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### Technical Analysis: Gold One-Day Swing Trade Idea 19/12/2024*Market Overview:* Gold is currently exhibiting a bearish sentiment, with recent price action closing below the daily chart's 20-period simple moving average (SMA). This technical setup indicates that sellers dominate the market, and we are positioned to capitalise on potential further downward movements. *Key Technical Levels:* 1. *Bearish Scenario:* - *Current Price Action:* As the price remains below the 20-period SMA, we look for a potential downside break from the established triangle pattern. This breakout could signal a continuation of the bearish trend. - *Targets:* - *First Target:* *2535* – This level aligns with the anticipated wave C completion in the ongoing corrective wave structure. - *Second Target:* *2485* – A deeper price retracement could further validate the wave C scenario. - *Wave 3 Consideration:* Should gold decline below the 2350 area, we may enter wave 3, suggesting strong momentum for continued bearish movement. This could imply a rapid downward trend and provide a solid trading opportunity. 2. *Bullish Scenario:* - *Resistance Levels:* - *20-Period SMA:* a daily close above this moving average could indicate a shift in market sentiment, signalling caution for bearish positions. - *Breakout Level:* If the price breaks above *2666*, it would suggest a potential bullish reversal. This level must be carefully analyzed for trading decisions. - *Upside Targets:* - *First Target:* *2716* - *Ultimate Target:* *2850* – A close above 2721 may propel gold toward new all-time highs. *Trading Strategy:* - *Shorting Opportunities:* Focus on initiating short positions around *2652* or *2613*. These levels coincide with the anticipated price retracement areas within the bearish framework. - *Monitoring Key Levels:* Closely watch for price interaction with the 20-period SMA and the upper boundaries of the triangle pattern. Any decisive movement above these will require a reassessment of bearish positions. *Risk Management:* Consider utilizing stop-loss orders just above the 20-period SMA or the breakout level. *Conclusion:* The current bearish trend in gold, reinforced by the daily close below the 20-period SMA, suggests promising short-term trading opportunities. Should the price break down from the triangle pattern, we may see targets around *2535* and *2485. Conversely, a beyond **2666* could signal a strong bullish reversal, urging caution for existing short positions. Traders should remain alert and ready to adapt strategies based on these levels and market movements. *Disclaimer:* This analysis is intended for informational purposes. Research or consult with a financial advisor before making any trading decisions. Safe trading, everyone!
OANDA:XAUUSDShort
by SRFXGlobal
XAU/USD - Gold Long trades"After yesterday's sharp decline in XAUUSD, the market is showing signs of stabilization, creating potential opportunities for long trades. Key support levels have held firm, suggesting bullish momentum could resume as buyers step in. We must closely monitor price action for confirmation, targeting a potential recovery towards key resistance zones. As always, proper risk management is essential. Let's see how this plays out!" The bullish side breakout of 200 EMA in the 15-minute and 5-minute charts can be a good sign of a market uptrend. Entry 1st zone - 2630-2640 Entry 2nd zone - 2673-2683 Entry 3rd zone - 2726-2736
OANDA:XAUUSDLong
by Harkaran_Singh_Karan
WTI OIL entered a new bullish pattern on a 4H Golden Cross.WTI Oil (USOIL) just formed a Golden Cross on the 4H time-frame while at the same time it rebounded on the former Lower Highs trend-line. This technical shift from a Resistance level turning Support, signifies the emergence of a new Channel Up pattern. The pattern's first Higher High was priced on the 71.45 Resistance (1) and if the current Higher Low holds at the bottom of the Channel Up, we expect an equally powerful Bullish Leg for the next Higher High. As a result we expect it to hit at least Resistance 2 and our Target is $72.80. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
Closing both of orders with excellent ProfitAs discussed throughout my yesterday's session pre-Fed commentary: "Fundamental analysis: My earlier Selling signal was confirmed on Hourly 4 chart under prolonged weakness and Price-action respecting the trendline guarding the downtrend (very Bearish formation) as Hourly 1 chart is already an aggressive Descending Channel (width opened on Williams) that should reach it’s next Lower High’s (currently Trading slightly below Triple Top's formation) and Oversold state near my take Profit of #2,627.80 Support in extension. If the bands are widened Traders may witness #2,622.80 pivot point test on the correction back down after current upside extension but not Lower. In any case I will update my Targets or levels of Profit taking if I decide to exit earlier than #2,622.80 Support in extension to be in accordance with the Daily chart’s period. My position: #2,648.80 was excellent re-Sell point and regarding Fed Rate decision, I expect Rate to be Lowered and hawkish stance on the aftermath which can make Gold suffer even more." I have closed my both #2,648.80 and #2,638.80 orders, first one on #2,633.80 and second one (#2,638.80 entry point) on #2,600.80 benchmark. My Fed Rate decision expectations were spot on as I guessed nicely that Rate will be Lowered and hawkish stance on the aftermath. Technical analysis: As Gold rebounded back towards well known Hourly 4 chart’s Neutral Rectangle once again within Symmetrical Triangle forming on Daily chart, this is very cautious market at the moment. Yet again, I see no firm reasons for current Buying bias on Gold to be sustainable, as #2,648.80 - #2,652.80 Resistance zone should price in local Top’s and reversal area (optimal re-Sell zone). After observing Gold’s Price-action near market closing (first similar closing since May #15), do not expect much from today’s session as long as DX isn't pressured by disappointing numbers. My position: I will await for area to be engulfed and only then make my move. Yesterday's session Profits were great edition to previous week's Profits as I don't have any urge to rush and engage any kind of order however will monitor the Price-action patiently until opportunity arise. I expect Gold to remain pressured.
OANDA:XAUUSDShort
by goldenBear88
2
Closing both of orders with excellent ProfitAs discussed throughout my yesterday's session pre-Fed commentary: "Fundamental analysis: My earlier Selling signal was confirmed on Hourly 4 chart under prolonged weakness and Price-action respecting the trendline guarding the downtrend (very Bearish formation) as Hourly 1 chart is already an aggressive Descending Channel (width opened on Williams) that should reach it’s next Lower High’s (currently Trading slightly below Triple Top's formation) and Oversold state near my take Profit of #2,627.80 Support in extension. If the bands are widened Traders may witness #2,622.80 pivot point test on the correction back down after current upside extension but not Lower. In any case I will update my Targets or levels of Profit taking if I decide to exit earlier than #2,622.80 Support in extension to be in accordance with the Daily chart’s period. My position: #2,648.80 was excellent re-Sell point and regarding Fed Rate decision, I expect Rate to be Lowered and hawkish stance on the aftermath which can make Gold suffer even more." I have closed my both #2,648.80 and #2,638.80 orders, first one on #2,633.80 and second one (#2,638.80 entry point) on #2,600.80 benchmark. My Fed Rate decision expectations were spot on as I guessed nicely that Rate will be Lowered and hawkish stance on the aftermath. Technical analysis: As Gold rebounded back towards well known Hourly 4 chart’s Neutral Rectangle once again within Symmetrical Triangle forming on Daily chart, this is very cautious market at the moment. Yet again, I see no firm reasons for current Buying bias on Gold to be sustainable, as #2,648.80 - #2,652.80 Resistance zone should price in local Top’s and reversal area (optimal re-Sell zone). After observing Gold’s Price-action near market closing (first similar closing since May #15), do not expect much from today’s session as long as DX isn't pressured by disappointing numbers. My position: I will await for area to be engulfed and only then make my move. Yesterday's session Profits were great edition to previous week's Profits as I don't have any urge to rush and engage any kind of order however will monitor the Price-action patiently until opportunity arise. I expect Gold to remain pressured.
TVC:GOLDShort
by goldenBear88
1
xauusd projection 1. Fibonacci Levels • Key levels marked: • 78.6% retracement (around $2,740): Price hit this level but failed to break through, indicating a potential reversal point. • 61.8% retracement (around $2,693.57): A significant resistance zone within the highlighted yellow area of which th bears did not repsect at all. 2. Resistance and Support Zones • Double Bottom (Highlighted in Yellow): > Indicates a strong support zone that was previously tested twice. • Price Closed Below Resistance: • Resistance was marked around the 61.8% Fibonacci level, where the price failed to sustain bullish momentum. 3. Trendline and Breakout Analysis • A blue upward trendline is drawn to show the bullish trend. Price action is currently testing a break below this trendline. • If the price closes below the trendline and $2,643, it may confirm a bearish continuation. 4. Trade Setup (Bearish) • Confirmation Entry: Suggested at $2,643 after the next 4-hour candle closes below this level. • Stop Loss (SL): Placed at $2,653 to manage risk in case of a reversal. • Take Profit (TP1): Target at $2,596, which aligns with the 23.6% Fibonacci retracement, a historical support area. 5. Market Sentiment • The price is currently consolidating and testing a key area. The recent rejection at 78.6% suggests a bearish bias, but confirmation is awaited for a stronger move.
ICMARKETS:XAUUSDShort
by Ruvabenza
1
FOMC News Release Today Where Does Gold will MoveXAUUSD/GOLD According to the Gold Market will Fall more because of FOMC News Release in he Gold market so Market Condition is High In news time. If the FOMC Signals a more hawkish stance Continuing or increasing interest Rates it might lead to a strengthening of the US Dollar and the Pressure on the Gold prices as Higher interest rates tend to make gold less attractive Compared to other investment. Based on the Price of Gold will fall more Support 2610 to 2600 expecting the Bearish Trend in FOMC News. These are Structure Of FOMC News Reaction. You Can see more details in the details in the chart Plz support with like and comments for more insights Thanks Dear Traders.
TVC:GOLDShort
by Sense_Trading