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GOLD trade ideas

GOLD → Breakout 2881. The bulls are ready...FX:XAUUSD breaks the downtrend resistance and consolidates above the key resistance 2881. A pre-breakdown consolidation is being formed against 2894, foreshadowing possible growth on the background of the dollar correction Trump confirmed new tariffs on Canada, Mexico and China, triggering retaliatory measures, adding to US recession risks. Falling PMI and Atlanta Fed GDP led to a sell-off on Wall Street and demand for gold as a protective asset. Geopolitical tensions persist as Trump suspended military aid to Ukraine, sparking European discontent. Markets await US employment data, which will influence Fed policy and the dollar exchange rate The price breaks through the resistance 2881, which divided the market into 2 planes. A pre-breakdown consolidation is being formed relative to 2895. The breakdown of resistance and price consolidation above 2895 may strengthen growth Resistance levels: 2895, 2921, 2929 Support levels: 2885, 2876, 2859 The main task of bulls is to keep the defense above 2885 - 2895. Against the background of growing economic risks, falling dollar, gold has all chances to continue its growth after the change of local trend. Targets in this case are 2915, 2921, 2929 Regards R. Linda!
FX:XAUUSDLong
by RLinda
16
GOLD → False breakdown and pullback before the fallFX:XAUUSD is updating lows within the framework of the changed local trend. The price is testing the liquidity zone of 2852. Possible rebound before further decline Gold traded near two-week lows below $2,900 in Asian markets on Friday, breaking an eight-week run of gains. The metal is being pressured by a strengthening U.S. dollar amid Trump's new tariff threats and the U.S. economy. Trump confirmed 25% tariffs on Mexican and Canadian goods from March 4 and an additional 10% on Chinese imports. Weak US GDP data (2.3% in Q4) and rising jobless claims also support the dollar. Traders are waiting for the PCE core price index data to gauge the Fed rate outlook and the impact on gold Resistance levels: 2869, 2877, 2885 Support levels: 2852, 2834 A false break of 2852 could trigger a pullback to the imbalance zone (2869-2877) or to the liquidity zone (2885) before a further decline. Fundamental and technical background is weak, gold may try to renew the low. Regards R. Linda!
FX:XAUUSDShort
by RLinda
13
XAUUSDHello Traders! 👋 What are your thoughts on GOLD? In the long term, gold remains in an uptrend. However, in the short term, after the break of the support zone, we expect a pullback to the broken level, followed by a potential decline at least to the identified support area. What are your thoughts on this analysis? Do you agree, or do you see a different scenario playing out? Share your insights in the comments! Don’t forget to like and share your thoughts in the comments! ❤️
FOREXCOM:XAUUSDShort
by HAMED_AZ
17
Lingrid | GOLD Weekly Technical AnalysisOANDA:XAUUSD market closed February with a significant pullback, creating a wick on the monthly timeframe that retraced over 50% of the recent bullish gains. On the weekly chart, price broke and closed below the lows of the previous two weeks, signaling bearish momentum after an impressive run of eight consecutive bullish weeks. This pattern suggests we may be entering a correction phase with potential for prices to test and possibly break below February's low. A critical development is the breakout of the upward trendline that had provided support for the past two months. Additionally, the market has dropped below the psychologically important 2900 level. Daily timeframe analysis shows that bearish moves are demonstrating greater strength compared to bullish rebounds. The current price action might form an ABC correction pattern from resistance, with the A leg already in place. Should the market reject the resistance zone above Friday's high, we could see continued downward pressure and lower prices in the near term. Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSDShort
by Lingrid
16
GOLD → Retest of risk zone 2880. A pullback is possibleFX:XAUUSD is breaking the local trend and is testing the panic and risk zone of 2880 as part of the correction. A retest of this area will increase the chances of a trend change Gold is losing growth due to uncertainty of Trump's tariff plans and economic problems in the US. Contradictory statements from the president are supporting the dollar, while rising bond yields are holding back gold prices. Markets are waiting for US GDP data: if the figures are lower than forecast (2.3%), gold may rise. Fed speeches are also important, but the key will be Trump's statement, which may change the market sentiment Technically, locally we have a bearish market structure and in this case we expect the decline to continue after a small correction. Support levels: 2878, 2888 Resistance levels: 2890, 2907 False breakdown of the above support, after such a strong fall, may form a correction. Initially, the price may head towards 0.5 Fibo, after a small pullback we may test 0.7 Fibo. But then we will have to watch the price reaction. If the gold will go down, the focus will be on 2880. If the movement will be difficult and the price will start to test the resistance, then in this case, against the background of high risks, we can return to the growth phase. Regards R. Linda!
FX:XAUUSDShort
by RLinda
14
Lingrid | GOLD short-Term BULLISH Momentum KEY SupportThe price perfectly fulfilled my previous idea. It reached the target level. OANDA:XAUUSD market is currently testing the previous week's low and Tuesday's low. After breaking through the triangle pattern, the price has moved lower, but I think we may see a short-term bounce off these levels. Given the high-impact news scheduled for today, the market is likely to be volatile, so we should proceed with caution. If the price closes above the 2890 level, it may continue to rise and retest the midpoint of the triangle pattern. Overall I expect short term upward move from the PWL zone. My goal is resistance zone around 2910 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSDLong
by Lingrid
10
Lingrid | GOLD climbs Above 2900 Mark. Potential LongOANDA:XAUUSD market has broken above the key level of 2900 and is heading toward higher highs. Looking back, we can see that it previously consolidated around this level, suggesting that the price may move sideways in this zone, forming a range. It appears that the price is positioned to retest the area above the double top and potentially previous month high. I think the price may revisit the resistance zone of 2940-2950. I expect it to break through the upper boundary of the channel and retest the middle of the consolidation zone. My goal is resistance zone around 2942 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSDLong
by Lingrid
19
GOLD → Local downtrend, price under bearish pressureFX:XAUUSD has been strengthening since Friday. Standard reaction to the false break of the support at 2834. Price is still in a selling zone and heading for resistance before a possible pullback to the downside. The $ has strengthened strongly over the past week and looks poised to continue its rise, but it all depends on the tariff war, economic risks and regulatory policy in the US. Markets are reacting to attempts to regulate the war in eastern Europe. Ahead are Fed statements and US economic data. On 4H, gold is trading flat 2881 - 2834. Below 2881 gold is under bearish pressure (selling zone). But, due to the liquidity created in the 2878 - 2881 area, gold may test the area of interest before returning to the downside. Resistance levels: 2869, 2877, 2881 Support levels: 2859, 2834 At the moment consolidation is forming below 2869 (0.5 fibo) after a false breakdown. If the bears keep the price under the level, the decline may start earlier. We also have another trigger - 2859. A breakdown of this support will trigger a sell-off and liquidation, which may lead to a fall to 2834. Regards R. Linda!
FX:XAUUSDShort
by RLinda
9
Lingrid | GOLD under SELLING Pressure. BEARISH Reversal ?OANDA:XAUUSD market moved lower following the release of the Unemployment Claims data, breaking below the lows of the last two weeks. On the monthly timeframe, we can observe that the price is forming a long tailed bar pattern and it may close near the level of the previous month's high. Additionally, the market broke below the upward channel and dipped below the swap zone that previously acted as support and resistance. I expect the price to pull back towards the resistance zone around 2880–2890 or Wednesday low before continuing the bearish movement. Don't forget that new economic data is set to be released today, it could significantly impact the market. My goal is support zone around 2825 Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
OANDA:XAUUSDShort
by Lingrid
10
GOLD(XAUUSD) -Weekly forecast,Technical Analysis & Trading Ideas💡 GOLD ( OANDA:XAUUSD ) 💡 Daily Timeframe: As forecasted last week, gold started its decline when it hit the red channel line. This decline will continue, but the support area of ​​2789.95 to 2772.38 could trigger a rebound. So, given the long-term uptrend, we can use this area as a long-term BUY ZONE. 💡 H4 Timeframe: The uptrend is broken, and price is in an impulse wave. The bearish wave is expected to continue as long as the price is below the strong resistance at 2893.51 💡 H1 Timeframe: 2879.11 support is broken now. It will act as a Resistance now! Forecast: Correction wave toward the Sell Zone Another Downward Impulse wave toward Lower TPs SL: Above 2893.51 __________________________________________________________________ ❤️ If you find this helpful and want more FREE forecasts in TradingView, . . . . . . . . Hit the 'BOOST' button 👍 . . . . . . . . . . . Drop some feedback in the comments below! (e.g., What did you find most useful? How can we improve?) 🙏 Your support is appreciated! Now, it's your turn! Be sure to leave a comment; let us know how you see this opportunity and forecast. Have a successful week, ForecastCity Support Team
FX:XAUUSDLong
by ForecastCity
27
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price play between two weighted levels with a gap above at 2872 and a gap below at 2846. We will need to see ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2872 EMA5 CROSS AND LOCK ABOVE 2872 WILL OPEN THE FOLLOWING BULLISH TARGET 2901 EMA5 CROSS AND LOCK ABOVE 2901 WILL OPEN THE FOLLOWING BULLISH TARGET 2921 EMA5 CROSS AND LOCK ABOVE 2921 WILL OPEN THE FOLLOWING BULLISH TARGET 2950 BEARISH TARGETS 2846 EMA5 CROSS AND LOCK BELOW 2846 WILL OPEN THE FOLLOWING BEARISH TARGET 2820 EMA5 CROSS AND LOCK BELOW 2820 WILL OPEN THE FOLLOWING BEARISH TARGET 2796 EMA5 CROSS AND LOCK BELOW 2796 WILL OPEN THE SWING RANGE SWING RANGE 2778 - 2753 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16
GOLD ROUTE MAP UPDATEHey Everyone, Great start to the week with our chart idea off to a flying start and playing out as analysed. We got our Bullish target hit at 2872 with a further cross and lock opening the range above, which has already given a nice push. We secured our pips and a nice clean finish to the day. We will now look for the gap above to complete and then look for a further cross and lock to confirm a continuation or a failure to lock above will follow with a rejection to test lower Goldlturns for support and bounce. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2872 - DONE EMA5 CROSS AND LOCK ABOVE 2872 WILL OPEN THE FOLLOWING BULLISH TARGET 2901 EMA5 CROSS AND LOCK ABOVE 2901 WILL OPEN THE FOLLOWING BULLISH TARGET 2921 EMA5 CROSS AND LOCK ABOVE 2921 WILL OPEN THE FOLLOWING BULLISH TARGET 2950 BEARISH TARGETS 2846 EMA5 CROSS AND LOCK BELOW 2846 WILL OPEN THE FOLLOWING BEARISH TARGET 2820 EMA5 CROSS AND LOCK BELOW 2820 WILL OPEN THE FOLLOWING BEARISH TARGET 2796 EMA5 CROSS AND LOCK BELOW 2796 WILL OPEN THE SWING RANGE SWING RANGE 2778 - 2753 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16
GOLD ROUTE MAP UPDATEHey Everyone, Another super day on the charts today with our analysis playing out in true level to level fashion. After completing all bullish targets last two days, 2872, 2901 and 2921, we stated that will now look for a further cross and lock above 2921 to confirm a continuation or a failure to lock above will follow with a rejection to test lower Goldlturns for support and bounce. - We got the rejection and then the support test at lower Goldturn 2901 for the perfect bounce back up into 2921, inline with our plans to buy dips. Once again we will now wait for ema5 to lock for a continuation or a rejection back into lower Goldturns. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2872 - DONE EMA5 CROSS AND LOCK ABOVE 2872 WILL OPEN THE FOLLOWING BULLISH TARGET 2901 - DONE EMA5 CROSS AND LOCK ABOVE 2901 WILL OPEN THE FOLLOWING BULLISH TARGET 2921 - DONE EMA5 CROSS AND LOCK ABOVE 2921 WILL OPEN THE FOLLOWING BULLISH TARGET 2950 BEARISH TARGETS 2846 EMA5 CROSS AND LOCK BELOW 2846 WILL OPEN THE FOLLOWING BEARISH TARGET 2820 EMA5 CROSS AND LOCK BELOW 2820 WILL OPEN THE FOLLOWING BEARISH TARGET 2796 EMA5 CROSS AND LOCK BELOW 2796 WILL OPEN THE SWING RANGE SWING RANGE 2778 - 2753 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
15
Hellena | GOLD (4H): LONG to resistance area 2955 (Wave 3).Dear Colleagues, after Trump's statements and the general political situation, the price went sharply into a downward movement, but this does not mean that I give up the upward movement. At the moment I think that wave “2” is completing the correction and soon we will see the long-awaited upward movement. I think that the price can still update the minimum of wave “2” in the area of 2833, then (or immediately) will start an upward movement in wave “3” at least to the area of the maximum of 2955 of wave “1”. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
OANDA:XAUUSDLong
by Hellena_Trade
18
Gold next move (weekly forecast)(3rd Mar - 07th Feb-2025)Go through the analysis carefully, and do trade accordingly. Anup 'BIAS for the week (3rd Mar - 07th Feb-2025) Current price- 2872 "if Price stays below 2910, then next target is 2860, 2830 and 2800 and above that 2930" Note= wait for the price to reaches 2885-2890 area -POSSIBILITY-1 Wait (as geopolitical situation are worsening ) -POSSIBILITY-2 Wait (as geopolitical situation are worsening) Best of luck Never risk more than 1% of principal to follow any position. Support us by liking and sharing the post.
FXOPEN:XAUUSD
by AnupZiddi
10
GOLD - Price can continue to grow and exit from wedgeHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊 The price started to grow inside the rising channel, first reaching the support line and then rising to the $2835 support level. Next, Gold broke this level and continued to move up and rose to $2930 level, after which started to fall in wedge. Gold exited from a channel and continued to decline near support line of wedge, but later it bounced to resistance area. Long time XAU trades in this area and reached resistance line of wedge, after which turned around and started to fall. Price broke $2930 level and fell to support line of wedge, after which bounced and made a gap. So, I expect that Gold can correct little and then rise to $2930 level, exiting from wedge pattern. If this post is useful to you, you can support me with like/boost and advice in comments❤️
OANDA:XAUUSDLong
by WalterMoon
10
XAU/USD: Gold at a Critical Crossroad: Will $2930 Hold or Break?By analyzing the gold chart on the two-hour timeframe, we can see that the price followed the expected bearish movement yesterday, correcting from its recent high of $2928 down to $2900 before finding temporary support. Currently, gold is trading around $2916, showing signs of indecision as it consolidates within a key range. 🔍 Key Levels & Liquidity Considerations A significant liquidity pool exists between $2928 and $2930, which could act as a magnet for price. If gold moves toward this range, we might witness liquidity collection before a potential strong rejection and deeper decline. As long as gold remains below $2930, the bearish outlook remains intact, and further corrections toward $2900 and potentially lower levels could unfold. However, if buyers manage to push the price above $2930 and sustain a breakout with clear confirmation and bullish momentum, we could see gold targeting levels above $2950 in the coming sessions. 📌 Primary & Alternative Scenarios: 🔹 Primary Bearish Scenario: A move into the $2928-$2930 liquidity zone, followed by rejection and continuation of the correction. 🔹 Alternative Bullish Scenario: A clean breakout above $2930 with a strong close and confirmation, leading to further bullish expansion toward $2950+. 🎯 Final Outlook At this stage, the bearish bias remains dominant, but traders should carefully monitor price action near key liquidity zones before executing positions. Watching how gold reacts around these critical levels will be crucial in determining the next major move. Stay updated as we track the market closely! 🔥 Please support me with your likes and comments to motivate me to share more analysis with you and share your opinion about the possible trend of this chart with me ! Best Regards , Arman Shaban
FX_IDC:XAUUSDShort
by ArmanShabanTrading
20
GOLD → Consolidation v. 2921. Ready for a breakthroughFX:XAUUSD continues to strengthen on the background of growing economic risks and also on the background of aggressive fall of dollar. The metal is at resistance at 2921 and is preparing to go even higher.... The dollar breaks the bullish structure on the background of comments of the U.S. Ministry of Finance on the reduction of rates. The verbal intervention as manipulation is affecting the markets quite aggressively. Further decline in gold is unlikely due to trade war risks and expectations of soft Fed policy.Additional impetus to gold may be given by weak ADP employment data and PMI data Gold has two important liquidity zones. 2913 and 2903, the closest area has already been tested (liquidity zone reached) and now all eyes are on 2920.7. If it holds, gold will return to 2913-2903 support, if resistance is broken, momentum will be formed. Resistance levels: 2920.66, 2942, 2954 Support levels: 2913, 2903, (0.5) fibo) Gold is testing 2913.34 at the moment, a rebound is forming due to the liquidity collected. In the short term, the focus is on 2920.7. Breaking the level and fixing the price above the trigger will most likely provoke the continuation of growth to 2942-2954 Regards R. Linda!
FX:XAUUSDLong
by RLinda
6
Gold may continue to fall inside downward wedgeHello traders, I want share with you my opinion about Gold. A short while ago, the price dropped to the support line, breaking through the resistance level that aligned with the resistance area. Following this, it rebounded and quickly climbed to the 2935 level, even entering the seller’s zone before pulling back to the support line. After that, the price made another push toward the seller’s zone but remained range-bound near the 2935 resistance level. Eventually, it reversed and began to decline, first breaking below 2935 and soon after breaching the support line as well. Gold then continued its downward movement within a falling wedge pattern. Inside this formation, the price touched the support line before rebounding to the resistance line, where it hovered for a while before eventually dropping back to the wedge’s support line, breaking the current resistance level along the way. At the moment, XAU is still moving lower, but I anticipate a temporary rise toward the resistance area before the decline resumes. Given this scenario, I have set my TP at 2830, which aligns with the wedge’s support line. Please share this idea with your friends and click Boost 🚀
FOREXCOM:XAUUSDShort
by LegionQ8
8
GOLD ROUTE MAP UPDATEHey Everyone, Another PIPTASTIC day on the markets with our chart idea playing out perfectly!!! Yesterday we got our Bullish target at 2872 with a further cross and lock above 2872 leaving open 2901. - This was hit perfectly today followed with ema5 cross and lock above 2901 opening 2921, which was also hit completing the range perfectly. We will now look for a further cross and lock above 2921 to confirm a continuation or a failure to lock above will follow with a rejection to test lower Goldlturns for support and bounce. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2872 - DONE EMA5 CROSS AND LOCK ABOVE 2872 WILL OPEN THE FOLLOWING BULLISH TARGET 2901 - DONE EMA5 CROSS AND LOCK ABOVE 2901 WILL OPEN THE FOLLOWING BULLISH TARGET 2921 - DONE EMA5 CROSS AND LOCK ABOVE 2921 WILL OPEN THE FOLLOWING BULLISH TARGET 2950 BEARISH TARGETS 2846 EMA5 CROSS AND LOCK BELOW 2846 WILL OPEN THE FOLLOWING BEARISH TARGET 2820 EMA5 CROSS AND LOCK BELOW 2820 WILL OPEN THE FOLLOWING BEARISH TARGET 2796 EMA5 CROSS AND LOCK BELOW 2796 WILL OPEN THE SWING RANGE SWING RANGE 2778 - 2753 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
18
GOLD DAILY CHART MID/LONG TERM UPDATEHey Everyone, This is an update on our daily chart idea that we are now tracking and playing out perfectly, as analysed. After completing our Bullish targets we stated that the channel top will act as resistance confirmed with ema5 rejection. A break of the channel top with ema5 would confirm a continuation and failure would confirm rejection. This allowed us to identify true breakouts against fake outs. We also stated that we need to keep in mind the channel half line below to establish floor to provide support for the range, should we continue to track further up. A break below the half line will open the lower part of the channel to establish floor on the channel bottom. The safest way to track this movement is by buying dips. - Once again this played out perfectly as we got the rejection on the channel top followed with the channel half line test, which gave the perfect bounce like we stated. We will now either look for a continuation from this bounce or a cross and lock below the half line for a break into the lower channel floor. This is the beauty of our Goldturn channels, which we draw in our unique way, using averages rather than price. This enables us to identify fake-outs and breakouts clearly, as minimal noise in the way our channels are drawn. We will use our smaller timeframe analysis on the 1H and 4H chart to buy dips from the weighted Goldturns for 30 to 40 pips clean. Ranging markets are perfectly suited for this type of trading, instead of trying to hold longer positions and getting chopped up in the swings up and down in the range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up using our smaller timeframe ideas. Our long term bias is Bullish and therefore we look forward to drops like this from rejections, which allows us to continue to use our smaller timeframes to buy dips using our levels and setups. Buying dips allows us to safely manage any swings rather then chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
8
Gold Price Analysis: Short-Term Pullback Before Resuming Uptrendhello guys. let's analyze gold Resistance and Pullback: The price recently tested a resistance zone around $2,900, which could indicate exhaustion in the current uptrend. The immediate pullback from this level suggests that buyers are taking profits, and the market may temporarily retreat. Support Zone: The blue support zone (ranging from $2,820 to $2,840) is crucial. This area aligns with the rising trendline, and it is expected to provide support. If the price reaches this region, it could trigger another round of buying, pushing gold higher once again. Next Move: If gold prices successfully hold above the support zone, we might see a continuation of the uptrend toward the upper boundary of the channel, potentially targeting $2,950 to $3,000 in the coming weeks. However, if the support fails, a deeper pullback could test the next key levels below $2,800 before the market can resume its upward trajectory. Conclusion: The pullback from the $2,900 resistance zone suggests a likely short-term correction. Gold prices are expected to test the blue support zone around $2,820 before potentially resuming the bullish trend toward higher levels.
OANDA:XAUUSDShort
by melikatrader94
23
Gold to print historic 30% correction?On the above 2 week chart Gold price action has completed the much anticipated Cup and Handle forecast to $2700, which was where Without Worries dabbled with a “short” position and was promptly stopped out much to the bugs delight. Price action has rallied 180% since the 2016 lows, amazing. The increased Money supply / Money printing is the reason I’m often given for this historic rally. The facts are the money supply has increased 68% since the 2016 lows and not 180%, which would price an ounce at $1750 today. Now I know someone will be quick to comment my being selective with dates. To that end we can go back further, 18 years since that fits over the well understood business cycle, which is approaching its peak. Since 2007 money supply has increased 195% with Gold price action 400%. This is a bubble. This idea is not about fundamentals however, it is technical only. 1) Price action is in bubble territory. Look left, 50% above the 5 week Gaussian channel saw corrections of at least 30%. 2) Price action on the 2 week chart prints the strongest negative divergence since the positive divergence in December 2013 at 1190 an ounce. 3) The $2000 support breakout has never confirmed support. 4) On the weekly chart a bearish engulfing candle prints as price action enters the Bollinger Band. A correction to 2730 is now highly probable. Is it possible price action continues up? Sure. Is it probable? No. Ww 5 week Gaussian channel Weekly bearish engulfing
OANDA:XAUUSDShort
by without_worries
17