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Technical analysis update: XAUUSD (16th December 2021)Gold responded pretty well to yesterday's FOMC meeting. It soared from as low as 1753 USD yesterday to as high as 1798 USD today. We continue to maintain a bullish view on gold as we expect the tightening cycle (with presence of high inflation) to be very bullish for gold. Additionally, we expect gold to break above the resistance level at 1835 USD. We expect this breakout to be accompanied by resumption of the uptrend that will culminate in a new all-time high for gold in 2022. Technical analysis - daily time frame RSI started to grow slightly (after a long period of sideways moving action) which is bullish. Stochastic is also bullish. MACD tries to reverse its direction to the upside. DM+ and DM- are due to perform a bullish crossover in the following days. ADX remains low which suggests that the prevailing trend remains neutral. Final note - daily time frame Overall, no trend is present. Price remains stuck between 1750 USD and 1835 USD. We continue to await a bullish breakout above the 1835 USD price tag followed by subsequent resumption of the bullish trend. Technical analysis - weekly time frame RSI and Stochastic are neutral. MACD remains in the bearish area; however, it needs to be observed closely in the following weeks as we expect it to perform a bullish crossover above 0 points. DM+ and DM- continue to show bearish condition. Though, ADX is very low which suggests no trend is present. Final note - weekly time frame Weekly time frame shows similar conditions as the daily time frame. No trend is present and price remains stuck between the support level at 1750 USD and the resistance level at 1835 USD. Support and resistance Short-term resistance sits at 1835 USD while short-term support sits at 1750 USD. Other resistance levels sit at 1877 USD, at 1916 USD, and then at 1965 USD. Another important support level can be found at 1676 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
OANDA:XAUUSDLong
by Tradersweekly
5
Technical analysis update: XAUUSD (7th December 2021)Gold remains stuck in the neutral zone between 1750 USD and 1835 USD. Its trend continues to be neutral. Several fake breakouts above or below the neutral zone took place, however, a new trend failed to be established. We await the FOMC on 14th and 15th December 2021 as it will provide more insight into FED's next actions. Despite gold's neutral trend we remain bullish on gold in the long-term. Our view is supported by persistent high inflation and other fundamental as well as technical factors. Technical analysis - daily time frame Stochastic oscillates in the bearish area. However, it changed its direction to the upside. MACD is bearish, although it started to show first signs of attempting to reverse its direction. RSI is neutral. DM+ and DM- show bearish conditions, however, ADX suggests no trend is present. Overall, technical indicators on daily time frame suggest that no trend is prevailing in gold right now. This is reflected in its sideways moving price action. Rectangle formation: Rectangle area is shown in yellow background. False breakouts are indicated by white arrows and text. Technical analysis - weekly time frame Stochastic is bearish. RSI is neutral. MACD appears near 0 points and it needs to be observed closely for potential strength to stay in the bullish area (above 0 points). DM+ and DM- show bearish conditions, however, ADX contains low value which suggests that no trend is present (which coincides with ADX on daily time frame). Support and resistance Short-term support is at 1750 USD while short-term resistance is at 1835 USD. Resistance 1 is at 1877 USD, Resistance 2 is at 1916 USD, and Resistance 3 is at 1959 USD. Major resistance level is at 2075 USD while the major support level lies at 1676 USD. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
OANDA:XAUUSDLong
by Tradersweekly
6
Technical analysis update: XAUUSD (10th November 2021)Today gold broke above important resistance level at 1835 USD and reached temporary high at 1868.626 USD per ounce. Breakout above 1835 USD resistance is particularly bullish development for gold as we noted in our previous ideas. We anticipated this move for a while now; and we stated that once this resistance level was taken out, then resumption of an uptrend in gold would follow. We continue to mantain this notion and we are very bullish on gold. We will observe price action in the following days and we will look whether gold manages to stay above 1835 USD level which currently acts as short-term support. Our short-term price target of 1850 USD was taken out. Because of that we would like to change our medium-term price target of 1875 USD to short-term price target. Similarly, we would like to change long-term price target of 1900 USD to medium-term price target. Technical analysis - daily timeframe RSI is very bullish. We will observe it for strength to perform crossover into overbought territory. We expect such phenomenon to be accompanied by further rise in price. MACD and Stochastic are bullish too. DM+ and DM- also started to turn bullish. However, ADX signals that trend continues to be neutral. We would like to see ADX start growing as it would confirm resumption of an uptrend in gold. Despite that we are very bullish on gold and we expect price to continue climb higher. Gold broke out above the neckline of inverted head and shoulders pattern we showed previously: Neckline coincided with previous resistance level at 1835 USD (which now acts as short-term support). Technical analysis - weekly timeframe RSI is very bullish. It still has plenty of room for growth. MACD performs bullish crossover above 0 points which is very bullish. This could coincide with resumption of an uptrend of higher degree. Stochastic is also very bullish. DM+ and DM- are due to perform bullish crossover which would further bolster bullish case for gold. ADX is very low which is aligned with daily timeframe. Our previous idea from 8th November 2021 Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
OANDA:XAUUSDLong
by Tradersweekly
8
Technical analysis update: XAUUSD (27th August 2021)Gold continues to rise and we remain bullish. Gold took off to the upside from the upper bound of downward moving channel. Current important area is around 1830 USD. If gold manages to break above this price level it will further bolster a bullish case for gold. We will view this as another confirmation of that gold bottomed out on 9th August. RSI is bullish. Stochastic is also bullish. MACD line crossed over 0 to the upside. This is very bullish. Although, ADX contains low value which suggests neutral or very weak trend at the moment. Therefore investors should be cautious. We would like to change our medium price target of 1850 USD to short term price target. Similarly, we would like to change our long term price target of 1875 USD to medium term price target. We expect gold to continue march higher. Previous thoughts from 25th August 2021: Here we observed upper bound of downward moving channel for any weakness. We noted that we were bullish. Prior developements from 10th August 2021: Here we noted that price of gold was very attractive for entry of the long position. We also noted that price of gold was very oversold. Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
OANDA:XAUUSDLong
by Tradersweekly
8
Technical analysis update: XAUUSD (26th July 2021)Technical indicators are mixed for gold. Yet fundamentals remain bullish. As gold continues to move along upper channel line we believe that it is poised for further move up. Our short term price target remains 1850 USD and our medium term price target remains 1875 USD. Prior thoughts from 14th July 2021: More prior thoughts from 30th June 2021: Here we hinted at divergence between price and RSI. We also correctly predicted reversal in price. Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
OANDA:XAUUSDLong
by Tradersweekly
6
XAUUSD LONG - Czy zachowa się dobrze względem DXY? Wychodzimy z procesu akumulacji, wiec według teorii powinniśmy zauważyć kontynuacje wzrostów. Mamy piękne przebicie struktury co również w teorii świadczy o tym ze jednak takie wzrosty maja duże prawdopodobieństwo ze nastąpią. DXY - Jeśli dolar utrzyma trend spadkowy to własnie wtedy zobaczymy kontynuacje wzrostów na XAU. Istotna manipulacja która nie została domknięta według możliwych instytucji! Musza tam dojść!
FOREXCOM:XAUUSDLong
by forexzlewandowskim
8