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Goldpullback

Gold 2 day TFIf gold breaks below the uptrend channel, I anticipate a further drop in its value. However, I have identified two specific areas where multiple factors converge, and I will keep an eye on them for potential buying opportunities. There are several factors that can cause the price of gold to rise: Supply and demand: Like any other commodity, the price of gold is affected by its supply and demand in the market. If the demand for gold exceeds its supply, the price of gold can rise. Economic and political instability: Gold is often seen as a safe-haven investment during times of economic and political uncertainty. In times of market volatility, investors may buy gold as a hedge against potential losses. Inflation: As the value of currency decreases due to inflation, investors may turn to gold as a store of value. Gold has historically maintained its value over time and can provide a hedge against inflation. Central bank policy: The policies of central banks, including changes in interest rates and quantitative easing, can affect the price of gold. For example, if central banks lower interest rates, it can lead to a weaker currency and an increased demand for gold. USD exchange rate: Gold is priced in USD, so changes in the exchange rate between the USD and other currencies can also impact the price of gold. If the USD weakens, it can make gold more affordable for investors holding other currencies.
TVC:GOLD
by ChartStrategist
GOLD IS CONSOLIDATED - XAUUSDGOLD is struggling hard to break the support 1752. Based on my previous analysis it was going well on Friday 8th oct it showed rejection form 1780-85. Now there are 2 possibility for you all to open sell order. When price strike to above resistance 1780-85 OR goes below 1750. Still main trend is down so we are not going to place any buy order. Our target is 1723 and blow. Just keep focus. Market will be volatile tomorrow as there a FOMO news. We might see some movement by tomorrow. Like our IDEA Follow Commet down.
TVC:GOLD
by ProTradingPoint
2
Gold - Expect Near-Term Weakness Gold has had a great run, however i believe that we may very well see a slight easing before continuing higher, firstly let's look at some charts. Gold is below the daily 21 ema - This means that so long as we remain below this level, near-term the bears are in control. Gold has retraced to the weekly 10 ema - This is healthy within a strong bull market, to periodically return to these longer-term moving averages, but also note the highlighted regions when price fell below this moving average. Gold has YET to retrace to the monthly 5 ema - This, coupled with the monthly doji candle from August (signals indecision) leads me to believe that we will experience a drop to test the monthly 5 ema, currently around $1890 USD. Furthermore, the monthly stochastic is signaling a likely cross to the downside, all of this together leads me to believe that a move lower to test the monthly 5 ema, possibly even overshooting slightly lower to around $1800 is entirely on the cards. All this coupled with the sudden profit-taking in the stock market over the Thursday and Friday trading sessions leads me to believe that further weakness could kick next week off, not to mention the grossly overbought conditions within the stock market, from the put/call ratio, to the SKEW, to the spike in the VIX. It is worth mentioning that the cryptocurrency market also had a sharp selloff, PRIOR to the stock market selloff, what this says to me is that money is not merely rotating out of one asset and into another, but rather it is leaving the market as cash. We can also see the DXY strengthening (albeit only slightly, and within a stronger overall downtrend), this is also a major headwind for gold, as i wrote earlier, that a stronger dollar will reflect in a weaker gold price (generally speaking). I may very well be wrong, however i will personally be easing some of my exposure to see how things shake out. I also want to reiterate, i am very bullish on precious metals (hence the physical holdings) and i believe that the stock market will be a major beneficiary of truly awesome levels of inflation, however i am getting a slightly eerie, calm before the storm feeling and will be freeing up some capital to take advantage should that opportunity arise. -TradingEdge
COMEX:GC1!Short
by Profit_Link