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GOLD breakout continues to increase depending on NFPGold prices have staged a notable rally over the past week, surpassing key technical levels to reach their highest point since December 2023. By late Friday, the precious metal had recorded gains A significant weekly increase of 2.33%, reaching nearly 2,088 USD. Bullion's bullish momentum can partly be attributed to a moderate drop in U.S. Treasury yields, a reaction triggered by two key economic reports that have investors weighing the impact of them to the Federal Reserve's monetary policy stance. Looking ahead, traders should pay attention to upcoming US February jobs data to better understand the market trajectory. A blockbuster report reflecting strong numbers for January would undermine hopes of the Fed moving to cut interest rates soon, potentially sending gold prices tumbling. On the other hand, if nonfarm payrolls come in lower than forecast and hint at growing economic headwinds, interest rate expectations could be revised to a more dovish direction. put pressure on yields. This scenario is ready to support precious metals.
OANDA:XAUUSD
by Xayah_trading
1
GOLD soaring, surpassing all-time peaksWorld gold price stood at 2,112 USD/ounce, a sharp increase of 32 USD/ounce compared to the same hour yesterday morning. There was a time when the price of this precious metal reached 2,120 USD/ounce. Thus, the world gold price has set a new peak, this is the highest level of all time. The previous peak was set in early December 2023 at a price of 2,110 USD/ounce. Weaker-than-expected US economic data released last week pushed US real interest rates down and this is what triggered the rise in gold prices. Expect gold prices to break out as recent price action has created some very bullish technical patterns. Gold is forming consistent bullish patterns. The price spikes, consolidates for a period of time and then we see another price move higher. Gold sought to break even higher. From a technical standpoint, it looks like the expected target is for gold to go up by a few hundred dollars in the short term, but longer term, I'm looking at $2,700, $2,800, perhaps in a year or two next. Technically, gold price has very good potential.
OANDA:XAUUSD
by Xayah_trading
1
XAUUSD: Overbought and in need of a correction.Gold is vastly overbought on the 1D timeframe (RSI = 80.321, MACD = 21.500, ADX = 21.500) with the recent rally hitting the top of the HH trendline of candle bodies of the four month Channel Up. The 4H RSI is displaying a massively overbought sideways structure which since October has marked market tops. The corrections that followed these three peaks ranged from -4% to -5.60%. Consequently our bearish target is a minimum of -4.00% decline on the 4H MA200 (TP = 2,070). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDShort
by InvestingScope
2
GOLD → Will we reach 2150 before the news comes out?FX:XAUUSD strengthens to 2141.8, but, having failed to reach a few points to ATH, forms a correction on the background of increasing sell-offs, which leaves this gestalt open for the market. Today-tomorrow there will be quite strong news, all the attention is on Fed head Powell. Interest rates, inflation and other things are likely to be discussed. Based on the general situation in the US, there is a possibility that the dollar will be supported further. This could have a negative impact on gold. Volatility increases on the news. The important zones now are 2150 and 2125. There is a possibility that before the news or because of high volatility there may be a retest of 2150 before further fall, but there is also a possibility after a small correction to break 2125 and fall to 2100-2085. Resistance levels: 2150, 2130, 2142 Support levels: 2125, 2110, 2100, 2088 I expect that the news may negatively affect the market. But before that the price may form a bullish impulse. Trade carefully as the news will be strong TVC:GOLD MCX:GOLD1! COMEX_MINI:MGC1! COMEX:GC1! TVC:DXY Regards R. Linda!
FX:XAUUSDShort
by RLinda
9
GOLD MARKET ANALYSIS AND COMMENTARY - [March 04 - March 08]This week, international gold prices rose sharply from 2,024 USD/oz to 2,088 USD/oz and closed at 2,083 USD/oz. The increase is attributed to seasonal factors and the expectation that the FED will cut interest rates soon. Next week, two factors that could significantly affect gold prices are the testimony of FED Chairman Jerome Powell before Congress on Wednesday and Thursday, and the release of the US February nonfarm payrolls report on Friday. US NFP in February is forecasted to reach 190,000 jobs, a decrease from the previous period's 353,000 jobs. High interest rates have hindered business expansion and caused a reduction in operations. This may prompt the FED to consider cutting interest rates to support the labor market and the US economy, which could lead to higher gold prices. Conversely, if NFP exceeds expectations, the FED may delay interest rate cuts, potentially affecting gold prices negatively.
OANDA:XAUUSD
by Xayah_trading
Gold Challenges New High - Expecting More Upside Inflation was only keenly felt, especially after the pandemic in April 2021, when the CPI broke above 2% to 4.15%, and then quickly soared to a high of 9% in June 2022. However, gold has been signaling impending inflation since the year 2000, which was 24 years ago. Currently, gold is also indicating further upside potential over the long term. What will be the implications for inflation and ultimately interest rates down the road? Micro Gold Futures & Options Ticker: MGC Minimum fluctuation: 0.10 per troy ounce = $1.00 Disclaimer: • What presented here is not a recommendation, please consult your licensed broker. • Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises. CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
COMEX:GC1!
by konhow
1
GOLD jumped to nearly 2,100 USD/ozWorld gold price stood at 2,082 USD/ounce, up sharply to 38 USD/ounce compared to the same hour yesterday morning. This is the highest price of this precious metal in more than 2 months. The increase in gold prices comes from the market receiving information about gloomy US economic data. This contributes to strengthening investors' expectations about the US Federal Reserve (Fed) loosening monetary policy. Gold is on an upward trend because the market believes that the Fed will loosen monetary policy in the middle of this year, thereby reducing the opportunity cost of holding gold bars. In 3-4 months, prices will hit a record if we continue to see weak economic data and the market believes the Fed is ready to cut interest rates. Strong central bank buying is also supporting the market. Major economies in the world simultaneously announced less positive economic data. This also supports gold prices to increase in the coming sessions. However, experts warn that this week's gold speculative position is expected to only move sideways compared to before, so it is possible that gold will be sold off as early as next week as investors take profits. Therefore, investors should carefully observe the market to determine appropriate buying and selling points.
OANDA:XAUUSD
by Xayah_trading
GOLD → Distribution continues. Is the target of 2150 relevant?FX:XAUUSD strengthens to 2120 and forms a new local consolidation within the distribution after coming out of a prolonged consolidation. Should we wait for further growth? The price has entered an empty range of 2085 - 2150, within which there is no resistance, which suggests that the price can reach ATH - 2145-2150 quite easily and quickly. Consolidation, from which the price recently came out, lasted for 3 months, which allowed the market to accumulate a huge potential. The realization of such potential may take 20-40% of the duration of this consolidation. But, it is not about the distribution, but about the whole upward movement. Gold continues to form a global bullish trend. Consolidation is forming on H4. Breakout and consolidation of the price above 2020 will form the potential for further growth to the maximum. Resistance levels: 2120, 2145, 2150 Support levels: 2110, 2100 I expect growth to continue within the realized distribution phase, as the market has not yet reached its target. Local corrections, traps are possible, but the target may be reached in the near future TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
FX:XAUUSDLong
by RLinda
14
GOLD → Distribution phase. When do we reach 2150?FX:XAUUSD is moving out of range. A distribution is being formed. During the trading week the price strengthens by 2.5%, and the closing of the price on Friday gives us prerequisites for further movement As part of the outlook, gold has quite an interesting path ahead. Interest in the metal is increasing, especially within the framework of the unstable 2023 and early 2024. All of last week was favorable for gold as the US market pulsed with negative economic data. This contributed to the end of the consolidation and the beginning of the distribution. US regulators are not doing a very good job. Inflation is still high, jobless claims are rising, GDP is falling. But what they are confidently doing well is keeping interest rates flat for extended periods of time. lol Prolonged consolidation is getting a denouement. Price is moving out of the triangle upward, breaking the range resistance. And the prerequisite for the resistance breakout was volume growth and consolidation formation near the upper boundary of the range. Since we see the distribution on the background of volume growth, and the closing of the daily candle on Friday indicates that the movement is not over, we can assume that the breakout of 2084 will provoke the continuation of growth to 2090, 2100 and further to 2150 - ATH. Based on the general situation at the moment, we can distinguish two highly probable scenarios. Since the market is bullish, as evidenced by the previously mentioned facts, we can conclude from the current assumptions: resistance breakout, realization phase, distribution, Friday candle closing, growing volume, that we should look for further growth. Scenario 1 : Consolidation between 2087 and 2078 followed by a squeeze to 2087, breakout and rise to 2100 and 2125 Scenario 2 : Correction to 2078, to Fibo 0.236. False breakout, return to the range of 2087 - 2078. Breakout of resistance and growth to ATH Resistance levels: 2082, 2087 Support levels: 2078, 0.236 fibo, 0.382 fibo COMEX_MINI:MGC1! COMEX:GC1! TVC:GOLD TVC:DXY Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
18
GOLD fundamentals and technicals are unevenGold prices (XAU/USD) climbed on Thursday, pushing past the $2,040 threshold and reaching their highest level since early February at one point during the trading session, although gains seemed to be capped by a strengthening U.S. dollar. The precious metal’s positive performance was fueled, in part, by falling U.S. Treasury yields, which reacted to an in-line economic report. Specifically, January's core PCE deflator clocked in at 0.4% m/m and 2.8% y/y, just as projected. Investors, rattled by the recent CPI and PPI data, braced for further inflation pain, but were relieved when the Federal Reserve’s favored price gauge landed precisely on its expected mark. This gave gold bulls an excuse to reengage long positions. Looking ahead, traders should not be taken aback if Thursday's rally proves to be short-lived. When markets come to terms with the fact that sluggish progress on disinflation and looser financial conditions could prompt the Fed to delay the start of its easing cycle, bullion may face renewed downward pressure. OANDA:XAUUSD FORECAST – TECHNICAL ANALYSIS Focusing on gold’s outlook, technicals and fundamental analysis are currently at odds. That said, Thursday's bullish breakout, which saw XAU/USD push past trendline resistance and the 50-day simple moving average at $2,035, is clearly a positive sign. Should this move be sustained, a rally towards $2,065 may be on the horizon. Above this area, all eyes will be on $2,090. On the contrary, if sellers return and spark a bearish reversal below $2,035, sentiment toward the yellow metal could quickly sour. Under these circumstances, bears may gain confidence to mount an assault on the 100-day simple moving average, located around $2,010/$2,005. Further declines below this support zone could pave the way for a retreat towards $1,990.
OANDA:XAUUSD
by Xayah_trading
🥇 GOLD - Consolidation before growth. Next ATHGold is holding fairly steady in the flat 2080 - 2090 after a strong rise that started back at the end of last week. Interest in the metal is quite high, which has recently increased investment in the metal as a safe-haven asset. The bullish trend may continue after the false breakdown of the nearest support, as well as after the breakdown of 2090. Reasons for further growth: 1) Strong trend. The market is growing on accumulated liquidity 2) Gold interest on the background of weak dollar is growing 3) There is no fall from 2088. 4) Consolidation is formed, in the format of a "flag". Growth may continue
OANDA:XAUUSDLong
by AndeWave
5
XAUUSD Break-out to $2200 or pull-back $2030?Gold (XAUUSD) is rising and has gotten very close to the top (Higher Highs trend-line) of the long-term Channel Up pattern that started in November 2023. As long as it gets rejected within the pattern, it is a sell opportunity targeting $2030, which is above the 0.786 Fibonacci retracement zone and near the bottom (Higher Lows trend-line) of the Channel Up. The 1D MACD appears to be in a similar sequence as on July 20 2023, which initiated a strong sell towards the 1D MA200 (orange trend-line). On the other hand, if Gold breaks and closes above the Channel Up, we will not hesitate to take the loss on the sell and open a buy, as it will have stronger probabilities of imitating the December 04 2023 bullish break-out, which completed a +11.37% rise before correcting as well to the 0.786 Fib and the 1D MA50 (blue trend-line). As a result in that case, our target will be $2200, which would represent a +11.00% rise from the February 14 Low. In fact, +11% rallies have been common in the past 12 months for Gold, delivering 3 such occasions. Each one has corrected to an MA period and the one that has been untouched for longer is the 1D MA200, which by the time of a correction will be very close to the bottom of the Channel Up. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
GOLD → Re-test 2085. The distribution is not yet finalized FX:XAUUSD is testing the maximum. After a long consolidation, a distribution phase is formed, which leads to a false breakdown of the intermediate resistance level. What should we wait for next, decline or growth? The distribution phase is clearly demonstrated on the background of volume growth. The price is testing the intermediate level of 2084.5 and forms a false breakdown. The value of the level is big enough, but not enough to turn the market. The 2084 area continues to hold the price, but based on the data on the H1 chart we can assume that gold will test this resistance with the aim of breaking through it, as the distribution phase is not over yet. If the compression to the upper boundary of the consolidation on H1 continues, namely to Friday's high, a breakout and further growth to the next intermediate targets may happen with a high probability. Support levels: 2079,5, 2069.9, 2065 Resistance levels: 2088.4, 2100 The growth is not over, as the realization of the accumulated potential inside the consolidation is not exhausted yet. There is a possibility of correction, but at the break of 2079.5. But still, I stick to the break of resistance and further growth TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
FX:XAUUSDLong
by RLinda
11
Mar 4th 2024 GC Update - Potentially a start of something bigAnother share from the TTR, this time is a commodity chart - #GC Beautiful move up on Friday! The price has stopped right at the trendline support; there is one more resistance box above it. When/If it is broken, we will see the next trendline tested again, followed by a breakout box. This is a very bullish action as if the price continues to break out, then expect some geopolitical issues to come next, which means the markets could be near its maj top!
COMEX:GC1!Long
by TheTradersRoom