Gold Spot (XAUUSD) Likely To Break Below Support... ($1690)Gold Spot (XAUUSD) is now testing the ~$1850 support level... This level is likely to fail.
Our focus goes to cryptocurrency, Bitcoin but mainly Altcoins...
We are seeing Gold, BTC, and the SPX moving in many similar ways.
Here XAUUSD is testing a support level that is likely to break.
On this correction/drop, we are likely to see $1690 as the final support level before more up...
We have chances of seeing higher prices right away but I don't think this is how things will go.
We will have a very nice/strong correction for a few months and then Gold, Cryptocurrency, Bitcoin, and the Altcoins will again move up strong.
Namaste.
Goldspot
XAU/USD We are reaching the Bullish FTR zone in weekly timeframHi guys
In this post, I will analyze the XAU/USD chart by RTM method in the weekly timeframe. I suggest you learn this method which was developed by If Myante and his friends and is famous for its accuracy and high risk-reward ratio.
If we look carefully at the chart of the Gold, we could see the evident Bullish FTR (failure to return) between the range of 1770 to 1800.
First of all, the price had a resistance surface in 1807 but we can see that this surface engulfed later (ENG point). After that, the price failed to return to its bearish downtrend and the price jumped to around 1960. so if the price makes a pullback to that FTR Surface, we could see a bullish reaction.
Also, we could see the Caps on price which was shown by a red border. Caps on price structure are usually RBR (RALLY BASE RALLY) or DBD (DROP BASE DROP) structures which in the second phase we could see a base an FTR or its better to say FL (flag limit). When the price reaches this surface, we expect a bearish reaction.
So we expect a bullish reaction from the range of 1770 to 1800 with the first target of 1860 and 1950 but we have to see the trigger in the lower timeframe in order to trade when the price reached to the selected zone.
Don't forget to check the fundamental reasons.
Sincerely
Hosein Poursaei
Gold - Correction incoming?Gold - Intraday - We look to Sell at 1805 (stop at 1815)
Closed the day little net changed. Selling posted in Asia. Price action has formed a bearish ending wedge formation. Trend line support is located at 1785. Bespoke support is located at 1782. Risk/Reward would be poor to call a sell from current levels. Preferred trade is to sell into rallies. The formation has a measured move target of 1727.
Our profit targets will be 1782 and 1727
Resistance: 1805 / 1810 / 1825
Support: 1785 / 1782 / 1727
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GOLD: Rising Wedge still holdingExcellent confirmation of our short-term buy trade as, following the lower than expected U.S. CPI, Gold skyrocketed above the 4H MA50 (1,788.91) broke above the 1,808 (August 10th and Dec 5th Highs) Resistance and made a Higher High on the Rising Wedge pattern (started on November 15th) at 1,824.50. With 4H but mostly 1D technicals still bullish (RSI = 63.776, MACD = 25.400, ADX = 28.407), the price is now long-term bullish targeting the 1,860 - 1,880 zone (1,880 is the June 12th High).
However, ahead of today's critical Fed Rate Decision, we have to be extra careful with our positioning. I am looking to buy again (slightly) below the 4H MA50 at 1,785 and target 1,820 intra day only. A break below 1,777 is a bearish break-out call towards the 4H MA200 (1,739.22 and rising). Beyond that, I will wait for a clear 1D MA50 test in the following days to get my long-term buy, if not and we close above 1,825 first, then I will enter a buy on the spot, which is possible if the DXY continues to sink while also the US10Y goes for a Lower Low. Those indicate a strong bullish long-term trend for Gold.
Previous Gold chart:
Does Gold doing wave C? part 2According to the previous idea, After the price reached 138.2% of a, The price makes a reversal pattern on TF4H (plus MACD doing bullish divergence in TF1H), So I decide to enter the 1st Buy position. (For now moving SL in front of EP, Risk = 0), To enter the 2nd position, Waiting for the price action around the end of wave b (Continue pattern, plus bullish divergence in a smaller time frame like 15m to 1H or wait for a breakout), About the bigger time frame If price going as analyzed, The target will be around 1771$ and should be reach around 15 to 22 November.
OANDA:XAUUSD
Does Gold doing wave C?After the gold price doesn't make a new low and does some correction, I think it may be making a FLAT correction and we're at the beginning of wave "C", If the price doesn't go below 1617, or the analysis will be wrong, must be something else. To enter the Long or Buy position, wait for the price breaking 1670, which will be a safety position (Price Action is the most important information)
OANDA:XAUUSD
GOLD - More downside comingGold has broke the key support. There´s no buyers at these levels.
If the weekly candle closes below this key level , we expect the price to retest previous support and get rejected which would be a confirmation that this level is acting now as a strong resistance.
Target: $1500
Enter the trade only if the weekly candle closes below the key support (now resistance)
Good luck
Gold Price Prediction analysis TF WeekGold chooses its direction to wave 2 or C as predicted on 11 August. At the current level of 1747, about 50% pulled back and arrived at significant support but still have more downside.
Whilst, DXY recovered its value as the positive data of U.S. Retail Sales and initial Jobless Claims. The dollar could keep rising this coming week with limited downside. If DXY breaks the old high (109 as of 14 July), it might rapidly surge to 111.
So, this may cause negative sentiment for gold. Nonetheless, gold can rebound for a short period before going down again. Suggest picking a top to sell.
Sell 1754 - 1766
TP 1758/1754/1747/1735/1728
SL set according to your margin ( above 1772 is a crucial point for gold rally to wave 3 )
Have a good week!!
Medium term bias remains bearish on GoldXAUUSD - Intraday - We look to Sell at 1737.82 (stop at 1750.19)
The medium term bias remains bearish. A higher correction is expected. Resistance is located at 1740.00 and should cap gains to this area. Preferred trade is to sell into rallies.
Our profit targets will be 1710.37 and 1700.00
Resistance: 1740.00 / 1800.00 / 1880.00
Support: 1710.00 / 1600.00 / 1450.00
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.'
Gold approaching resistanceGold - Intraday - We look to Sell at 1764.39 (stop at 1775.06)
The medium term bias remains bearish. We are assessed to be in a corrective mode higher. Horizontal resistance is seen at 1765.00. We look to sell rallies.
Our profit targets will be 1735.55 and 1730.00
Resistance: 1765.00 / 1820.00 / 1980.00
Support: 1735.00 / 1700.00 / 1600.00
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.'
GOld Bearish BiasI am selling off gold at the premium area along those dealing range. Noted on yesterday FVG formed within the confinement of a supply zone. Hence increases the odds. Imbalance towards the sell side. Targeting the sell side liquidity at yesterday new low. NOted FOMC later might get it there quicker so need to ensure the price enters into that zone or FVG either during London Session or Prior NY or during NY session.
Happy hunting everyone.
XAUUSD DAILY BIAS : B.U.L.L.I.S.H 🐃🔱 GOLD TRADE IDEA 🔱
BIAS: Bullish
FUNDAMENTAL BIAS: Bullish
The latest inflation rate reaffirms global inflation rate & amid heightened escalations between Russia & the West.
Putin stated that talks with Ukraine are at dead-end following latter deviation from agreements reached in Turkey
TECHNICAL BIAS: Bullish