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GOLD 23/05: The Bears continue to attack!TVC:GOLD Gold prices (XAU/USD) remain at an intraday low near 1,960$ as it falls for the second day in a row while reversing Friday's corrective rally early Tuesday in Europe. In doing so, the precious metal bears the weight of a firmer US Dollar ahead of the first readings of the Purchasing Managers' Index (PMI) for May from leading economies including the United States. A clear break of the ascending support line has formed in three days, now an immediate resistance near 1960$, suggesting that gold prices will continue to fall. Adding strength to the bearish trend are bearish MACD signals. However, the monthly low around 1,945$ could spur the bears as the RSI appears oversold. In the event that Gold prices still fall through 1955$, the late-March low near 1940$ could attract XAU/USD sellers. Meanwhile, a break of immediate support turning resistance near 1,960$ is not an open opportunity for Gold buyers as the 100-HMA hurdle near 1,975$ and the resistance line sloping down from May 11th. 5, near 1,970$ at the latest, could challenge the XAU/USD uptrend. Accordingly, a three-week descending resistance line near 1,990$ should act as the Gold Bears' final layer of defense.
TVC:GOLDShort
by DNA_TradingFX
14
XAUUSD Gold : 20.4 , Decision making time! Focus up!Guys and gals, let's shut down emotion and think. Connecting higher lows since the beginning of 2022 show strong support between 1935-1940. Is there any fundamental change to what is going on for the last 4 month? Is inflation gone away? Is certainty back controlling the market? If the answer is NO, why would Gold break down this significant level? Inflation and uncertainty is extremely bad and getting worse, providing strong fundamental backwind for the Gold to continue to rally. Also, from a technical perspective, we see a 'falling wedge' pattern, which is a bullish continuation pattern of consolidating highs and lows in a sharp slope down. With a break above the 'falling wedge' - Once again, a new high will be targeted for Gold, with 1960, 1980, 2000, as immediate possible targets, a break above 1954 with a close would be founded confirmation. If Gold breaks below 1935, it could could continue down to 1890 - This is the less likely scenario and would be a surprise. ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ If you found my idea helpful, please like and follow, would be amazing for me ;D If you have any questions please don't hesitate to message me/ask here. My goal is to help as many traders as I can make sense of the markets. -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
OANDA:XAUUSDLong
by Exactus
4
TRADE OF THE WEEK | Key Level Breakout Trade 💰 Hey traders, Here is a great breakout trade that I caught on AUDNZD this week. This trade is based on a bearish breakout of a major daily key level and its retest. Original post - Retesting the broken structure, I am always looking for an intraday confirmation (reversal pattern on 4h/1h time frames). On hourly time frame, after some fluctuations, the price formed a tiny double top formation with a lower high. Breaking its neckline, and respecting a local falling trend line, that was a trigger for me of a coming bearish movement. I opened a sell limit order on a retest of a broken neckline. My entry level was 1.05437 My goal was 1.0475 My stop loss was 1.05705 The price dropped nicely as predicted giving me 70 pips of pure profit. Great example of a confirmation, rule-based trade. Share your winners of this week in a comment section! ❤️Please, support this idea with a like and comment!❤️
Short
by VasilyTrader
14