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XAU/USD | Gold has been a good journey, next month however...I will try to keep this one short.. Hi everyone, it has been some time (7 months) since I posted my first idea stating Gold's potential. Gold reached the target 2700$ last week. However, during this week or next week possibly, I am expecting a solid change in direction that will start a short-term consolidation phase. Don't get me wrong, Gold is extremely bullish on the long-term, forming this cup & handle like formation. But throughout the next month, I believe gold will fall around ~2600$, in the worst case around ~2500$. My reasoning is as follows, Looking at the Monthly Chart, Gold's bullish rally carried Gold above the approximately 10-year trend, this is expected to some extent, because Gold has a lot more buying power than it had years before and there is literally a war going on, this too puts pressure on bull side. However, one thing especially caught my attention, RSI is again over 80, which indicates Gold is overbought. In most of the cases where a stock is overbought a consolidation phase is inevitable. Looking at Gold's history, when RSI pushed these levels, in every single case, price dropped. I've added a view that shows the whole history of Gold. And I think this view also suggest sell pressure around the current price. Note that blue marked zone is an approximation because not any information from the past is present. To be able to keep track, I've added this view of the last 4 years. This view also indicates a lot of sell pressure for the short-term. I will update this view from time to time as Gold plays out. Overall, lots of indications, RSI being the most solid one, show that Gold is looking for a consolidation before moving forward with the bull rally. My only concern right now is, Is gold going to push more before consolidation starts? To be honest, It is not easy to comment on that. Least we can do is wait until a solid reversal on a hourly chart. I wouldn’t suggest shorting in situations like this without waiting for confirmation... Please do your own analysis before taking risks, Stay safe...
OANDA:XAUUSDShort
by Kivvwi
GOLD ready to sell possibly? shorts from 2,750This Week's Analysis for Gold: This week, I'm expecting gold to weaken and potentially consolidate. The slight bearish reaction we've observed may indicate that bullish momentum is losing strength. Additionally, with the recent Change of Character (CHOCH) to the downside, an unmitigated 7-hour supply zone has been created, which could prompt a revisit from price. From that level, I anticipate a potential selling opportunity. Once price taps into this zone, I'll be looking for distribution on the lower timeframe to refine my entry. Confluences for Gold Sells: DXY has shown strong bullish movement, and I expect the dollar to keep strengthening. Gold has shifted to a bearish character, signalling weakness. A clean, unmitigated supply zone is in place, where price may retrace. Significant liquidity to the downside and an imbalance that needs filling. Gold has been heavily bullish and may require a corrective move. P.S. If this turns out to be a retracement and price continues upward, I’ll look for potential buys at the 2,680 level. Have a great trading week!
OANDA:XAUUSDShort
by Hassan_fx
Xauusd sell signal Gold price (XAU/USD) builds on its steady intraday ascent and climbs to the $2,736-$2,737 area heading into the European session, reversing a part of the previous day's retracement slide from the record high. From a technical perspective, the overnight breakdown below a short-term ascending trend-channel support could be seen as a fresh trigger for bearish traders. Moreover, negative oscillators on hourly charts suggest that the path of least resistance for the Gold price is to the downside. That said, it will still be prudent to wait for a convincing break below the $2,700 mark before positioning for any further losses. The XAU/USD might then accelerate the corrective decline towards the $2,685 intermediate support en route to the $2,672-2,670 strong horizontal resistance breakpoint. Gold now sell 2739 Support 2725 Support 2712
OANDA:XAUUSDShort
by JohnHarry_7
3
Xauusd sell signal On the flip side, any subsequent slide is likely to find decent support near the $2,725 area, representing the lower end of the aforementioned trend channel. A convincing break below the latter might prompt some technical selling and drag the Gold price to the $2,700 mark en route to the $2,680-2,675 support. The latter is near the 100-period Simple Moving Average (SMA) on the 4-hour charts and should act as a strong base. Gold price attracts some dip-buying on Wednesday and hits a fresh record peak in the last hour. Middle East tensions, US political uncertainty and easing monetary policy regime lend support. Gold now sell 2754 Support 2737 Support 2729
OANDA:XAUUSDShort
by JohnHarry_7
2
Potential Correction in XAU/USD After Recent Bull RunThe price of XAU/USD has experienced a significant upward rally from $2,605 on October 10, 2024, to $2,741 as of October 21, 2024. This impressive bull run has been largely driven by market euphoria surrounding expectations of interest rate cuts. Investors have flocked to safe-haven assets like gold in anticipation of a looser monetary policy, boosting its appeal and driving prices higher. However, despite the ongoing bullish sentiment, there are signs that a potential correction may be on the horizon. When analyzing the recent movement using the Fibonacci retracement tool, the golden ratio (61.8%) suggests a key level of potential support around $2,695. This level could act as a corrective target for profit-taking or a temporary pullback before the next leg higher. A retreat to $2,695 would align with the natural ebb and flow of price action after an extended bullish phase, providing an opportunity for the market to consolidate gains before resuming its upward trend. In the 15-minute chart, XAU/USD is currently forming a bearish rising wedge pattern, a technical signal often associated with potential downward movement. This formation indicates that the recent bullish momentum may be losing steam, suggesting a reversal could be imminent. The narrowing price range within the wedge hints at weakening buying pressure, setting the stage for a possible breakdown. Given the recent extended rally, traders may begin to take profits in the near term, especially as the upward momentum in XAU/USD shows signs of exhaustion. This could lead to increased selling pressure, amplifying the likelihood of a short-term correction. If the price breaks below the lower boundary of the wedge, it would confirm the bearish signal, increasing the chances of a move towards key support levels, such as the previously mentioned $2,695 level. Traders looking to capitalize on this setup should closely monitor the price action for a clear breakdown, as it could offer strategic entry points for short positions or profit-taking opportunities for long traders. Traders and investors should keep a close eye on this level, as a confirmed correction could present buying opportunities for those seeking to enter the market at a lower price. Conversely, if the price holds above key support levels, the bull run could continue, especially if macroeconomic factors such as additional rate cuts or geopolitical tensions further fuel gold's allure. In conclusion, while the recent rally has been impressive, prudence suggests being prepared for a potential correction, especially with $2,695 emerging as a key technical level to watch.
OANDA:XAUUSDShort
by fardycurry
XAUUSD 30m Short: Setup with Strong Seller PresenceI’ve initiated a short trade on XAUUSD at this level, observing that price is dropping swiftly. There is significant selling pressure in this price zone, especially on the futures market, which didn’t take out the high. Given the sensitivity of the price action, quick reactions are necessary, as we see how this trade develops from here. Technical Analysis: • The price has retraced and rejected from a key resistance zone, where sellers are currently dominant. • Futures data reveals a strong selling interest at these levels, adding confidence to the short position. • The trade setup aligns with momentum indicators, suggesting bearish continuation in the short term. • Price did not clear the recent high in futures, creating a double top structure, which adds confluence for the downside move. Risk Management: • Stop Loss (SL): Positioned above the recent highs to minimize risk exposure in case of an unexpected reversal. • Take Profit (TP): Targeting a reward zone based on the Fib retracement levels, where support could potentially hold. A 2:1 risk-to-reward ratio is maintained, ensuring a balanced approach to this trade. Conclusion: This setup requires swift action due to the sensitivity of the price action. We’ll monitor closely for further confirmation from the market. If the downward momentum holds, we expect this to be a profitable trade. Stay mindful of the risk, and adjust if necessary as price action unfolds. Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
CAPITALCOM:GOLDShort
by AR33_
Xauusd sell On the flip side, weakness below the $2,632-2,630 immediate support is likely to attract some buyers and remain limited near the $2,600 round-figure mark. Failure to defend the said handle will be seen as a fresh trigger for bearish traders and make the Gold price vulnerable to accelerate the fall towards the next relevant support near the $2,560 zone. The corrective slide could extend further towards the $2,535-2,530 region en route to the $2,500 psychological mark. Gold now sell 2660 Target 2620 Resistance 2675
OANDA:XAUUSDShort
by JohnHarry_7
Gold (XAU/USD) - Potential Bearish Continuationhello guys. let's analyze gold! Price Action: The chart shows gold is currently trading within a descending wedge. The price has been rejected from the upper boundary of the wedge, indicating a potential reversal. There’s a clear lower high formation, which suggests a shift towards a bearish trend. Key Levels: A significant support zone exists around 2,585 USD to 2,590 USD, marked by the purple highlighted area. The price is likely heading toward this support if the bearish momentum continues. The current resistance lies near 2,667 USD, which acts as the upper boundary of the wedge. Bearish Scenario: The chart indicates a potential downward move if the price breaks below 2,627 USD. The next target for the bearish movement is the 2,590 USD area. If this level fails to hold, a deeper correction could follow.
OANDA:XAUUSDShort
by melikatrader94
13