Goldfutures
gold futures may test $1700On going triple zigzag correction in Gold futures unfolds its third leg of down
minimum requirement of wave 'z' is 62% of (w+y) which comes @ 1700.
Weekly Price action support is not seen at 1770 which is 38.2% of (w+y)
logic; money is tight ,interest is high, Gold will not find any new buyers at this level as all the metal stocks are gliding to earth
GOLD FUTURES (GC1!), H1 Potential for Bearish DropType : Bearish Momentum
Resistance : 1834.7
Pivot: 1816.5
Support : 1785.8
Preferred Case: On the H4, with price moving below the ichimoku cloud and within a descending channel, we have a bearish bias that price will drop from the pivot at 1816.5 in line with the overlap support to the intermediate support at 1806.2 in line with the 100% fibonacci projection, 127.2% fibonacci extension and horizontal swing low support. Once we have downside confirmation, we would expect bearish momentum to carry prices to 1st support at 1785.8 where the swing low support, 100% fibonacci projection and -27.2% fibonacci expansion are.
Alternative scenario: Alternatively, price may rise above pivot structure and head to the 1st resistance at 1834.7 where the swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci projection are.
Fundamentals: With no major news events for Gold and expected further strength in the DXY, we have a medium bearish view on gold.
GOLD FUTURES (GOLD1!), H1 Potential for Bullish ContinuationType : Bullish Rise
Resistance : 51792
Pivot: 51152
Support : 50529
Preferred Case: On the H1, price is moving above the ichimoku cloud and has broken out from descending trendline which supports our bullish bias that price will rise to the pivot at 51152 where the swing high resistance, 78.6% fibonacci projection and 61.8% fibonacci retracement are. Once we have upside confirmation, we would expect bullish momentum to carry price to 1st resistance at 51792 in line with swing high resistance and -61.8% fibonacci expansion.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 50529 in line with the swing low support, 61.8% fibonacci retracement and 100% fibonacci projection .
Fundamentals: With greater concerns about an impending US recession, following Chair Powell’s comments, gold price is likely to trade higher, giving us a weak bullish bias.
GOLD FUTURES (GOLD1!), H1 Potential for Bearish DropType : Bearish Momentum
Resistance : 51158
Pivot: 50742
Support : 50157
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 50742 in line with the swing high resistance and 38.2% fibonacci retracement to the 1st support at 50157 in line with the swing low support.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 51158 in line with the overlap resistance, 61.8% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: As the Fed has a 75-basis-point rate hike on the interest rate, we are bullish on Gold.
Gold: Heave ho!Gold had finally hauled itself up a bit higher into the orange zone between $1868 and $1919 only to drop back out. However, we expect it to gather all its strength to make it into the orange zone again and subsequently towards the resistance line at $1921, where it should finish wave b in orange. Then, gold should fall below the support at $1830 and continue the descent into the turquoise zone between $1660 and $1525, where it should complete wave C in turquoise and with it the overarching downwards movement. There is a 40% chance that gold could be strong enough to rise even higher into the red zone between $1919 and $2003 before turning downwards and heading for the turquoise zone.
Gold Futures (GOLD1!), H1 Potential for Bullish momentumType : Bullish Momentum
Resistance : 51788
Pivot: 51240
Support : 51035
Preferred Case: On the H1, price has broken through the descending channel and is moving along the ascending trendline. Also, price is moving above the ichimoku indicator which supports our bullish bias that price will rise from our pivot at 51240 in line with the overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci projection to the 1st resistance at 51788 in line with swing high resistance and 100% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and drop to the 1st support at 51035 where the overlap support and 78.6% fibonnaci projection.
Fundamentals: The inflation hedge benefitted from the highest inflation seen in the US in 40 years. The rate of increase in the fed funds rate would be key to further gains in the precious metal. A hike lower than 75bps would allow gold to build on recent gains. This gives us a mixed to weak bullish view on gold.
GOLD Futures Positional Long Idea#GOLD Futures Postional Long Idea
Disclaimer: These levels are purely based on Price action/demand and supply zones & and consumed only for educational purpose & should not be taken as buy/sell recommendation. I will not be responsible for any loss/profit incurred if anyone takes trades based on my views.
Please consult your Financial Advisor before making any trading decision.
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Gold Futures (GOLD1!), H1 Potential for Bearish momentumType : Bearish Momentum
Resistance : 51144
Pivot: 51040
Support : 50683
Preferred Case: On the H1, price is moving within the descending channel, MACD is showing bearish momentum and price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 51040 in line with the overlap resistance to the 1st support at 50683 where the swing low support, 100% fibonnaci projection and 61.8% fibonacci projection.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 51144 in line with the overlap resistance and 61.8% fibonacci retracement.
Fundamentals: The outcome of the US CPI would confirm if inflation remains on a rising trend or if it is topping out which gives us a mixed bias on gold.
Gold Futures (GOLD1!), H1 Potential for Bullish bounceType : Bullish Rise
Resistance : 51144
Pivot: 50723
Support : 50416
Preferred Case: On the H1, stochastic indicator is bouncing off resistance level which supports our bullish bias that price will rise from the pivot at 50723 where the swing low support and 78.6% fibonacci retracement are to the 1st resistance at 51144 in line with the pullback resistance and 61.8% fibonacci retracement.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 50416 in line with the overlap support and 50% fibonacci retracement .
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Gold Futures (GOLD1!), H1 Potential for Bullish ContinuationType : Bullish Rise
Resistance : 51386
Pivot: 50900
Support : 50578
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 50900 where the overlap support, 50% fibonacci retracement and 61.8% fibonacci projection are to the 1st resistance at 51386 in line with the swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 50578 in line with the overlap support and 78.6% fibonacci retracement.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Gold Futures (GOLD1!), H1 Potential for Bullish ContinuationType : Bullish Rise
Resistance : 51545
Pivot: 51303
Support : 51141
Preferred Case: Price is moving within the ascending trend channel and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 51303 where the pullback support is to the 1st resistance at 51545 in line with the swing high resistance, 78.6% fibonacci projection and 161.8% fibonacci extension.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 51141 in line with the overlap support.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
Gold Futures (GOLD1!), H1 Potential for Bearish ContinuationType : Bearish Momentum
Resistance : 50877
Pivot: 50577
Support : 50290
Preferred Case: On the H4, price is moving below the ichimoku cloud and breaking from the ascending channel which supports bearish bias that price will drop from our pivot at 50577 in line with the overlap resistance to the 1st support at 50290 in line with the pullback support, 161.8% fibonacci extension and 61.8% fibonacci retracement.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 50877 in line with the overlap resistance .
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
GC Gold WARNING: next 3 very impt supportsGold update from the previous post where I said gold may go to 1800 or even 1760.
As predicted, the bounce from 1800 was short-lived & GOLD is barely holding 1833, the 0.618 Fib level.
This time it falls, 1800 may not hold anymore. These are the 3 next impt supports:
1) 1760 is an impt pivot & also near the trendline from 2018. Breaking below the 1800 to 1760 zone may void the CUP & HANDLE move.
2) 1677 is the neck of the big M-pattern started since 2019 & is also the base of 2 bottom consolidation boxes in 2020 & 2021 which makes it a very strong support. This is a 20% drop from 2078 ATH.
3) 1450 is the MAX PAIN support at a 2006 TL. This may also be the Fib level where the big M-pattern finally completes. This is a 30% drop.
Watch the DXY dollar index very carefully as this scenario will play out only if DXY continues to go up. DXY seems to be bouncing from 100 to make new highs in line with the FED tightenning raising rates & the upcoming QE.
Not trading advice
GOING SHORT ON GOLD. LONG TERM SWINGSeeing the breakdown on the chart,
Gold, being a commodity/metal, is expected to get to $1960 before it goes for the bearish run.
Gold was little changed at $1851.
Expected TP @ $1675
DISCLAIMERS
This is an idea/speculation of Gold's movement, not an investment or financial advice.
Trade with caution.
CURRENCYCOM:GOLD
Martin I. Sylvester
Financial Market Analyst
Gold (GOLD1!), H1 Potential for Bearish bounceType : Bearish Continuation
Resistance : 51102
Pivot: 50844
Support : 50563
Preferred Case: With price breaking the ascending channel and MACD having a bearish momentum, we expect prices to break through the ichimoku cloud. Also, we have a bearish bias that price will drop to our 1st support at 50563 in line with the 161.8% fibonacci extension, 38.2% fibonacci retracement and horizontal overlap support from our pivot at 50844 in line with the horizontal pullback resistance.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st resistance at 51102 in line with the pullback resistance.
Fundamentals: Due to increasing inflation rates in the US,UK and other developed economies, we have a bullish view on the precious metal.
XAUUSD Potential for bullish momentum | 24th May 2022With prices moving above the ichimoku cloud, we have a bullish bias that price will rise from our buy entry at 1853.94 where the horizontal overlap support is to our take profit at 1884.14 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement. Alternatively, price may break entry structure and head for stop loss at 1832.57 where the horizontal overlap support, 38.2% fibonacci retracement and 61.8% fibonacci projection.
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Gold (GOLD1!), H1 Potential for Bullish bounceType : Bullish Bounce
Resistance : 51260
Pivot: 50862
Support : 50579
Preferred Case: With prices moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 51260 in line with the 127.2% Fibonacci extension and overlap resistance from our pivot of 50862 in line with the 23.6% Fibonacci retracement and horizontal overlap support.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 50579 in line with the horizontal overlap support and 38.2% fibonacci retracement .
Fundamentals: Due to increasing inflation rates in both the US and UK, we have a bullish view on the precious metal.
Gold (GOLD1!), H1 Potential for Bullish bounceType : Bullish Bounce
Resistance : 51260
Pivot: 50862
Support : 50579
Preferred Case: With prices moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 51260 in line with the 127.2% Fibonacci extension and overlap resistance from our pivot of 50862 in line with the 23.6% Fibonacci retracement and horizontal overlap support.
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 50579 in line with the horizontal overlap support and 38.2% fibonacci retracement.
Fundamentals: Due to increasing inflation rates in both the US and UK, we have a bullish view on the precious metal.
GOLD got my May11 target of 1800 & bounced; 1760 destination?Update of my 11May post that gold will fall to 1800 if 1833 does not hold. It bounced from 1800 but this may not last if DXY dollar index continues higher.
GC1 gold futures is doing a M-pattern & may retrace to 0.786 FIBO back down to 1760.
However, if DXY dollar tops out & retrace to 100 or 97, gold will be able to hold 1800 & rally back to 1920/1900 neck of M-pattern or even 2000.
Worst case scenario is 1670 although very unlikely considering a lot of funds will hedge against inflation.
Gold must hold the 1800 to 1833 zone to stay above a BIG WEDGE from 2020 & to remain bullish. Otherwise the odds increases that the ultimate bottom of wedge at 1670 may be retested.
Not trading advice
Gold: Direct Route or Detour?Gold has extended its visit in the green zone between $1814 and $1847 and has reached its upper edge. Here, gold has finished wave 4 in green and should turn downwards to head for the orange zone between $1707 and $1657. There, it should complete wave 5 in green as well as wave iii in orange and start a countermovement in the course of wave iv in orange afterwards. There is a 40% chance, though, that gold could overshoot the green zone and make a detour above the resistance at $1921 before resuming the descent.
GOLD to retest 1760 pivot after breaking TL @1833 & 1800(0.854)After rejected by 2000 level, GOLD is making a M-pattern & has retraced pass 1800, a 0.854 Fib level.
It has broken the diagonal Trendline @ 1833 (0.786 Fib level).
It is very likely that GOLD will go down to retest 1760 pivot (100% retracement) where it has bottomed multiple times before.
1760 will also be a 0.786 retracement of the entire rally from 1677 Aug2021 bottom to 2078 the Mar2022 Top.
Going lower towards 1677 to retest a trendline from 2019 will make wave 4 a regular flat. It is essential that 1677 must hold or else there will be a lower low after the 2078 slightly lower high or almost equal high. Breaking 1677 will mean a total 20% crash from ATH & that will put gold at the doorstep of a bear market correction. The next supports are way down at 1450/1500 (retesting a longterm Trendline from 2006) & 1170.
Not trading advice
Gold 4 hour : buy PINbar comes in 1hour and 4hour technical say now gold is in lowest low , going to start + trend , now you can pick buy with SL in yesterday low,pinbar low) dont close your buy sooner than red line ,fibo 61% near 1940 (it can go to 2000)
good luck , use very low size (1000$ balance max 0.02 lot =20$)
in my pervious analyse , many trader dont read my comment , inter buy suddenly , you must read comment word by word , witoyt hurry up
NOTE= always , in all my analyse when i give buy place ,dont inter buy , you must wait OK comes (OK= 1- in 15 min chart ,price break last upper trendline to up or 2- pinbar comes in 1hour or 4hoyr or daily ,,,, SL = last low in 4hour) sell is reverse of above
in your all other trades , use OK too , you inter little late ,but is very safe,lower risk , higher winrate