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Gold Bulls Await A Sustained Move Beyond $1288/1295 supply zone Fundamental View : =================== 1. The precious metal lacked any firm directional bias on Tuesday, albeit continued showing some resilience below 200-hour SMA amid the prevailing risk-off environment. 2. Oscillators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart, supporting prospects for additional gains. 3. However, traders are more likely to wait for a sustained move beyond the $1287-88 supply zone before positioning for a move towards the key $1300 psychological mark. 4. Meanwhile, a decisive break below the mentioned support, around the $1280 region, might negate the constructive set-up and trigger some aggressive technical selling. China increased its gold holdings for the fifth consecutive month in April, the People's Bank of China said on Tuesday, according to Xinhua News Agency. Gold reserves rose by 480,000 ounces month on month to 61.1 million ounces in April. Despite the uptick, gold reserves still make up a small percentage of China's massive reserves of more than three trillion US Dollars. The yellow metal is currently trading at $1,287 per Oz, the highest level since May 1. And other side May 9th USD Important news is PPI and Fed Chair Powell Speaks . So dollar can be a bit stronger. 1300 is strong resistance area in Gold So Gold can be dropped by this level test. The bullion is yet to cross $1288/90 resistance area comprising 38.2% Fibonacci retracement of March – April drop and highs marked since mid-April. Meanwhile, an upside clearance of $1290 can trigger the prices increase to $1300 with $1297 being an intermediate halt. Also, 61.8% Fibonacci retracement near $1302 and April month top near $1311 could become buyers’ favorites beyond $1300. Technical View: ============== Daily SMA100 1294.3 Daily SMA200 1253.94 Previous Weekly High 1288 Previous Weekly Low 1266.35 Previous Monthly High 1310.7 Previous Monthly Low 1265.6 Daily Fibonacci 38.2% 1280.44 Daily Fibonacci 61.8% 1282.51
FOREXCOM:XAUUSDShort
by Saleh11
Gold’s weekly outlook: May 06-10Gold continued to trade in the defined range similar to the previous week ending with cuts of more than $6. The week saw gold getting battered towards the low again as the Fed’s policy outcome was dovish for the dollar. The week again has important fundamental news majorly the U.S – China trade talks which is presumed to be at the last level of round of talks. Gold failed to create a new high even after having a positive opening rather it closed below the support again allowing the bearish trend to get stronger on every passing week. On the chart – Gold moved in a range showing indications of bear market consolidation as it was unable to breach highs or lows of previous week. The pattern breakdown was again retested and yet again confirmed solidifying the bearish trend. We have 2 scenarios – 1. Bulls continue to remain unwanted as the breakdown continues excepting scalp trading. 2. Gold closed below the support, till this is held it can move towards $1273. Once this is breached it can slide to $1260. If this fails to hold it can fall to $1248. Bullish bets remain unattractive as breakdown continues, they only come in contention once a breakout on upside happens. Bearish view – Bears resumed the attack after a week as they pushed the price back towards the low but failed to register a new one. The bearish bets saw a massive surge once the high of the previous week was respected and the price reversed. For bears, the technicals remain in their favor as the breakdown continues allowing room for further downside with the next crucial support area being $1236-$1240. On larger terms, Gold remains bearish and prices are expected to head lower. Possible trades are on both sides, gold can be bought once it breaks out of the flag or at the bottom of the flag/channel. Gold can be sold under $1278 for the targets of $1273 and $1260 with a stop loss placed above $1289. Longer term target $1248. A sell-on-rallies can be useful under current scenario.
TVC:GOLDShort
by vanimator
Gold Technical Analysis: Touch 1264/1260 Level GOLD Breakout 1270 level now touch 4 month low support zone. gold breakout daily 200 ma 1274 level and GOLD touch another support zone weekly 200 ma and 100 ma 1265 level break this then touch 1260 level . *** So GOLD buy position is 1258/1250 Area this the best opportunity for buy GOLD target 1274 / 1284 level . News: ====== 1. Wednesday’s not so dovish FOMC statement continues to weigh on the commodity. 2. US-China trade optimism dents safe-haven demand and adds to the bearish pressure. 3. A subdued USD price action does little to lend any support or stall the ongoing slide. 4. Falls to over 1-week lows, further slide to $1260 area now looks a distinct possibility 5. Meanwhile, the overnight slide confirmed a bearish break through an important $1278 horizontal support and hence, the ongoing downfall could further be attributed to some fresh technical selling. Technical View: ============== Pivot (invalidation): 1278.00 Our preference: Short positions below 1265.00 with targets at 1260.00 & 1250.00 in extension. Alternative scenario: Above 1278.00 look for further upside with 1280.00 & 1284.00 as targets Daily SMA100 1293.27 Daily SMA200 1252.88 Previous Weekly High 1288.75 Previous Weekly Low 1265.6 Previous Monthly High 1310.7 Previous Monthly Low 1265.6 Daily Fibonacci 38.2% 1278.73 Daily Fibonacci 61.8% 1281.96 Daily Pivot Point S1 1270.6 Daily Pivot Point S2 1265.21 Daily Pivot Point S3 1256.91
FOREXCOM:XAUUSD
by Saleh11
Gold Breaks Through Support As PredictedGold breaks through strong support region, pushed down by positive macro news flow as predicted in my previous post. This completes the descending triangle pattern, was a reversal The support region marked could be changed based on more news flow, will be updated regularly. 1.) More positive earnings surprises will likely follow 2.) Positive trade news is more likely than negative trade news 3.) No Brexit fears currently to support Gold prices Check out my blog gdxdaily.com to see how I determine my investment thesis!
TVC:GOLDShort
by FireFly450
Global-Review / May 29th : Early breakouts. Still speculativeHope this idea will inspire some of you ! Don't forget to hit the like/follow button if you feel like this post deserves it ;) That's the best way to support me and help pushing this content to other users. If you want to see my chart more closely, click the share button below that video.. You will be able to have access to the chart used in that video. Indicators used in this forecast are PRO Sinewave BETA & PRO Momentum . You can check my indicators via my TradingView's Profile : @PRO_Indicators If you have questions about the topics discussed in that video post a comment with "@PRO_Indicators" handle. Kindly, Phil If you want to learn more about the basic rules to trade with my indicators here's the educational video link :
NYMEX:NG1!
by PRO_Indicators
3
Gold’s weekly outlook: May 21-25Gold finally broke the trading range it had been into from many weeks on the downside as it slid past $1300 comfortably and posted a nearly $20 weekly loss. This kind of movement was getting over-due and a fatigue was kind of setting in when the price action was taken into account. Fundamentally the events did not favor the rising prices thus allowing it to breach the crucial $1300 mark on the way down. Gold might find its feet soon as big downside even after the range expansion is not on the cards given the global factors which might keep the prices buoyed. On the chart – Gold’s breakdown suggests temporarily the bulls have gone in for a pause again. Support levels were taken out without much of a hassle though gold found support at lower and old support areas. Going back above $1300 might take some extra push from the bulls. We have 2 scenarios – 1. Gold tested it support at $1285 and bounced back, if this is held it may try to peg back towards $1295. If this is crossed it can go higher till $1308. If this is also crossed it can rally till $1317. Though long trades are not the favorites as range has broken on the downside. 2. Gold’s closing below the $1300 and its support level indicates more pain. This offers good opportunity for short trades which went missing from past many weeks. If $1295 is held it can fall lower to $1281. If this is breached it can have a dash towards the channel support at $1265. Bullish view – There is some hope for the bulls as the prices bounced off from the 38.2 Fib level which also may act as a strong support going forward. If this is held then a rally back towards $1300 and higher cannot be ruled out. But in order to turn bullish prices need to conquer $1300 back or need to take support at channel lows or Fib retracement levels. Bearish view – Bears were very ferocious this time as they eroded the critical $1300 mark by a good margin and that too on the closing basis. Such a close denotes more downside as key supports were breached. For bears, its a their time now after weeks of range bound activity as price action clearly favors them. For bears to continue pilling up the pressure they must not allow $1300 to be crossed. On the larger terms, Gold has broken the range on the downside and more negativity is on the cards. Possible trades are on both sides, gold can be bought above $1298 for the targets of $1308 and $1317 with a stop loss placed below $1290. Gold can be sold under $1288 for the targets of $1281 and $1265.
TVC:GOLDShort
by vanimator
Keep it simple pals !!!!-trend lines -1year Fib levels -RSI 14 -Support and Resistance RSI14 divergence on H4 suggest that the uptrend is losing momentum as you can see in past examples highlighted on the chart.... Scenario 1: break below 1338 would confirm this analysis so: enter trade at 1337 with SL at 1343-44 and TP 1329-28 (1h-4h time frame) Scenario 2: break above 1347 would invalidate this analysis so: enter trade at 1348 with SL at 1343-44 and TP at 1356-1358 (1h-4h time frame) Scenario 3: break above 1347 in order to test 1356 o.00% Fib 1 year level so after closing trade of scenario 2, enter again short with SL above 1360 and TP around 1337-1340 support. (1D time frame) No news to watch, only price action, good trading to all of you !!
FX:XAUUSDShort
by simonepepita91