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Forex-gold

RLinda ! GOLD-> The bulls are defending the 1765 lvl. Going up?Gold shows us a stronger bullish behavior in the market. The price pullback to 1765, to the 0.5 Fibo level and the consolidation above the level, in the long zone, shows us a bullish mood. The price is in an ascending price channel and yesterday the gold consolidated after the false breakdown of 1765. The consolidation was between 1768-1778, and the subsequent break-down of the resistance tells us about the future direction. There is a potential upside to 1807.96 and then to 1858. I expect a final consolidation above the Fibo level of 0.618 (1778.489) and a subsequent rise in price. Regards, R.Linda!
OANDA:XAUUSDLong
by RLinda
15
RLinda ! GOLD-> A bounce from support lifts the moodGold tested a key support zone (the intersection of the local trend line, which acts as channel support and horizontal support at 1727.85 on the chart), after which the futures showed bullish interest after the minutes of the latest U.S. Federal Reserve meeting indicated a slowdown in the pace of interest rate increases. The minutes from the Fed's Nov. 1 to 2 meeting indicated that Fed policymakers agreed that it would probably be appropriate to slow the pace of interest rate hikes But rising real rates through early 2023 remain a difficult backdrop for non-revenue-generating gold, but increased recession and geopolitical risks in 2023, strong physical demand in emerging markets and record high purchases by central banks trying to diversify their foreign reserves suggest that gold could still outperform real rates. (Char 1. Xauusd daily timeframe. Technically analysis) The daily timeframe shows an expected end to the pullback at the 1729 area. It is based on positive fundamentals. The MACD and RSI are in the green zone relative to their neutral lines. The chart shows upside potential to the 1800 zone I expect that the gold might consolidate in the nearest future, as it is trading in a range between 1765 and 1727. I expect a small pullback from the resistance to the support zone, but if the price breaks through the resistance upwards, a strong enough momentum can be formed Regards to R. Linda!
OANDA:XAUUSD
by RLinda
19
RLinda ! GOLD-> price is headed for strong support Gold is in the correction phase after trend breakdown. The price fell almost 3% from the high, it has 1727 support ahead and the 0.618 Fibonacci zone below. (Daily timeframe. Technical analysis based on Gartley pattern and horizontal levels) We identified the beginning of a Gartley pattern correction, the price dropped to the key support level on the daily timeframe - 1729, but at the same time the price is forming a consolidation above the zone. A false breakdown from below could result in a volume surge and a bullish reaction, which could affect price's recovery. The situation near this zone is complicated, with a bounce we should expect the price to rise to resistance at 1765. In case of breakdown and consolidation of the price under the level there is a chance of downfall to the bottom - 1716 Regards R.Linda!
OANDA:XAUUSDLong
by RLinda
12
RLinda ! GOLD-> The appearance of bearish signalsGold is testing the trendline resistance formed since September 1, 2022. The price has not reached the daily MA-200, at the same time a false break of the upside resistance, horizontal resistance of 1765.575 and a bullish signal from the Gartley pattern is formed. (Chart 1. Daily timeframe) Gold closed Friday's afternoon candlestick in its lows, which can be interpreted as an incomplete move that might continue. Therefore, it looks like the price will get weaker. At the same time, gold's fall was helped by a stronger dollar and rising 10-year government bond yields (10-year U.S. bond yields rose 5 basis points to 3.821%. ) The drop came as the dollar rose after an early weakening, making the precious metal more expensive for international buyers. The ICE dollar index rose 0.25 basis points last time out. Nevertheless, gold remains near a three-month high as investors count on the Federal Reserve not to raise interest rates. (Chart 2. Daily Timeframe. Bullish Signal Formation using the "Bat Pattern" as an example) Technical Analysis: Gold continues to experience pressure from the resistance in the form of the daily MA-200, the price is in an upward range. The price makes a false break of the strong resistance zone and forms a decline, also a bullish signal is indicated by the presence of a bearish Gartley "Bat" pattern The daily Gartley pattern is a pullback to 0.889 (ideally 0.886) from the XA movement. A signal for a bullish move. Daily RSI gives a bearish signal, the price indicator on the chart also coincides with it The daily MACD tends to the crossover point of the sliders, at the same time the chart fades after the green spike, indicating a corrective movement. (Chart 3. 4-hour timeframe XAUUSD. Formation of the pattern H&S) On the above chart we also see a false break-through of the resistance 1765.575 and at the same time a strong bearish pattern "Head & Shoulders" is confirmed. I expect that from the session opening there can be a small pullback to the previously broken support of the pattern with the subsequent fall towards the support level of 1727.85 Sincerely R. Linda
OANDA:XAUUSDShort
by RLinda
17
RLinda ! GOLD-> Flag on bullish momentum. Going up?Gold prices rose nearly $100 (to $1722) after U.S. unemployment data was released Friday, raising hopes that the Federal Reserve will be less aggressive in raising rates. -U.S. midterm elections provide some support for gold -Gold prices were little changed Thursday as investors refrained from making big bets ahead of U.S. inflation data -The price is supported by unemployment data The futures are in a consolidation phase at the moment. On the chart, we see the formation of the trend continuation pattern. The reason for that is investors' caution, who were waiting for the key inflation data in the U.S., which may affect the future interest rate hikes by the Federal Reserve System. The US consumer price index report for October will be released at 13:30 GMT. Economists expect core inflation to decline. Accordingly, economists tend to expect prices to rise if there are signs of cooling inflation, but if the numbers are higher, there will be speculation that the Fed's actions will put pressure on gold again. Traders now estimate a 47% chance of a 50 basis point rate hike and a 53% chance of a 75 basis point hike at the December Fed meeting From the point of view of technical analysis, a "flag" pattern is forming on the chart, which plays the role of a trend continuation set-up. Earlier the price came out of the consolidation upward and in fact is in the phase of distribution, I think that this phase can continue until it reaches important levels, after which a pullback may follow I expect an exit from the pattern upwards and rise in price to the level of 1728.97 Target in the midterm is the resistance level of 1765. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
19