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Choppiness to translate into weakness?The gold market has been volatile in the past few days, prompting us to maintain a neutral stance in the short term. However, what caught our interest during this time was MACD trying to cross through the midpoint on the daily chart. If successful, this event will likely coincide with more weakness in gold, potentially dragging it toward the area between $1,900 and 1,910 (and eventually, maybe even lower). Besides concerning MACD, indicators like RSI and Stochastic also show bearish signs. As a result, we are growing a bit bearish on gold in the short term (though we remain bullish in the long term). It would not surprise us to see investors take profits from gold if the selloff in stocks continues. We saw this occurrence in 2022 on multiple occasions, and we think it is also a real possibility in the future. Therefore, we continue to wait for a better bargain before adding more gold to our portfolio. Illustration 1.01 Illustration 1.01 displays the daily MACD approaching the midpoint. Technical analysis Daily = Slightly bearish Weekly = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
17
BRICS, gold-backed currency, and challenge to the U.S. dollarEven if you are not a gold bug, you have probably caught the news about central banks being on a gold-buying spree, with 2022 marking the record year for central bank purchases. This trend has not stopped in 2023, and many countries intensified the diversification of their reserves amid economic uncertainty, geopolitical tensions, and high inflation in the United States. For some time now, we have considered this interest among central bankers as a very positive development for gold, making a case for higher prices in the long term. But more recently, we might have found another catalyst for the gold price. According to multiple media news outlets, the BRICS countries plan to introduce a new gold-backed currency in August 2023 at the organization’s summit in Johannesburg, South Africa (though Anil Sooklal, South Africa's ambassador to BRICS, denied these claims just a few days ago). Despite contradictory narratives between media and the BRICS officials, the shift to a gold-backed currency would be a monumental event in the world of finance, given that there has not been any gold-backed currency since U.S. President Richard Nixon suspended the convertibility of the U.S. dollar to gold on 15th August 1971. This move, often referred to as the “Nixon Shock,” effectively marked the end of the Bretton Woods System, under which most of the world's currencies were tied to the dollar, which itself was tied to gold. Since then, the U.S. dollar has lost more than 96% of its purchasing power, and gold has risen from $40 to over $1,900. Should the BRICS countries proceed with the introduction of a new gold-backed currency, it would greatly elevate gold's role in the international monetary system (especially when considering that BRICS recently overtook the G7 in terms of global GDP and another dozen countries asked to join the group). Furthermore, such a move would likely trigger a new wave of currency wars between the West and East, critically challenging the U.S. dollar's dominance as the world's reserve currency. Perhaps the erosion of purchasing power in fiat currencies would not be immediate with the introduction of this new gold-backed currency. Yet, history is laden with instances where the re-emergence of sound money has displaced the use of fiat currencies, particularly those lacking tangible backing. The transition can be a gradual process, slowly but steadily reshaping the landscape of global finance. Therefore, it's imperative now more than ever to stay attuned to the shifts and tremors within the financial world and to brace for an unpredictable future. The historical link between currency wars and actual conflicts is a stark reminder that these economic maneuvers carry weight far beyond monetary value. Illustration 1.01 Illustration 1.01 displays the monthly chart of XAUUSD. The dashed white line indicates how much gold has grown in price since “Nixon’s shock.” Technical analysis Daily = Bullish (with signs of weakness) Weekly = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
6
Selling pressure on halt and potential trend reversal In our previous article on gold, we noted that we were still not turning bullish in the short-term as technicals on the daily and weekly time frame pointed to more downside. However, prior to that, we also noted that one development stood out to us, and it was decreasing volume accompanying the falling price. We stated this was a positive development for gold, suggesting that selling pressure has declined. Subsequently, we touted to watch this metric in the next few days. Following lows near $1,893, volume continued to fall, further fortifying our assessment about decreasing selling pressure (now suggesting that the short-term trend might be finally reversing from bearish to bullish). Consequently, we change our short-term stance from bearish to neutral. For us to grow bullish, we would like to see gold break above its 20-day SMA and hold above this level. In case of a drop in the price, we would like to see it hold above $1,910. If the price fails to do so, it will raise our concern over more downside for gold. Technical analysis Daily = Bearish Weekly = Bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
4
GC1! Sellers In Panic! BUY! My dear friends , I analysed this chart on GC1!, and concluded the following: The asset is approaching an important pivot point 1944.1 Bias - Bullish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bullish continuation. Goal - 1966.1 My Stop Loss - 1931.9 About Used Indicators: A super-trend indicator is plotted on either above or below the closing price to signal a buy or sell. The indicator changes color, based on whether or not you should be buying. If the super-trend indicator moves below the closing price, the indicator turns green, and it signals an entry point or points to buy. ——————————— WISH YOU ALL LUCK
COMEX:GC1!Long
by AnabelSignals
10
Gold and stocks are showing more signs of decouplingAfter expressing our concerns about gold's rally in early May 2023, we saw it tumble as low as $1,932.11 just two days ago. Since this low, gold’s price rebounded above $1,970 and then weakened again. Currently, it trades near $1,955 per troy ounce. That brings us to a similar assessment as in our previous article, and we will pay attention to the two closest levels of importance, particularly near $1,952 (support) and $1,959 (resistance). If the price breaks below the support, it will be bearish for the short-term; contrarily, if it breaks and holds above the resistance, it will be bullish. Regarding technical indicators on the daily time frame, we are observing MACD, which is slightly flattening; if it starts turning to the upside (and eventually breaks above the midpoint), it will be a bullish sign. The same applies to rising RSI and Stochastic (and also to converging DM+ and DM-). As for our current stance, we continue to be worried about gold’s performance in the short term as it is still possible that more downside will follow. Despite that, there is one development we are starting to notice increasingly more. Last year, when the stock market was declining, it weighed on gold, which saw investors taking profits in order to cover losses elsewhere. As of late, however, gold has been sold off as the stock market turned into this “complacency” phase, with approximately six companies dragging the whole U.S. market higher. We plan to be attentive to this decoupling, as it might be a very important development for gold going forward, and we can start seeing it perform well despite stocks selling off. Illustration 1.01 Illustration 1.01 shows the daily chart of XAUUSD. The yellow arrow indicates a bearish crossover between the 20-day SMA and the 50-day SMA. We will pay close attention to volume. If it continues to decline, that might suggest that the selling pressure is cooling off. Technical analysis Daily = Bearish Weekly = Slightly bearish *The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
9
Gold 4hour : as predicted on high ,it reach 1925 ,now we mustwe must wait gold reach big trendline area and create buy pinbar on 1h-4h-daily chart ,then pick buy with SL in pinbar low and hold it 30 day to near 2020 area (then can reach 2200) let see gold futures daily candels and AC indicator DONT INTER GOLD WITHOUT PINBAR VERFY ,,,with bad news it can go downer,,,inter safe late buy better than risky buy dont close this excellent buy soon lke new traders ,,,try wait too much (mini crash on up trend is normal,dont fear from go down) ,,,pro trader can wait above 3 month(yearly profit is important,not daily) 100% i wish you win ❤️
FX:XAUUSDLong
by ramin_trader2006
Gold (GC) versus Gold Volatiliy (GZV) Monthly AnalysisI took the gold volatility index GVZ and created a simple regression trend from 2008 to present on a monthly chart. I then took the points at which the GVZ spiked above two standard deviations of the trend. These points are the vertical lines on the chart. The vertical lines, or points which had a large spike (all above a reading of 30) on GVZ in most cases indicated a marked trend change in gold. Gold has a cup & handle chart pattern, and has been trending mostly sideways on "the handle". This is a bullish setup. Presently, the GZV reading is 21.05, and Gold (so far) has shown some support around 1940-1950. However, should GZV "spike" above 30, then I would consider the prospect of a major move (could be either direction, as patterns are not sacred). However, in 12/21 and 3/22, there was no significant trend change (i.e., gold stays inside the handle), and I consider that a positive. The breakdown of the handle is around 1618 or prior pivot low. Fortunately, if there is a major spike above 30, there still should be ample time to adjust. Should GZV spike and Gold breaks out above, then you will witness a cup & handle breakout. This is a long term perspective, so if you can't stand the volatility, find another trade.
COMEX:GC1!Long
by UnknownUnicorn13101
3
GC Bearish flag... again!must be pirates doing all the trading.. so may flaggies.. heres another one.. hopefully those pesky pirates will drop the poley woley.. should hopefully end up where the bars pattern (pink fake bars) end 1898.98 (i know .. lots of 9's and 8's.. it is what it is trollops! :p) .. hopefully another fun trip down south.. if these pesky pirates keep travelling south theyre gonna end up in australia having sold all their gold! .. silly billies! dont trade if youre rubbish at self control and money management.. not really a good idea.. is it? nope.. it is most definitely not ;)
TVC:GOLDShort
by rodnaaaaay
Gold's struggle ahead?In the last article, we expressed a bullish bias for gold in the long term. However, we also noted that we could not ignore certain worrying signs that were putting us on a high alert in the short term; in particular, we mentioned 20-day SMA and 50-day SMA closing the gap and low volume accompanying the price higher. Since then, the price of gold has slumped from $2,027 to $1,955, representing approximately a 3.5% decline. At the moment, a significant development we are closely tracking is whether the 20-day SMA drops beneath the 50-day SMA; if yes, then it will bolster the bearish case in the short-term/medium-term. Besides that, we also pay close attention to the support levels at $1,959 and $1,952; if the price breaks below them, it will be bearish for the short term. Contrarily, if the supports halt the selling pressure, it will be positive for gold. As for some other developments on the daily chart, we are watching RSI and MACD, which are both bearish; in fact, MACD broke below the midpoint, which suggests more downside for the short-term. Consequently, we stay on high alert. In regard to the price target on the downside, we abstain from setting one as we deem it difficult to assess. But, in our opinion, the $1,925 or $1,900 (and potentially even $1,875) price tags are not out of reach. Because of that, we think it is still prudent to wait for a better price and stay on the sidelines. Illustration 1.01 The picture above shows the daily chart of XAUUSD. Yellow arrows indicate gold’s failures to overtake all-time highs. Technical analysis Daily = Bearish Weekly = Neutral/Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
6
GOLD 4hour = all pro traders eye on red trendline AC indicator on daily chart now is full red and going to turn green (this mean if low not break we will see up trend soon) check AC on daily chart 3 scenario possible for gold for coming week 30% 1-2 day range then go down to 1925 (we must buy there and hold it 30-40 day) then start up trend or 40% go up and touch red trendline then go down to 1925 ....then go up or 20% go up wild to fibo 61% 2030 even upper to 2080 area wish you win my friends,,,like always for pick position wait for PINBAR VERFY on gold
FX:XAUUSD
by ramin_trader2006
Gold Update (weekly Chart)Gold today broke through the flag bottom at 1985, so the seasonal effect is in play. I have three targets as of now: 1947.63, the pivot point of the weekly chart flag pole; 1924.60, the mid-point of the flag poll; 1921.6, the Gann confluence line (which would also be the base of the prior flag last year). I see 1924 to 1921 as the likely target. If we had a sell off like last year, we would be looking at a low in the 1700 range -- highly unlikely. If that happened, I would load up the boat. I am still bullish on gold long term, the macro elements are undeniable.
COMEX:GC1!Long
by UnknownUnicorn13101