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Gold's Route to New All-Time High -- PostponedGold's transitory route towards a new all-time high has been postponed. Due to a misread with Waves 2 and 4 within sub-wave 3, the previous idea of Gold finding bottom support immediately below $1680 is obviously nullified at this point. Using invalidation as a signal, its now very safe to assume that Gold will drop to $1500-$1480 before support is likely discovered. Considering the size of the Zig-Zag correction in Wave 4 (of sub-wave 3), Fib levels point to the zone of $2270-$2570 for the next multi-year, upside swing. Roughly a 50% anticipated increase in value, traders/investors/hodlers are due to reap decent profits. Surf with the Digital Surf Trading Community for daily-weekly updates on Gold, BItcoin and more.
OANDA:XAUUSD
by DigitalSurfTrading
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
PLATINUM moving higher 🦐PLATINUM on the daily chart broke the perfect descending channel and now testing a daily resistance. According to Plancton's strategy if the price will break and close above we can set a nice long order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
TVC:PLATINUMLong
by InkyGrip
6
MTLUSDT hitting the $0.35 and EMA 50 support | Upto 33% expectedBy the grace of Allah the most high my previous chart of MTLUSDT: has produced more than 64% profit. Now the priceline of Metal / Tether US got breakout the $0.3500 resistance and now retesting this resistance as support in the meanwhile the price action is also hitting the 50 moving average exponential support. This support should be used as stop loss in case of complete candle stick closes below this support. MACD is strong bearish and stochastic is close to oversold and in bear cross. We can wait for MACD to turn weak bearish and for stochastic to give bull cross for buying signals. I have used Fibonacci sequence to set the targets: Sell between: 0.4074 to 0.4681 Regards, Atif Akbar (moon333)
Long
by moon333
GOLD (XAU/USD) | Breakout Confirmation Areas!Hi, Gold price approaching a Triangle tip. This is not a perfect triangle because of asymmetric touches between the top and bottom trendlines but hopefully, you will understand my point and my point is - triangle tip may release volatility to the breakout direction. Triangle has two breakout opportunities. Suprise-surprise, up and down but at the moment, those marked breakout opportunities get confirmed also with other price action criteria. So, I would like to share my simplified bias if the breakout has occurred. BULLISH BREAKOUT We need 4H or Daily candle close above the upper green trendline, inside or above the marked green area. This is a Triangle upper trendline, plus we can consider it also as a counter-trendline because the recent bigger trend is upwards. So, if this trendline breaks then the bigger trend starts to work to our favor and the climb may continue to the higher levels. There is also round number 1,500 and if we get a candle close above the trendline then we get 2 in 1 situation - break above the trendline (breakout upwards outside the triangle) and break above the psychological number 1,500. So, wait for a candle close inside or above the green area, wait for a retest and the first target is around 2012 low, price 1530-1530. BEARISH BREAKOUT Since the beginning of September the short-, mid-term trend is downwards. We have clean lower lows and lower highs and if the red trendline gets cracked then it will "drop" to the lower prices. ~1480 (light-blue horizontal line) has held the price multiple times and if we get a candle close (4H or Daily) below the triangle then it is also cracked and it may start to fall around 1,450. Breakout downwards is supported by EMA Death Crosses in 4H TF. So, wait for a candle close inside the red area, wait for a retest and the first target should be around 1,450! If it was helpful then take a second and support my effort by hitting the "LIKE" button, it is my only fee from You! Best regards, Vaido
FOREXCOM:XAUUSD
by VaidoVeek
1
XAGUSD Testing Resistance, Prepare For ReversalXAGUSD is testing its resistance where we expect to see a reversal. XAGUSD is testing its resistance 16.20 (horizontal swing high resistance, 61.8% Fibonacci retracement ,61.8% Fibonacci extension ) where a reversal to its support at 15.51 (61.8% Fibonacci retracement ,100% Fibonacci extension ) Stochastic (21,5,3) is also approaching resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
OANDA:XAGUSDShort
by FlowState