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GOLD STRONG BUY , short term correction coming soon#Gold STRONG BUY 100% Buy with a Strongest short term outlook on maintaining the current direction. Long term indicators fully support a continuation of the trend. The market is approaching overbought territory. Be watchful of a trend reversal. The dollar index (DXY00) on Friday fell by -0.16%. The dollar on Friday gave up an early advance and posted moderate losses. A sharp rally in stocks Friday curbed liquidity demand for the dollar. Also, strength in GBP/USD Friday weighed on the dollar after the British pound rallied to an 11-month high. The dollar Friday initially moved higher as the better-than-expected U.S. Apr payroll report may prompt the Fed to keep interest rates higher for longer. For long-term analysis and investment purposes I like to use cash indexes as it takes futures spreads and rolling out of the equation. The monthly chart of the cash index (GCY00) I track for gold is showing an interesting pattern, hitting a high of $2,070.48 during August 2020 then another high of $2,065.89 during March 2022 .If we consider this a double-top, then the break below the interim low $1,677.64 from March 2021 completed the bearish pattern indicating the long-term trend has turned down. However, this doesn’t fit the narrative of expected lower interest rates, stronger Treasuries, and a weaker US dollar. That puts the spotlight on the latest rally that had the index posting an early May high of $2,059.31, within sight of its previous marks.
CAPITALCOM:GOLDLong
by DaveBrascoFX
34
Gold vs U.S. dollar: Gold attempts to recover at 1470.00Gold vs U.S. dollar recovery was cut short, only managed to reach 1492.20 as per my previous estimate before sliding below 1487.00 support and diving down to 1460.00. Gold prices were weakened against the dollar by the support of the U.S./China trade deal news which saw the dollar extended its rally during the overnight session and pushed Gold prices down. Gold prices have made some improvement to the upside after falling to 1460.00, trading at around 1470.00 during the time of writing. Gold prices need to breakthrough 1470.00 and 1474.00 before we could see further moves to the upside. Support is at around 1463.00, 1458.30, and 1453.60
TVC:GOLD
by Rotuma
We have seen the bottom and confirmed twice Double Bottoms A double bottom forms when the price makes a low within a downtrend, and then pulls back to the upside. On the next decline the price stalls near the prior low, then rallies above the pullback high. It's called a double bottom because the price stalled in the same area twice, unable to drop below that support area. The pattern is complete, and traders may take long positions, when the price rallies back above the pullback high.
TVC:GOLD
by TheWolfOfBinance
XAU/USD be patientI published this yesterday but have been looking at it a lot today and have added in a Fibonacci retracement from the low of December 2015 to this years high and I've identified with the blue rectangle this key area of support. Some consolidation (maybe 1 week) in this area would be ideal as we could then look to go long on a break out and hopefully look for a good 2 month long trend continuation upwards resulting in an eventual breakout above the current yearly high. The red dotted line in the blue rectangle also indicates the previous break out level and resistance so could also add support. * A break of this level would, for me, be the main indicator that the tide is turning slightly for the bears here. Looking at the potential fundamentals with the dreadful German sentiment numbers today, ongoing Euro uncertainty, a potential Dollar bubble. I'm massively bullish gold. BUT. Patience is a virtue..... Let the bears have their day.. For now. Good luck trading out there.
FX:XAUUSDLong
by njbtrading1
XAUUSD countsI thought i'd post this. Would appreciate some feedback guys if you can. My original idea was this thinking that we have just finished wave 5 of a zig zag for a 4th wave correction I have changed the count. (iii) ends where (v) used to. I did this because now wave 3 goes beyond the high of wave 1 and you can see a clear 5 wave climb for wave (iii). If this is the correct count it means (v) was exhausted and couldn't make newer highs. This new count means we could see in a zig zag or flat correction. Just have to wait and see. I think it will creep up for Friday. Then we will see another fall next week
FX:XAUUSD
by benchch
XAU/USD Market Analysis and Trading Tips 29th June 2016Overview: The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its 4 hourly chart, market is trading above 100 days moving average. It is having important resistance at the level of $1330 and support level at the level of $1300. On its 4 hourly charts, MACD is sustaining in its positive territory and RSI is sustaining in its buying zone indicating the upcoming bearish trend in the oil prices. On intra day basis one can go for buy on lower level strategy. www.tradingsignalreviews.com
FX:XAUUSDLong
by TheBanker
XAUUSD DAILY CHART - MAKE IT OR BREAK ITWith all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :) - Just as the GDX, we have a beautiful parabola, followed by an attempt to go to 1180, which was rejected by the bulls - This creates the bull flag / pennant that was see now, which was just broken out of to the upside - By finishing this day (April 11th) above the 23% fib retracement, I believe we have invalidated any head and shoulders pattern, as the left shoulder failed to do this - This is vital, for if we drop lower from here, that is a classic Head and Shoulders pattern, which would launch us to 1180 no problem, so this is why it is a "make it or break it" time for gold ... - We are out of our 'middle tier' channel, and back into a smaller and much weaker channel - This leaves me with some concerns but the same thing applies as to the GDX; - If it can break and hold above this channel and price action of 1270, that's when we should see the confirmation of a bull market, short term at the very least Feel free to comment with questions or ideas :) Happy Trading!
FX:XAUUSDLong
by AwareBear
GDX DAILY CHART -- MINERS BREAKOUT, CASH WONT BE KING FOR LONG With all the NIRP's and ZIRP's flying around in an economy based off fraud and debt, this was expected, and now we have the start of the technical indicators to back it up :) I was expecting it to retrace down to the 17 area to "fill the gap" Instead it created a bull flag / pennant , and then in 3 days , broke out of our channel and above price action All very bullish signs, even with the 50 and 200 ma quite far behind Tomorrow (April 12th) I will be looking for a retracement of 22.16, which if it can hold, is where I buy more miners - If it doesn't retrace at all I will simply buy in before the day ends, as I'm a firm believer in price action Feel free to comment with questions or ideas :) Happy Trading!
AMEX:GDXLong
by AwareBear
Is Gold on its way to 1338-1340 ?As you can see on weekly chart of gold futures GC1! It has bounced off 50% Fib level. Is it going up to 1338-1340 price point before it pauses again? Note, I used some nice tools on the chart that tradingview provides. I have added fictitious trade to show nice risk to reward if entered at current levels. This is not a recommendation or advice to trade. It is for my own analysis and records. Please click 'Like' on top if you agree with the idea. Your comments are welcome. Thank you.
COMEX:GC1!Long
by stk2fx
2