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Gold starts 2023 with a new breakout. Welcome to 2023 traders. We hope everyone had a lovely holiday period. On the first trading day of the year, gold buyers are setting the tone with a new breakout and setting up a new trend continuation. Risk markets continue to trade mixed with some gains on stock futures while major risk currencies are trading lower to the USD and sharply lower to the Japanese Yen. Today's video analysis, we look at gold's price action so far today, its pattern break, and we look above to potential key resistance levels we are looking at. Will we see buyers continue to push today’s breakout? Could we see 1876 resistance tested in the future? Good trading, and happy 2023 to all.
EIGHTCAP:XAUUSDLong
by Eightcap
1
XAUUSD 5/10/2022Price currently facing short tf resistance at 1714.35 & support at 1703.60. now if price makes a break & close above the resistance, then it might continue pushing up to retest the previous high at 1727.63 or all the way up to retest the higher tf key zone at 1744.43. And If price makes a breakout of the previous low or recent support at 1703.60, then it continue pushing down to retest the next support zone at 1693.69 or all the way down to retest the high tf key level at 1675.86.
FX_IDC:XAUUSD
by mightybullcapital
XAUUSD 20/09/2022Price facing recent support at 1667.16 while retesting the uptrendline & also price facing resistance at 1679.46. so if price break & closes above the resistance while respecting the support & uptrendline then price might continue to come up to the next resistance at 1691.67. However if price breaks out of the support, that would also be a breakout of the uptrend which could lead price to come all the down to retest the key level at 1659.55 or retest the previous week low at 1653.85
FX_IDC:XAUUSD
by mightybullcapital
XAUUSD 19/09/2022So gold currently moving in a downtrend channel & also formed a small timeframe structure while facing recent resistance at 1671.26 & support at 1653.99. now if price respects the resistance & breaks out of the support at 1653.99 then price might continue to push down to retest the next HTF support at 1644. 40 while still moving in respect to the downtrend. However if price breaks & closes above the resistance at 1671.26 then gold could breakout of the downtrend channel & might continue to push up to the next resistance zone 1679.89 again as a retracement.
FX_IDC:XAUUSD
by mightybullcapital
XAUUSD 15/09/2022Price retesting a major support zone on HTF at 1680.50 & also facing recent resistance at 1690.93 while moving in a downtrend. now if price respects the recent resistance and breaks & closes below the major support zone then gold could continue pushing down creating new lower low. However if gold respects the support and makes a breakout of the resistance then price could continue pushing up to next resistance at 1697.82 or all the way to 1706.66 as a retracement move.
FX_IDC:XAUUSD
by mightybullcapital
XAUUSD 14/09/2022Gold after the bearish engulfing move from yesterday, formed a bit of structure with a recent resistance at 1708.53 & support at 1696.67. now we are looking for trades on the breakout of the structure. so if price respects the recent resistance & makes a breakout of the support at 1696.67 then price continue pushing down to next major support zone at 1681.93. similarly if price respects the support and makes a break & close above the resistance on 30 min tf then price might continue pushing up to the next resistance at 1719.63.
FX_IDC:XAUUSD
by mightybullcapital
#Gold - Possible pullbackHi guys! 👋🏻 🔔 Gold has retested the dynamic support of August 21 (dashed line) and is now forming a wedge pattern. 🔔 There are multiple strong resistances which obstacle XAUUSD from going higher, such are 1942 and 1960. 🔔 But as it seem from the current setup, if #Gold remains above this support, it will most likely break those resistances and climb back to 2000. 🔔 MACD and RSI are bullish as well. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
OANDA:XAUUSD
by azizelliott
2
Why did gold drop hard though the Russia-Ukraine crisis existed?Its standard theory is that the gold price will rise as a safe-haven asset in any geopolitical crisis. But yesterday, the world witnessed a different picture I mentioned in my last article, and gold may drop because of Russian reserves and profit-taking zone. And my prediction became true. After rising 630 pips, gold dropped more than 900 pips. There may have been two reasons that gold dropped yesterday. Profit-taking purposes Sanction against Russia If the USA and their allies give brutal sanctions against Russia, Russia will have only two alternatives Using gold to protect their economy Using cryptocurrencies Russia minimized its USD reserve from 40% to 13% before attacking Ukraine. So, Russia also knew they would have to face sanctions if they attacked Ukraine. So, Russia wisely managed it. To protect Russia from sanctions, they may use both gold and cryptocurrencies. They may use cryptocurrencies for general international transactions that may hike the crypto prices. And they will use the gold reserve to protect their economy as a hedge against inflation. So, if Russia uses a gold reserve, won't the gold price rise? No, instead, it will drop. If the gold price is high, they will get more cash from other countries. So, the USA won't let it be, and commodities prices will be high like oil and gas. If the commodities prices go high, the sanction won't work against Russia because the European countries depend on Russian oil and gas. Instead, European countries will have to pay more for oil and gas prices. Europen needs Russian gas and oil rather than Russia to sell oil and gas to European countries. So, if NATO and its allies only sanction gold will not rise; instead, it has big chances to drop. When can gold rise? If NATO and its allies also announce or start a war against Russia, there is no doubt that gold price will touch the sky. Start a war against Russia. The situation has not been started yet. It may take some more days. NATO and its allies are punishing Russia by just putting only sanctions. Sanctions may hurt the Russian economy, not the world economy. The gold price won't go up much only by sanctions. It needs war, not only sanction to go upside.
TVC:GOLDShort
by Gold_Trading_Expert
7
Gold Weekly Analysis: All eyes will be on FOMC and NFP The big picture for gold is mixed as the bullish trend appears to remain on hold. However, a descending triangle formation shows that some bearish potential may be brewing with Gold markets, and US rates continue climbing at a higher rate than treasuries. The Fed's next meeting will decide whether or not they're hawkish enough to elicit more significant responses from gold investors who want less risk associated with their investment portfolios. What will happen then could have wide-ranging impacts on the gold price. Gold may continue to perform well in a stagflation-like environment. When you have strong inflation and meager growth, similar to last week's Advance GDP read showing 2% annualized growth rate for next year's economy whether market forecasted 2.6% growth. But we're not there yet, so it depends on how the Fed handles the problematic situation, which has begun to build up over time. The Federal Reserve will be giving its insights into these matters this week when they release their assessment at two separate but related events: Jackson Hole Conference Monday through Friday, August 6th -10th. If FED hind any rate-hiking chance next year, we may see gold will drop based on that news. As inflationary exists so, the drop may not be too heavy, but it will fall. Gold Weekly Chart In the weekly chart gold price breaks below the descending triangle trend line. In Gold, the fear is rate hikes. Rate hikes can draw capital away from non-interest-bearing assets such as Gold or Silver to potentially more profitable investments that are currently paying interest on their loans from banks and other financial institutions around this country (The U.S). In recent years, the hawkish speech from the Fed chairman has become when making decisions about rates hike deadlines. It has been shown historically through looking at charts between 2012 - 2015. We saw our lowest point for gold prices among all others following an increase—a clear indication of what should've happened if one understands how anticipation works within gold markets. Gold price dropped more than 7500 pips from 2012 to 2015 because of the higher bank rate. Though the situation is not the same as the current situation, higher bank rates harm gold prices if inflation is under control. But inflationary pressure is the main problem for most countries. So, indeed FED increases their bank rate, it won't hurt much gold price for the long term because the USA is also under inflationary pressure because of a pandemic. Gold Technical View: Two key levels are clear as a conclusion to this market. First, the upper range, 1835-1845 resistance, and 1750-1720 support zone have been tested several times in 2021. So, as long as the gold market with that range, I don't think we will see heavy movement. From the current gold price, we may see some upward correction nearly the $1800 price zone. But if the market breaks below the immediate support 1770 price zone, our first target to the downside is the $1745/1750 price zone. And breaking below $1745, our final downside target is a $1720 price zone for the next week until we get enough fundamental reports that will favor the USD. On the other hand, $1800/1800 is immediate resistance. So, the market may test this price as well. But the swing area is $1815 price zone. So as long as below $1815, we have hope that gold still has a chance to drop. breaking above $1815, our upside target would be the $1835/1845 price zone. As long as the market hold below the $1845 price zone, I would suggest not buying gold. However, with the gold price breaking above $1845, our upside target would be near the $1900/1920 price zone.
TVC:GOLD
by Gold_Trading_Expert
6