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Preciousmetals

Platinum Bullish Flag Set to Become a 5-wave CorrectionThe bearish price action in TVC:PLATINUM that started since Feb 2021 has the hallmarks of a bullish flag: Overlapping waves WXYXZ No significant price movement compared to the bullish impulse from Mar 2020 to Feb 2021. It has taken more than 2x the time to retrace 61.8% of the previous impulse move. Forecast: Platinum breaking below the previous low ($825), potentially hitting the $700 area near the bottom trendline of the channel Platinum bottoming at the Z wave The price bouncing back targeting the upper trendline as the first target and the previous high ($1336) as the second target.
TVC:PLATINUMLong
by DavoodWadi
1
Is gold set for a ‘sympathy bounce’ towards 1900?It was a tough end to the week for gold bugs which saw the yellow metal plunge 5% from its YTD high. Yet support was found just above the 50-day EMA, and two inverted hammers (with slight bullish closes) show that bearish momentum is waning. To my eyes it looks as though gold is ready to drift higher as part of a countertrend move against its NFP losses. Yet I am not yet convinced that this is the low of the bearish cycle. Gold rallied an impressive 21% since its November low with little in the way of a pullback, and this bad spell could be an A-wave of an ABC correction (and potentially now drifting higher as part of a B-wave). And what could help lift if further is the fact the Jerome Powell was not as hawkish as expected, given the strength of the employment report. And that could allow for the USD to pull back and gold rise, as we approach key inflation data next week. For now, I think it’s headed for $1900 (or there about), where I’d expect it to cap as resistance. At which stage we can assess its potential for a swing high and next leg lower, as part of a C-wave. Also note that the monthly and weekly pivot points reside around $1900 Interestingly, 100% projection of the initial move lower, from a $1900 pullback, sits around $1800 – just beneath the August high. SO that could provide a decent reward to risk ratio for bears if gold tops out around $1900.
FX_IDC:XAUUSDLong
by CityIndex
2
Gold consolidates ahead of FOMC minutesThe main event for today is actually the release of the FOMC minutes tonight at 19:00 GMT – for which we have gold in focus. The rise of US yields and increased expectations of a 50bp March hike mean the minutes have become of greater importance. As traders had assumed a 25bp February hike was practically a given, it could come as a surprise if we learn that the Fed were closer to opting for a 50bp hike than previously assumed – and that would likely increase bets of a 50bp hike in March, given the slew of strong US economic data we’ve seen of late. And that could be bearish for gold. Our original call for a retracement towards 1900 has worked out quite well. It didn't quite reach 1900, but it was good enough for bears to fade into a move for the anticipated wave C lower - which we still have a target of around 1800. Gold remains within a downtrend on the 4-hour chart and consolidating near its lows. You could say its leaning on the ropes, but also doing quite well considering how strong US yields performed yesterday. On the assumption that markets are sensitive to perceived hawkish FOMC minutes, I suspect gold will trey to push lower and test the lows around $1820. We may seen an initial move higher (given Friday’s bullish hammer on the daily chart), but the weekly pivot point and $1850 handle loom above – which I suspect will cap upside potential for now.
FX_IDC:XAUUSDShort
by CityIndex
Plat finding supportThe price of platinum has since January 2023 nose-dived by roughly 16% which has seen the metal fall below its 200-day MA price of $947.60 to touch lows around $910 in Feb. The metal is however finding some support on the green 61.8% Fibo retracement level of $922.85 and the longer-term blue 23.6% Fibo. Technical indicators are supporting a move higher for the metal with a re-test of the 200-day MA looking likely over the near-term. A break above the 200-day MA price will allow the metal to claw its way higher towards the 50-day MA price currently at $1012.03 in my view. The heavily oversold daily RSI and the rolling over of the MACD indicator supports this price action, but for now we need $922.85 to hold its ground. (I’m not too familiar with the fundamentals regarding precious metal prices, some references or pointers would be greatly appreciated. I mainly watch the price of plat to support my USDZAR views)
TVC:PLATINUM
by Goose96
1
Gold Support Level on Weekly TimeframeGold started to correct after a small bull run. We can determine how long this correction will last using both the indicator and the price action method. Looking at the moving average, the $1786 level is a clear support. When we apply the Fibonacci correction to the distance he ran, the 0.5 region appears to be $ 1780 in the same way. And finally, when we pulled FRVP since 2021, we clearly see that around $ 1780 is support. So this level is a buying opportunity for me.
FX_IDC:XAUUSD
by YavuzAkbay
Gold is still an inflation hedge assetA comparison between 3 periods: Last 50 yrs Dow +5793%, Gold +5,828%. Last 20 yrs Dow +413%, Gold +717% Last 3 yrs Dow range, Gold up With inflation still in play and likely a recession this year, between gold and equities, who will continue to have more upside potential? CME Micro Gold Futures Minimum fluctuation 0.1 = $1 1 = $10 10 = $100 100 = $1,000 Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
DJ:DJILong
by konhow
2
Gold demand reached an 11-year high in 2022On 13th January 2023, we reiterated our belief that the stock market was going through another bear market rally. Furthermore, we warned investors about the price deviating too far from its moving averages and the characteristic behavior of gold, which lies in it rising rapidly and then dropping quickly as well. Following the FOMC, the price of gold fell by more than $95, which translates to approximately 5% within only two trading sessions. Despite that, we remain bullish on gold in the long term. However, we remain worried as trend reversal in the stock market and more selling pressure can act as headwinds for gold, putting a temporary lid on the price in the short term. Due to that, we will pay close attention to Jerome Powell’s speech today and gold’s price action accompanying it. 2022 gold market in hindsight According to World Gold Council, gold demand (excluding OTC) reached an 11-year high in 2022, jumping by 18% to 4 741 tonnes. Investment demand grew by 10%, while demand for bullion increased by 2%. On the other hand, jewelry consumption dropped by 3%, and demand for gold in technology plummeted by 7% due to an economic slowdown. Interestingly, in 2022, central banks were a significant driver of higher gold prices, with a series of large purchases in Q3 and Q4. As for the global supply, it grew by 2% to 4 755 tonnes. Illustration 1.01 Illustration 1.01 displays the daily chart of XAUUSD. The yellow arrow points to the last rate hike by the Federal Reserve’s FOMC, which preceded the price drop. Technical analysis Daily = Bearish Weekly = Neutral/Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
9