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GOLD Spot (XAUUSD) (OANDA EU Clients)GOLD Spot (XAUUSD) (OANDA EU Clients)GOLD Spot (XAUUSD) (OANDA EU Clients)

GOLD Spot (XAUUSD) (OANDA EU Clients)

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XAUUSD 3M 1. Elliott Wave Structure and Key Levels Wave 5 Completion (2,747.14): The fifth wave peaks around $2,747.14, reaching a 1.618 extension, suggesting this could be a point of reversal. The formation of volume divergence at this level indicates potential weakness in bullish momentum, marking a critical level to watch for a possible trend change. Wave 1 (Current Correction Phase): The chart shows a beginning corrective move from Wave 5, indicating an A-B-C structure may follow. This corrective phase could bring prices down to fill previous gaps and approach key support levels. 2. Wyckoff Phases and Distribution Structure Phase A (Accumulation - $1,046.23 to $1,512.84): This phase includes a consolidation around the $1,046.23 low and forms the base before a significant rally. The Automatic Rally (AR) and Secondary Test (ST) suggest the end of Phase A and a potential upward shift in market sentiment. Phase B (Mark Up and Distribution at Resistance): After accumulation, prices move up in a mark-up phase, testing the Resistance Line of BC Distribution. This area includes Upthrust (UT) and Upthrust After Distribution (UTAD), which are signs of potential distribution before a downtrend. Phase C (Breakdown Expected): Phase C may involve the start of a downtrend from Wave 5, with price likely returning to lower levels for further testing. This phase includes the Sign of Weakness (SOW) and anticipates a retest of support near $1,512.84. 3. Fibonacci Levels 0.618 Retracement ($890.62): The 0.618 retracement level is marked as a strong support, below which price should not pass without invalidating the bullish wave structure. This level could act as a long-term support area during the corrective phase. 1.236 Extension ($2,369.74): The 1.236 level marks a significant potential reversal area for Wave 5. A move back to this level could signal the completion of a deeper pullback, possibly a key point of interest for traders looking for long-term entries. 4. Liquidity and Key Order Blocks Liquidity Void: The chart highlights a liquidity void in the three-month time frame (3M), representing an area where price may revisit to fill previous inefficiencies. This void may act as a magnet, attracting price downward in the corrective phase. Buy-Side Liquidity (BSL) Area: The Buy-Side Liquidity (BSL) near the recent highs represents a key area where stop losses and limit orders are likely concentrated. This region may experience volatility as larger players look to capitalize on retail stop losses. 5. Support and Resistance Lines Resistance Line - BC Distribution ($1,720.00): The $1,720.00 level acts as a key resistance line in the distribution phase. A break above or below this level in Phase B may confirm the direction of the trend and could signal a shift in momentum. Support Line - AR Distribution ($1,512.84): The $1,512.84 level serves as a critical support in the accumulation phase and may act as a bottom if the market revisits this area in the corrective structure. 6. Break of Structure (BOS) and Market Sentiment Shifts BOS Wave 3 (12M): The Break of Structure (BOS) in Wave 3 on the 12-month chart signals a major structural shift, often indicating the end of one trend and the beginning of another. This point may see increased volatility and shifts in market sentiment. BOS in Phase B (3M): The BOS within Phase B on the three-month time frame highlights potential points of interest for continuation or trend reversal. It indicates that a shift in sentiment may occur, influencing market participants to prepare for trend changes. 7. Dealing Ranges and Points of Control (POC) Dealing Range (12M-3M): This range, marked at recent swing high and low levels, provides a boundary for price movement, with the Point of Control (POC) likely aligning with high-volume areas. The dealing range helps in identifying areas where price could consolidate or reverse. Current Trend (Dealing Range for Wave 4): The range defined for Wave 4, including swing highs and lows, offers insight into the ongoing market structure. Observing price behavior within this range helps to gauge the momentum of the corrective wave. 8. Next Week’s Trading Plan Primary Strategy: The corrective phase is expected to continue, with a probable downward move to fill liquidity voids and test lower support areas. Key Target Levels: Downside Targets: Monitor support around $1,720.00 (Resistance Line) and $1,512.84 (Support Line). These levels could provide entry points if price tests and holds as support. Upside Targets: Watch for potential shorting opportunities if price retests resistance near the recent swing high at $2,747.14. Risk Management: Stop-loss orders should be placed above recent highs around $2,800.00 to manage risk if there’s an unexpected upward move. Volume and Price Action: Look for volume divergence or signs of weakness near resistance levels, especially around the 1.618 level ($2,747.14), as they could signal a trend reversal. Summary of Key Points Wave 5 likely completed at $2,747.14, with a corrective A-B-C structure now underway. Wyckoff Distribution phase suggests further downside as Phase C unfolds, targeting key support levels. Liquidity voids and POC levels act as magnets for price, which may revisit these areas during corrections. The Resistance Line at $1,720.00 and Support Line at $1,512.84 are essential for tracking entry and exit points in line with the current downtrend.
FX:XAUUSDShort
by spacedevil
Gold Monday 04/11/2024Analysis Summary: Support Levels: Support 1: 2736 - A key level that may serve as a potential bounce point for price. Support 2: 2720 - An additional lower support level within the lower OB zone, where demand might increase. Resistance Levels: Resistance 1: 2753 - An initial resistance level that price may encounter on the way up. Resistance 2: 2760 - A higher resistance located within the upper OB zone, which could hinder further upward movement. Order Block (OB) Zones: Upper OB: Between 2753 and 2760 - A potential selling pressure area that may limit upward price movement. Lower OB: Between 2730 and 2720 - A strong support area where buying pressure may emerge. > Note: These levels represent potential reversal points, and it is recommended to monitor technical signals when price reaches these areas to confirm the future direction.
OANDA:XAUUSD
by Engineer2008
Gold bulls are done or not yet?Here's an analysis of the XAU/USD (Gold vs. U.S. Dollar) chart based on price action strategy: 1. Trend Analysis: The overall trend appears to be bullish, as seen from the series of higher highs and higher lows in the price structure. Recently, there has been a pullback, as indicated by the bearish candles on the right side of the chart. 2. Liquidity Zones: Liquidity Void: There are visible liquidity voids (highlighted in red) around the $2,750 level, suggesting areas where price may return to fill gaps left by large, impulsive moves. Liquidity Grab Areas: The chart also shows areas marked as "liquidity" where stop orders may have been triggered. These regions are potential reversal or retracement zones. 3. Support and Resistance Levels: Resistance Zone: Around $2,760, there is a resistance level, as seen from multiple rejections. A break above this level could indicate further bullish continuation. Support Zone: The $2,735 - $2,740 range acts as a support area. A break below this level might lead to further downside, targeting the next support around $2,717. 4. Price Action Observations: The recent red bearish candle indicates sellers are actively testing the support area. If buyers step in at this support zone ($2,735 - $2,740), there could be a bounce, targeting the $2,760 resistance zone again. Failure to hold above $2,735 could lead to a further decline, possibly aiming for the $2,717 level as a next support. 5. Bias: Bullish Bias: As long as price remains above $2,735, the bias remains cautiously bullish, with a potential retest of $2,760 and possibly higher if this level breaks. Bearish Scenario: If price breaks below $2,735 decisively, the bias shifts bearish, with a target around $2,717. 6. Potential Trade Ideas: Long Position: Enter around $2,735 - $2,740 with a stop below $2,730, targeting $2,760 and beyond. Short Position: If price breaks below $2,735, look for a retracement back to this level to confirm resistance before entering short, targeting $2,717. Summary In summary, the market is at a critical support level, and price action in the next few candles will confirm the direction. Holding above $2,735 suggests bullish continuation, while a break below favors a bearish move.
OANDA:XAUUSD
by merlyvasaya82
XAUUSD, WEEKLY CHART... here's how it looks.I've been trying some custom approach / experiment on detecting reversal play in advance stages -- and my current case study is XAUUSD. Here's how it looks. Based on weekly data, we got a thinning price line with a shifting inverted support lines (bottom lines). A good confirmation Identifier would be a complete horizontal inverted support line shift. 1950 (completed support line) would be the key price point for that level. Touch it, and we got a BUY SIGNAL. Non-confirmatory (risky) would be 1940 level. TAYOR. Safeguard capital always.
OANDA:XAUUSD
by JSAL
7
Gold Trading Insights Ahead of the Election!Although gold didn’t fluctuate much today, our returns were quite impressive! These small range movements create excellent opportunities for agile buying and selling. As I mentioned yesterday, the New York market did indeed decline today, and the buy signal I provided at the open hit the TP of 2745 perfectly. I then began selling, ultimately closing the trade at 2733 with great results. Tomorrow is the election, and I believe the results will boost the dollar, which could lead to a drop in gold prices. I plan to continue selling during tomorrow's New York session. What do you think?
FOREXCOM:XAUUSDShort
by Wealth_Waves
XAU/USD: Today's Support, Resistance, and TargetsMarket Overview: Today, I conducted a detailed analysis of the XAU/USD pair, focusing on key support and resistance levels that will guide my trading decisions. 📊 Key Levels: **📉 Support Level: 2722 This is a critical level where buying interest is likely to emerge. **📈 Resistance Level: 2747 This level may present challenges for upward movement, potentially leading to selling pressure. 🎯 Trading Targets: Target 1: 2733 This is my initial target, where I expect price action to react. Target 2: 2725 This secondary target represents another opportunity for profit taking. 🔒 Risk Management: Stop Loss: 2748 A prudent stop loss to protect against unexpected market movements beyond the resistance level. 📈 Summary: Today's analysis indicates a cautious but strategic approach to trading XAU/USD. The identified support and resistance levels, along with clear targets and a stop loss, are designed to optimize trading performance while managing risk effectively.
OANDA:XAUUSD
by BinSalmanFundsReal
GOLD is close to the current level of 2,758 USDOn Tuesday (October 29) in the Asian market, spot gold suddenly increased sharply in the short term. Gold price just touched 2,757.74 USD/ounce, setting a new intraday high and approaching the previous historical high. Traders prepare to release key economic data that will help set the tone for the Federal Reserve's next policy decision. Although tensions in the Middle East appear to have cooled, the Uncertainty about the US election still supports gold prices. The Fed will announce its interest rate decision at its two-day meeting starting November 6. Jobs and inflation data, as well as if the results of the US presidential election are contested, This could influence the Fed's decision. The market still expects policymakers to cut interest rates by 25bps at their November meeting. Lower borrowing costs are typically positive for gold, which does not yield a yield. According to CME's FedWatch Tool, the market expects the probability of the Fed cutting interest rates by 25 basis points to be about 98.4%. When the presidential election between Harris and Trump was still too close, gold had 3 consecutive weeks of increases despite the increase in US Treasury bond yields and the USD, which often puts pressure on precious metals, losing correlation. This describes both gold and USD as having separate supports. According to the latest statistics from the China Gold Association, China's gold consumption decreased by 11.2% year-on-year in the first three quarters of 2024 as high prices suppressed jewelry demand. Analysis of technical prospects for OANDA:XAUUSD Gold has had 3 consecutive days of increase and is heading for the 4th day of price increase after adjusting and taking support from the short-term price channel and the 1% Fibonacci level. Currently, gold is close to the all-time peak set previously, once gold breaks the $2,758 level which is also the target increase since gold corrected down from this level, it will have enough room to continue. upside with the next target around 2,768USD in the short term, more than the 2,786USD price points of the Fibonacci 0.382% and 0.50%. The relative strength index (RSI) is pointing up with no signs of weakness as it approaches the overbought area, suggesting that bullish momentum remains solid, and as long as gold remains within the channel it will continue to trend. short-term upward trend. However, in case it is sold below 2,700 USD, it will open up expectations for a medium-term correction down cycle with the target at the area of ​​the EMA21 moving average. In the current market context, this scenario is quite unlikely. During the day, the bullish technical outlook for gold prices will be brought into focus again by the following notable levels. Support: 2,745 – 2,741 – 2,725USD Resistance: 2,758 – 2,768 – 2,786USD SELL XAUUSD PRICE 2774 - 2772⚡️ ↠↠ Stoploss 2778 →Take Profit 1 2767 ↨ →Take Profit 2 2762 BUY XAUUSD PRICE 2730 - 2732⚡️ ↠↠ Stoploss 2726 →Take Profit 1 2737 ↨ →Take Profit 2 2742
OANDA:XAUUSDLong
by Xayah_trading
1
XAUUSD - Gold Awaiting US ElectionsGold is below the EMA200 and EMA50 in the 4H timeframe. In today's analysis, I have drawn trade scenarios for you based on various confirmations In each circle we look for one-hour timeframe candles to confirm the expected trend. After a grueling and controversial campaign season, the US election will be held this week. Although many experts believe a clear winner is unlikely to be announced on Wednesday, much of the uncertainty surrounding the US political landscape is expected to ease next week, which may not bode well for gold. This precious metal had significant momentum last month due to the election fluctuations. Market analysts pointed out that the improvement of former US President Donald Trump's chances of victory and the creation of a potential "red wave" (a Republican victory) in Congress raised concerns about the continued unabated increase in government spending. In recent weeks, that fear has extended to either party's control of the White House and both houses of Congress. However, there is a famous saying in the financial markets for times like this: "Buy the rumor and sell the news." Last week, gold prices hit an all-time high above $2,800 an ounce as investors weighed in on rumors surrounding the US election. Dennis Gartman, a noted commodity investor, said he has become more cautious about gold as it draws more attention from investors. However, he added that despite any near-term weakness, gold's long-term fundamentals are well supportive of prices. "The main trend is still bullish," he said. Aside from the geopolitical turmoil created by this election cycle, gold remains well-supported by the sluggish US economy and labor market. In October, the US economy added just 12,000 jobs, well below expectations for 100,000 jobs. Some of the weakness can be attributed to fluctuations caused by cyclone devastation in southern states. However, looking beyond this volatility, sharp downward revisions in August and September suggest that the labor market is cooling. At the same time, this week we also saw that inflation is continuously increasing. The main measure of personal consumption expenditures, the U.S. central bank's preferred measure of inflation, showed that consumer prices held steady at 2.7% over the past three months. The Fed is stuck and will continue to cut interest rates as the labor market weakens. While interest rate cuts may not be as aggressive as they would like, higher inflation means lower real interest rates, which will hurt the US dollar and support gold prices.
FOREXCOM:XAUUSD
by Ali_PSND
GOLD SHORTING OPPURTUNITY NOV 1ST 2024"Gold has trapped buyers, closing below a key demand zone that also served as support on the 1-hour timeframe. To approach this setup strategically, let the price retrace to the 0.5 or 0.618 Fibonacci level. Avoid entering trades immediately as it reaches these levels; instead, wait for a clear formation of lower lows to confirm the setup. Keep in mind that the recent support may now act as resistance, creating a possible reversal point. Additionally, a minor order block aligns with the 0.618 level on the 5-minute chart. Be thorough in checking all confirmations, and take the trade with a manageable stop loss. Keep your risk controlled, especially with the current market volatility. If you found this insight helpful, don’t forget to like, follow, and comment for more trade logic!"
OANDA:XAUUSDShort
by munmeeth