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Gold May Drop Nearly $1835/$1800, Before It Pull Back to $1900+The price of gold is about to enter a much deeper consolidation, where gold prices may continue lower until they reach support from previous levels of the $1830/$1800 price zone. The market behavior comes when bulls cannot go any higher due to lack of demand. Selling pressure also comes into play that makes them pause before re-engaging with buyers again. The daily chart shows the market stuck in a triangle and gold price holding nearly descending resistance areas. As long as gold price holds below the $1876 price zone, it means there will be no rallies up onto new highs without major catalysts causing panic sellers once more. Technically, it is clear that gold is stuck in a triangle, and gold price holds nearly a resistance area. So, it is expected that the gold price may correct the downside, And that is happening. There are fundamental reasons too. The hawkish Fed expectations and a stronger US dollar keep the gold market in check. The Fed funds futures indicate an eventual rate hike by July 2022, with high chances for another one by November. According to Governor Christopher Waller's comments, the US central bank should speed up tapering if they want more leeway when it comes time to tighten policy again. The prospects of early tightening continue acting as tailwinds on Treasury bond yields which could provide support at lower prices ahead. So, if the gold price drops for the technical perception, gold may not fall below the $1830 price zone. Instead, gold may go up again to the $1865/1870 price zone again. On the other hand, gold is dropping for both fundamental and technical both. As a result, gold has a high chance to drop nearly the $1800 price zone. We also should keep in mind that from December to February, most of the time, gold prices always rise for many reasons. We can discuss this fact in another article. So, if we find gold nearly at the $1800 price zone just keeping 300 pips stop loss, I think we may get 1000/1200 pips.
TVC:GOLD
by Gold_Trading_Expert
4
Gold Sell Signal Only Valid, If Market Breaks Below $1787/1780In the H4 chart, gold is still in an uptrend. Next Thursday, the USA will publish its quarterly advanced GDP report. Unfortunately, the report forecasted slower than the last report. Usually, October was not a good month for gold for many years, and we have been watching it. But this year, it didn't happen. So, if this and next month gold's price doesn't drop, it is problematic that gold price will drop from December to February next year. From my personal experience and view, before gold's price rises again, gold will fall below $1700 because investors don't like buying any asset class products in the higher range. I am also waiting to buy gold on any deep correction to the downside. SO, from the present rate, if the gold price falls below the $1787/1780 price zone. We may go for a short-term sell entry. Our first target is the $1750/1745 price zone. And breaking below $1745, our last target is the $1720 price zone. On the other hand, if the gold price breaks above the $1835/$1842 price zone, we should consider a long-term buy. The upside target will be nearly $1900 price zone.
TVC:GOLDShort
by Gold_Trading_Expert
2
$XAUUSD - Time to hedgeHi guys! 👋🏻 🔔 There is a breakout confirmation from the falling wedge on a 4 hour Gold chart. The price broke the resistance and retested it as a support. 🔔 The situation around Evergrande and negative NFP and employment data in the US will increase the uncertainty in the markets. Several Central Banks, including the Bank of Japan increased their Gold purchases in August and September. This week might be very volatile especially when it comes to the Non-farm payroll data release. 🔔 The bullishness of Gold is supported by both RSI and MACD indicators. MACD has already crossed the signal line, indicating a further upside continuation, whereas RSI remains in mid-level since June on a daily chart. If the uncertainty grows, the risk of rate hikes and there are signs of a crisis backed by Evergrande, then it will be the time for Gold to continue the climb. If breakout is confirmed. The continuation of a bullish run. 🔔 If gold is able to close above $1849, watch for the Inverse Head and Shoulders pattern ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
OANDA:XAUUSDLong
by azizelliott
8
[GOLD_3 W3 JUNE 2021]GOLD Long Setup 👉🏻 My personal level to go long was indeed on 1760-1780 level, after witnessing yesterday's FOMC statement. What wasn't expected was for it to happen so quickly. I do not see the dollar has long term gains over the period. 💎 Dollar Cost Average will be done over levels 1780 and 1760. Anything below 1750 will be analysed further in the future. I think 1760-1780 level is a very favourable are to go long from. ❗️Not signal/financial advice. This is just my personal trade ideas. Members will be provided with specific signals in the near future.
GLong
by SuperMonkey0
$XAUUSD - Importance of $1798 Hi guys! 👋🏻 🔔 Some data to consider: Several Central Banks, including CBs of Hungary, Japan, Turkey and India have increased their Gold reserves in March, total purchases of all banks exceeded 172.2 tones. Central Bank of Hungary purchased 63 tones of gold to hedge from the US inflation, while Turkey, India and Japan CB's are most likely to hedge the risk of the devaluation of their local currencies. 🔔 Gold's been bullish since April, after retest of the early March support, forming a double bottom pattern, however the weak impulse didn't let Gold to close above the resistance at $1798. 🔔 Gold will resume the bullish sentiment only if closes above the aforesaid resistance for now. There also is a strong barrier represented by MA100. This Moving average also lays above the $1798 resistance. 🔔 If Gold fails to break above MA100 and $1798, and moreover closes below EMA50, we might witness another heavy drop as we witnessed in late January 2021. 🔔 Bullish continuation of Gold might be backed by the rarpidly growing US economy, which leads to the anxiety of the interest rate hike, geopolitical tensions and the spread of coronavirus. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
OANDA:XAUUSD
by azizelliott
1