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Gold’s weekly outlook: Nov 23-27Gold remained confined in its range with repetitive moves which not only solidified the demand area but also threw light over the resilience of the price to fall below the support even after 2nd vaccine news mirroring the last week’s move. With the vaccines rolling out in such a manner it might itself create a totally new wave of geopolitical rift over the availability and usability as most large economies are in later stages of trials of their vaccine candidates, also it should not be seen as the pandemic risk to be over soon due the vaccines as another news flow remains attached to this development of the coronavirus being a genetically evolving one where these vaccines might not be sufficient in longer run or totally. Coming to the pandemic, its unleashing even more pain with increased death toll as record surges are seen in fresh cases across the globe with hospitals/medical facilities in many developed countries getting overwhelmed which is a matter of great concern. Apart from the ongoing catastrophe, political developments too continued playing its part in contributing to uncertainty as Donald Trump is refusing to concede even after recounts failed to change the outcome still keeping the air foggy over smooth transition and his policy stance in the remaining days of presidency. Yet again all situations point towards a higher gold price with uncertainties looming at large. To watch next week – Brexit drama and other important economic data. On the chart – Gold more or less repeated last week’s move as it bounced off from the support again even after a 2nd announcement of vaccine clearly suggesting the trend. These bounce backs after quite sharp fundamental led falls definitely point towards a bottom creation and holds the key to the reversal as technicals remain sound for higher prices with most pattern breakouts remaining intact. We have 2 scenarios- 1. Gold closed above the support, till this is held it can go to $1875. If this is crossed it can move towards $1886. And if this is taken out it can rally to $1901. 2. Bearishness yet again failed to capitalize except scalp trades. Bullish view – Bulls had a repeat of the last week where the price declined sharply over the news of 2nd vaccine but recovered equally fast after bouncing off from the support zone which clearly suggests that bulls continue to remain in the driving seat even after these pullbacks. Such a move only strengthens the trend as supports gets solid after continuous retests. Bulls remain fundamentally buoyed as well since pandemic is refusing to soften even a tiny bit rather its inflicting more pain due to weather conditions (as expected) while other geopolitical worries remain elevated. Technically, gold looks to have created a bottom and is expected to head higher till this zone holds. Bearishness continues to remain out of context. On larger terms, gold continues to remain bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1879 for the targets of $1886 and $1901 with a stop loss placed below $1869. Longer term target $1921. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
OIL back into bearish market ?Hi traders: Haven't traded oil for quiet sometimes since the crushed, but not it seems to shaping up for some good opportunities for the sell. Overall we see price action has been in a sideway consolidation period for awhile after the bullish push up. We see this sideway correction, ascending in nature, finally broken down, showed us a strong bearish impulse. then price begin to form this expanding type of structure, good indication the bearish momentum can resume. Now we see price is at the top of this structure ,and a LTF pushed down has happened. I would wait for the continuation correction here to get in the sell down. Thank you
TVC:USOILShort
by jojofang0901
3
Gold’s weekly outlook: Nov 16-20Gold mirrored past week’s candle yet again but on the downside retesting the breakout and in the process creating a double bottom which is an extremely bullish sign adding to the already bullish price action post its 5 week consolidation/pattern breakout. Politically, situation in America remains largely same with Donald Trump still refusing to concede the already lost race of the White House as he is still pursuing legal route to overturn the results which doesn’t pose good for the overall economic outlook for America as uncertainty still hangs in the air even though the result might not get changed at all. Speaking of the pandemic, its creating quite a bit of ruckus which is adding to the injury as the spread is getting quicker and fatal since hospitals are getting overwhelmed in badly affected countries and in some other ones the impact of third wave is felt as well which is a deeply concerning sign as it provides certainty of another wave in countries which are still dealing with either later stages of wave one or are amidst wave two. Though some success has been achieved on the vaccine front with Pfizer partnered along with a German company claiming to have created one with over 90% success rate (which was the only reason for the fall in gold price last week) still its not a 100% and convincing people to get vaccinated will be a tough ask plus the availability of it will take time as well with many timeframes darted towards the public as in sense of months. With winter almost on the verge of setting in, already the rise in cases are creating enough pandemonium for countries to have even stricter measures with the most effective being the total lockdown which many are still avoiding as it would lead to the economic collapse again. All these happenings point towards a sustained bull run as gold is considered the best in safe haven asset class. To watch next week – Earnings and other important economic data. On the chart- Gold fell back below $1900 again as positive developments on vaccine front created a stir in the metal price though what happened on the chart only strengthens the bullish trend as the strong reversal pattern of double bottom got created along with a successful retest of the breakout. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1901. If this is crossed it can move towards $1921. And if this is taken out it can rally to $1945. 2. Bears were hurried into the picture only to get stopped out as the supports held strong. Bullish view – Bulls faced the heat of the much feared/dared news regarding a vaccine but the losses narrowed quickly with yellow metal creating a double bottom and rising back. Even the breakout of past week was also tested successfully which augurs well for the bulls in the longer run. With most of the events and major game changers out of the way and gold adhering to its supports pretty well it seems that the prolonged bull run might get underway after many rocky weeks. Fundamentals remain supportive as uncertainty remains unmatched as the pandemic continues to roil the world with its second wave and geopolitical risks remaining at highs due to change in the Presidency in America while technically gold is at its best with multiple bullish pattern breakouts. Bearishness remains off the table post the double bottom. On larger terms, gold remains bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1901 for the targets of $1921 and $1945 with a stop loss placed below $1891. Longer term target $1963. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
GOLD Sell setupHi traders: Similar like my analysis on Silver, Gold is also shaping up to have the bearish continuation price action. We see the HTF price action is beginning to show us the reversal movement as structures continue to develop. We first see the bearish push down follow by the larger correction. Followed by another bearish push down, and once again, develop a larger continuation correction. Latest price action shows us a LTF quick impulse down, currently at the bottom of the HTF structure. We see the LTF correction is in the making, very good sign for that continuation to happen once correction finishes. Look for further downside opportunities once we see the structure completes. thank you
OANDA:XAUUSDShort
by jojofang0901
12
Silver look for these 2 sell entriesHi everyone: Both Gold and Silver are developing into more bearish price action as we see. Here on Silver, we see price had the clear bearish impulse down from the previous highs, and begin to form this large continuation correction. Price had a few swing highs and lows, good indication this structure can be completed soon. Latest price we see a LTF push down, followed by a correction in the making. I see 2 possible sell options, either Option A to wait for that LTF correction to complete and look for sell stop entries or Option B to wait for one more push to the upside, and wait for reversal price action on the LTF. Thank you
OANDA:XAGUSDShort
by jojofang0901
4
Gold’s weekly outlook: Nov 09-13Gold finally had a breakout from the range it had got stuck in since last 5 weeks on the back of a lower dollar mainly though many other reasons attributed to its rise as well. With U.S presidential elections out of the way though Donald Trump hasn’t yet conceded formally and is taking a legal route to salvage/make up lost states, it seems pretty clear that the Democrat contender Joe Biden has won with quite a margin and his victory in itself has raised an unequaled amount of uncertainty as its obvious from his mandate/speeches that he will overturn most of the decisions/policies instated by the Trump administration be it geopolitical or fundamentals keeping the world on toes again. Not going into politics much since its a drama of its own, the absolute state of the world remains fragile with new cases hitting milestones almost everyday which is a matter of concern as the 2nd wave of the pandemic looks more brutal than first given the fatalities and the speed of spread though historically the 2nd wave generally is less damaging so again a confusion generator. Economic data is still not confirming the ongoing effect of the coronavirus hit growth as it continues reflect recovery which also may just be an eyewash. With winter almost knocking at the door, countries will find it really hard to battle the pandemic which generally worsens even more in such climatic conditions. Lastly on vaccine front there remains no confirmation of any nor any in consideration for FDA approval, thus the economic outlook remains grim and this should bode well for the yellow metal. To watch next week – Brexit endgame and other important economic data. On the chart – Gold had a big green bar after many weeks which not only broke the consolidation/triangle pattern but also closed above $1950s after a gap of 6 weeks. This move not only wiped out weak hands (as the retail trap was successful) but also placed gold into a highly bullish trend on technical aspect which had gone missing even as fundamentals were lending really strong support to the price. The breakout was long awaited which now should remain a clear case for new highs and with dollar still pursuant in breakdown the shine is back for gold. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1963. If this is crossed it can move towards $1989. And if this is taken out it can rally to $1208. 2. Bearish bets remain out of the scene given the breakout except scalp trades. Bullish view – Bulls emerged out of the consolidation stronger than ever pushing the price back above the previous highs ($1921) as dollar continued to fall. A significant rise in uncertainty also contributed to the length of the green bar as the virus cases continue to rise auguring fears of a total lockdown again as partial or region specific ones are not that effective in curbing the spread. Also the change of presidency in U.S remains a huge cause of concern given its earlier drawn implications and the mandate of the voted president-elect Joe Biden which suggests most of the policies/decisions of the Trump administration will be overturned sending shockwaves to the global economy again. Until last week’s move gold was fundamentally buoyed to a great extent but now the technicals have gained more light as the pattern/consolidation breakout suggests a fresh leg of upmove which should lead the price to a new high and also this move/breakout allows gold to resume the rally towards $2700 plus. Bears remain cornered post such a bullish breakout. On larger terms, gold continues to remain bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1963 for the targets of $1989 and $2008 with a stop loss placed below $1951. Longer term target $2033. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
2
The Most Important Levels for GOLD After The ElectionIn this technical analysis I will describe the most important levels for Gold at the moment. I will walk you through each of the levels on the chart and explain how you can use them. Based on empirical evidence, we can observe that the election moving in favor of Biden is good for the price of gold. We have seen that as Biden moves closer to a victory, the price of gold has moved linearly up as well. The future value of conclusions often get included straight away into the price, so don't expect a huge volatility spike after the final results are live. Instead, the real volatility is happening at this moment. This also leads to common mistakes by traders. For example, if a future decision would be expected to lead to an increase in price, people start already buying the asset when the probability of that decision happening gets higher. Now, when the actual decision makes the price can even decrease as the only thing that truly happens is calibrating the height of the earlier expectations with the actual moment of the decision. The price only moves based on the difference between the recalculated probabilities and the actual price, and not based on the final decision itself. Let's now look at the most important horizontal zones for Gold and why I added them to the chart. Horizontal Support Level II This is a place where we can find really solid support. The level around 1850 is a relatively low price area where the price movements have bottomed earlier on. It is not likely that the price will move anywhere below it soon, and as such this horizontal level can be used for a stop loss on any long trade. Horizontal Support Level I This zone is important mostly for determining if the price trend continues. The price is very bullish, but after a sudden spike up there is often a retracement. This horizontal zone can be used to see whether there is some support to continue a second bull trend. Horizontal Resistance Level I + II The first and second horizontal resistance levels could be a great level to be used for placing a take profit. Both of these have proven to show resistance earlier on and the price might face resistance here again. Especially zone II is very interesting here as it is near the psychological level of the $2,000 mark for gold. I suggest placing any take profit for a long position at least slightly under $2,000 to maximize your chances on taking profit. Horizontal Resistance Level III Level three can also be used for a bullish target setting. I expect that after breaking through each of the subsequent horizontal levels, the price will consolidate for a while between the levels. Especially for scalp traders, the moves between zones I, II and III can be great to get a few trades in on smaller time frames such as the 5m, 15m and the 1h. Horizontal Resistance Level IV All-time highs are a massive area of resistance. It is often very difficult for prices to break through areas like that. I would suggest exiting any long positions at this point as it is very difficult to estimate sane levels of take profit and stop loss above areas where the price has ever been before. If you decide to hold above it, think of using a strategy such as trailing stop loss to give some help of leaving the trade. Follow me for consistent high-quality updates, with clear explanations and charts. Please like this post to support me. - Trading Guru -------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
OANDA:XAUUSDLong
by Trading-Guru
32
Gold’s weekly outlook: Nov 02-06Gold yet again had an indecisive week just moving inbetween the support and the resistance which was on expected grounds as it awaits the event outcome. With this year’s most important and crucial event of Presidential Election being just 48 hours away, gold may remain highly volatile as even minute information/misinformation should lead to massive swings since the final result would be a massive decider over how the economy and currency moves forward for the next four years as there is a stark difference between the ideology and handling of both the contenders. This event will dominate the week but there are more news as well which poured in during the weekend with the most important being the surprising and hastily enforced month long lockdown in UK though not a mirror of the one in March but sufficient enough to disrupt economic growth again with other European countries already set for lockdown(s) again starting in first week of November as the spike in fresh covid cases risk overwhelming hospitals and other medical facilities. The surge in the new cases are not only seen in the Europe but the U.S as well which might also go for a lockdown post the election if required to flatten the curve again. This situation across the world is not at all a cause of surprise as historically seen the pandemic never ceases until after wave 3 and here it is just the start of wave 2 with many countries still under the influence of wave 1 and with winter coming it does look like a long dark road ahead as most promising vaccines (if any) wont be out before mid 2021. Thus the fundamental aspect of gold has overshadowed the technical one in terms of bullishness for the moment as the yellow metal offers maximum protection against uncertainty. To watch next week – U.S presidential election, Fed meet, BoE meet and other important economic data. On the chart – Gold formed a red bar retracing back to the support as it awaits the direction though this may only be a retail trap since the trend never changed as both technical and fundamentals strongly support higher prices and with last week’s announcements it certainly clears the air over possible reduction in uncertainty in near future. Gold still remains in the breakout gaining additional support from the last month’s candle which suggests reversal as the downside maybe over. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1886. If this is crossed it can move towards $1901. And if this is taken out it can rally to $1921. 2. Bears still weren’t able to pull the metal below the support making their wait longer. Bullish view – Bulls failed to hold $1900 as they were again tested with the metal falling back to the support and finally settling back comfortably above it which shows the nature of the trend which remains bullish until it changes which looks a sight quite far away as the global uncertainty remains at highs with many countries reimposing lockdown(s) due to surge in virus cases which should remain a cause of hindrance to the economic growth if any. This year’s most important event of U.S presidential election could also play the catalyst to a directive move after days in consolidation. Fundamentals remain overly supportive for higher prices whereas technicals still lack direction as the metal remains in consolidation with a bullish bias. Bearishness still fails to entice. On larger terms, gold continues to remain bullish and prices are expected to head higher. Possible trades are on both sides but mainly on upside, gold can be bought above $1890 for the targets of $1901 and $1921 with a stop loss placed below $1876. Longer term target $1945. Dips towards support (and breakout region) can be used to create longs for the above mentioned targets. Shorts can be useful for scalp trades only.
TVC:GOLDLong
by vanimator
SUGAR is testing an important monthly structure 🦐SUGAR is testing an important monthly structure, a static resistance, and dynamic resistance (trendline purple). The price created even an ascending channel on a weekly timeframe. IF the price will break the monthly and weekly resistance, and turns into support, we can see a nice bullish impulse, According to Plancton's strategy, we can set a nice order ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis, please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
OANDA:SUGARUSDLong
by InkyGrip
4
Two Major Decisions on GOLD After Successful Head & ShouldersIn this technical analysis I will build upon my successful previous idea where we used a head and shoulders chart pattern to identify a likely short position. Now we are about halfway that trade, we reached a more difficult position on gold. First, you can review the previous idea here: Let's walk through the most important points on the gold chart at the moment when you're either in the trade or when you are thinking of entering a new one soon. Overall you need to try to find a place that is relatively low to enter your longs or exit your shorts. We use technical indicators and chart patterns to identify those. Right now I suggest one of two options to identify such a temporary low price. The horizontal support zone: Option 1. This could be a place of potential reversal. Exit your shorts and enter your longs here The parallel channel: Option 2. Look at the bottom trend line as a place of potential reversal. Exit your shorts and enter your longs here as well. Follow me for consistent high quality updates, with clear explanations and charts. Please like this post to support me. - Trading Guru -------------------------------------------------------------- Disclaimer! This post does not provide financial advice. It is for educational purposes only!
OANDA:XAUUSDLong
by Trading-Guru
11
Gold to reach $1930 once again.Gold - Intraday - We look to Buy at 1905 Levels close to the 38.2% pullback level of 1900 found buyers. Although the anticipated move higher is corrective, it does offer ample risk/reward today. The hourly chart technicals suggests further upside before the downtrend returns. Weekly pivot is at 1905. Further upside is expected although we prefer to set longs at our bespoke support levels at 1905, resulting in improved risk/reward. Posted double bottom formation at 1895. Our profit targets will be 1927 and 1992 Resistance: 1927 / 1992 / 2075 Support: 1849 / 1763 / 1689
FOREXCOM:XAUUSDLong
by Signal_Centre1