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Gold trend 21/07Gold slipped to a 1-year low yesterday. The day began at 1711; throughout the day, the price was bounded by the 1706-14 range. The price went below 1700(2) before the day's end, touching the day-low near 1692. The day ended at 1696, down by USD 14. A new round of selling started after gold finally left the 1700-20(1) range. Expect the price to trade between 1680-1700 in the next 24-48 hours, where the critical support remains at 1680. As mentioned before, the buying above 1710(4) has been weak, and the downtrend has yet to reverse. The next downside target remains at 1680. S-T Resistances: 1715 1708-10 1700 Market price: 1693 S-T Supports: 1690 1685 1680 If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think! P. To
TVC:GOLD
by 1uptick
1
Gold Trend 19/07 - 22/07Gold traded in a tight range yesterday. The market opened at 1706 back from the weekend. The price was gradually moving higher during the Asian session and touched the day-high at 1724. However, gold resumed its position below 1710, closing at 1709, and ended slightly up by USD 3. In the past 48 hours, gold has been trading in a tight range between 1700-20. Can continue to take advantage of this range until it breaks. The buying above 1710(3) is relatively weak so far after the price touched 1700 last Thursday. The buying support at 1700 remains in place; if the price break this support, expect the next downside target can be set at 1680. S-T Resistances: 1728-30 1720 1713-15 Market price: 1710 S-T Supports: 1710 1705 1700 If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think! P. To
TVC:GOLD
by 1uptick
GOLD Daily TA Neutral BearishGOLDUSD Daily neutral with a bearish bias. Recommended ratio: 35% Gold, 65% Cash. *Gold, Oil, Agriculture, Treasuries, Euro and Cryptos finished higher today while DXY and Equities closed lower. Last week the EU proposed a new ban on Gold imports from Russia (the fifth largest holder of Gold reserves in the world). Equities started strong but then finished lower on news that Apple is going to slow hiring and spending in 2023 . This rally appears to be part of a broader technical relief rally amidst an onslaught of macroeconomic and geopolitical bearishness, but it still begs the question... when will a recession finally be fully priced into financial markets? Key dates this week: June Housing Starts and Building Permits reports scheduled for release at 830am (EST) tomorrow morning (07/19); the next GDPnow Q2 GDP estimate (previous -1.5%) by the Atlanta Federal Reserve is scheduled for release at 830am (EST) tomorrow morning (07/19) as well. The market consensus estimate for Housing Starts is 1.58m (up from 1.549m in May) and for Building Permits it's 1.65m (down from 1.695m in May) ; if Housing Starts and Building Permits come in lower than consensus it would signal that the economy is continuing to trend toward a recession and may be perceived as bullish by the markets because it would also imply that the Fed's hawkishness is being effective in reducing demand (the only way the Fed can directly influence inflation).* Price is currently attempting to find a temporary bottom at $1700 while continuing to form a Bull Flag after breaking down below $1742 minor support; the next support is at $1685. Volume remains Moderate (high) and is currently on track to break a two session streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at $1742 minor resistance, this margin is mildly bullish. RSI is currently trending sideways at 25 after being rejected by 27 resistance, the next support is at 20. Stochastic crossed over bearish in today's session and is currently trending down at 2 as it approaches a retest of max bottom for the second time this month. MACD remains bearish and is currently beginning to form a soft trough at -35, the next support is at -39 (the ATL is at -52). ADX is currently trending up at 36 as Price continues to see selling pressure, this is bearish at the moment; if ADX is able to form a peak as Price reverses and goes higher, this would be bullish. If Price is able to bounce here at $1700 then it will likely retest $1742 minor resistance . However, if it continues breaking down here, it will likely retest $1684 support for the first time since August 2021. Mental Stop Loss: (one close above) $1742.
G
by dailytaguy
Gold analysis: momentum building upGold prices enjoyed a good start to the week, as investors scaled back their expectations for a massive Fed rate hike by a full percentage point in July, and after China announced further liquidity stimulus to cope with rising Covid-19 cases and housing debt problems. The latest economic events have all helped to alleviate worries of an imminent recession in the US economy while also providing new vigor to market risk appetite. The dollar is losing ground, with the DXY index lingering around 107. The fall in the dollar gave the bulls some confidence, with gold hitting an intraday high at $1,725 before falling to $1,711 at the time of this writing. Looking at the daily chart, gold prices may have found support at the $1,700 per troy ounce area, a level that has not been decisively broken in the past four sessions, which have seen some buyers resurfacing. The 14-day Relative Strength Index (RSI) hit 23 last Friday, the lowest level in nearly four years (August 2018), but the momentum improved at the start of the week. The RSI is now trying to break out of the oversold zone. The MACD line is attempting to climb from depressed levels, but it has yet to reach the signal line. This crossover might result in a bullish signal. The underlying trend remains bearish, as seen by the two 50- and 200-day moving averages, which formed a death-cross at the start of the month, and the descending channel that has been in place since the February’s peak. However, if prices break through the $1,750 resistance level, the possibility of an attack on $1,800 might be opened up. On the downside, bears are targeting $1,664 (August 21’s lows) as a a key support level. Idea written by Piero Cingari, forex and commodities analyst at Capital.com
CAPITALCOM:GOLD
by Capitalcom
1
GOLD (XAUUSD) Can Drop Lower! Your Plan: 🥇 Hey traders, Gold broke and closed below key daily structure support this week. The broken structure turned into a strong resistance now. Next week, pay close attention to 1722 - 1735 area. I will be waiting for an occasional retest of that zone and then I will be looking for a confirmation within to sell. I believe that the next goal for sellers is 1677 - 1684 support and the market will reach that soon! Good luck next week! ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
OANDA:XAUUSDShort
by VasilyTrader
13
Double top pattern on GoldHello traders, as you can see Gold printed a double top pattern witch is usually a reversal sign , it tells the end of a trend. However it is not good to make conclusions too quickly. The pattern is not confirmed until we see a truthfully breakout of the actual support. The most likely thing to happen it is to hold it and bounce back again. In conclusion: If the price holds the support i will open a long position with target 2000$ If the price breaks down the pattern will be confirmed and i will open a short in the retest of the broken support (1700$-1680$) with target 1470$ I will be glad to see what do you think in the comments and if you agree with me push the like button.
TVC:GOLD
by piccard54
9
1700 - 1705 Local BottomGold has ben in a continuous downtrend. which consisted of 5 downward impulsive waves. It is yet to be decided rather the impulsive waves are Elliot Impulses or Extending Diagonals. In case it is Elliot impulse waves, 1700 - 1705 is the region from where we should see a bounce which is the range of 100% extension of wave 1. In case we go lower, then it can be assumed that the impulsive waves of Extending Diagonals in which case we can see Gold anywhere below 1667$ which is the level of 100% extension of wave 3.
OANDA:XAUUSDLong
by syedhamza2135
Golds Run Is OverThere are a lot of predictions regarding gold and how it's going to start its bullrun and a move to 5000 in the next 1-5 years but I really don't see it that way. In this 6 month candle chart you can see that in the next 7days we will be closing and confirming what seems to be a potential "Gravestone Doji" signalling a trend reversal . Also we are inside a massive ascending wedge which is a bearish pattern and we have been in the monster 22 year run which hit 2.618 . So how far is gold going to realistically run? with the 4.236 extension not that far off. I just don't see it in the charts for gold. My bet is gold breaks down from here and goes back to 1.618 for a couple of years after its mega 22 year run like it did after the blow off top of 1980. It's 2022 not the year 2000, investors in this time period are leaning towards cryptocurrency more than gold , nobody has time for gold , silver on the other hand is looking a lot better.
TVC:GOLDShort
by Sporia
19
GOLD (XAUUSD): Key Levels to Watch This Week 🥇 Hey traders, Here is my latest structure analysis for Gold. Support 1: 1721.0 - 1726.0 area Support 2: 1677.0 - 1683.0 area Resistance 1: 1753.0 - 1768.0 area Resistance 2: 1780.0 - 1808.0 area As you can see, the market is currently trading on Support 1. I am waiting for a confirmation to buy to catch a pullback from that. Alternatively, its bearish breakout will trigger a bearish continuation. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
OANDA:XAUUSDLong
by VasilyTrader
9