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Resistance 2720. Support 2692. Today's market analysisGold attacked 2710 and stood on the 2700 mark again. The adjustment range is very large. The market fluctuated greatly recently, fluctuating back and forth by 70~100$, so don't chase the rise or follow the short. Pay attention to the continued high action at the end of the week. Go long first and then go short when the correction is made! The Federal Reserve's interest rate decision for gold was cut as expected, and the expectation of interest rate cut was realized. Gold is now encountering resistance and fluctuating. Today, it is mainly high and low. After the strong rebound of gold yesterday, the short trend of gold has temporarily come to an end, but the market may not reverse. It is likely to start a volatile market again. The 1-hour moving average of gold has not turned around yet, and gold may not start to reverse for the time being. Gold seems to rebound strongly, but gold has repeatedly fallen under pressure above 2720. It continues to go short at highs below 2720 in the Asian session. Gold 2720 can be shorted first. First support: 2692, second support: 2687, third support: 2672 First resistance: 2720, second resistance: 2736, third resistance: 2750 Trading strategy: Trading based on resistance and support, BUY: 2691-2693. SELL: 2720-2722
OANDA:XAUUSDShort
by Jun-GoldAnalyst
XAUUSD View!!Gold's rally may have run its course, UOB Global Economics & Markets Research's Quek Ser Leang says in a research report. Last week, gold formed 'Doji' pattern on weekly candlestick chart, which is typically perceived as a bearish signal, the markets strategist says. Crossover in weekly slow stochastics from overbought territory suggests downside risks are building. On the daily chart, gold broke below the three-month rising trendline support two sessions ago, with bearish divergence on daily MACD. However, any pullback will probably be choppy and potentially drawn out, with initial support at 55-day exponential moving average, which is now at $2,636/oz, the strategist adds. Spot gold is down 0.4% at $2,694.69/oz.
FOREXCOM:XAUUSDShort
by FXBANkthe8055
SILVER_108 2024.11.07 13:48:05 Trading Signal SELLFrankPro Signal for SILVER_108 Type: Screen Signal: SELL TP: 30.325 SL: 31.757 Entry Price: 31.578 Analysis for SILVER Forecast Overall(Short-Term, Long-Term): ST= Strong Down LT= Strong Down Forecast Methods(Short-Term, Long-Term): ST=Down LT=Down ST=Down LT=Down ST=Down LT=Down Analysis Method(0) Based on the provided analysis, here is my assessment of the expected price movement for XAG/USD (Silver) in both the short-term and long-term: **Short-term (next few days to a week):** * Expected price movement: Down * Reasoning: The price has broken below key support levels, including the 50-day SMA, and is currently under pressure. The technical outlook suggests a potential bullish correction to test the resistance area near $32.05, but this is likely to be followed by a downward rebound. Additionally, market indicators such as oscillators on the daily chart are gaining negative traction, indicating a path of least resistance to the downside. **Long-term (next few weeks to months):** * Expected price movement: Down * Reasoning: The analysis suggests that silver prices are vulnerable and may continue to decline unless there is a strong breakout above key resistance levels. The technical outlook indicates a potential continuation of the fall, targeting levels below $28.45. Furthermore, the strengthening of the US Dollar following the presidential election is likely to maintain downward pressure on silver prices. It's worth noting that a strong breakout above $33.65 could indicate continued growth to the $35.05 area, but this scenario seems less likely based on the current analysis. Result: ST=Down LT=Down Analysis Method(1) Based on the provided analysis, here are my conclusions on the expected price movement of XAG/USD (Silver) in both the short-term and long-term: **Short-Term Analysis (next few days/week):** * The price is expected to go down. The current price action suggests further potential declines, with support levels identified at $30.40-$30.35 (100-day SMA) and potentially lower to $30.00, $29.70, and the 200-day SMA near $28.55. * However, there is an expectation of an attempt to develop a bullish correction in the price of silver, testing the resistance level near $32.05, followed by a potential downward rebound and continuation of the fall in price. **Long-Term Analysis (next few weeks/months):** * The price is expected to go down. The technical outlook indicates that any attempted recovery might be seen as a selling opportunity, with the path of least resistance currently to the downside. * The strong US Dollar, bolstered by Trump's election victory, is a significant factor in the current downward pressure on silver prices, which is likely to continue in the long-term. * However, if the price clears the $33.00 mark, it could target the October 31 high of $33.89 and potentially higher levels, indicating a potential reversal of the downtrend. Overall, the analysis suggests that the price of silver is likely to continue its downward trend in both the short-term and long-term, with potential support levels at $30.40-$30.35 and $28.55. However, there is a possibility of a bullish correction in the short-term, and a potential reversal of the downtrend if the price clears the $33.00 mark. Result: ST=Down LT=Down Analysis Method(2) Based on the analysis, here are my predictions for the Silver price (XAG/USD): **Short-term (next few days to a week):** * The price is expected to go down. The breakdown below the 50-day SMA and the short-term ascending trend-channel has triggered bearish sentiment, and oscillators indicate negative traction. The price is likely to continue its fall towards the 100-day SMA support around $30.40-$30.35. * Immediate support levels to watch are $30.23 (100-day SMA) and the psychological mark of $30.00. If these levels are broken, the price could drop further to $29.70. **Long-term (next few weeks to a month):** * The price is expected to stay the same or go down slightly. The strong US Dollar following Donald Trump's victory in the presidential election is likely to keep Silver prices in check. The price may eventually drop below the $30.00 psychological mark, heading towards the $29.70 zone and the 200-day SMA near $28.55. * However, if the price manages to break above the 50-day SMA breakpoint near $31.40, it could lead to a short-covering move, but it may not sustain and could fizzle out near the $32.65 region. Overall, the technical analysis suggests a bearish sentiment in the short-term, while the long-term outlook is neutral to slightly bearish due to the strong US Dollar. Result: ST=Down LT=Down
CAPITALCOM:SILVERShort
by orbborisson
Gold Update: Post-Election WeaknessThe price of gold typically drops after U.S. elections, and this time is no different. This weakness coincides with the expected wave count on the chart, as Wave 4 correction was anticipated. (see related) Wave 3 is extended, and so is sub-Wave 5 within it, which is a common pattern for commodities. Wave 4 has now begun, and there are two ways to measure its potential target: 1. Wave 4 typically retraces Wave 3 by around 38.2%. 2. The trend channel formed through the peaks of Wave 1 and Wave 3, and the valley of Wave 2, suggests a potential bottom for Wave 4. This chart shows an amazing alignment of these two factors: the 38.2% Fibonacci retracement is at $2,428, and the bottom of the channel is around $2,450. These levels provide a strong double support for gold prices. The final upward impulse should at least retest the all-time high of $2,802 (the peak of Wave 3). The Cup & Handle pattern (see related ideas) has a target of $3,000.
COMEX:GC1!Education
by aibek
if 2700 resistance strong, 2608 support broken, target 2580 zoneif retest 2700 resistance, 2608 support broken, target 2580 zone but there is potential weekly continue to drop mean we will see more correction later there 3 scenario 1. still going up to 2770 but stochastic not bottomed yet 2. straight to 2580 mean weekly bearish trend started target 2440 later 3. drop to 2640 then up to 2700 resistance retest and drop to 2580, this scenario still believed to leading to weekly bearish trend
OANDA:XAUUSDShort
by salvanost
THE KOG REPORT - ELECTION SPECIAL UPDATEEnd of day update from us here at KOG: The path has worked quite well so far with price testing the high, adhering to KOG's bias for the day and week and respecting the red boxes. We've managed to stay the right way and capture most of the move down completing nearly all the bias level targets on the KOG Report. So, what now? We have major support below at the 2650-55 region with slight extension in to 2645. If this level is attacked and defended in the coming sessions we should get a move back upside into the initial levels of 2675 and above that 2680-5. We do need to see a clean reversal for this to happen so let's be patient if you're looking to go long. Those who followed and are short, we suggested protecting and taking partials along the way while enjoying the move. For now, planned and executed, Excalibur and the red boxes performing well. Let's see what tomorrow's news brings. As always, trade safe. KOG
OANDA:XAUUSD
by KnightsofGold
Will Silver Close at the High This Year?In September, we discussed the potential of silver forming a 'Cup & Handle' pattern, similar to what we observed with gold at the end of 2023. We saw how gold performed in 2024. If the Silver can settle at around here at the end of this year, establishing this formation, we should be able to see the rising trend of the Silver in 2025. In this tutorial, we will discuss why silver may close higher towards end of the year. Silver Futures & Options Ticker: SI Minimum fluctuation: 0.005 per troy ounce = $25.00 Micro Silver Futures Ticker: SIL Minimum fluctuation: 0.005 per troy ounce = $5.00 Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
COMEX:SI1!Long
by konhow
Elliott Wave View: S&P 500 Futures ($ES) Wave 5 In ProgressShort Term Elliott Wave View in S&P 500 Futures (ES) suggests rally from 8.6.2024 low is in progress as an impulse. Up from 8.6.2024 low, wave 1 ended at 5669.75 and pullback in wave 2 ended at 5394. Wave 3 higher ended at 5927.25. Dips in wave 4 unfolded as a double three Elliott Wave structure. Down from wave 3, wave (a) ended at 5861.25 and wave (b) ended at 5904.25. Wave (c) lower ended at 5801 which completed wave ((w)) in higher degree. Rally in wave ((x)) unfolded as a zigzag structure. Up from wave ((w)), wave (a) ended at 5870 and wave (b) ended at 5822.5. Wave (c) higher ended at 900.75 which completed wave ((x)) in higher degree. Index then turned lower in wave ((y)) with internal subdivision as a zigzag. Down from wave ((x)), wave (a) ended at 5835 and wave (b) ended at 5893. Wave (c) lower ended at 5724.5. This completed wave ((y)) of 4 in higher degree. The Index has resumed the rally higher and made a new high. Up from wave 4, wave (i) ended at 5758.75 and wave (ii) ended at 5735. Wave (iii) higher ended at 5954 and wave (iv) ended at 5900.75. Expect the Index to end wave (v) of ((i)) soon, then it should pullback in wave ((ii)) to correct cycle from 11.5.2024 low before it resumes higher. Near term, while pivot at 5724.5 low is intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.
CME_MINI:ES1!
by Elliottwave-Forecast
No false-break upwards here in Gold-It's moving up fast Gold and Silver had a healthy downwards correction from what I understand. A few nervous Gold-holders after Donald Trump's re-election. But there is much more to the story for gold prices to go higher. I see the intraday charts looking bullish for silver and gold today, as momentum is shifting back to the upside. Wait and see what the Economic News tells us before rushing to go Long Economic data just released was probably more in favour of the USD, but I note it was a mixed-bag release and in some ways favouring Gold price. Gold price has shrugged off the data it seems.
EIGHTCAP:XAUUSDLong
by Easy_Explosive_Trading