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Gold-trading

Gold's longterm update.Channel,elliott and Fibonacci levels.Technical analysis is a powerful tool for creating a better sense of the market and making some predictions based on price actions but it's useless or it has minor importance when a big news with catalystic role appear. XAU/USD seemed unable and weak to break and mostly established the 1263$ level resistance being in a shakeout area for 20 days more or less. First it was the US descision to launch cruise missiles on a Syrian base that helped XAU/USD reach the 1271$ level intraday but then the selling power sent back the price back at 1253$ level,once again bears confirmed their dominance at these levels. Two days later president Trump decided to provoke North Korea through twitter,as it's logical with war possibility rising at the background XAU/USD finally took this extra push it was needed to break and established the 1260$ area for good. XAU/USD now is at 1287$ and try to break that resistance that it holds since 2016/11 to reach the highs of 1315-1320 area. As i mention before at my articles published at 26 January of 2017 and 26 march of 2017(SEE RELATED IDEAS BELOW) we had a 5 Elliott waves structure and now we wait the ABC correction waves before making new highs. Remember that these violent rallies may favor the short-term trader but the same way the went up they can come down due to absence of supports,so be careful with your trades at these moments of extreme volatility due to geopolitical reasons. I believe we might reach the 1315$ area where we have the 23,6%FIB level and a strong reistance and then i expect a pullback as i show at the chart until 1240$ levels near lows of wave 4. TECHNICALLY We can see at the chart the 5 Elliott waves and the corrective waves ABC. We can also noticed the ascending channel of XAU/USD. Fibonacci levels well repsected. LEVELS TO WATCH: BULLISH SCENARIO: 1290$ GOOD RESISTANCE 1315$ GOOD RESISTANCE AND 23,6% FIB LEVEL 1370$ PREVIOUS HIGHS BEARISH SCENARIO: 1278$ GOOD SUPPORT AND 38,2% FIB LEVEL 1263$ VERY STRONG SUPPORT 1253$ VERY STRONG SUPPORT AND 50%FIB LEVEL 1233$ SUPPORT 1222$ VERY GOOD SUPPORT AND 61,8% FIB LEVEL 1200$ GOOD SUPPORT PSYCOLOGICAL LEVEL 1185$ YEARS LOWS HAPPY TRADING GUYS!
OANDA:XAUUSD
by The_Greek_Trader
2
Continuation Pattern for EURUSDAfter some indecision, last week a doji candle was formed in weekly major support level. We can now se on the daily chart some head and shoulders pattern indicating long for EU in the short term. We are expecting it to reach the 61.8 fib retracement on the green line, and then a possible downside breakout. This will probably stop at the -27% extension to then retest major levels, and continue to move to the downside. This is a long term trade, which on it's way, will leave a lot of intraday opportunities. THE OVERALL SENTIMENT IS SHORT FOR THE LONG TERM.
Long
by lluiszardoya
Gold chart suggests Clinton victory…but, The monthly chart above clearly shows repeated failure at the falling trend line resistance coupled with the monthly 50-MA topping out. Prices failed to hold above $1301.35 (50% Fib of 2008 low - 2011 high). The chart thus suggests a corrective move is more likely, which means Clinton victory. However, charts could lie as markets have been reacting to Polls which are unreliable as proved by Brexit referendum earlier this year. Trump victory could easily lead to a bullish break above the falling trend line.
TVC:GOLD
by TipTVFinance
Gold – stuck at confluenc e of weekly 5-MA & weekly 200-MADespite Gold’s bullish close on Tuesday above 200-DMA, caution is advised as the pair is having a tough time breaching the confluence of weekly 5-MA and weekly 200-MA noted around $1274 levels. Also note that Weekly 5-MA is sloping downwards, hence area between the moving average and resistance at $1290 could be dominated by sellers. On the lower side, breach of support at $1260 would open doors for a revisit to $1241 (Oct 7 low).
TVC:GOLD
by TipTVFinance
Gold – Potential bullish divergence on hourly chartOn the left hand side is the hourly chart, while the daily chart is on the right hand side. Gold’s retreat from $1353 followed by a day end close below 50-DMA on Thursday suggests prices could retreat further to $13330 levels, although support of 10-DMA at $1327 would hold due to oversold nature of the hourly RSI. Moreover, a rebound from $1330-1327 levels would result in a bullish price RSI divergence. The subsequent move higher could run into resistance around $1350-1353 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold – Descending trend line remains intact, What's next?“Everything that happens once can never happen again. But everything that happens twice will surely happen a third time.” ― Paulo Coelho, the Alchemist To a greater extent, the same logic is applicable in markets as well. The falling trend line was established at the end of October 2012 and was put to test last month. Prices failed to take out the same last month and an attempt this month was thwarted as well. So the price has already failed twice to take out falling trend line resistance… does that mean the third attempt will fail as well? The stage looks set for another failure as – A re-test of falling trend line could happen on Friday or next week if the non-farm payrolls and wage growth figure in the US is horribly weak. However, August figures are usually weak and are revised higher in the subsequent months, hence markets are unlikely to read take them seriously. Thus, another failure at falling trend line hurdle looks likely.
FX_IDC:XAUUSD
by TipTVFinance
Gold – Flag and Pole formation on monthly chartPrices failed to hold above Flag resistance and now appear on track to test monthly 50-MA level of $1318 levels. Also note; the monthly 50-MA has topped out and is now moving lower…towards monthly 100-MA. Losses this month and in the next month could result in a bearish monthly 50-MA and 100-MA crossover. The bullish crossover must have happened in 2002. Only a month end closing above flag resistance (bullish break) would signal continuation of the long term rally.
FX_IDC:XAUUSD
by TipTVFinance