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GOLD ROUTE MAP UPDATEHey Everyone, A Piptastic finish to the week with our chart levels respecting and playing out like we analysed. We tracked and traded the 1H chart all week, which was playing in a tight range, allowing us to use the weighted levels for the bounces throughout the week, taking advantage of the 30 to 40 pip weighted bounces. This is now the 4h chart that we shared on Sunday and as you can see the retracement range was tested to perfection today, clearing 2612 bearish target, followed with the bounce just like we stated, completing the week with a bag full of pips. 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
10
Gold Becomes the Second Largest Central Bank Reserve AssetGold's importance as a reserve asset for central banks is on the rise According to Bank of America, gold has now overtaken the euro to become the second largest reserve asset, To be more precise, B of A should have specified that it is the eastern hemisphere Central Banks that are diversifying out of the U.S. dollar and the euro and buying gold and yuan. Currently, gold accounts for 16% of global bank reserves, while the dollar has dropped to about 58%, down from over 70% in 2002. Poland emerged as the largest buyer of gold in the second quarter of this year (though the specific amount purchased by China's PBoC remains undisclosed). Additionally, Poland is requiring that the gold it acquires be delivered directly to its Central Bank, rather than being stored by London banks. Turkey is another significant gold purchaser, and several African nations have also announced plans to increase Central Bank gold reserves. While it may not happen immediately, there’s potential for gold to surpass the dollar as the top reserve asset, especially if the BRIC nations and other Eastern hemisphere countries go forward with their rumored plans for a gold-backed trade currency. A BRICS Summit will be held in Kazan, Russia, from October 22nd to 24th, where discussions on a new trading currency may take place, though this has not been officially confirmed. On September 5th, Russia announced plans to ramp up its daily gold purchases from $13.5 million to $93 million (1.2 billion rubles to 8.2 billion rubles) for the next month, using surplus revenue from oil and gas. This information was reported by the Russian news agency, Interfax. This move seems to align with the potential development of a BRICS gold-backed trade settlement currency, or even a broader gold-backed currency system. I raise this point because the U.S. Federal Reserve is in a difficult position. It’s facing immense pressure from the market and Wall Street to reduce interest rates, but doing so could trigger a sharp decline in the value of the dollar. The chart referenced above shows a 5-year daily performance of the US dollar index, with the dollar currently testing the 100 level—a key technical support since early 2023. If the Federal Reserve begins cutting interest rates, it's highly likely the dollar will fall to 90, a level last seen in mid-2021. This decline would likely push gold prices toward $3,000 and silver toward $50. A weakening dollar presents several challenges. First, it could accelerate the reduction in the dollar's role as a reserve asset for global central banks. Even more concerning for the US, a depreciating dollar coupled with lower interest rates would make it harder to attract foreign investment to finance additional Treasury debt, a challenge that is already becoming evident. Additionally, the Fed is aware that inflation is running higher than what is reported by the CPI. Reducing rates will further drive real interest rates deeper into negative territory. While the official CPI suggests real rates are positive, using more comprehensive measures like the Shadow Stats Alternative CPI, real rates are currently at -3% using the 1990 CPI method and -6% based on the 1980 version. Negative real interest rates fuel price inflation, contributing to its persistence. Cutting rates further would likely intensify this inflationary pressure. This is one reason gold has been reaching new all time highs almost daily since the Fed cut rates earlier this month. Silver, similarly, is on the verge of breaking into the high $33 range. Precious metals markets are anticipating more than just optimistic Fed rhetoric about a strong economy and lower inflation; they are also predicting a potential return to money printing policies
OANDA:XAUUSDLong
by moonypto
GOLD TRADING POINT MAP UPDATE GO > READ THA >CAPTAINBuddy'S dear friend 👋 Gold trading analysis map 🗾 Gold test results from resistance level 2704 big resistance level pullback dow👇 trend 📉 technical analysis setup gold if closed above ground 2720 Next target we'll see 2800$ more update 👇👇 Gold 4H Time Frame 🖼️ candle close below 👇 2687 more drop 💧 2608. Break some pullback up 2678 back down 👇 2543 back up trand 2581 again down 👇 2509 SMC Gold trading point S upport ✨ My hard analysis Setup like And Following Me 🤝 that star ✨ game 🎮
FXOPEN:XAUUSD
by SMC-Trading-Point
GOLD ROUTE MAP UPDATEHey Everyone, Another great day on the charts today with our analysis and plans to buy dips working out perfectly!! After completing our targets all week, yesterday we stated that we were now looking for ema5 to cross and lock above 2649 to open 2678. We got the cross and lock, which followed with a nice move up of over 200 pips so far but just short of the full target. The gap remains open however, buying dip is the safest way to chase open gaps. As long as support holds above 2649 with no lock below, we will continue to buy dips in this range until we see a failure above followed with a test and break and lock below 2649, which will open the lower Goldturn. 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 and knowing we have gaps above, allows us to safely buy from dips. 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 2574 - DONE EMA5 CROSS AND LOCK ABOVE 2574 WILL OPEN THE FOLLOWING BULLISH TARGET 2599 - DONE EMA5 CROSS AND LOCK ABOVE 2599 WILL OPEN THE FOLLOWING BULLISH TARGET 2622 - DONE EMA5 CROSS AND LOCK ABOVE 2622 WILL OPEN THE FOLLOWING BULLISH TARGET 2649 - DONE EMA5 CROSS AND LOCK ABOVE 2649 WILL OPEN THE FOLLOWING BULLISH TARGET 2678 BEARISH TARGETS 2551 EMA5 CROSS AND LOCK BELOW 2551 WILL OPEN THE FOLLOWING BEARISH TARGET 2525 EMA5 CROSS AND LOCK BELOW 2525 WILL OPEN THE SWING RANGE SWING RANGE 2506 - 2484 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
18
Gold: The End of the Bull Run or Just a Pause?After reaching an all-time high of 2685, the price has experienced a decline. Currently, the price is moving within an ascending parallel channel. Key Levels to Watch: $2680 - This level is currently serving as an immediate resistance. A new rally is expected following a successful breach of this threshold. $2530 - Previously a resistance level, this now functions as support. A drop below this point could lead to a more substantial decline. Within this 150-point range, the price seems to be showing significant volatility.
OANDA:XAUUSD
by NaranjCapital
Gold: May fall to 2625.00 - 2632.00 (READ DESCRIPTION)Gold: May fall to 2625.00 - 2632.00 Pivot Point: 2658.00 This level serves as a key resistance. As long as Gold remains below this point, the downside is expected to dominate. Primary Strategy (Our Preference): Entry Point: Take short positions below 2658.00 with the following downside targets: Target 1: 2632.00 The first support level where the price might find temporary relief. Target 2: 2625.00 A continuation of bearish momentum could push the price towards this lower support level. Alternative Scenario: Entry Point: If Gold breaks above 2658.00, expect the following upside targets: Target 1: 2664.00 The price may rally toward this level if bullish pressure picks up. Target 2: 2670.00 A further break above 2664.00 could lead to an extension toward this higher level. Technical Outlook: Resistance: The resistance at 2658.00 is a key level. As long as it holds, there is a high probability that Gold will continue to move lower. RSI Indicator: The RSI is below 50%, indicating bearish momentum. As long as the RSI stays below this neutral zone, the downside risk is elevated. Market Sentiment: The overall sentiment suggests a bearish bias. As long as 2658.00 remains intact as resistance, look for downward pressure towards 2632.00 and possibly 2625.00.
OANDA:XAUUSD
by CharivapaAlgo
XAU/USD 28 August 2024 Intraday AnalysisH4 Analysis: Intraday expectation, analysis and bias remains the same as analysis dated 23 August 2024. -> Swing: Bullish. -> Internal: Bullish. Price has printed a bullish iBOS. After an iBOS (Internal Break of Structure) we expect a bearish pullback. Price has printed bearish CHoCH which indicates, but not confirms bearish pullback phase initiation Intraday expectation: Whilst price did continue bearish as part of bearish pullback phase, I am concerned that price has not, as yet, pulled back deep enough into either H4 demand zone or discount of 50% EQ, therefore, it is my view that price will seek further liquidity before a sustained bullish move to target weak internal high. H4 Chart: M15 Analysis: Intraday expectation, analysis and bias remains the same as analysis dated 27 August 2024. -> Swing: Bullish. -> Internal: Bearish. As mentioned in previous analysis whereby we needed to be mindful that H4, following bullish iBOS, has yet to initiate bearish pullback, therefore, it would not be unexpected if strong internal low was to be targeted. This is exactly what price printed, printing a bearish iBOS. Price has printed bullish CHoCH indicating bullish pullback phase initiation. Intraday expectation: Price is in premium of internal 50% EQ with strong high remaining protected. Price to target weak internal low. M15 Chart:
OANDA:XAUUSD
by Khan_YIK
DAILY CHART UPDATEHey Everyone, Please see update on our daily chart structure that we have been tracking and trading successfully for a while now. Last week we advised that a new Goldturn turn created a current ema5 cross and lock above 2405 opening 2464 again. Also keeping in mind the final gap we had open with candle body close above 2464 to 2521, which we shared, as a long range target for several weeks now. - 2464 was hit perfectly last week and then currently we are seeing the breakout into the all time high and heading towards our final target at 2521. We are keeping this protected should we see any sharp corrections. We will use our smaller timeframe analysis and trading plans to navigate the range in true level to level fashion. 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
2
GOLD ROUTE MAP UPDATEHey Everyone, Another great day on the charts today with our plans to buy dips playing out perfectly. After completing our targets yesterday, we stated that no cross and lock above 2475 confirmed the rejection, which followed with the drop into the lower Goldturns for support bounces. We also stated that we are now back in the range and therefore levels are active again to track the movement up. We got the drop into 2434 weighted Goldturn, which provided the support for the bounce now into 2459 weighted level. We will now need to see ema5 cross and lock above 2459 to open 2475 once again. Failure to cross and lock above 2459 will follow with a rejection to find support at the lower Goldturns track the movement level to level 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 2434 - DONE EMA5 CROSS AND LOCK ABOVE 2434 WILL OPEN THE FOLLOWING BULLISH TARGET 2446 - DONE 2459 - DONE EMA5 CROSS AND LOCK ABOVE 2459 WILL OPEN THE FOLLOWING BULLISH TARGET 2475 - DONE BEARISH TARGETS 2421 EMA5 CROSS AND LOCK BELOW 2421 WILL OPEN THE FOLLOWING BEARISH TARGET 2408 2396 EMA5 CROSS AND LOCK BELOW 2396 WILL OPEN THE SWING RANGE SWING RANGE 2380 - 2360 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
6
GOLD 1H CHART ROUTE MAP UPDATEHey Everyone, Great start to the week with our 1H chart playing out perfectly, as analysed. We started the week with our 2434 Bullish target hit, which followed with ema5 cross and lock above 2434 opening 2446 and 2459. Both these targets were hit completing this range. We are now looking for ema5 to lock above 2459 to open 2475. Failure to lock above this level will follow with a rejection to find support on the lower Goldturns. 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 2434 - DONE EMA5 CROSS AND LOCK ABOVE 2434 WILL OPEN THE FOLLOWING BULLISH TARGET 2446 - DONE 2459 - DONE EMA5 CROSS AND LOCK ABOVE 2459 WILL OPEN THE FOLLOWING BULLISH TARGET 2475 BEARISH TARGETS 2421 EMA5 CROSS AND LOCK BELOW 2421 WILL OPEN THE FOLLOWING BEARISH TARGET 2408 2396 EMA5 CROSS AND LOCK BELOW 2396 WILL OPEN THE SWING RANGE SWING RANGE 2380 - 2360 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
6