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XAU Rising Strongly After Deep FallGold (XAU/USD) rose on Thursday, snapping a four-day losing streak, although it lacked momentum and remained below $2,400 heading into the European session. Investors remain concerned about the economic slowdown in China and the possibility of a US recession. This, coupled with escalating geopolitical tensions in the Middle East, should act as a supportive factor for gold. Moreover, expectations of more rate cuts from the Federal Reserve (Fed) kept the US dollar on the defensive, confirming the positive outlook for the non-yielding precious metal.
OANDA:XAUUSD
by TrategySherpa
XAU increased sharply in today's US sessionDespite a slight decline from the early morning, the yellow metal has pared its gains from the day amid selling pressure amid concerns that demand will be sluggish in the coming period. Investors’ concerns were heightened as the official report released on Wednesday showed that the People’s Bank of China continued to hold steady in July. Thus, the bank’s reported gold reserves have remained unchanged for the third consecutive month. According to Krishan Gopaul, senior analyst at the World Gold Council, China’s gold holdings remain at 2,264 tonnes and still account for about 5% of its total reserves.
OANDA:XAUUSD
by NicoTradingMaster
Gold falls as investors sell offStock markets fell from Asia to North America as investors fled riskier assets while betting that the Federal Reserve will need to cut interest rates quickly to boost US economic growth. "Stocks are falling as the US jobs report (on Friday) showed the US economy created fewer jobs than expected last month, while factories across the US, China and Europe are struggling with weak demand," said Phil Flynn, senior analyst at Price Futures Group. The Bank of Japan (BOJ) raised its main interest rate again last week and also said it would halve the amount of government bonds it buys. The news of the tightening sent the Japanese yen higher against the US dollar. Tighter monetary policy in Japan, combined with the prospect of an imminent US rate cut, has shifted global investment flows, including the unwinding of the yen yield spread trade.
TVC:GOLD
by TrategySherpa
57-59K to sellMorning folks, Wow, we've talked about just 60-61K pullback, but BTC just collapsed and has become once again the victim of sell-off. Investors sell "bad assets" to plug holes in balances of "good assets". And from this point of view - BTC is a "Holy cow" of this process. Besides, when 30% of the market is controlled by ETF, I wouldn't be surprised by any action. D. Trump needs as many BTC as he could get and he needs it cheap, so... BlackRock&Co still has a lot of job to do... Obviously patterns that we've discussed last time - just have not been formed, market just dropped, no H&S. So, based on daily picture, BTC is oversold now, but in perspective it is aimed on next downside target at 43K area. Now we're watching for technical bounce, at least to 57-59K area, where we return back to discussion of short entry. Scalpers could try to buy this bounce, if any bullish patterns will be formed on 1H and below. I mark this idea as bullish, because we're watching for the bounce. But our major view is bearish in longer term. Take care.
COINBASE:BTCUSDLong
by Sive-Morten
Watching for 59-60K areaMorning folks, So, retracement that we've discussed on Mon is started, although we thought it will be from 71K area. But M. East escalation has triggered sell-off in risky assets, and even J. Powell comments was not able to support the market. Now, although our 3-Drive pattern still seems theoretical possible, chances stand in favor our 2nd pattern - H&S. So, if you trade on daily and above time frames, I wouldn't hurry up with entry right now. It seems BTC could drop more. At least we could consider next support of 59-60K area. Just keep an eye on H&S... If you're intraday trader - you could consider bullish setups around potential neckline with two upside targets - 66K and 65.7K . They are resistance on 1H chart: Later, it is possible to consider short position as well, with the H&S pattern. It's obvious.
COINBASE:BTCUSDLong
by Sive-Morten
#XAUUSD/GOLD breaks out, is it a long-term buying opportunity?After breaking through the resistance zone of 2430-2433, the current gold price is forming a peak around 245x, with the breakout at 2386 giving gold an upward momentum again. The market is very difficult to trade, and the trading trend for the Europe - US session is BUY. Key price areas to watch are 2428-2432 and 2390-2400. If the price fills this liquidity area, it will be an opportunity for us to target the peak zone of 2480-2484. Recommended orders: Plan 1: BUY XAUUSD zone 2429 - 2432 SL 2426 TP 2435 - 2450 - 2373. Plan 2: BUY XAUUSD zone 2390 - 2393 SL 2387 TP 2400 - 2430 - 2373. Plan 3: SELL XAUUSD zone 2451-2453 SL 2457 TP 2448 - 2440 - 2432 (small volume).
FX:XAUUSDShort
by wetdyerap
71.65K is the next oneMorning folks, So, our daily bullish setup has worked perfect - grabber has been formed and everything has started. Now BTC in fact has a free space right up to the ATH. So, we suggest that it should be aiming to challenge it. Still, we have another tactic resistance area - trendline on daily chart, based on tops. If we take a look at 4H chart and suggest 3-Drive "Sell" pattern, then it perfectly agrees with the 3rd Drive level - ~71.65K IT doesn't mean that we expect reversal there, although pullback is possible. We just use these extensions to estimate next upside step that BTC could make. Suddenly US bonds yield has dropped sharply which is supportive factor for BTC. Currently we do not see any bearish signs and suggest that BTC will try to reach ATH, if of course coming Fed meeting will not break the game...
COINBASE:BTCUSDLong
by Sive-Morten
Setups for any tasteMorning folks, So, as we've said - don't upset if you missed long entry as we will get the chance later. Now retracement is under way. WE have a few different trading scenarios. First is, those who would like to buy - our B&B "Buy" trade stands very close. Today we could get bullish grabber on daily chart that will be quite welcome. On 4H chart the B&B could take the shape of H&S, or, better to say, its right arm. Thus, those who wants to Sell - keep an eye on 66.50-67K area, where potentially right arm should be formed. Scalp traders also could watch for the bounce from the neckline to the right arm's top, say on 5-15 min chart, patterns etc., as usual. It is the only tricky moment concerning the neck. And this concern is based on 1H downside AB-CD. The problems is CD leg acceleration. The 1.0 AB=CD target is done already, and BTC could try to turn up right from here. But, acceleration tells that 1.618 target might be reach, which is around 62.25$. So, the compromise decision might be is to split position in parts and take it gradually...
COINBASE:BTCUSDLong
by Sive-Morten
Gold prices went upstream, surpassing the 2,400 markGold prices (XAU/USD) continued their recent correction from record highs hit last week and fell to their lowest in more than a week on Monday. US President Joe Biden's withdrawal from the 2024 Presidential election has increased the likelihood of Donald Trump becoming the next US President, increasing expectations of a looser regulatory environment. This, coupled with the People's Bank of China's (PBoC) surprise interest rate cut on Monday, has fueled investor appetite for riskier assets and put heavy pressure on gold - safe haven assets. Meanwhile, Donald Trump's second presidential term is expected to push long-term inflation expectations higher, leading to an increase in US government bond yields. This has had a positive impact on the USD and contributed to promoting money flow away from gold - a non-yielding asset. However, growing acceptance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September limited USD gains and supported XAU/USD in climbing back above the $2,400 mark during the Asian session on Tuesday.
TVC:GOLD
by NicoTradingMaster
Waiting for the deep to buyMorning folks, So, reaction on Biden's out is humble. Not only on BTC but across the board. Today it is a small update as nothing has changed significantly. Finally BTC has broken 66K resistance and now, officially, bearish weekly pattern is cancelled. At the same time, despite minor pullback, we haven't got clear H&S shape that we've counted on. Still, I prefer to wait for deep to buy rather than jump in running train. Previous bearish momentum is still here. Following this logic we could monitor intraday bearish patterns. Not for trading but to recognize starting point of retracement and estimate possible downside target. For now we could get either 3-Drive "Sell" or H&S, if BTC starts dropping right now. Other words speaking - context is bullish, we consider long entry, but watching for proper levels. Of course you could follow your own alternative strategy. Upside nearest target is the same - ATH.
COINBASE:BTCUSDLong
by Sive-Morten
World gold recovered slightly and is fluctuating around 2406World gold prices tend to recover after plunging in the last trading session of last week. While investors are waiting for important reports at the end of the week, experts predict that the gold market may stabilize at the beginning of the week and will witness fluctuations after the inflation report. However, many opinions believe that the June core personal consumption expenditure index report may not create large price fluctuations. Although gold is likely to decline in the short term, some experts say that will not affect the medium-term prospects of this precious metal. Accordingly, optimistic opinions are that the decline will not last long and gold is still strongly supported by interest rate expectations, geopolitical situation along with uncertainties surrounding the elections.
TVC:GOLD
by NicoTradingMaster
The world XAU market turned around after rising higherAs mentioned to readers in yesterday`s edition, gold has suffered a downward correction after the Relative Strength Index operated withinside the overbought area, indicating that the room for rate will increase is now no longer too great. big and require modifications after a protracted length of rate will increase. Currently, gold is likewise working pretty low however does now no longer have an effect on the primary fashion of rate growth with the rate channel as the quick-time period fashion and long-time period fashion. In the quick time period, the truth that gold can get better to keep above the technical stage of 2,430 USD might be an excellent signal for it. On the alternative hand, if gold recovers lower back above $2,449, it's going to mark the stop of the downward adjustment cycle. During the day, gold may want to preserve to accurate similarly as soon as it's miles bought below $2,420 with a next drawback goal of around $2,400. The downward correction cycle from the uptrend of gold expenses might be observed once more via way of means of the subsequent technical levels. Support: 2,420 - 2,400USD Resistance: 2,430 - 2,449USD
OANDA:XAUUSD
by NicoTradingMaster
Price has changed but the plan is the same 60.5-61.3KMorning folks, Not many things to talk about. BTC slightly stepped out from our plan, shown direct upside action to 65K resistance area. But it changes nothing - we have the same trading plan and wait for moderate pullback, supposedly with H&S shape. Now we change the potential entry level from 59-60K up to 60.5-61.3K... Let's keep watching. The role of 65-66K remains the same. Upside breakout will mean the road to the ATH and its challenge later in the month.
COINBASE:BTCUSDLong
by Sive-Morten
Under 60K BTC has bearish contextMorning guys, So, our idea with the upside bounce has worked perfect. Now price stands at strong resistance of 60K area. Until it stands below this level we suggest that bearish context remains. To start thinking about changing of the sentiment and consider long positions we need to see BTC somewhere around 64K and breaking through 60K strong resistance level. Today probably we could wait until CPI numbers will be released, but in general 60K resistance is rather strong, so here we could consider short entry again with moving stops to breakeven as soon as possible
COINBASE:BTCUSDShort
by Sive-Morten
Watching for 60K to Sell againMorning folks, So, BTC has dropped slightly more, as we've suggested but daily oversold hasn't let it to touch strong weekly 50-52K area that we've mentioned. Despite that overall context remains bearish, we prefer to wait for some rally to sell into. BTC now near weekly K-support, just has completed daily OP downside target and at daily oversold. It would be nice if we get bounce to 60K area. But price action might be different. Either in a way of AB-CD, as it was last time. Or, it could try to flirt with lows and form downside butterfly. For taking a new short position this doesn't matter. But if you plan to take intraday long positions - this could be the challenge. We suggest that direct upside AB-CD is more probable, because of completed downside OP target and daily oversold. Anyway, our plan for now as follows - wait for a bounce, supposedly to 60K, then try sell again.
COINBASE:BTCUSDLong
by Sive-Morten
50-52KMorning guys, So, our bearish entry with DiNapoli B&B "Sell" last time has worked perfect. And, as we've suspected, this trade has not stopped at just minimal target but has become the starting point of new big swing down. Obviously H&S on daily chart is failing, and it means that we will get drop under 55K. Next strong support stands around 50-52K area - weekly K-support area, oversold level and YPR1. Also do not forget that we have DRPO "Sell" on weekly chart that works perfectly and its common target stands around ~45K area. Now it is too early to speak about it, but 50-52K is quite in time. Obviously we do not consider any new longs by far. If you have missed last entry, you could watch for the same B&B "Sell" setup on 1H chart, if price will show upside bounce and re-test, say, previous lows. This also might be the chance to step in. But be aware of coming NFP report:
BITFINEX:BTCUSDShort
by Sive-Morten
Intraday bearish setup is readyMorning everybody, So, upside AB-CD bounce is done accurately. Now, as we said - those who would like to sell and try to make a bet on daily H&S failure has got nice setup. It calls as DiNapoli B&B "Sell" pattern. Upside AB-CD target is completed accurately at K-resistance area. Also you could recognize here minor upside butterfly, that also is done. Minimum downside target will be around 60-60.4K, which is 3K/coin which seems not bad for intraday setup. Besides, if bears will be right and H&S indeed will fail - trade has great potential down to 50K. Bulls who are still thinking about long entry should wait when B&B will be over. Supposedly it is possible to watch the same 60-60.4K area but avoid entry if we get strong downside impulse. For the bulls invalidation point is the same - bottom of the right arm on daily chart.
COINBASE:BTCUSDShort
by Sive-Morten
63.5-64K for short entryMorning guys, In recent updates we've said a lot about overall situation and big picture with daily reverse H&S that is ready to fail, and probably will fail. Today we could focus on particular trading setup that is based on recent market drop. This is DiNapoli B&B "Sell" trade, a.k.a "Momentum" trade. The background is simple - strong downside momentum on daily chart that should reverse any 1st pullback. Thus, we could use it to sell into. By looking at 1H chart, it seems that 63.50-64K might be suitable for this purpose. Let's keep watching.
COINBASE:BTCUSDShort
by Sive-Morten
1
60K is a final checkMorning guys, Today BTC hits 62.50$ - our downside XOP target on daily chart (see previous update), and 62.50-64.2K area was mentioned as the one where potential right arm of big reverse H&S pattern should be formed. Nominally, this pattern is still valid, but today I show you performance on 1H chart that clearly shows problems for bulls. Normally, when market is ready to go with the bullish context - it shows very logical action, completing downside targets, forming bullish reversal in predefined place. Now take a look - as H&S as 3-Drive patterns have failed. This is bad sign for bullish context. This is the reason why we do not consider any long positions again, and prefer to watch for 60K support area. Because this is last chance for the bulls. Downside breakout will open the road to 50-52K area. Once 60K area will be touched - watch intraday charts. Market has to form bullish reversal pattern if bulls still control situation. I set this idea as "neutral", because to qualify it as bearish we need 60K downside breakout. At the same time I can't call it as bullish because of reasons specified above.
COINBASE:BTCUSD
by Sive-Morten
64-64.5K areaMorning folks, Recent Fed meeting results have made impact on short-term BTC performance as well. Although our major bullish context based on daily reverse H&S pattern remains valid, BTC could try to move slightly lower. So, the right shoulder on daily chart will be more harmonic to the left one. In general, until BTC stands above 61K - H&S pattern will remain valid. Meantime, on 4H chart we've got bearish engulfing pattern that has a target around 64-64.5K area. We will se how it works and then return back to idea of long entry with major daily bullish pattern. Today I market setup as "bearish" because it relates to intraday action.
COINBASE:BTCUSDShort
by Sive-Morten
1