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Recovery See Gold Slump, Can We Get a Pump? 🆙 | GOLD ($GOLD)🏆 Gold has been in a strong uptrend for a while, and COVID only helped to ensure it. However, with the equities markets recovering, gold has started to correct from its previous highs. Despite the correction, we still see an uptrend and plenty of support for now. Let's take a look at some levels. First off, we can see a channel that gold may be respecting based on reactions at the upper bound as illustrated on the chart. If this channel is in play, then we either want to see a clear continued move higher to see evidence the bulls are in control, or we want to see a test of the median with a strong recovery for short term continuation to the upside. Else, good luck bulls. With that covered, more immediate levels of interest include the S1 range defined by lows in previous price action and a bullish orderblock, the S2 orderblock cluster, and the S3 S/R flip, all of which may act as support. To the upside, we have the R1 local resistance (which the bulls will want to see breached) and the top of the trend line at R2 (which is the last resistance for the bears). To sum this up, we aren't predicting the direction of price, rather mapping out some levels so we can better understand price action as it does occur. We will reassess gold upon enough of a change in price action that a setup is warranted. Resource: www.kitco.com + www.cnbc.com ✨ Drop a comment asking for an update, we do NEW setups every day! ✨ Like, Comment & Follow to help the community grow 🎉🎉
OANDA:XAUUSD
by AlphaBotSystem
How Far Will the Prices of Gold Fall, $1000/oz? Gold’s reputation as a safe haven in times of financial turmoil was tarnished on Friday as the growing panic about the spread of coronavirus infections outside China saw the precious metal suffer one of its worst one-day drops on record. While the coronavirus is the major headline for the shock and awe in gold, the chart has already presented a pattern that suggests a possible sell-off. And last week's decline could be the beginning of a massive sell-off according to Elliot Wave Principle. Elliot Wave Analysis The decline from $1920.10/oz in September 2011 to as low as $1044.92/oz in November 2015 can be seen as a complete impulse pattern. The five waves are labeled 1-2-3-4-5, where wave 4 unfolded as a triangle and wave 5 in an ending diagonal. The recovery from $1044/oz in 2015 to as high as $1688.72 an ounce in February 2020 looks like a simple A-B-C zigzag correction with a running flat wave B. According to the Elliott Wave theory, impulses point in the direction of the larger trend. Once the corresponding three-wave retracement is over, the trend resumes. In Gold's case, we have an impulse to the south followed by a correction. If this count is correct, there is a complete bearish 5-3 wave cycle. Verdict This means that instead of joining the bulls now, investors should remain cautious. The anticipated decline has the potential to drag Gold below wave (A) low around $1044 an ounce. With the yellow metal currently trading at $1585.40/oz, this translates into a 33% slump, maybe more. Note This is a longterm view on Gold. It takes wave (A) around 5 years to complete the bearish impulse, so we could anticipate this move to unfold in the next 3-5 years. What's your thought on Gold? Can we see $1000 again?
FX_IDC:XAUUSDShort
by Veejahbee
10
GOLD "XAUUSD" CORRECTIVE CYCLE IS YET TO BE COMPLETEDI have posted a series of analyses on GOLD in the last few weeks forecasting a bullish run in the longterm but seems the bears are not giving the bulls a chance. Here we go again as I'm looking at Gold from a fresh perspective after last Friday's sell-off. The GOLD corrective structure in wave 4 is becoming more complex. The visible count for the correction right now is a triple ZigZag Elliot Wave pattern. The retracement which is most likely to be completed within the blue zone that lined up with 50% Fibonacci retracement of wave 3 rally, and wave (iv) low of one lesser degree. This is a critical level to defence the bears and any move lower that breach wave 1 high @ $1348.0/oz will invalidate wave 4 idea. Another Elliot Wave Principle that's guiding this retracement is called alternation. The guideline stated if wave 2 corrective structure is shallow and simple in nature, then wave 4 will be complex and deeper. In Gold case, wave 2 is a simple zigzag and retraced 38.2% of wave 1, and so we're anticipating wave 4 to retrace 50% in a complex and time-consuming triple zigzag pattern. NOTE: This bearish bias on gold will most likely drag bitcoin price lower, as explained in the video I published on Sunday. What's your view on Gold, Bearish or Bullish longterm? Thanks for reading! Veejahbee.
FX_IDC:XAUUSDShort
by Veejahbee
3
GOLD DAILY ANALYSISHey traders, Markets are now closed but this is the best time to review and analyze what happened over the past week. Price for Gold touched the green trend line I drew which may be part of a bullish flag pattern for gold. Price immediately bounced up, with 3 bullish candles before experiencing a minor retrace on Friday. The close on Friday was weak and indicated bears were not in control the full time. On the MACD we see bearish momentum fading, and a possible bullish cross about to occur maybe sometime next week. My bias for next week is up, and for the bulls to remain in control. Simple price action and analysis.
OANDA:XAUUSDLong
by FXShinobi