Get started

Gold-trading

Gold – 23.6% Fibo hurdle stands exposedResistance - $1253, $1263, $1270 Support - $1242-1240, $1234, $1230 Gold’s recovery from yesterday’s low of $1234 followed by a move back above $1243 (23.6% of Dec low-May high) and a subsequent rise above daily 50-MA indicates the metal is likely to test $1253 (23.6% of 2011 high-2015 low). Moreover, prices could take out $1253; given the daily RSI is bullish and pointing higher. Thus, the falling trend line (black) hurdle at $1263 levels stands exposed. On the lower side, a break below $1253 could yield $1234 (previous day’s low).
FX:XAUUSD
by TipTVFinance
Gold - Flag formation on hourlyResistance - $1246, $1253, $1263 Support - $1242-1240, $1234, $1230 Gold's failure to take out daily 50-MA in Asia if followed by a bearish break from flag formation on the hourly chart would open doors for a drop to $1234 levels. On the higher side, an hourly closing above $1246 would mark bullish break from flg formation and signal continuation of the upmove. In such a case, resistance at $1253 could be put to tests and which if breached shall open doors for $1260-1263 levels.
FX:XAUUSD
by TipTVFinance
Gold – Bullish move stalled at 23.6% FiboResistance - $1253, $1264, $1270 Support - $1242, $1239.26, $1230 Gold’s sharp rally on Friday post horrible non-farm payrolls release has left it overbought as per RSI on the hourly and 4-hour time frame. Consequently, bullish momentum ran out of steam as prices approached $1253 (23.6% of 2011 high-2015 low) in Asia. Further correction to $1239-1235 cannot be ruled out, especially since prices are having a tough time holding above weekly 5-MA. A recovery from $1239-1235 region followed by a break above Asian session high of $1248.73 could see prices attempt a break above $1253. If successful, doors would open for a rally to $1263 levels. On the lower side, break below daily 100-MA at $1224 would signal bullish invalidation, although on a larger scheme of things bears would have more say below $1191 (Oct 2015 high) levels.
FX:XAUUSD
by TipTVFinance
Gold – Trend line support at $1207Resistance - $1221, $1235, $1243 Support - $1211, $1207, $1200 Gold’s failure to sustain above daily 5-MA in Asia if followed by a break below strong trend line support at $1207 levels would open doors for test of psychological level of $1200.00. Note that prices failed to take out daily 100-MA yesterday. Consequently, bears appear in control and a violation at $1207 could actually yield a drop to major support at $1191 (Oct 2015 high). On the other hand, a clear break above daily 100-MA seen today at $1221 is needed to indicate short-term bearish invalidation.
FX:XAUUSD
by TipTVFinance
Gold – Minor rising channel established on hourly chartResistance - $1223, $1230, $1246 Support - $1210 , $1200, $1191 Gold bullish price RSI divergence on the hourly chart and a subsequent rise in prices has led to a formation of a minor rising channel. However, prices failed to chew through supply around daily 100-MA of $1220 in Asia and fell back to $1215 levels. Failure at daily 100-MA followed by a break below rising channel on the hourly chart could signal further losses towards $1200 support. On the higher side, resistance at $1220 could stay intact and intraday bearish invalidation is seen only if prices see a bullish break from rising channel.
FX:XAUUSD
by TipTVFinance
1
Gold – Fed rate hike talks hurtResistance - $1218.75, $1232, $1246 Support - $1209.84, $1200, $1191.53 Gold’s bullish price RSI divergence followed by a break above hourly 50-MA indicates doors remain open for a test of supply around daily 50-SMA of $1218.75 levels. However, resistance at $1218.75 is likely to stay intact with re-test of $1200 levels seen likely in case prices dip below Asian session low of $1209.84 levels. Daily RSI is still few points away from oversold territory, indicating a re-test of $1200 is likely if prices break below Asian session low. Yellen hinted at a possible rise in June or July on Friday and that triggered a drop in the yellow metal to $1200 levels. Investment demand is the primary determinant for the metal price. Gold needs to be looked at as a hard currency and not a metal. That makes it clear why prices rallied in Q1 – given the falling Fed rate hike bets and negative rates in Japan and Euro zone. Only a rise in interest rates could hurt gold, although resulting risk-off in equities could cap losses. As of now, financial markets are quite steady, thus rising Fed rate hike bets are hurting gold.
FX:XAUUSD
by TipTVFinance
Gold - Bulls need break above hourly 100-MAGold rose to a high of $1223 in Europe before trimming gains and falling back to $1215 levels in early US session. Upward revision of US GDP is helping USD strengthen, although the bullish price RSI divergence on the hourly chart is still intact. Moreover, divergence would be negated only if prices see a hourly closing below $1211.48 levels. However, bulls need a convincing break above hourly 50-MA, which has acted as a strong resistance on multiple occasions. Take note of the blue circles, which show repeated failure to take out/sustain above hourly 50-MA levels. Given the bullish price RSI divergence, the likelihood of a convincing break above hourly 50-MA is high. The outlook is at a risk of hawkish comments from Fed's Yellen.
FX_IDC:XAUUSD
by TipTVFinance
Gold outlook – Eyes US GDP and Yellen speechResistance - $1223, $1230, $1245 Support – $1216, $1211.48, $1200 Yellow metal declined till $1211.52 in Asia before making a move back above daily 50-MA level of $1216 amid oversold RSI on daily time frame. The hourly chart also shows a bullish price RSI divergence. Consequently, a break above daily high of $1223 would open doors for a rise to $1230 levels. Further gains could run into supply around $1240-45 levels. On the lower side, a break below daily 50-MA would expose Asian session low of $1211.48 levels. An upward revision of the US Q1 GDP coupled with hawkish comments from Fed’s Yellen could easily push June rate hike bets above 50.00. In such a case, Gold could challenge demand around $1200 levels.
FX:XAUUSD
by TipTVFinance
3
Gold outlook – increased risk of drop to daily 100-SMAResistance – $1230, $1236, $1249 Support – $1224.60, $1215.33, $1200 Doji formation on daily chart adds credence to a possibility of minor technical correction in gold, although prices failed near daily 5-MA in Asia. This if followed by a move below Asian session low of $1224.60 would open doors for a slide to daily 100-MA level of $1215.33. Such a move would daily RSI into oversold territory, thus leading to sideways to positive action.
FX:XAUUSD
by TipTVFinance
Gold outlook - Technical correction likelyResistance - $1242.21, $1253, $1263 Support - $1223.24, $1212, $1200 Gold's sharp fall yesterday to $1223.33 pushed the 4-hr RSI into the oversold territory. The wave count structure also shows an extended third wave may have come to an end and a rebound from trend line (drawn from Feb 16 low-Mar 28 low) amid oversold RSI could translate into a rise to $1242 levels (23.6% of 1303.63-1223.33). On the lower side, intraday break below yesterday's low of $1223.33 should be treated with caution, given the oversold RSI. Short-term loss of momentum could lead to sideways action or minor correction.
FX:XAUUSD
by TipTVFinance
Gold – watch for rebound from 50-DMASupport - $1250, 1243, $1230 Resistance - $1260, $1263, $1274 Gold’s repeated failure to stay below daily 50-SMA in last two trading sessions, if followed by a rebound from daily 50-SMA and $1250 and recovery above $1253 (23.6% of Sep 2011 high-Dec 2015 low) would open doors for a re-test of $1263, which if breached would expose rising trend line hurdle at $1274 levels. On the lower side, failure to sustain above daily 50-SMA of $1250 would expose support at $1243. However, only a break below $1243 would signal continuation of downtrend.
FX:XAUUSD
by TipTVFinance
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