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Gold-trading

Gold long going to above 2050Gold Price Analysis: Testing Support Levels Amidst Consolidation and Breakout Attempts Technical analysis reveals a retracement in gold, testing key support zones and indicating a healthy consolidation phase before an expected continuation of the uptrend. Gold, FX Empire Gold Forecast Video for 19.06.23 by Bruce Powers Gold rises to a three-day high of 1,986 on Friday before pulling back. It attempted to breakout above the top boundary trendline of a small symmetrical triangle consolidation pattern but is now on track to close below it and within the consolidation range. Attempting to Break Up yet Remains in Consolidation Range So far, Thursday’s test of the 100-Day EMA with a day’s low of 1,925 has held up but further signs of strength are needed. Gold briefly dropped below the 100-Day line earlier in the session on Thursday but managed to close strong, back above it and near the high of the day. The 100-Day EMA is now at 1,940. Further Signs of Strength are Needed Further signs of strength are needed to indicate whether yesterday’s low completes the retracement or further tests will occur. This week’s candlestick pattern is set to close as a bullish doji hammer. Next week an upside breakout signal will occur on a move above the high at 1,971, and the breakout is confirmed on a daily close above that high. Following a move above that high the next weekly resistance levels are 1,973, 1,983, and 1,985. A subsequent daily close above each price level will confirm strength, otherwise some resistance might be seen again around those levels. If Lows Tested Again If lower prices occur before a continuation higher the two potential support zones are around the 61.8% Fibonacci retracement at 1,912, followed by the 200-Day EMA at 1,894. The 200-Day EMA was tested as support with a double bottom in the first quarter of this year price reversed higher from there. Uptrend Intact The current retracement in gold is a test of support around previous high swing high of 1,960 from early-February. So far, the retracement is normal and healthy for the uptrend. Consolidation has been occurring at the 50% retracement area as well as the 100-Day EMA. Notice that there is a greater distance between the 100-Day EMA and 200-Day than what was seen in February. It reflects an improving trend. Once this retracement is complete, all signs are that gold should continue higher. Gold held above $1,950 an ounce on Friday after gaining 0.7% in the previous session, benefiting mainly from the dollar’s weakness as the Federal Reserve paused its tightening campaign at a time other major central banks are still raising interest rates. Still, the metal remains close to three-month lows as the Fed hinted at two more quarter-point rate increases this year, while the European Central Bank delivered another 25 basis point rate hike on Thursday and signaled further tightening. The Bank of England is also set to raise rates again at its June policy meeting, a month marked by surprise rate increases from the Reserve Bank of Australia and the Bank of Canada. Meanwhile, the People’s Bank of China lowered key short-term interest rates this week for the first time in ten months, while the Bank of Japan maintained its ultra-easy monetary policy on Friday. Daily bullish 4H Bullish 34min Bullish Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty. Half of the gold consumption in the world is in jewelry, 40% in investments, and 10% in industry. The biggest producers of gold are China, Australia, United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewelry are India, China, United States, Turkey, Saudi Arabia, Russia and UAE. The gold prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our gold prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
CAPITALCOM:GOLDLong
by DaveBrascoFX
weekend trade report A reasonable week turned this week. A return of 3% overall with the automatic trading reaching 6% and the manual trades -3%. This week was a strange week in which the ECB, the BOE and more central banks raised interest rates to ensure that consumers borrow and spend less so that the economy can cool down. On the other side of the big puddle, the FED did a pass on the spot, sending a double signal. Interest rates do not have to go up now, but it will happen again in the coming months. This created indecision on the financial markets. The FED's interest rate pause was immediately overtaken on Friday by disappointing PMI figures. These figures also indicated that the economy is already cooling. In the coming week it will all be a bit quieter in terms of news: Tue Jun 27 14:30 CAD CPI m/m CAD Median CPI y/y CAD Trimmed CPI y/y 16:00 USD CB Consumer Confidence Wed Jun 28 3:30 AUD CPI y/y 15:30 GBP BOE Gov Bailey Speaks JPY BOJ Gov Ueda Speaks USD Fed Chair Powell Speaks Thu Jun 29 All Day EUR German Prelim CPI m/m 14:30 USD Final GDP q/q USD Unemployment Claims Fri Jun 30 14:30 CAD GDP m/m USD Core PCE Price Index m/m When we look at the charts of the different pairs, we see that the EURUSD has lost its chance of a new trend upwards. The rest of the Euro pairs are still in the race for the way up. We all have to watch out for the CAD. The USDJPY seems to have found its way up. The Assie no longer has a trend. It is back in the channel between 0.66 and 0.67. Despite the hopeful rise of the CADJPY, it seems to us to be too high. On a weekly basis, Gold is in a down trend but we put in a Buy last Friday because the economic data turned out in favor of Gold.
by Probeleg
GOLD Price Continues to Drop, Investors Remain Cautious.Gold remains within a bearish channel, and the price is expected to continue dropping after a rebound at the 61.8% Fibonacci level. Our target for the price is around $1928.000. The fundamental analysis of gold indicates that it attempted a recovery after reaching near $1,940.00. It has extended its rebound to around $1,950.00, mainly due to a sharp drop in the US Dollar Index (DXY). The fluctuating nature of the USD Index has made investors cautious, and the absence of significant catalysts this week has limited its movement. S&P500 futures have fully recovered from their previous losses and turned positive, indicating a recovery in market participants' risk appetite. It seems that investors have started dismissing concerns related to potential interest rate hikes by the Federal Reserve (Fed). Although the USD Index has found intermediate support around 103.80, its situation appears vulnerable as market sentiment has become optimistic. Despite the short-term correction, the USD Index is expected to remain strong as the Fed is likely to maintain a hawkish stance. Furthermore, a survey by Reuters suggests that significant weakening of the currency would require rate cuts from the Federal Reserve. Additionally, the Fed is expected to pause in June for the first time in over a year and maintain its key interest rate at 5.00%-5.25% for the remainder of the year.
EIGHTCAP:XAUUSDShort
by FOREXN1
12
Gold (XAUUSD): Key Levels to Watch This Week 🟡 Here is my latest structure analysis for Gold. Resistance 1: 1977 - 1985 area Resistance 2: 1999 - 2010 area Resistance 3: 2034 - 2048 area Resistance 4: 2063 - 2066 area Support 1: 1932 - 1940 area Support 2: 1975 - 1989 area The market is currently stuck within a horizontal range. Its upper boundary is Resistance 1, its lower boundary is Support 1. It looks like after the test of the support, we may expect a bullish movement up to Resistance 1 now. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDLong
by VasilyTrader
7
Gold's Bullish Impulse Meets Resistance at Previous LevelDuring the Asian trading session, gold experienced a bullish surge, retracing towards the previous resistance area. This level may once again act as a point of rebound, potentially intensifying the bearish pressure on the precious metal. The current market sentiment leans towards a rush for safety, leading to increased demand for the US dollar, which weighs on gold prices. Nevertheless, there is some relief for gold as optimism surfaces in the bond markets following the initial response to the agreement among United States policymakers to extend the debt ceiling and avert a potential default. This positive development appears to have established a floor under the price of gold. However, it is worth noting that the XAU/USD bears remain in control, driven by ongoing challenges to market sentiment and a cautious approach in anticipation of significant upcoming data releases and events.
FOREXCOM:XAUUSDShort
by DAY_PROFITS
17
Gold Price (XAU/USD) Sinks Lower, Bearish Trend IntactGold price (XAU/USD) is currently encountering resistance near $1,945.00 during the Asian session. The precious metal is poised to move higher as the US Dollar Index (DXY) has retraced from its recent pullback to around 104.20. The approval of a raise in the US debt ceiling has put downward pressure on the USD index. It is evident that the United States economy may face a downgrade in its long-term credibility by credit rating agencies due to higher debt levels, which increases the risk of default. This development is likely to have a negative impact on the US Dollar Index and US equities, while positioning gold as a safe-haven asset. Consequently, the bullish outlook for the gold price appears highly favorable. From a technical perspective, our analysis suggests the possibility of a new bearish setup if the price manages to break below the dynamic trendline of the bearish triangle. Please note that market conditions are subject to change, and it is important to closely monitor price movements for updated trading decisions.
OANDA:XAUUSDShort
by DAY_PROFITS
14
XAU/USD Bears Pressure Amid Rising Dollar and Yields - GOLDGold price bears are grappling with the impact of rising United States Treasury bond yields and the strength of the US Dollar. The ongoing impasse in US debt ceiling talks, coupled with hawkish sentiments expressed by Federal Reserve officials, has further bolstered Treasury bond yields and the US Dollar, placing downward pressure on XAU/USD. Traders are closely monitoring risk catalysts and upcoming second-tier US data for clearer indications of the Gold price's future direction. Today, financial markets are experiencing a sense of risk aversion, with the US Dollar capitalizing on this sentiment. As a result, XAU/USD has declined throughout the day and is approaching its daily lows within the $1,956 price range. The downward pressure was fueled by comments made by United States House Speaker Kevin McCarthy following another round of talks with President Joe Biden regarding the extension of the debt ceiling. McCarthy highlighted the ongoing differences between Republicans and Democrats, emphasizing the Republican stance on spending cuts and opposition to tax hikes. However, he reassured that the US would not default and expressed optimism that a deal would eventually be reached. In addition to the uncertainty surrounding the US debt ceiling, market sentiment is also influenced by speculations regarding the future monetary policy of the Federal Reserve. Traders are eagerly awaiting the release of the Minutes from the recent Federal Open Market Committee (FOMC) meeting, as it may provide insights into the central bank's stance. In recent days, policymakers have surprised investors with hawkish comments, suggesting the possibility of one or two more interest rate hikes before a potential pause. These factors combined have contributed to the current environment, wherein Gold price bears are struggling amid rising Treasury bond yields and a strengthening US Dollar. Traders remain attentive to various risk drivers and upcoming economic data releases, seeking clearer signals for the future trajectory of the Gold price.
OANDA:XAUUSD
by FOREXN1
22