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XAUUSD trade ideas

Gold breaks trend amid rising bond yieldsGold has finally buckled under pressure from rising yields and US dollar, with stocks also hit hard. Rising yields increase the opportunity cost of holding non-interest-bearing assets. The precious metal has just broken its bullish trend line after failing to hold above key support at $2770. It has subsequently broken the next support seen between $2753 to $2758, an area which could now turn into resistance upon a potential re-test from below. While the long-term trend is clearly bullish, today's breakdown serves as a reminder that market can go up as well as down and that risk management should always be your number one priority in trading. In light of the breakdown and given how overbought gold is on the long term charts like the weekly and monthly, I would be more inclined now to look for bearish setups near resistance, than bullish setups near support...until such a time that those RSI overbought conditions are worked off (either thru time or price.) By Fawad Razaqzada, market analyst with FOREX.com
FOREXCOM:XAUUSDShort
by FOREXcom
1
XAUUSD: Future ups and downs depend on today's closing priceThe conflict in the Middle East broke out again over the weekend. Israel attacked Iran's military facilities, which led to a surge in risk aversion over the weekend. However, a different voice appeared in the market. Israel's retaliation against Iran was more like an explanation to the people. Since the attack did not pose a major threat, the market believed that Iran would not respond to it. This also explains why gold opened more than ten dollars lower today, and crude oil opened significantly lower than more than 3 dollars. Let's get back to the point. My opinion on today's gold is that it needs to be observed. Today's closing situation is very important for the future trend of gold. If the gold price can close above 2735-2740 tonight, then the gold price will start to rise. On the contrary, if it closes below 2735-2740, there may be adjustments. For the day, I am more optimistic about buying at low levels and bullish
TVC:GOLDLong
by AntonyTP
1
XAU/USD Weekly Outlook: Brace for Bearish Momentum Current Market Structure and Phases Primary Phase: We’re in a Wyckoff Distribution Phase moving from Phase B (Testing of supply) towards Phase C (Market confirmation of weakness). Phase B: This phase contains a SOW (Sign of Weakness), where the price has broken support levels, indicating a strong selling interest. Phase C: Expected to confirm this distribution phase as prices break further down, suggesting continuation of bearish momentum. Key Levels Resistance Line (BC Distribution Line) at approximately 2,740.6 - This acts as a ceiling for price; any rally towards this level is likely to encounter significant selling pressure. Support Line (AR Distribution Line) at around 2,714.9 - A key level to watch; if breached, it signals further downside. Elliott Wave Structure Wave 5 Completion: The chart suggests the end of Wave 5 in multiple timeframes, which often leads to a corrective phase. ABC Correction Pattern: Following the Wave 5 peak, an ABC corrective wave is anticipated. The chart projects Wave A downwards with expected retracement up to Wave B around 2,713.32 level, followed by a further drop in Wave C. Harmonic and Smart Money Concepts Bearish Order Block (1H): A sell zone established from previous bearish action, likely to restrict upward movements and signal more sell-offs if revisited. CHoCH (Change of Character): A shift in price behavior from a bullish to a bearish trend, observed in this distribution structure. Retail Stop Loss Zone (4H): Located around 2,705, this is a liquidity zone where retail traders are likely to have stop losses. A move below this level could trigger more selling. Indicators and Oscillators MACD: Currently showing bearish momentum with potential for continued downside pressure. Bearish Divergence: Observed on the oscillator, aligning with the end of Wave 5 and confirming a potential downtrend. Weekly Outlook Summary (Mon-Fri) Monday (M): Expect a potential retest of the resistance line near 2,740.6 before a further drop. Tuesday (T): The beginning of Phase C should confirm bearish momentum with a breakdown below 2,714.9 if selling pressure persists. Wednesday (W): Continuation of the downtrend as the market completes Wave B correction, with a downward bias toward Retail Stop Loss zones. Thursday (T): Expect some consolidation before another leg down to complete Wave C. Friday (F): A probable low for the week as Wave C reaches completion around 2,695-2,700. In summary, the overall sentiment for XAU/USD next week leans bearish, with key levels providing resistance and support cues.
OANDA:XAUUSDShort
by spacedevil
DeGRAM | GOLD rebound from the channel boundaryGOLD is moving near the lower boundary of the ascending channel, but continues to hold above the trend lines. The price is near the 50% retracement level. The chart maintains an ascending structure. Upon reaching the support level, XAUUSD reacted instantly by forming a bullish takeover. We expect the growth to continue after the price consolidates in the channel. ------------------- Share your opinion in the comments and support the idea with a like. Thanks for your support!
FX:XAUUSDLong
by DeGRAM
7
GOLD-Trade Plan 30/10/2024Dear Traders, Based on our earlier analysis, gold touched the 1.618 Fibonacci extension of wave 4 and then retraced approximately 100 pips. Our projection for the end of wave 5 is between 2790 and 2810. I anticipate a significant correction of at least 1000 pips, taking the price down to around 2680. We'll need to wait for wave 5 to fully develop and for confirmation of our analysis before taking any action." Dont Forget Like&Comment please ! Regards, Alireza!
OANDA:XAUUSDShort
by alirezak
Strategic Insights for Today's NFP: Key Targets and Market MovesToday’s NFP Analysis: NFP Target One: 2767 This level serves as our initial target for upward movement. NFP Target Two: 2777 If the market holds strong, this is our next key resistance point. NFP Target Three: 2781 This target represents a potential peak for today's trading session. Important Note: If the price moves downward, it may tap the level of 2735 before potentially bouncing back up. This could create an opportunity for a reversal.
OANDA:XAUUSD
by BinSalmanFundsReal
1
XAUUSDBearish (Sell) Setup 1. Resistance Zone: Find a strong resistance level where price has previously struggled to break through. 2. Bearish Candlestick Pattern: Look for bearish engulfing, evening star, or shooting star near the resistance zone. 3. Indicators: • RSI: Ensure RSI is in overbought territory, suggesting a potential reversal downwards. • MACD: Look for a bearish crossover, indicating a downward trend shift. • Breaker Block (BB): A breaker block in the resistance area may hint at an imminent price rejection. 4. Entry: Enter a short position when these criteria confirm a bearish setup, with a stop-loss above the resistance zone. 5. Take Profit: Target a nearby support zone, or trail your stop to capture further downside movement if bearish momentum persists.
OANDA:XAUUSDShort
by HavalMamar
Today's XAAUSD Targets: Maximizing Profit PotentialXAAUSD Trading Analysis Today's Targets: Target 1: 2755 Watch for price action around this level; it could indicate a potential reversal or continuation. Target 2: 2765 This level may provide further opportunities for profit if the market momentum remains strong. Target 3: 2773 Aiming for this target could yield significant returns, but ensure to assess market conditions closely. Stop Loss: 2735 Setting a stop loss at this level helps manage risk. If the price falls below this point, it may indicate a shift in market sentiment.
OANDA:XAUUSD
by BinSalmanFundsReal
GOLD (XAUUSD): One More Bullish Wave is Coming?! Gold is currently stuck within a horizontal range on a daily. The price is approaching its upper boundary at the moment. Because the trend is strongly bullish, chances will be high to see a further bullish continuation. Your reliable confirmation will be a breakout and a daily candle close above the underlined resistance. The next goal for the buyers will be 2780. Alternatively, the market may continue consolidating and trading within the range. ❤️Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDLong
by VasilyTrader
1
Gold: potential for slowdownOngoing geopolitical issues and also forthcoming elections in the US, are making investors to increase demand for safe-haven assets. The price of gold continues to benefit from these uncertainties, by continuing to hold at historically highest levels, and keep the score of 32% increase for the year. During the previous week, the price of gold modestly slowed down till the level of $2.710, however, it swiftly turned back to the up-course. The RSI continues to hold at overbought levels, moving above the level of 70 for the last two weeks. In technical analysis, this is clear indication of high potential for a short term reversal, however, considering current unstable geopolitics, there is also some probability that the reversal might be postponed. For many weeks, moving averages of 50 and 200 days are moving as two parallel lines with an uptrend, without any indication of a potential cross in the coming period. Technical indicators are pointing to the potential of a short reversal. However, this should be taken with precaution at the current moment. Aside from geopolitical issues that strongly impact the price of gold, for the week ahead, it should be considered US macro data which are set to be published. The PCE data and non-farm payrolls might bring back volatility on the markets. Still, at this moment, some stronger reversal should not be expected. Charts are indicating the level of $2,7K which might be tested, but there is no potential for lower grounds.
OANDA:XAUUSD
by XBTFX
GOLD has broken out of the profit-taking trendSupported by tensions in the Middle East and US election tensions, OANDA:XAUUSD broke out of the profit-taking trend and then recovered in the last trading session of the week. As a hedge against political and economic instability, OANDA:XAUUSD is up more than 32% this year and has renewed all-time highs multiple times. This is mainly due to the Federal Reserve's interest rate cuts and the market's need to hedge, creating a rising storm in precious metals like gold. Uncertainty about the US presidential election also boosted gold demand as polls showed the race for the White House remained tight. The Dollar increased for the fourth consecutive week as Trump's chances of victory increased. Gold increased despite the stronger Dollar because these two assets both have separate supports that are outside the influence of each other in terms of direct correlation. The COMEX gold speculative contract increased its net long position by 6,806 lots to 242,089 lots. This increase shows that the market's optimism towards gold has continued to increase. What should gold traders focus on in the current market context? Important events in the gold market this week mainly focus on geopolitical and economic policies. The following are key events and data affecting the gold market currently and in the near future. 1. Tensions in the Middle East are heating up Israeli air strikes on the Gaza Strip this week have killed and injured many Palestinians. This incident not only caused risk aversion in the market but also caused investors to rush into gold. The war in the Middle East is also increasingly showing signs of spreading further in the near future, this is certainly a very potential support for gold. 2. Uncertainty of the election of the President of the United States About the US presidential election The US presidential election is approaching Public opinion polls show that the election situation is still deadlocked and the market is very sensitive to the uncertainty of the election results . This factor has increased investor demand for gold and demand for gold bars continues to be strong. Domestic political turmoil in the United States has increased market demand for a safe haven and further strengthened gold's position as a safe haven asset. 3. The Federal Reserve cuts interest rates The Federal Reserve announced a 50bps interest rate cut, and this policy measure further supported gold's rise. The interest rate cuts have made the US Dollar less attractive, causing investors to switch to unprofitable assets such as gold, pushing up gold prices. At the same time, in a low interest rate environment, the opportunity cost of holding gold has decreased and this has caused gold prices to increase more than 32% this year. 4. Impact of the US Dollar on gold prices It is worth noting that the US Dollar continued its upward trend this week, but it did not put too much pressure on gold prices. This is because gold and the US Dollar are being influenced by two different factors, on the one hand gold is supported by the Fed's monetary policy and geopolitical instability, on the other hand the US Dollar is supported by the possibility of Trump's "coronation" as President. General baseline assessment The overall fundamental picture shows that gold is almost the top choice with solid supportive market conditions, from monetary policy to instability, geopolitical conflicts continue to risk spreading along with the uncertainty of the US presidential election. Even if a direct correlation like the US Dollar increases, gold is still not affected by it. Economic data to watch out for this week Tuesday: JOLTS Jobs Wednesday: ADP jobs data, Q3 GDP, US pending home sales, Bank of Japan monetary policy decision. Thursday: Core PCE, Personal income and spending, Weekly unemployment claims Friday: US nonfarm payrolls ; ISM manufacturing PMI index Analysis of technical prospects for OANDA:XAUUSD Technically, gold has no structural changes with an upward trend in both short, medium and long term from price channels. After gold corrected, it recovered from the price channel, receiving support from the 0.786% Fibonacci extension and the lower edge of the price channel that readers noticed last week. The price recovery helped gold break above the $2,741 1% Fibonacci extension price point. The current closing position gives gold the conditions to continue to increase with a target of 2,748 USD in the short term, more than the level of 2,758 USD. As long as gold remains within the price channel, it still has a bullish outlook in the short term, and notable technical levels for gold's uptrend are listed below. Support: 2,720 – 2,711USD Resistance: 2,748 – 2,758USD - … New ATH SELL XAUUSD PRICE 2767 - 2765⚡️ ↠↠ Stoploss 2771 →Take Profit 1 2760 ↨ →Take Profit 2 2755 BUY XAUUSD PRICE 2699 - 2701⚡️ ↠↠ Stoploss 2695 →Take Profit 1 2706 ↨ →Take Profit 2 2711
OANDA:XAUUSDLong
by Xayah_trading
GOLD WILL FALL SOONhello guys welcome to the new week lets start analysis for this week . the price perfectly moved according my last forecast with +600 pips profit. for a few weeks gold was bullish and moved in a upward channel .the price broke strong resistance 2670 and updated new high The next resistance is around $2735.95 The current support level is near $2721, which, if broken to the downside, could indicate the beginning of a price correction. The current trend remains bullish, but due to the overbought signals from indicators like RSI and Stochastic, there is a chance of a short-term price correction. I expect gold fall from 2635 to 2650 Around these levels
OANDA:XAUUSDShort
by Lady_scalper
2