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Gold-trading

GOLD(Monthly) Decision Time Everyone is Busy with Daily and Hourly charts,So I have stepped back and trying to shed some light on Monthly as it is at a very Crucial Decision point. Falling Trend line from all time Highs we hit in 2011 is here to decide the faith of Gold ;) Short Term Correction at least to $1200 is expected in coming month or two, it may not come in light of some Big Global Risk event. Big Supply zone at $1500 - $1600 which is also a important Fib level. Best Demand Zone from a Decade perspective is lying at $980 - $890 which again is a important fib level. Medium Term Traders Look to Buy around $1200 levels and look for break of the falling trend line. Long Term Investors should Buy around the marked Demand Zone as it will offer them best risk to reward ratio. I hope i have not disappointed anyone neither Bulls Nor Bears :) I have something for everyone ;) Take Care
FX:XAUUSD
by robin_bajaj_7
Gold – rebound from rising trend lineGold’s rebound from rising trend line (drawn from June 6 low and June 24 low) amid post Fed sell-off in USD suggest prices could have formed a short-term bottom at $1370.71 (July 21 low), but reckon the weak momentum in Asia and early Europe would lead to choppy trading. Further gains are seen following a quick drop to $1333.62 (23.6% Fibo) followed by a rebound above $1342 would open doors for $1358 (June 24 high). On the other hand, a break below $1333.62 could yield a re-test of rising trend line level of $1325/Oz levels.
FX:XAUUSD
by TipTVFinance
Gold - Head and Shoulder on hourlyPattern – Head and Shoulders: Neckline support around $1311/Oz Rising trend line support around $1317…could extend up to $1319 over next few hours A bearish break is seen happening if the Fed statement is hawkish. Knee jerk reaction could take prices down to $1284. As long as the hourly closing is below neckline levels, a drop to $1240 over next few days looks possible. On the other hand, outright dovish statement could yield a move higher to $1340 - $1358 by weekend.
FX:XAUUSD
by TipTVFinance
Gold – Bears exhausted, risk of reboundGold’s sharp rebound on Friday from the low of $1322 followed by a close above expanding channel resistance suggests the bears may have run out of steam and a sideways to positive action could be seen in the short-run. Thus, a similar rebound from near $1322 levels if followed by a move above the daily high of $1337 would add credence to Friday’s bullish action and open doors for $135-1358.10 levels. On the lower side, only a day end closing back inside expanding channel formation followed by a break below $1320 would suggest a retreat to $1300 levels.
FX:XAUUSD
by TipTVFinance
Gold- Eyes 5-DMA hurdleGold’s recovery from the session low of $1327.45 followed by a move back above expanding channel resistance following a two-day losing streak indicates the metal could be heading back to 5-DMA level of $1350/Oz levels, but reckon the resistance would stay intact. On the lower side, a day end closing back inside expanding channel would add credence to the retreat from the resistance zone of $1375-1380 (also point C of the potential Cypher set ups) and open doors for a drop to $1300 levels.
FX:XAUUSD
by TipTVFinance
Gold – Awaits breakout from falling channel likely Dollar’s failure to latch on to post NFP gains led to a sharp recovery in gold from intraday low of $1334.90 to $1370. Gold’s sharp recovery from $1334.90 if followed by a bullish break from hourly falling channel (on hourly closing basis) would suggest the minor corrective rally has ended and could yield a test of $1380 (38.2% of 2011 high-2015 low) in the coming week. On the lower side, it would take a day end closing below $1329 to signal end of the rising trend.
FX_IDC:XAUUSD
by TipTVFinance
Gold – Prices could test 38.2% Fibo hurdle on weak US dataResistance - $1363, $1370, $1380 Support - $1357, $1350, $1340 Gold is moving in a minor falling channel on the hourly chart. Despite gold’s retreat from the recent high of $1375 to $1350 yesterday, the overall bullish outlook remains intact; hence a bullish break from the falling channel could yield $1380 (38.2% of 2011 high – 2015 low). On the other hand, failure to take out falling channel resistance followed by a break below previous day’s low of $1350 would open doors for a slide to $1343-1340 (falling channel support). Only a bearish break from falling channel would suggest a short-term top is made at $1375 and could yield a drop to $1300 in days ahead. Note – Weak US data (non-farm payrolls and/or wage growth figures) could push gold higher to $1380. A daily closing above the same would expose $1400-1433 levels.
FX_IDC:XAUUSD
by TipTVFinance
3
Gold – Bullish break on daily chartResistance - $1358, $1378-1380, $1400 Support - $1344, $1335, $1328 Pattern – Bullish break from expanding channel Gold’s bullish break from expanding channel formation on Friday has left the doors wide open for the continuation of the rising trend from December low and a possible test of Leg D of Cypher pattern seen at $1378 levels. However, prices failed to cut through $1358 (June 24 high) and retreated to $1350. The daily RSI is still away from the overbought region which means another attempt at $1358 could be made. A break above the same would expose $1370-1378 levels. On the downside, only a day end closing back inside channel would signal bullish invalidation.
FX:XAUUSD
by TipTVFinance
Gold – Re-test of channel resistance likelyResistance - $1320.67, $1328, $1335.53 Support - $1310, $1303, $1297.52 Daily chart pattern – Expanding channel formation Gold’s recovery from the yesterday’s low of $1310.10 if followed by a break above 5-DMA of $1318 could be an indication of the rally towards channel resistance at $1328 levels. A day end closing above the same would signal a continuation of the rise from Dec lows. On the other hand, failure to take out 5-DMA followed by a break below $1310 would expose support at $1297.52 (38.2% of May low-June high).
FX:XAUUSD
by TipTVFinance
Gold – stuck at 23.6% Fibo, losses seen below daily lowResistance - $1320.67, $1327.68, $1335.33 Support - $1310.10, $1303, $1297.52 Gold’s repeated failure to take out expanding channel on the day end closing basis followed by a daily closing below $1320.67 (23.6% of May low-June high) if followed by a rejection at $1320.67 and a break below $1310.10 (daily low) would open doors for a drop to $1297.52 (38.2% of May low-June high). On the higher side, expanding channel hurdle of $1327 needs to be taken out if the prices are to test $1335.33 (June 27 high).
FX:XAUUSD
by TipTVFinance
Gold – increased risk of drop to 38.2% FiboResistance - $1320, $1327, $335 Support - $1313.60, $1303, $1297.52 Gold’s failure to sustain above expanding channel resistance for two consecutive session followed by a break below $1320.67 (23.6% of May low-June high) today indicates prices could drop to $1303-1297.52 (38.2% of May low-June high). On the other hand, only a day end closing above expanding channel resistance would signal continuation of the larger rally from Dec lows.
FX:XAUUSD
by TipTVFinance
Gold jumps as Britain files for divorce from EUUK has filed for the divorce from EU and it remains to be seen if the courts (UK parliament) approve it. But for now shockwaves are being felt across the globe and thus gold is trading higher. Prices hit a high of $1358.41 before trimming gains to trade around $1317 levels. The Brexit shock could stay for a while and hence prices could remain above $1300/Oz levels. Any worsening of the situation - political turmoil in UK, referendum in other parts of Europe would do well for Gold. Note that such events also take Fed away from the next rate hike. Consequently, prices could rise to $1376 (point C of the cipher pattern). Note the level is very close to $1280 (38.2% of record high – Dec 2015 low). If prices fail to take out the same and head lower, we could see Cypher Leg D unfold, although as of now a drop to Leg D = 78.6 appears unlikely.
FX:XAUUSD
by TipTVFinance
Gold - Sharp losses if hourly closing below $1260Resistance - $1270, $1276, $1285 Support - $1263, $1253, $1246 Pattern – Head and shoulder breakout, Cypher Hourly closing below $1260 (Point C should not close below 1.414 as per Cypher rules) would open doors for a drop to head and shoulder target of $1246. On the other hand, rebound from $1260 coupled with a move in hourly RSI above 30.00 would signal bullish price RSI divergence and open doors for a re-test of head and shoulder target of $1276, which if breached would add credence to the possibility of prices moving higher to point D.
FX:XAUUSD
by TipTVFinance
Gold- head and shoulder and possible Cypher Resistance- $1288, $1293, $1303 Support- $1283, $1278-1276, $1263 Gold's turn lower from the higher of $1294 levels led to formation of lower top formation and added credence to the possibility of head and shoulder breakout on the hourly chart. The neckline at $1278 could be pierced thus opening doors for a drop to support t $1263 (which could be point C of Cypher pattern from where a fresh bullish move could happen). On the other hand, a failure to dip below $1283 followed by a break above $1294 would open doors for a rise to $1300-1303 levels.
FX:XAUUSD
by TipTVFinance
2