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10.28 Gold fluctuates and moves upwardAs the safe-haven demand caused by the ongoing tensions in the Middle East pushed up the price of gold, coupled with the Federal Reserve's 50 basis point rate cut, the price of non-yielding gold has risen by more than 32% so far this year. The uncertainty of the US election has also stimulated the safe-haven demand for gold, as opinion polls show that the presidential election competition is still fierce. Despite the rise in the US dollar, the price of gold still rose. At the same time, the price of gold rebounded from the profit-taking trend last Friday and then rose slightly. The high sideways trading of the daily line, the two consecutive positive rises of the weekly line and the upward support of the trend indicator MA moving average, so the overall trend is still bullish. In the European session last Friday, the bottom rebounded and the highest test was 2747.70. This morning, the price of gold continued to pull back and opened, increasing the intraday volatility. Combined with the strength of the recent retracement, it is difficult to have the momentum of a continuous and sharp decline. The intraday will continue to fluctuate. 1. There is only one negative line correction in the high consolidation process. This is also the reason why the gold price will not retrace for too long in the recent rising market, and the retracement strength is not strong and it is also consolidating near the high point, so it is expected to continue to rise and test the previous high point of 2758.40. 2. In the bull trend, the low point of the retracement last Friday was 2717, and the position of the previous retracement was supported many times at 2714, forming a double bottom pullback, so the lower low is moving up, and the upper high point of last Thursday was 2743. It closed at 2747 in the early morning of Saturday, breaking through the high point of the pullback after the decline last week. Although there was a negative line retracement this morning, it was more in the form of correction. 3. From the perspective of the overall correction strength, the space for gold price to retrace from 2605 to now is only between the golden section line of 382 and 236, and the correction space is very limited; in addition, although there are repetitiveness recently, it is still rising during the high-level consolidation process, the correction time is shortening, and the momentum to continue to test the new high is increasing. Intraday thinking plan: BUY:2715 SELL:2740
TVC:GOLD
by David_strategy
1
Gold Price Analysis October 28Fundamental Analysis Gold prices edged lower to near $2,735, snapping a two-day losing streak in early morning trading in Asia on Monday. However, the precious metal’s losses may be limited amid geopolitical tensions and ongoing uncertainty surrounding the US presidential election. Buying by central banks and rising demand from investors have pushed up prices of the yellow metal. The World Gold Council said that central banks around the world have bought more than 1,000 tonnes of gold in each of the past two years, with China topping the list of countries looking to increase their gold reserves. On the other hand, a slower pace of interest rate cuts from the US Federal Reserve amid stronger US economic data has weakened the yellow metal. According to CME's FedWatch tool, traders are currently pricing in a 97.7% chance that the Fed will cut interest rates by 25 basis points (bps) in November. Technical Analysis Gold is approaching the gap again and forming an uptrend if it breaks the important zone of 2750. The all-time high of 2768 will still act as resistance at the moment. On the other hand, a break of 2725 is considered an opportunity to find long-term buying points. 2711 and 2723 are two areas to watch in today's trading session. Wish you a successful trading day.
OANDA:XAUUSD
by TVS-Trader
2731-2725 Short Sell,SELL XAUUSD Overnight gold prices continued their bearish trend again, and the fast trading strategy members made another good profit. Trading is like this, buy in a bullish trend and sell in a bearish trend, so as to earn the difference and make a profit. Don't miss the deal in hesitation. I said this a month ago. Now is the best time to trade the market. Trading is a place to experience risk, passion, and thus expand profits. Whether you are a novice or an old hand, you will have different gains. This week, most members of the fast trading strategy have achieved a profit of more than 168%. A few are less than 80% due to the time of joining the group. In addition to accurate market analysis and strict guidance, all members have achieved different levels of profit. This is the result I want to see. This is also my original intention. Today is the last trading day of the week. The market may not be particularly volatile, but there are still opportunities to expand profits and recover losses. If this is you, don't hesitate. The strategy of the Fast Strategy Group is definitely suitable for you. Whether you are a novice or an old hand. Supplement. Today's trading market is mainly short at a high level. The trading strategy notified in real time by the fast team is the main one.
CAPITALCOM:GOLDShort
by George_parse
3
Did you follow the low position to buy yesterday? If you didn't follow. It's a pity, you just missed the profit of more than 20 points. After the big drop yesterday, it rebounded overnight. And I just announced the fast trading strategy. The market development trend is consistent with my fast trading strategy, and the target is 2725-2740. The obvious pressure is 2735-2740. At present, the increase in the Asian market and the London market is almost the same. There is a big upward pressure in the short term, so we will not buy. Selling is the main thing. A head and shoulders posture is also formed above. Whether you have large funds or small funds, you can make money by selling gold prices. The 2735-2740 range is mainly short-selling. tp2724-2714, you can close it at any time when the profit reaches your expectations. OANDA:XAUUSD BITSTAMP:BTCUSD CAPITALCOM:GOLD
TVC:GOLDShort
by George_parse
1
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing candle body close above 2746 with gap above at 2752. Ema5 cross and lock will open the full range above. We also have 2736, as weighted Goldturn support and will need ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2746 EMA5 CROSS AND LOCK ABOVE 2746 WILL OPEN THE FOLLOWING BULLISH TARGET 2752 2762 BEARISH TARGETS 2736 EMA5 CROSS AND LOCK BELOW 2736 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2728 - 2720 EMA5 CROSS AND LOCK BELOW 2720 WILL OPEN THE SWING RANGE RANGE SWING RANGE 2707 - 2692 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
28
GOLD 4H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 4h chart levels and targets for the coming week, which we have been tracking and trading for the last two weeks and only updating the retracement and swing range, as we go on. Last week we stated that we had candle body close gap open to at 2737 on market open but needed ema5 cross and lock will further confirm this. - This played out last week perfectly and gave us the mea5 lock confirmation followed with the target hit. We also stated that we had a bearish target below at 2715. - This target a=was also completed last week We now have a candle body close above 2737 opening 2760 and ema5 cross and lock will further confirm and solidify this gap. We have support below at 2737 and weighted support at 2715. A break below the weighted support will open the range below otherwise we are likely to see bounces from these support levels. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2760 (EMA5 LOCK ABOVE 2737 WILL FURTHER CONFIRM THIS) POTENTIALLY 2779 EMA5 CROSS AND LOCK ABOVE 2779 WILL OPEN THE FOLLOWING BULLISH TARGET 2797 POTENTIALLY 2814 BEARISH TARGETS 2737 2715 EMA5 CROSS AND LOCK BELOW 2715 WILL OPEN THE SWING RANGE SWING RANGE 2693 - 2669 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
11
GOLD DAILY CHART SHORT/MID TERM ROUTE MAPHey Everyone, Please see update on our daily chart idea that we have been tracking for a while with the updated retracement and swing range. Previously after completing 2690 target, we stated that we had a candle body close above 2690, opening 2725, as ema5 was still lagging and that we got the push up nicely but just short of the target, which remained open for last week. - This was hit last week completing this target!!! We now have a ema5 cross and lock above 2725 for a continuation above with a gap open to 2760. Failure to complete this gap will see price test the retracement range for bounces and a further lock below the retracement range will open the swing range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our levels and setups. Buying dips allows us to safely manage any swings rather then chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
4
WEEKLY CHART MID/LONG TERM ROUTE MAPHey Everyone, Please see update on our weekly chart idea that we have been tracking and trading over the last 4 weeks. Last week we stated that we had a candle body close gap open to 2729 for our long range AXIS TARGET. - This was hit this week completing the target perfectly!! We are now seeing a body close above 2729 leaving long range gap open to 2856. Ema5 lock will further confirm this long range target. We will also be keeping in mind the channel top for long range corrections, which is likely to provide support like we stated if tested at all. As stated before if the channel top continues to provide support then we will track the movement up, confirmed with ema5 cross and lock or candle body close. However, if we continue to see tests on the channel top and then get a break inside the channel, then we will track the movement down, inline with our plans to buy dips, using our smaller time-frames, keeping in mind the long range gap for the future.. Buying dips allows us to safely manage any swings, instead of chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
4
SasanSeifi| Will It Break Above the $2685 High?Hey there, ✌ In the daily timeframe, as seen on the chart OANDA:XAUUSD , gold's price started an upward movement from the $2300 range and reached a new all-time high (ATH) around $2685. After hitting this peak, the price entered a consolidation phase with a slight pullback that extended to the $2600 area. Currently, we see that the price has rebounded from the $2600 level due to increased demand, pushing it higher towards $2,657. The medium- and long-term outlook leans towards further upward movement, with potential targets at $2700, $2725, $2750, $2790, and $2,800. In the daily timeframe, maintaining the support range between $2600 and $2570 is crucial for sustaining the bullish trend. A likely scenario is that if the price stabilizes above $2660 and $2675, it could break the previous high and move toward the mentioned targets, as illustrated in the chart. To gain a better understanding of the future trend, it's important to monitor how the price performs in the early days of the market. Additionally, if bullish momentum weakens and confirmations appear in lower timeframes, there could be a chance of range-bound movement or a retracement towards the support levels. This analysis is my personal viewpoint and not financial advice. If you found this helpful, please like and comment – I’d love to hear your thoughts! Happy trading! ✌😊
OANDA:XAUUSDLong
by SasanSeifi
GOLD ready to sell possibly? shorts from 2,750This Week's Analysis for Gold: This week, I'm expecting gold to weaken and potentially consolidate. The slight bearish reaction we've observed may indicate that bullish momentum is losing strength. Additionally, with the recent Change of Character (CHOCH) to the downside, an unmitigated 7-hour supply zone has been created, which could prompt a revisit from price. From that level, I anticipate a potential selling opportunity. Once price taps into this zone, I'll be looking for distribution on the lower timeframe to refine my entry. Confluences for Gold Sells: DXY has shown strong bullish movement, and I expect the dollar to keep strengthening. Gold has shifted to a bearish character, signalling weakness. A clean, unmitigated supply zone is in place, where price may retrace. Significant liquidity to the downside and an imbalance that needs filling. Gold has been heavily bullish and may require a corrective move. P.S. If this turns out to be a retracement and price continues upward, I’ll look for potential buys at the 2,680 level. Have a great trading week!
OANDA:XAUUSDShort
by Hassan_fx
XAUUSD: There is a possibility of falling below 2700 todayYesterday we waited for the gold price to meet resistance at 2740 before selling, and the effect was very good. Today my strategy is still bearish. As long as 2740 is not effectively broken, the bearish view can be maintained. From the 1H chart, after yesterday's failure to break through the 2740 resistance, the bearish pattern of the head and shoulders top has basically formed, and there is no problem with the lowest position of the head and shoulders top pointing below 2700 points. Therefore, even if today's sharp decline in the market after Black Friday is out, I am not surprised. With the formation of a downward trend, the high point is definitely moving down, so today's selling point can be appropriately lowered a little, in the range of 2730-2740, the target is 2715 first, and then 2700 The above is today's trading strategy. Friends who need to copy my detailed signals and real-time operations can contact me, good luck everyone!
TVC:GOLDShort
by AntonyTP
1
GOLD ROUTE MAP UPDATEHey Everyone, A PIPTASTIC finish to the week with our chart idea playing out perfectly once again!! After completing all our targets this week, yesterday we stated that no cross and lock below 2717 confirmed the rejection into 2730, which then followed with a new cross and lock above 2730 re-opening 2739 and 2747. We also stated that 2739 was hit perfectly with 2747 left and failure to complete this target will see price retest the support below and as long as 2717 holds, we are likely to see the upper levels retested again. - This played out perfectly today with the drop into 2717, which held as support like we stated and gave another bounce into 2730, 2739 and now heading towards 2747. Our plans to buy dips using our levels played out once again!!! BULLISH TARGET 2730 - DONE EMA5 CROSS AND LOCK ABOVE 2730 WILL OPEN THE FOLLOWING BULLISH TARGET 2739 - DONE 2747 - DONE BEARISH TARGETS 2717 - DONE We will now come back Sunday with our updated Multi time-frame analysis, Gold route map and trading plans for the week ahead. Have a smashing weekend!! And once again, thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16
Gold Price Hits New All-Time High Near $2,757 - Have a Look NextGold has once again proven its status as the ultimate safe-haven asset, recently reaching an all-time high just shy of the $2,757 mark. This surge comes amid rising geopolitical tensions and increasing expectations for further rate cuts by the US Federal Reserve. Despite a rise in US Treasury yields, the yellow metal's upward momentum remains strong as investors flock to it during times of uncertainty, highlighting its enduring appeal as a store of value. Factors Behind Gold’s Historic Surge 1. Geopolitical Tensions Global geopolitical risks have escalated recently, leading to a rush toward safe-haven assets like gold. Heightened conflicts in the Middle East and lingering tensions in Eastern Europe have fueled fears of broader market instability. Gold, historically seen as a hedge against geopolitical uncertainty, has been one of the primary beneficiaries as investors seek to protect their portfolios. 2. Expectations of Further Fed Rate Cuts Market sentiment is increasingly tilting toward additional rate cuts by the Federal Reserve. The anticipation of lower interest rates typically supports gold prices, as lower rates reduce the opportunity cost of holding non-yielding assets like gold. With economic data pointing to slower growth and possible deflationary pressures, the Fed may be inclined to continue its dovish stance, further boosting gold’s appeal. 3. US Treasury Yields and Safe-Haven Demand Even as US Treasury yields have risen, signaling expectations of a stronger US economy, gold's ascent has not been hindered. This decoupling suggests that other factors, like risk aversion and safe-haven demand, are currently driving the metal’s price. Growing fears of a potential Trump presidency in 2024 have added an extra layer of uncertainty, prompting investors to seek the stability that gold provides. Technical Analysis: Is a Retracement on the Horizon? From a technical standpoint, the recent surge in gold prices suggests that the metal may be poised for a near-term pullback. Here’s why: Commitment of Traders (COT) Report Analysis: According to the latest COT report, retail traders remain heavily bullish on gold, a potential contrarian indicator that often precedes a short-term price reversal. Meanwhile, the so-called "smart money" appears to be scaling back on long positions, suggesting a potential shift in sentiment. Seasonal Forecast: Seasonality patterns indicate that gold might be approaching a reversal phase. Historically, gold has shown a tendency to retrace after significant rallies, especially when retail sentiment becomes overly bullish. This seasonal forecast aligns with technical signals that suggest a possible correction. Potential Retracement Levels: If gold begins to retrace from current levels, key support zones to watch would include $2,700 and $2,650, where previous resistance levels could now act as support. Traders should keep a tight stop-loss to protect against potential downside risks, especially given the ongoing volatility in global markets. Trading Strategy: Cautious Optimism with a Tight Stop-Loss While the long-term outlook for gold remains bullish due to ongoing geopolitical uncertainties and monetary easing expectations, short-term traders should exercise caution. With the potential for a near-term pullback, the ideal strategy may involve waiting for a retracement to key support levels before considering new long positions. Risk Management: Given the current elevated price levels, it’s crucial to maintain a tight stop-loss to manage potential downside risk. Potential Reentry: If a retracement occurs, investors could look for signs of stabilization around the $2,650–$2,700 range before reentering the market. Final Thoughts: A Bullish Long-Term Outlook with Short-Term Caution Gold’s recent surge to near $2,750 highlights its role as a global safe haven amidst uncertainty. However, with retail sentiment leaning heavily bullish and the possibility of a technical correction looming, traders should remain cautious in the short term. Despite the potential for a pullback, gold’s long-term fundamentals remain intact, driven by geopolitical risks, monetary policy expectations, and overall global economic uncertainty. As always, a balanced approach, considering both the fundamental and technical factors, will be essential to navigating the evolving landscape of gold trading. ✅ Please share your thoughts about GOLD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
OANDA:XAUUSDShort
by FOREXN1
1
Gold Analysis October 25Fundamental analysis Gold prices remained close to the lows of their daily ranges in the first half of the European session, pressured by a combination of factors. For now, the US dollar (USD) appears to have halted its downward correction from a near three-month high hit on Thursday amid bets that the Federal Reserve (Fed) will cut interest rates less. This, coupled with generally positive risk sentiment, is seen as undermining the safe-haven precious metal. That said, a further decline in US Treasury yields is keeping USD bulls from placing aggressive bets. Additionally, US political uncertainty ahead of the November 5 presidential election and further escalation of tensions in the Middle East could provide some support to Gold prices. Traders are now looking forward to US macro data - Durable Goods Orders and Revised Michigan Consumer Sentiment Index for short-term opportunities. Technical Analysis Gold broke the bullish structure of the Asian session and fell sharply in the European session with the break of the important support zone 2720. Gold is heading towards 2710 and 2700. Pay attention to the price reaction of this zone for long-term BUY strategy. SELL signals have been set with profit levels as analyzed. Wish you a successful trading day
OANDA:XAUUSD
by TVS-Trader
2
10.25 gold Asian market analysis ideas! !! !!Yesterday, gold began to fluctuate and rise in the early trading, and continued to rise in the European trading, reaching a high of around 2743 in the US trading. Then the market was blocked and fell. After dropping to around 2722, it rebounded to above 2730 in the late trading and fluctuated. The daily line closed with a positive line, and gold once again stood firm at the 2730 line. On the daily line, there was a single negative decline correction on Wednesday, and a volatile rise on Thursday. There was still some resistance to falling in the short term. At the opening of today, the gold price was above the moving average. In the short term, we will first pay attention to the 5-day moving average, which is currently located near 2730. As long as it stands firmly at 2730 today, gold will definitely continue to rise. First pay attention to the resistance near yesterday's high point of 2743, and then pay attention to the resistance near the current high point of 2758. If it continues to break through the high, we need to pay attention to the 2768 pressure level. 2768 is the current resistance position after the extension of the high point line of July 17 and September 26. In terms of intraday operations, it is still mainly low-long. In terms of geopolitical situation, US Secretary of State Blinken said on Thursday that the United States does not want Israel to carry out protracted military operations in Lebanon. At present, all parties are working hard to hold new negotiations on the ceasefire and hostage agreement in Gaza. In terms of economic data, the number of initial jobless claims in the United States last week released on Thursday unexpectedly fell, but the number of continued jobless claims in mid-October rose to a nearly three-year high, suggesting that it is becoming increasingly difficult for the unemployed to find new jobs. The influence of various aspects has also further promoted the upward trend of gold. Although gold fell back on Wednesday, it still rose sharply the next day. The price is expected to break a new high again, and it is far from the target level at present. Support level: 15 Resistance level: 35————45
TVC:GOLDLong
by David_strategy
1
Is Bitcoin Price's All-Time High Dependent on Gold Rally PausingThe cryptocurrency market has been exciting as Bitcoin (BTC) inches closer to its all-time high (ATH). However, a recent surge in gold inflows suggests that a potential pause in the precious metal's rally might be necessary for BTC to reach new heights. Over the past seven trading days, gold exchange-traded funds (ETFs) have witnessed an influx of over 1 million ounces, marking the largest inflow since October 2022. This significant increase in gold demand indicates that investors seek safe-haven assets amid economic uncertainty and geopolitical tensions. Historically, gold and Bitcoin have correlated, with one asset often leading the other. In 2020, for instance, gold paved the way for Bitcoin's ascent, reaching record highs in August of that year. Subsequently, BTC followed suit, setting its all-time high in December. The current scenario, however, presents a different dynamic. While Bitcoin's price has been steadily climbing, it appears to be facing resistance near its previous ATH. Is there a potential correction in gold prices could be a catalyst for BTC to break through this resistance level and establish a new all-time high? Several factors contribute to this hypothesis. Firstly, the ongoing correlation between gold and Bitcoin suggests that a pause in gold's rally could divert investor attention and capital towards the cryptocurrency market. Secondly, a correction in gold prices could alleviate concerns about a potential asset bubble forming in the precious metal market, thereby boosting investor confidence in Bitcoin. Furthermore, the recent surge in inflows into Bitcoin ETFs highlights the growing institutional interest in the cryptocurrency. As more traditional investors allocate a portion of their portfolios to Bitcoin, the potential for a significant price increase becomes more tangible. However, it is essential to note that the relationship between gold and Bitcoin is not always straightforward. There have been instances where the two assets have diverged, influenced by various macroeconomic factors and market sentiment. Therefore, while a gold correction could provide a favorable environment for Bitcoin's price appreciation, it is not a guaranteed outcome. In conclusion, the recent surge in gold inflows suggests that a potential pause in the precious metal's rally might be necessary for Bitcoin to break its all-time high. While the historical correlation between the two assets offers a compelling narrative, it is crucial to consider other factors and remain vigilant about market developments. As Bitcoin continues its journey towards new heights, investors will be closely watching the interplay between gold and the cryptocurrency market.
OANDA:XAUUSD
by bryandowningqln
GOLD 1H CHART ROUTE MAP UPDATEHey Everyone, Another great day on the chart today, as our updated from yesterday played out once again. After completing our targets yesterday, we stated that we were seeing the rejection back into the weighted Goldturn level 2717, which will either provide support for another bounce up or a cross and lock below to confirm the lower range. - No cross and lock below 2717, as a new Goldturn was created just above it, confirming the perfect rejection for the bounce into 2730. This followed with a new cross and lock above 2730 re-opening 2739 and 2747. 2739 was hit perfectly completing this target once again with 2747 left. Failure to complete the next target will see price retest the support below. As long as 2717 holds, we are likely to see the upper levels retested again . We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2730 - DONE EMA5 CROSS AND LOCK ABOVE 2730 WILL OPEN THE FOLLOWING BULLISH TARGET 2739 - DONE 2747 - DONE BEARISH TARGETS 2717 - DONE EMA5 CROSS AND LOCK BELOW 2719 WILL OPEN THE FOLLOWING BEARISH TARGET BEARISH TARGET 2706 EMA5 CROSS AND LOCK BELOW 2706 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2692 - 2682 EMA5 CROSS AND LOCK BELOW 2682 WILL OPEN THE SWING RANGE SWING RANGE 2673 - 2661 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
22
10.24 Can gold reach a high level?On Thursday (October 24), gold prices partially recovered, continuing the previous upward momentum. After a brief correction on Wednesday, spot gold once again broke through the $2736-2737/ounce area, and then narrowed its gains to 0.66%. It is currently trading around $2733, up about $18/ounce on the day. Thanks to the weakening of the US dollar and the decline in US bond yields. In addition, the uncertainty in the Middle East and US politics has also increased the market's demand for safe-haven assets, further boosting the attractiveness of gold. From a technical perspective, there is a certain downward pressure on the short-term trend of gold prices. According to the technical chart, the upward trend line of gold was broken on Wednesday, indicating that the market may have a further correction in the short term. If gold prices cannot remain above the support of the $2730-2732 range, they may face greater downward pressure. The first target is the $2700 mark. If it falls below this level, the next step will test the intermediate support of $2685, and may even fall to around $2670. If gold can hold the key support level of $2,730 and successfully break through the recent resistance level of $2,750, the market will re-enter the upward channel. At that time, the price of gold is expected to challenge the high point of the $2,770-2,775 range again, and may even further attack the psychological barrier of $2,800. In terms of technical indicators, the oscillator on the hourly chart shows a certain callback signal, indicating that there are still opportunities for short sellers in the short term. However, given the current geopolitical and macroeconomic uncertainties, the strength of short sellers may be limited.
TVC:GOLDLong
by David_strategy
1