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European Session "Golden Eye" on WarXAUUSD Technical Overview: Day Trading Range: $1188.85 - $1207.27 Pivot: $1202 Key Resistance: $1202 - $1205.35 - $1207.89 - $1212.33 Key Support: $1196.28 - $1194.69 - $1191.89 - $1189.21 Technical Indicators: RSI: Indicator is confusing where to go, moving around 50 level, trend downward (See chart RSI). MACD: MacD is having negative volume for xauusd. Moving Avg: SMA55 ($1198.74) strong support & SMA200 ($1199.78) which is CMP (time of writing). Technical Idea: Most Likely Scenario: short positions below 1202.00 with targets at 1196.28 & 1192.20 in extension. Alternative scenario: above 1202.00 look for further upside with 1205.85 & 1208.65 as targets. Overall Review: Trade war fears continue to be a major issue as well, which almost certainly looks likely to pick up a bit. We think that the Gold markets will continue to be very range bound, with the $1195 level underneath the be supportive, and the $1215 level above should be resistive. Overall, this is a market that we think should continue to see volatility, but we also recognize that we are more than likely going to move with the US dollar, as we have seen for some time now. we think at this point though, it’s probably easier to short this market at higher levels than anything else, because the move has been extended so rapidly during the day on Monday. Thanks YoCryptoManic
OANDA:XAUUSDShort
by yoCryptoManic
European Session XAUUSD, Fight between Bears & BullsXAUUSD Technical Overview: Day Trading Range: $1186 - $1208 Pivot: 1198.00 (CMP XAUUSD $1199.11) Key Resistance: $1200.00 - $1205.45 - 1212.85 Key Support: $1196.27 - $1192.69 - $1188.55 Most Likely Scenario: long positions above 1198.00 with targets at 1204.00 & 1207.00 in extension. Alternative scenario: below 1198.00 look for further downside with 1196.50 & 1193.00 as targets. Technical Indicators: MACD: MacD lacks with a bullish bias. Moving Avg: SMA200 ($1205.03) strong resistance & SMA100 ($1195.46) strong support for the day. Fundamentals: I think that gold markets are going to continue to struggle at the hands of the US dollar though, and of course the situation that we have seen in the emerging markets. Because of this, it’s likely that we will continue to struggle for longer-term direction overall, and I think that we continue to see the five dollar levels offer both support and resistance. As I record this, the $1205 level looks as if it is trying to offer a bit of support. In general, this is a very messy market so it’s more or less the realm of scalpers. However, I would be willing to buy physical gold and in fact have a couple of times recently as I think longer-term this is going to be thought of as a very cheap level. The jobs number coming out today will of course have a lot of influence on the US dollar, which by extension will have a lot of influence on gold. Thanks YoCyptoManic
FX_IDC:XAUUSDLong
by yoCryptoManic
Part 7 - Risk-off August - XAU/USD DailyXAU/USD – Daily Resistance & Support: Resistance: 1250.00 / 1260.00 / 1300.00 / 1340.00 / 1380.00 / 1420.00 / 1480.00 Support: 1210.00 / 1195.00 / 1160.00 / 1115.00 / 1080.00 XAU/USD – Summary: Expected to start a Bullish Corrective Structure in a three-swings sequence at or around the 1195.00 levels and possibly retest the 1260.00 – 1300.00 vibration area. Bearish Impulse expected around the 1260.00 – 1300.00 area, towards the possible retest of the 1125.00 December 2016 lows and the pattern’s completion. If all scenarios would turn out to unfold as expected and Gold would retest the 1115.00 levels, then that specific area could be seen by bulls as an opportunity for longs, which could even reach the 1480.00 levels in an Impulse.
FX_IDC:XAUUSD
by Lionheart-EWA
4
A Crucial point for GOLD (XAU), Will we break 5year resistance?Gold is bouncing around near an in the meantime historic resistance level (highlighted as the 61,8% Fibonacci retracement level in yellow). If we look back at the second half of 2013 (see below), we see how it tries to break through but lacks the required juice to go for the 50% level. Somewhere beginning 2014, we see a second failed attempt. The yellow-ish circles show a couple of more tests of this resistance level, making it a hard and resistant brick that by now will need a strong karate-kick in order for it to get broken. Luckily for gold, the fundamentals of the markets are shifting somewhat, likely in favour of gold. For example, several concerns are being raised on the plausible overheating of the equity markets. I myself have also gotten the creeps of the European leading index (DAX30) chart , as well as when I was looking at the S&P500 chart . Other rationales include the high valuations in terms of P/E etc. In any case, gold has proven itself to be an interesting alternative in times of market turmoil, so fundamentally, we might have some positives going for gold. DAX 30 Graph (EU leading index) - See how we are trading close to long term trend channel top, and (see post itself) have a double top, a head & shoulder figure, etc.) S&P500 Graph - similar points as with the DAX30 graph: Zooming out on the chart and looking at the weekly going back almost 15 years, we can see a clear white support line at the bottom, and another white support line that actually got broken previously. We are now trading under that level and trying to get back above. As you can see, that big white channel resistance line is close to making a cross with the yellow 61,8% Fibonacci resistance. Moreover, we have an ascending triangle formation in the shorter term, highlighted by the two ticker light blue lines . Therefore, we are at a rather historic moment where gold has the potential to break through , which would likely lift it up to the next target at $1489 (a 10-11ish % increase compared to current levels). After which it would be able to propel higher. The opposite scenario is that once again, gold fails to break through the heavy resistance, likely causing it t o bounce back to the 0.25 Fibonacci speed resistance line (the smaller whitish diagonal line). Indicators seem to be in favour of positive momentum (MACD and RSI): Finally, you can also let yourself be guided by the Fibonacci speed resistance line, these are quite good to work with in parallel with the horizontals, to get an idea of resistance and support areas, see the highlights in yellow: Conclusion: - Equity markets are showing signs of overheating, which would be quite logical after such a long bull market. My previous posts on the DAX30 &the S&P500 provide more background for those interested. - Gold is again testing the 2013 resistance horizontal (coinciding with the 61,8% Fibonacci level). This time MIGHT be different, but remember that there are at least 2 scenario's (up or out). - RSI and MACD show positive momentum. - We have an ascending triangle formation. - Several positive signals for a potential small bull run for gold, which would give an initial return of +-10% versus current levels if the first Fibo target (50% would be hit).
FX:XAUUSD
by A_Cryptastic_Mind
XAUUSD approaching its resistance, potential to drop!XAUUSD approaching its resistance at 1339 (61.8% Fibonacci retracement, horizontal swing high resistance) where a potential reaction could occur, causing price to fall to its 1st support at 1319 (61.8% Fibonacci extension horizontal overlap support). If it breaks past this level, it could potentially fall to its next support at 1305 (61.8^ Fibonacci extension, 100% Fibonacci extension, horizontal pullback support). We have also identified another resistance at 1361 (horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur.
FX_IDC:XAUUSDShort
by ICmarkets
GOLD shorting opportunityGOLD looking to go more to the downside. Short @ 1300 SL: 1314.74 TP:12658.09 Follow us for more quality trades. September we had gather 1000+ pips. *Disclaimer : This analysis not include personal feeling/opinion, and pure base on technical analysis Trading foreign currencies and crypto currencies can be risky and potentially profitable opportunity for investors. However, before deciding to trade, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.
FX:XAUUSDShort
by SmarterFxCapital
XAUUSD (Gold)We could possibly see gold heading up before a big sell-off at the area of 1245-1250, we shall see how price and time react at certain area and time frame! possibly reaching 1210 weekly key level PS: This is not a trading signal just a market idea, please use a valid strategy to enter this trade, if you are not educated enough do not trade it! wait for clarity and correct signs before entering the trade! there is no 100% guarantee in trades! know how to risk manage your trades! AceTeam FX #Forex #forextrader #forextraders #forexmarket
FX_IDC:XAUUSD
by AceTeamFx
Gold Closing in on Historic Resistance at 1400.00Gold is on a 7 week bullish run and is fast approaching a historic weekly resistance at price action above 1380.00 - 1400.00. Sell opportunities are at the blue line (1390.77) and the price area 1385.00-1400.00 with take profits and buying opportunities for future re-tests at 1340.00. Short term expect price to test and fail at this level however the decline will be short lived as global risk factors will no doubt drive gold onwards past 1400.00 eventually.
FX:XAUUSDShort
by Elliot_Myers