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Goldtechnicalanalysis

GOLD Update !! Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair. Monthly : We have just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to retest the neckline before the continuation to the downside. Weekly : We do have an "M" formation as well and we want to see a retest of the neckline before a potential continuation to the downside. Daily : We have a "M" formation and we want to retest the neckline which is a very strong level of support that was broken during the previous week and it will act as a resistance now and magnet for short positions. COT : Institution have been shorting GOLD massively since they added closed more than 30000 long positions and added close to 12000 short position during the last Month and previous reports. We also looking at a bullish DXY since institutions have been adding long on the $ index during the previous weeks. Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. Trade safe !!!
OANDA:XAUUSD
by TheDayzen
Gold : 1785-1800 psychological resistance level test is likely Spot gold is trading inside the hourly range 1765-1775 for the past two days indicating the investors are not yet ready to book the profit and also an upside break out to test the 1800 handle is highly likely . Investors will be looking for the FED Chair remarks later on today ,although there are fears in market regarding the virus threat escalation ,any hawkish comments from the FED chair will force the investors to book the profit hence force the yellow metal to test 1675 support medium term. Medium Term Trend : Bullish Resistance : 1725 & 1785 Support : 1675 Speculative Sentiment Index : 30/70 (Retail buyers/sellers ratio)
TVC:GOLDLong
by Alremeithi
An Unseen Bullish Pattern For Gold is Forming?!It looks like Gold is forming an inverse Head and Shoulders pattern which is typically a bullish pattern. We can see that gold is trying to break the neckline of 1348 and per classic technical analysis theory the potential target of an H&S should be measured from the neckline to the lowest point of the Head, so if we take that line and put it at the expected breakout point, that would show a potential target of ~1500. Of course, I would expect some resistance and retracements along the way but technically that should be the target. In case we can break above 1360 level and retest it as support that would be a major bullish sign for me. We can also see from the VPVR indicator that the biggest resistance has already been cleared leaving us with huge support below. Time will tell...let's see what happens.
OANDA:XAUUSDLong
by Blade23