Patient Analysing based on quarterly theory and which encourages different set up and entries for the day
XAU trade ideas
Remember, what seems cheap, can get cheaper!Still downwards pressure for miners priced in gold, with important "walls" created along the way.
No need to front run any potential reversal.
Remember, what seems cheap, can get cheaper!
#gold #miners
XAU - Rising Trend Channel [MID TERM]🔹XAU is in a rising trend channel in the medium long term.
🔹XAU had a strong fall after the negative signal from the DOUBLE TOP formation at the break down through the support 133.
🔹Supported at 120, which may give a POSITIVE reaction.
🔹RSI is below 30 after the falling prices of the past weeks.
🔹Overall assessed as technically slightly POSITIVE for the medium long term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
XAU trouble for gold n silver is here The chart posted is now setup with a Negative Divergence see RSI I am buying puts in slv and gld this week
GOLD looking a little toppish with H&S forming We have an unfilled gap around 100 with bearish signals flashing left and right... That's okay, Gold holdlers, slide on over to Crypto, the water is fine! I do think Gold will recover, this is just a mid term retrace IMO...
Gold trading in 2023: Is now a good time to invest?Are you thinking about investing in gold in 2023? With the increasing financial uncertainty around the world, many traders are looking to gold as a safe-haven asset. In this article, we’ll take a look at the XAU big picture and what will be driving prices in 2023.
Overview of gold charts
Gold has been surging lately, getting close to the all-time high of August 2020. So, is now a good time to invest in gold? First, let's review the gold price landmarks of the past few years.
The 2009 recession fueled gold trading volumes, and by 2011, XAUUSD hit a high of $1,823.
As world economies got on the road to recovery, fiat currencies regained strength, and gold prices fell throughout 2013–2014. The bearish trend bottomed out at $1,061 in 2015, before beginning a gradual climb. Gold prices surged again in 2019 as Covid ravaged nations, reaching $1,974.
Is gold still a safe-haven asset?
When times are tough and the economy is struggling, gold prices tend to go up. This makes gold a good investment for those looking to protect their wealth during uncertain times. Gold can act as a hedge against inflation. When inflation is on the rise, XAU usually rises too.
Gold is scarce, which is another reason experts see gold as a good investment, no matter the year or economic health. There is only so much gold in the world, which means that its price will continue to go up as demand increases. Electronics rely heavily on gold, and that’s not changing any time soon.
This makes gold a good long-term investment, but traders can also enjoy a rise in the short term.
Conclusion
Despite recent fluctuations in the market, gold remains a stable investment, and some experts believe that 2023 Q1 is a good time to trade or invest in gold. They believe that gold and other metals will continue to be a safe haven asset throughout the year and hold its value.
Global interest rates are expected to rise in 2023, as the economy continues to recover from the pandemic and, more importantly, prepare for a possible recession. Higher interest rates are a treasury’s defensive mechanism when recession looms, which typically leads to higher gold prices.
A recession can also lead to a shift in investor sentiment. During the 2009 financial crisis, gold prices spiked as investors sought safety from the volatile stock market, and there’s no reason to think 2023 will be any different.
Some experts warn that gold prices are too volatile and could first drop significantly in the coming months. If you're considering trading in gold, it's important to weigh both sides of those arguments before making a decision.
If you are looking for a safe-haven asset to protect your portfolio from market volatility or even hedge inflation, then gold may be a good option to look at. You may want to wait for gold prices to stabilize before investing, as they are already very high.
Ultimately, the decision to invest or not should rest with you and your financial situation. Past market behavior does not guarantee a repeat, and volatility could threaten low equity accounts using high leverage. Trade smart. Choose your entry point with the help of economic releases, fundamentals, and technical analysis.
Cosmic Angle XAU short term outlookThe chart points paint a long-term bearish outlook but there are a few signals showing short-term bullish potential. Since the current momentum is bullish the next major level to pay attention to is the "top of the Cosmic Gravity inner channel", where the target is set. The stop is set above between the bottom of the inner channel and the basis line.
Too optimistic?Expanding wedge forming, fake breakout below lower support and some flattening positive divergence on RSI? Recent price action in Gold and silver has been positive. Will it hit end of orange line by Feb 2023?
XAU $XAU Initial LongXAU $XAU Initial Long. This is a pure digital signal processing signal just as are every other signal I post. ZERO other factors are considered in producing this signal.
Entry reasons: XAU is showing momentum and confluence of mean reversion crossing up the 70 day price mean.
Exits and SL: TP and SL on chart. Move SL on TP. After TP2, trail with 0.5xATR step and 1.5xATR offset.
XAU - Gold is in bullish trend, may accelerate soon🌙XAU Globally
We broke throught huge trendline, this breaking bearish trend and becoming bullish once again
XAU Locally
We stopped before important level at 110 and currently accumulating power below it. Accumulation looks healthy and is 27d old right now.
After more squeezing it may be a good idea to open long.
As targets we may choose gaps - one at 114 and another one at 130
What do you think of this idea? What is your opinion? Share it in the comments📄🖌
If you like the idea, please give it a like. This is the best "Thank you!" for the author 😊
P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself and your loved ones
XAU & Silver Sector If this plays out as such, the DXY still has more upside to go. XAU & Silver will be great to stack up on in the next weeks-month or so. Patients is key and time is the real currency ;)….
Recession concerns dominate the headlinesEUR/USD 🔼
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As the dollar remained strong, EUR/USD reached a 20-year low of 1.0160 on Wednesday. Amidst predictions of a local recession and an impending energy crisis, the shared currency is among the weakest.
The GBP/USD exchange rate fluctuates about 1.1930, under pressure as the UK government crisis intensifies. Over thirty officials resigned, and many others begged Boris Johnson to quit. The 1922 Committee, comprised of Conservative backbenchers, sought to alter the rules that shield PM Johnson from the second vote of no confidence.
The FOMC issued the Minutes of its most recent meeting. The memo demonstrated that Federal Reserve officials concurred that rising inflation necessitated restrictive interest rates and are willing to become even more stringent if inflation persists. In addition, most respondents perceived an adverse risk to growth and a "substantial danger" that rising inflation may stay entrenched. The US Federal Reserve opened the door for another 75 basis point rate rise.
Wall Street struggled to register gains throughout the day, but significant indices ended higher. Although the FOMC Minutes' hawkish tone, policymakers refrained from discussing a 100 basis point (bps) rate rise, despite committing to do everything necessary to combat inflation. In addition, policymakers abstained from discussing the recession.
The yield curve for US Treasuries remains inverted. Currently, the 10-year note yields 2.93 percent, while the 2-year note yields 2.97 percent. Typically, an inverted curve is viewed as an early indicator of a recession.
Against the U.S. dollar, commodity-based currencies exhibited minimal movement. The AUD/USD exchange rate is around 0.6780, while the USD/CAD exchange rate is approximately 1.3040.
The USD/CHF exchange rate touched a new monthly high of 0.9743, while the USD/JPY pair finished at 135.85.
Gold reached a new 2022 low of $1,732.19 per troy ounce before the end of the trading day. The current price of a barrel of WTI crude oil is $98.40.
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Recession fears see Euro plunging to a 20-year lowEUR/USD 🔽
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Without an official announcement, the market has reacted as if the recession is here, turning to the greenback as a safe haven option. The Euro and British Pound took the biggest hit, EUR/USD plunged to a 20-year low of 1.0266, losing off 150 pips in the process. GBP/USD also declined more than 1.3% to 1.1957, as the resignations of two major cabinet members further destabilized the Johnson administration.
The Reserve Bank of Australia increased interest rate by 50 basis points to 1.35%, aligning with its forecasts, while preparing more rate hikes to control inflation. AUD/USD had dropped modestly to 0.6802. On Thursday, the Australian Bureau of Statistics will provide the trade balance figures for May.
The US dollar received a huge boost, USD/CAD spiked to 1.3036 with a high of 1.3075. A strong greenback dissuaded investors from buying the yellow metal, gold futures dropped to the lowest level in over six months at 1,763.9 an ounce.
Recession fears also lowered the anticipated demand for crude oil, WTI crude futures retreated below the $100 level, to a closing price of $99.5 a barrel.
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Germany trade recorded the first deficit since 1991EUR/USD 🔼
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With inflation casting a shadow over the global economy, higher goods prices have led to a trade deficit of one billion euros in Germany, the first since 1991. The reading surprised investors since they were expecting a trade surplus of 2.7 billion euros in May. Despite the news, the euro managed to close with minor gains against the US dollar at 1.0424, with a high of 1.0461.
Yet another reminder that the Reserve Bank of Australia will announce its key interest rate this afternoon, with a 50 basis point rate hike forecast. Meanwhile, Australia Retail Sales has increased by 0.9%, same as last month. After retreating from 0.6886, the AUD/USD pair closed at 0.6864.
As the US goes on holiday, USD/CAD recovered from a low of 1.2838, then closed with a loss at 1.2859. GBP/USD slightly moved up to 1.2105, with a high of 1.2164. Gold futures had a quiet trading session, currently at $1,812.10 an ounce.
WTI crude futures returned to $110 level, since the strike among Norwegian offshore workers is likely to reduce daily crude oil output by 89,000 barrels, a tightened supply has firmly held oil prices at 110.25 with little change.
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Risk off mood pushes greenback to near 20-year highsEUR/USD 🔽
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US investors will take a day off to celebrate their Independence Day holiday, market uncertainties and supply shocks send the US Dollar Index Futures from twice over 105.1 - near 20-year highs to 104.8. Meanwhile, the United States 10-Year Bond Yield went below 3.000%, currently trading at 2.889%, and USD/CAD briefly went past 1.2950 to 1.2883.
The pursuit for safety also extended the weakened run for major currencies, EUR/USD fell to 1.0428 with a low of 1.0375. The Eurozone had an 8.6% increase in consumer prices in June against an 8.4% forecast, furthering the inflation reading record.
The GBP/USD pair slumped below 1.2000, then recovered to a closing price of 1.2094. Tomorrow night, the UK Composite and Services Purchasing Managers Indices will be available, with the market expecting the same level as the previous month.
Major news will be announced from the Reserve Bank of Australia, the latest Interest Rate Decision and Statement are to be provided by the central bank, projections have anticipated a 50-basis point rate hike to 1.35%. AUD/USD dropped to 0.6814.
Storms brewing in the Atlantic may further tighten the oil supply, U.S oil futures added over $2.5 to $108.43 a barrel. Gold price rebounded from a low of 1,785 to 1,801.5, now trading at 1,810.15 an ounce.
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Consider gold to be safe haven? Don't be so sure🔑 As inflation rises all around the world everyone turns their eyes to gold - safe haven during all financial crisis's.
However if you look at the chart, Gold came too close to the stop-losses of bulls, just below the demand zone.
When you expect something to rise, you always have to ask yourself - Who will pay for the show?
That's exactly why I think that we have to collect liquidity at the bottom of supply zone before going up and starting new bull rally.
Targets for such bullish momentum could be as high as previous top at 171, which is roughly 50% iincrease!
What do you think of this idea? What is your opinion? Share it in the comments📄🖌
If you like the idea, please give it a like. This is the best "Thank you!" for the author 😊
P.S. Always do your own analysis before a trade. Put a stop loss. Fix profit in parts. Withdraw profits in fiat and reward yourself and your loved ones
US GDP diminished by 1.6% in the first quarter this yearEUR/USD 🔽
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The US GDP was the first to release this week, the -1.6% contraction in the first quarter over the -1.5% forecast indicates a possible recession. Federal Reserve Chairman Powell acknowledges the risks of recession brought by aggressive rate hikes, but maintained controlling inflation would be his primary objective.
As a result, recession fears weakened major currencies against greenback, EUR/USD declined to 1.0439 and GBP/USD to 1.2125. As weathervanes for the European economy, Germany’s Retail Sales and Unemployment Change figures will be released tonight.
The UK and Canada also have their GDP readings about to be announced, investors anticipated a 0.8% growth for the UK in the first quarter, and Canada’s GDP in April to increase by 0.3%. Meanwhile, the USD/CAD pair closed at 1.2891 with modest gains, and AUD/USD reached 0.6881 with minor oscillations.
Other than a brief spike to 1,833, gold futures were less eventful to close at 1,817.5 an ounce. US Gasoline Inventories has mildly surprised the market by increasing its stockpile by over 2.6 million barrels, which eased the oil prices from 113.5 to 109.78 a barrel.
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Oil price rises as OPEC edges towards max production capacityEUR/USD 🔽
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Oil prices continue to recover from last week's weak run, with Saudi Arabia and the United Arab Emirates almost reaching their production limits, being the few OPEC members who still can increase capacities. The market saw oil futures went up to $111.76 a barrel, then briefly climbed above $112.
The market mood was dampened as the European Central Bank (ECB) will increase its interest rate on Friday (1 July), for the first time in 11 years. ECB President Christine Lagarde further suggested more rate hikes will follow if inflation fails to slow down. EUR/USD has a noticeable fall to 1.0518, stabilizing at 1.0525 afterwards.
The GBP/USD pair dropped to a closing price of 1.2182. Later tonight, Governor Bailey of the Bank of England will give speeches on the latest economic updates for the UK. Australia Retail Sales in May recorded a 0.9% growth over a forecasted decline of 0.4%. Still, AUD/USD closed with minor losses at 0.6906.
Oil bulls did not cheer the loonie, USD/CAD mostly traded flat at 1.2871, after recovering from a two-week low of 1.2825. Gold futures were also relatively cool, the yellow metal lost less than $3 to $1,821.2 an ounce.
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G7 proposed price cap to limit Russian oil incomeEUR/USD 🔼
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Apart from a unilateral default on Russian bonds by western creditors, the Group of Seven nations proposed a price cap that would sharply limit its oil revenue. The sanction is aimed at lowering oil prices as well, but with China and India being the largest customers, it would be difficult to implement the price ceiling. On Tuesday, WTI oil futures closed at $109.57 a barrel, now returning to the $110 level.
GBP/USD traded flat at 1.2264, but briefly went to a week high of 1.2330. EUR/USD rose to 1.0583, with a high of 1.0613, as the Germany Harmonized Index of Consumer Prices will be released tonight. AUD/USD seesaw its way to a loss of 0.6923, and tomorrow's Australia Retail Sales figures for May is expected to decrease from 0.9% to 0.4%.
The USD/CAD pair had a closing price of 1.2878, losing 13 pips in the process. Gold Futures lost momentum and declined to 1,824.8 then stabilized at 1,825.
Last month's US Pending Home Sales beat market forecasts, with a 0.7% growth against a projected loss of -3.7%. Meanwhile, the market anticipated negative readings for Consumer Confidence and Gross Domestic Product, which will be announced tomorrow.
More information on Mitrade website.
Friday rally bring US indices half way back to pre-June levelsEUR/USD 🔼
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Last Friday, US stocks managed to halve the losses from early June, major stock indices gained between 2.68 to 3.49%. For individual performances, Meta Platforms rose by 7.19%, and Royal Caribbean Cruises (RCL) had a 15.77% spike as the travel sector outperformed the market.
The risk on mood also encouraged investors to prefer major currencies other than the US dollar. Despite the German IFO business climate index and UK retail sales readings not meeting market projections, EUR/USD and GBP/USD climbed to 1.0554 and 1.2262 respectively with oscillations.
AUD/USD closed at 0.6948, and just dropped to 0.6913. USD/CAD sharply declined over the weekend with a closing price of 1.2893, losing more than 100 pips. Later tonight, the US Census Bureau will provide the latest figures on Durable and Capital Goods Orders.
Gold futures recovered from last week's low of $1,823.5 to $1,830.3 an ounce, now reaching $1,838.4. U.S. WTI crude futures had a choppy trading session, concluding at $107.62 a barrel.
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Recession fears rekindle greenback appealEUR/USD 🔽
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Yesterday (23 June), as Federal Reserve Chair Jerome Powell said his team is "acutely aware that high inflation imposes significant hardship". Meanwhile, he also acknowledges "our actions affect communities, families, and businesses across the country" - admitting their monetary decisions could bring the economy to a recession.
As a result, investors flocked to the US dollar to get shelter from possible economic turbulences. EUR/USD fell from 1.0575 to 1.0494, then closed at 1.0523. Germany's Manufacturing PMI in June underperformed with a 52.0 reading against a 54.0 forecast.
The latest PMI figures for the UK were a mixed bag of results, while the Composite and Services PMI were slightly better than market projections, Manufacturing PMI fell short of expectations at 53.4. GBP/USD recovered from 1.2170 to a closing price of 1.2261. Later tonight, the UK Retail Sales will be available.
The AUD/USD pair dropped 28 pips to 0.6899, and USD/CAD closed at 1.2994, while just retreating from 1.3013 today. The results of yesterday's Federal Reserve annual bank stress test show banks continue to have strong capital levels, maintaining their lending capacity.
Gold futures briefly went to 1,846.6 a troy ounce then cooled off to close at 1,829.8. Oil prices experienced minor fluctuations, finally closing with a loss at 104.27 a barrel.
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U.S. Indices rallied over 2%, greenback retreatsEUR/USD 🔼
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After a series of massive selloffs, major US indices rallied over 2% and recovered losses from last week. Dow Jones 100 alone has increased by more than 400 points, just as US Existing Home Sales growth of over 5.41 million, exceeding market expectations of 5.39 million.
Meanwhile, the U.S. dollar weakened against most major currencies with minor losses. EUR/USD jumped to 1.0525, investors anticipated the Composite Price Manager Index readings in Eurozone and Germany to be mostly unchanged. GBP/USD gained 19 pips to 1.2272, as the market awaits tonight’s UK Consumer Price Index and tomorrow’s UK Services Price Manager Index readings.
AUD/USD rose to a closing price of 0.6970. USD/CAD fell to 1.2919, with support from a strong Canadian core retail sales figure that went up by 1.3%, over a projection of 0.6%, the core CPI announcements will determine how much basic goods have been contributed to its inflation.
Just as stocks gained momentum, gold futures fell to 1,838.8 with minor losses, and crude oil prices were supported by summertime fuel demand, going up to 109.52 a barrel with small gains.
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ECB President expects another rate hike in SeptemberEUR/USD 🔼
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In their respective speeches, the leaders from the European Central Bank and Reserve Bank of Australia (RBA) both agreed for raising interest rates to limit inflation within 2-3%, while hinting at returning to more rounds. EUR/USD managed to close at 1.0509, currently on the rebound to 1.0530. In his speech, the RBA Governor also expects high inflation rates for the rest of 2022. AUD/USD closed at 0.6948 and is slowly recovering from 0.6944.
GBP/USD and Gold Futures mostly traded flat yesterday, the British Pound exchange rate against the greenback is mostly unchanged at 1.225, with minor gains and a sluggish growth rate. The UK Consumer Price Index on Wednesday should provide further information on the growth of price levels. Meanwhile, Gold futures have experienced minor oscillations at a high of 1,847.7, to close at 1,840.7.
The Canadian currency was weakened by a sudden drop in crude oil prices last week, USD/CAD closed at 1.2979, and the Existing Home Sales in May for the US and Core Retail Sales for Canada will be released tonight. Crude oil closed at 108.77, then soon returned to 110.06 a barrel.
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