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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
Gold’s weekly outlook: Oct 26-30Gold remained in consolidation/range with week’s candle mostly mirroring the previous two with the exception of the body of the candle which didn’t match as the actual movement was less than $2. Gold managed to have a closing above $1900 again simply suggesting the tone of the market which by all means remains bullish as uncertainty is near the highest level with U.S elections knocking at the door along with the pandemic unleashing a strong 2nd wave forcing countries to rethink total lockdown again due to massive jump in fresh cases. Actual situation might not be what it is being projected through the stock market and the economic data which may well turn out to be just an election gig or alas the famous old saying “money never sleeps” should kick in supporting the upmove since the fatal crash in March. On vaccine front, mixed signals everywhere with few countries rolling out their vaccines and others waiting for the FDA approved one which will definitely be a very tough ask. To watch next week – Earnings, stimulus talks and other important economic data. On the chart – Gold made a repetitive move again demonstrating the lack of direction before any big event as it always is the case. It might look worn out on the upside but this could be the way to shake off retail positions before a directive move. Technically gold still remains in the breakout as the pattern supports are being held quite smartly as is the 20 day moving average. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1921. If this is crossed it can move towards $1945. And if this is taken out it can rally to $1963. 2. Bearish bets remain absent in such a scenario. Bullish view – Bulls reclaimed $1900 again on account of a falling dollar and sharp rise in uncertainty owing to upcoming U.S presidential elections and surging virus cases across the globe as 2nd wave of the pandemic takes the center stage denting economic recovery if any. Moreover the lull in gold price should not be mistaken for an exhaustion as it simply awaits a direction which should likely happen post Nov 3 event and the move is expected on the upside given the safe haven aspect and a perceived breakdown in dollar. Technicals might not be that supportive/conclusive at the moment but fundamentals remain strongly in favor of bulls with the price expected to make fresh highs till supports are held. Bearishness continues to remain out of context. 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 $1915 for the targets of $1921 and $1945 with a stop loss placed below $1904. 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
XAU/USD - SHORT set-up Explained Using Chart PatternsIn this technical analysis I will break down the major things happening to GOLD at the moment. After hitting a recent all time high gold has been dropping ever since. First we found a very strong rejection and later a more sustainable and clear downtrend. There are currently two main technicals that I want to emphasize for this next trade. First of all we can see a descending parallel channel. This channel shows the slow average bearish sentiment that gold is enduring. This gives me a bearish bias on my next trades as well. Since we are seeing that the price is relatively high in this descending channel we can get a short trade in with a very good risk reward. The reward would travel all the way to the bottom and the risk would be a stop loss on a breakout of the top. Another symbol that is bearish is the head and shoulders that is most clearly seen on the 1H. In this 4H chart you can still see it relatively clearly. This is a bearish chart pattern. Together I believe these suggest a short trade set-up. All other info can be found on the chart. 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:XAUUSDShort
by Trading-Guru
14
Gold’s weekly outlook: Oct 19-23Gold replicated last week’s candle with just a difference in direction and a notable higher low on weekly timeframe, thus still remaining in consolidation/range bound. With the U.S presidential elections now mere 15 days away and a massive surge in new virus cases forcing most of the European countries into partial lockdown again, uncertainty is really spiking up now which should definitely bode well for the yellow metal. Movements in the asset classes are likely depicting a setup/speculative positioning as none are showing any sort of linear/paired move which usually happens when the markets are relatively calmer and it would be real harsh to blame any asset class for other’s direction in the given scenario. While on technical front gold remains safely pouched in bullish grip with breakouts remaining intact. To watch next week – Stimulus talks, earnings and other important economic data. On the chart – Gold mirrored last week’s move but on the downside ending just shy of $1900. A close below $1900 might raise eyebrows again but as mentioned earlier gold had likely found its actual demand zone near $1850s which was its recent low and that this crucial support area ($1920s) might now be not that very superlative. As breakouts remain in play along with 20 day moving average being respected in every fall it clearly indicates the trend which is bullish. 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. Short trades still remain outcast as supports are held. Bullish view – Bulls failed to hold onto $1900 ending the week just shy of it as the dollar had a green week though this relation might not hold any meaning as markets are busy positioning themselves for the next big event which should cause extreme volatility. This close should not be treated as a gloomy picture at all as the deeper supports/demand zone continues to hold along with pattern breakouts remaining intact. While technically gold remains bullish, fundamentals aiding higher prices continue to pour in as uncertainty and chaos engulfs the world again with virus cases hitting the highest daily count forcing many countries to reimpose strict restrictions which should dent the already slow economic recovery. Bearishness remains off the table in such uncertain environment. 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 $1914 for the targets of $1921 and $1945 with a stop loss placed below $1905. 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
Silver in Uptrend channel.Silver (Spot) - Short term - We look to Buy Trading within a Corrective Channel formation. Prices have reacted from 23.58. The trend of higher lows is located at 24.00. Further upside is expected although we prefer to set longs at our bespoke support levels resulting in improved risk/reward. Pivot resistance is at 25.53. Preferred trade is to buy on dips. Our profit targets will be 25.53 and 26.50 Resistance: 24.55 / 25.21 / 25.53 Support: 24.00 / 23.75 / 23.51
FOREXCOM:XAGUSDLong
by Signal_Centre1
Gold Intraday Setup.Gold - Intraday - We look to Sell at 1910 (stop at 1915) Prices have reacted from 1910. This has resulted in a large symmetrical triangle formation being posted on the intraday chart. The trend of lower highs is located at 1910. Although the anticipated move lower is corrective, it does offer ample risk/reward today. The hourly chart technicals suggests further downside before the uptrend returns. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1910, resulting in improved risk/reward. Our profit targets will be 1893 and 1849 Resistance: 1927 / 1992 / 2075 Support: 1849 / 1763 / 1690
FOREXCOM:XAUUSDShort
by Signal_Centre1
COFFEE FUTURE : POTENTIALLY SOMETHING BIG TO COMEENGLISH - Prices have been evolving below a bearish trendline, registering lower highs but no significant new market bottoms since May 2011. The long-term trend is then neutral. - However, even though prices have still been consolidating laterally over the last year, they also managed to clear their bearish trendline by successfully rebounding multiple times over the 87.00/103.75 zone, registering what looks like a reversal rounding bottom pattern . In addition, volumes have been on the rise during all the testing phase of the support zone while the DMI shows an increasing bullish pressure inside a more and more directional movement. - It is still hard to talk about a strong bullish reversal here as the market hasn’t registered any new highs. However, this year’s bullish breakout tells us the bearish trend is now over while positive signs on technical indicators (transaction volumes and DMI) demonstrate buyers ‘interest for the asset. It seems the slow dance around the strong psychological and technical level of 100.00 has been an opportunity for bull traders to try to regain control of the market. In this configuration, the bullish scenario remains the most likely but a market close below the 103.75/95.00 zone would invalidate or, at least, delay the bullish potential towards 140.00, 172.00, 198.00 and 224.00 by extension. NB : Coffee has been overperforming the Bloomberg Commodity Index since October 2019 ________________________________________________________________________________________________________________________________ FRENCH - Les prix ont évolué sous une ligne de tendance baissière, enregistrant des sommets de plus en plus bas mais aucun nouveau creux de marché significatif depuis mai 2011. La tendance long-terme est donc neutre. - Cependant, même si les prix ont consolidé latéralement au cours des dernières années, ils ont également réussi à s’affranchir de leur ligne de tendance baissière de long-terme en rebondissant à de multiples reprises au-dessus de la zone 87.00/103.75, en s’inscrivant dans ce qui semble être une figure haussière de creux en soucoupe. De plus, les volumes ont été en hausse durant toute la phase de test de la zone support alors que le DMI affiche une pression acheteuse grandissante au sein d’un mouvement de plus en plus directionnel. - Il est toujours compliqué de parler d’un fort renversement à la hausse alors que le marché n’a toujours pas effectué de plus haut significatif. Cependant, le franchissement technique de cette année nous confirme que la tendance baissière de long-terme est désormais terminée alors que les signes positifs rapportés par les indicateurs techniques (volumes de transaction et DMI) nous démontrent un regain d’intérêt des acheteurs pour l’actif. Il semblerait que la lente dance des prix autour du niveaux technique et psychologique fort des 100.00 a été une opportunité pour les acheteurs de tenter de reprendre le contrôle du marché. Dans cette configuration, le scénario haussier reste le plus probable mais toute clôture de marché en-dessous de la zone 103.75/95.00 invaliderait ou, du moins, diffèrerait le potentiel haussier vers 140.00, 172.00, 198.00 puis 224.00 par extension. NB : le café superforme l’indice Bloomberg des matières premières depuis Octobre 2019.
ICEUS:KC1!Long
by PierreVeyret
Gold Bullish Sentiment Personality, I feel that we have met the GOLD bottom for the year. Possibly forever. Well, my $1830 target 🎯 missed by $12, but that's OK. So, why do I think the bottom is in the past? Dollar Devaluation The US Fed has devalued the dollar through a number of tools. This has and will have an effect on the equity & commodity markets. See, when the dollar is weak, the equity markets will rally - this has an implication that there will be no stock market crash any time soon. How the FED actions affect the market - -> In addition to this, as long as the equity markets rally and DXY remains weak Gold, silver, lumber, and agricultural futures will rally. Dollar Devaluation impact - - > Gold & Silver as a store for value. It's no secret that the DXY currently isn't the best for storing value as a reserve currency. Near-term bonds & yields are also at record low levels hence making it unattractive for hedge funds to stick to the traditional 60:40 portfolio allocation models as central banks are already flirting with the possibility of negative interest rates. So, what can they use as a store for value? [* Mining If you follow gold mining, you already know that there has been no gold discovery recently. This translated to basic demand-supply economics means that the price might shoot up. See, gold demand is going to rise in 2021. Last month's delivery of gold from futures was high and this is going to rapidly rise as we approach the December deadline for the GC1! continuous futures. You could also trade the VANECK gold miners ETF for a nice highly correlated compounding trade. CFTC COT WEEKLY DATA Hedge funds remaining bullish with record high net positions seen from last week's report with 323k long positions open. On the other hand, we are in volatile times, therefore, be careful. We are not yet out of the woods. Price is currently testing a breakout from a descending wedge. If it successfully stays above the $1912 support level, it's safe to assume that $1960 and $2000 are the next targets. If you agree with the idea, like or leave a comment below 👍🏿 👍🏿
FX_IDC:XAUUSDLong
by GrizzlyBearBee
Gold’s weekly outlook: Oct 12-16Gold printed another green candle on back of dollar weakness ending the week not only above $1900 but above the crucial level of $1920s which tends to be the gatekeeper for the further price movement. As ever so important event of U.S election draws closer volatility will continue to ramp up irrespective of the nature of news flow rather even small things will be looked through magnifying glass just for the sake of speculation which definitely suggests that gold will remain in an uptrend due to its safe haven status. The ongoing fundamental issues like geopolitical tensions and round two of the pandemic continues to keep the world enveloped in uncertainty while on the vaccine front October is a critical month as most of the trial results are due this month. Net net all factors remain supportive of the bullishness. To watch next week – Earnings, Fedspeak, Brexit talks and other important economic data. On the chart – Gold closed above the important $1920s level broadly on account of a falling dollar clearly suggesting the ongoing trend as all dips towards supports are being bought. The bounce from the 20 day moving average defines a short term low and likely cracks open the deeper demand zone. Again last week gold broke out from the triangle/wedge which poses as a sufficient cause of bullishness apart from the ongoing concerns and the broader chart which is extremely bullish unless it turns otherwise which is a low probability. We have 2 scenarios – 1. Gold closed above the support, till this is held it can go to $1945. If this is crossed it can move towards $1963. And if this is taken out it can rally to $1989. 2. Bearish bets remains isolated as gold closed above the support except scalp trades. Bullish view – Bulls came roaring back as gold closed above the important level of $1920 as dollar remained in downtrend. Not only did the bulls manage to close above the crucial support but also made another breakout from triangle/wedge on daily timeframe showcasing their prowess. Factors/fundamentals promoting bullishness remains intact rather it just adds on every week like the surge in virus cases across the globe and the ongoing Asian drama. Technicals remain largely supportive of higher prices due to pattern breakouts and supports being respected. Till November 03 event all asset classes will likely remain volatile with gold benefiting the most out of this scenario. Bears remain exiled as the gold closed above the support. 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 $1936 for the targets of $1945 and $1963 with a stop loss placed below $1925. Longer term target $1989. 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
1
Gold breaking out again, but wait...The Gold GC1! Weekly chart shows a repeated pattern where a corrective wave forms a wedge and then breaks out. This has had happened previously, and it is followed by a relatively strong bull rally. Also plotted are the net positions of the Non-Commercials and the Top 8 Traders, according to CFTC data. And again, it shows a repeated pattern where there is a breakout of Non-Commercials net positions (Orange line, lower panel) with a concomitant breakdown of Top 8 Traders net positions (Yellow line, lower panel). The cyan horizontal lines mark the week where the breakouts occur, and you can see the repeated pattern. One observation is that in the last two times, MACD cross up occured after retracement to near the zero line. This time, all else appearing similar, the MACD is falling with momentum instead of crossing up. This could be an indicator to suggest that this breakout might be limited, and could be the last one before resumption of further downside. At this point, it is worth a cautionary note, which otherwise, appear to see Gold being on a bullish breakout.
COMEX:GC1!Long
by Auguraltrader