) balance sheet in gold, repatriate overseas gold holdings and never sell bullion in the future. Cuts in tariffs on import prices in India, and other more esoteric arguments like factors increasing demand for religious festivals and massive purchases of raw material for the manufacture of luxury IWatch Apple. Looking ahead, the lack of inflation across the globe, the concerns over the prospects of rising U.S. interest rates that have pushed the dollar to reach a 12-year high, and other factors associated with increased appetite for equities, mean any potential gains that could be for gold short-lived. As we observed seasonality in gold prices is accentuated since March, however, the price drop by overbought of previous months in this year has been higher than in previous years. Only the Sell-off in the US stock market could mitigate some of the selling pressure in the gold market, since gold acts as a safe haven against falling equities.
COMEX:GC1!Short
by claudiowall