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GOLD GLOBAL VISION (Elliott Waves)Hello friends. Please support my work by clicking the LIKE button👍(If you liked). Also i will appreciate for ur activity. Thank you! Everything on the chart. Nothing has changed from my last idea,everything according plan. received a strong upward movement on volumes, we are forming the fifth wave Globally we are in wave (iv) of 5. After which we will see the final growth in the area of ​​2200. MAIN TARGET ZONE: 2150-2300 STOP: 1750 Risk/Reward: 1 to 5 Good luck everyone! Follow me on TRADINGView, if you don't want to miss my next analysis or signals. It's not financial advice. Dont Forget, always make your own research before to trade my ideas! Open to any questions and suggestions.
OANDA:XAUUSDLong
by trytofeelpositive
8
Why is gold falling hard? Will gold test $1950/1900. Why is gold dropping hard?  There are only two reasons that are playing behind the gold's drop.  1. Ukraine's president says they are no longer to join NATO.  2. Profit-taking purposes.  Both two matters are playing behind the gold's drop and happening at the same time. Because if Zelonasky doesn't join NATO, Russia may stop the war. No war favorable market conditions push the investor for profit-taking.  And, of course, gold dropped from its all-time high price. It is normal. Even I shared an analysis last week that gold will drop from $2075, which happens. It is widespread. Every asset will have profit taken from solid support and resistance. And all-time high and all-time low is enormous support and resistance.  Gold has dropped almost 1100 pips from its all-time high price zone. Gold is currently hovering near trend line support. Somehow if this minor trendline support breaks out, it will go straight to $1950. $1970 is the trendline support zone from the present perception, which means that if 1the gold breaks below $1979t, our first target would be 1950. In my opinion, gold may not break $1950 in one chance. I think XAU/USD will pull back from around $1950 because around $1950 is the Major Trendline Support Area. But if for some reason 1950 breaks out, it will only go to the 1900/1890 prize. Today we have a CPI report. So, if CPI drops, XAU/USD may bounce to $2000/2020. I think, $2000 or $2020 should be another good place to sell if the CPI drop. If CPI prints positive, there are no ways gold has the most possibility to test $1950.
FX:XAUUSD
by Gold_Trading_Expert
Gold Weekly Analysis: Gold needs war, not only sanctions. Gold dropped sharply after testing its nearly multi-year high level of $1974/ounce. However, XAU/USD started positively at the begging of the last week but closed in a negative biased. But technically, as long as gold is above the $1850/1835 price zone, it will remain still bullish. The gold market yet has thousands of reasons to go upside. When the Russia-Ukraine crisis started, gold went up because investors expected NATO and Russia to conflict. Still, the USA and Europe just gave sanctions against Russia but didn't announce direct war with Russia. But market expected direct war against Russia. Though that didn't happen yet, the NATO countries are involved with Russia-Ukraine issues slowly. And eventually, NATO countries conflict with Russia very soon because the Russia-Ukraine war involves the security and self-respect of America and Europe. If Russia occupies Ukraine, NATO will be considered a failed organization. Although Ukraine is not yet a member of NATO, many may say that NATO countries cannot wage war directly against Russia. It will be just an excuse and a strategy to cover up the failure. Because of the encouragement and provocation of NATO, Ukraine has shown courage and confidence. So the defeat of Ukraine means the defeat of NATO to Russia. I am not a war expert, but as a market analyst, I think investors not only expected a blockade on Russia, but they expected a big war. But since that did not happen, the gold market has undergone a significant correction, and as a result, gold has dropped. Russia has been expelled from Swift. As a result, all countries that do business with Russia will be in more or less trouble. There is no doubt that essential commodities like gas, oil, and wheat will increase. Many countries in the Middle East depend on wheat from Russia and Ukraine. Many European countries are dependent on Russian gas and oil. So it is very typical for the commodity market to become turbulent. And since Russia has been ousted from Swift, there is no doubt that they will lean towards a cross-border interbank payment system, gold, or bitcoin to keep the economy afloat. So I think even if the gold price dropped last week, it would increase from next week. Not only the gold price, but I also do not doubt that the blockade on Russia will increase the price of gold and commodities like bitcoin, oil, and wheat. Technical Analysis: Technically as long as gold is above the trendline support zone of $1850/1835 price zone, it will remain uptrend. From the present rates, $1875/1870 is immediate resistance. Breaking below $1870 will open the door for the $1835/1850 price zone. Again, we may see a big buy from the $1850/1835 price zone. The buying bias may start from the immediate support level of the $1870/1875 price zone. But, breaking below $1835 may invalidate the uptrend and may continue downtrend in the long term. If the gold price bounces from its immediate support or buys limit zone, our first target to the upside is $1915. Breaking above $1915 will open the door for the $1960/1975 price zone. And the final target to the upside is above $2000. Please like, comment, and share if you like my analysis and join me.
TVC:GOLDLong
by Gold_Trading_Expert
6
Gold weekly Forecast: From 7th March To 12th March 2022Gold's rise is not stopping in any way. Honestly, there is no reason to stop it. Gold has not dropped that way without profit-taking reason from the technical level. The Russia-Ukraine crisis and the economic blockade imposed on Russia by NATO countries have further boosted demand for gold, and inflation has been on the rise for the past two years due to the Covid 19. All in all, the fundamental reasons for gold are pretty strong and favor upside the golds prices. Although the NFP report was quite good yesterday, it did not impact the market and didn't help the USD against gold and safe-haven assets. Yesterday, during NFP's live news trading season in my group, I repeatedly said that gold would not go down no matter what the report was. And so it has been. It is ubiquitous that if there is a significant crisis in the market, no report in the economic calendar works that way. And that's what the market is all about. And as long as these issues exist, the XAU/USD will continue to rise with a higher high chart pattern. Gold will always rise after profit-taking with corrections from the support level every time as long as the issues exist. This is what I have been seeing for the last 14 years. In the case of Safe Haven Assets, there is no exception that prices rise during crises, economic slowdowns, and higher inflation. As far as I can tell, the Russia-Ukraine issue will not end soon. And if this issue continues and NATO member states impose more economic sanctions on Russia, the gold price will quickly cross the all-time high rate of $2070. If the XAU/USD crosses $2070, we should have a second target of $2185 and finally $2300; by the end of this year, we can see the gold price. Gold Daily Chart Take a look at the daily chart. Although the market closed before last week with a vast bearish pin bar, the gold price did not drop. Instead, the gold market has closed near the previous swing high level in the last week with a vast and clear bullish candle. As the market has closed with a full bullish candle in the last week, if the gold price can somehow cross this immediate swing high level of $1975, our next target is $1992. After breaking above $1992, our next target to the upside is $2010/2020. I think this will be the most common scenario in the next week. We will see a minor correction towards $2020. Gold may come closer to $1975 with a market correction, but this will not change the trend. And if there is a Russia-Ukraine issue that exists and worsens, we will see again that the gold price has been rising to $2050/2080 very soon. Please like, comment, share, and join me if you like my analysis and chart.
TVC:GOLD
by Gold_Trading_Expert
16
Gold may touch the sky very soon. Gold breaks above the market gap highest after correction. Though weekly candles closed, a substantial bearish pin bar candle market ignores candlestick patterns. And most possibly, gold will test the sky as long as Russia-Ukraine issues exist. And there is no sign that the war will end very soon. So, it would be wise to keep in buy mode as long as a crisis exists. Initially, I expected gold to test its last week's swing high zone of $1973 price zone. And breaking above $1973 may open the door for above $2000. Gold's fundamental situation and market sentiment are still positive. So I guess gold still has a chance to test $1973 or go above $2000. Given the growing demand for gold as a safe haven, given how the United States and its allies are imposing economic sanctions on Russia and are likely to do more, hopefully, the demand for gold will not decrease. And just as Russia has surrounded Ukraine on three sides, it is only natural that large-scale war could break out at any time. So staying in Gold sell now would not be a sage thing to do. We should stay in buy mode until each resistance zone breaks out until the next resistance. And if you go to the market swing area, it is better to use small stop-loss and stay in buy mode.
TVC:GOLDLong
by Gold_Trading_Expert
GOLD: 1D Chart ReviewHello friends, today you can review the technical analysis idea on a 1D linear scale chart for Gold. The chart is self-explanatory. Gold price may come back down to re-test the top of the Descending Broadening Wedge Pattern. If price gets rejected when coming down, expect to see the 0.382 Fibonacci Retracement level to touch which is in line with the Multi-year Support Trend Line. RSI is near overbought on the daily chart so be careful. If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
TVC:GOLD
by MillionaireEconomics
3
Gold Weekly Analysis: Gold is about to test it's resistance zoneHello guys, welcome back to another gold weekly forecast. Gold is shining for 14 days as a safe-haven asset. Gold almost up nearly 1200 pips within 14 days. Russia-Ukraine issues set on fire on commodities prices, including gold. So, Any de-escalation of Russia-Ukraine tension may decrease the gold price as gold is rising for this issue. The current gold market condition shows that economic calendar reports are not working as it usually does before. Last week the US retail sales report was excellent, but it didn't help the USD against the gold. When the world goes through any kind of crisis, gold behaves like a king. The world is going through a geopolitical crisis, and gold is dominating, and it was supposed to happen. So, as long as geopolitical issues exist, gold will run to the upside more. So, Any de-escalation of geopolitical crisis will also send the gold down. Technical Analysis: Technically, gold is in an uptrend but hovering near its trendline resistance and previous swing high level. RSI also shows gold price holding over the overbought zone. So, considering technical analysis, it is expected that gold may go a deep correction to the downside. $1908/1915 is a resistance and correction zone from the current rates. So, gold may drop as a correction for the $1908/1915 price zone. But if the Russia-Ukraine tension rises more, I think gold will consider neither a resistance zone nor a swing high instead. If it can break above the $1915, gold may test the $1925 price zone immediately. From $1925, we may see a minor correction in deep, and it will be a buying opportunity. Our next target to the upside will be the $1950/1960 price zone, and the final target to the upside is $1995/2000. On the other hand, if geopolitical tension de-accelerates bit or the market follows technical analysis, gold may drop to the $1868/1870 price zone from the current price. Breaking below $1868 will open the door for testing the $1830 price. But I think gold won't break below $1830 very soon unless Russia-Ukraine issues are wholly finished. If you like my analysis, please like, comment, share, follow, and join me.
TVC:GOLD
by Gold_Trading_Expert
4
How Long Can Gold Rise? what is the Next Target? Gold has already broken its trendline resistance, and more upside bias is coming soon. But we have to be cautious that gold has reached its swing and profit-taking zone and have to consider Russia's reserves. Of course, gold has more room for going upside, but don't forget Russia has enormous gold reserves and might have to tap those if it's cut off from the global financial system. So, gold must go in some correction to the downside from the current zone. From the present rate, gold may test $1950/1960, and then I expect it will go to correction till the $1908/1915 price zone. In my last article, I did mention gold's first target is $1908/191. This target has already been done. Our second target was $1950/1960. Thou high tested was $1848, I mean nearly our second target. SO, after testing our second target, I expect gold to drop first nearly to its immediate support level of $1908/1915 level, then gold will rise again if the Russi-Ukraine crisis exists. So, I am expecting a correction though gold has broken above the trendline resistance. So, it would be too costly if you buy at this current level. SO, wait for the correction and buy again. Please comment, share, and join me if you like my analysis.
TVC:GOLD
by Gold_Trading_Expert
2
Gold: Why Gold Dropped Hard and What is the next Destination?during the weekend, we had shared our views on gold might going to drop, and that really happened. from my personal view, I have found 3 reasons behind the Gold's flash crash early market opening. 1. Last week's massive US job market report. 2. Gold was raised when most of the central banks cut their interest rate to support their economy during the pandemic. Now, many central banks are thinking to increase the bank's rate again. August 18, RBNZ is going to hike their bank rate is expected. 3. Timing also may play behind today's Gold's flash crash. The time gold dropped, most of the time flash crashes happen that time. because of thin liquidity. U.S market is closed, UK/European they are in bed, Asian traders aren't out of bed yet. only Australian and New Zealand market is open those are a relatively small market. So, now the question is, Will Gold Drop More? Most possibly Yes. after the flash crashes, we have seen before the market goes for a big correction. that really happening in the market right now. This week the U.S has an inflation report to be released. if the come can meet expectation the FED has more chance to rake hike again this year. so, the Gold may drop again. What about the technical analysis? technically gold is in a bearish mode we have shared many times. From the present price zone, 1760 is the major resistance. breaking above 1760 is a hard job. in case It breaks above 1760, we may see more upward correction till 1790/1800 price zone. I think 1970/1800 is the perfect price zone for sell entry. as long as the market is below the 1760 price zone, there is still have a chance to sell Gold. As usual, stop loss should be above the 1840 price zone. and the first target 9s 1725 and final target as we gave our last analysis is 1680/1680 zone. last analysis hit our target and bounced back from the 1680 price zone. N:B: Don't rush for selling Gold immediately, let the market for correction and chart pattern or any news outcome.
TVC:GOLDShort
by Gold_Trading_Expert
60
Gold Weekly Forecast: Gold is heading to uncertainty. The strengthening of the US dollar and the narrowing of the yield differential between US T-bonds have fueled the rise of XAU/USD. Furthermore, in response to Jerome Powell's comments on Friday regarding high inflation, the gold price rose to its highest level since early September at $1 815.50 before falling again shortly after. Before this weekend's holiday festivities and tomorrow's FOMC Chairmen Powell addressed Friday at a Bank for International Settlements seminar. "Inflation will linger longer than predicted," he said, adding, "the tools available." However, with 2022 so close, there seemed to be less fear about an eventual fall down to earth. What happened last week? The market's defeatist attitude was exacerbated by China's weak growth figures, which boosted the dollar. POSITIVE EARNINGS STATISTICS LIFTED large US banks' equities on Monday, helping the major Wall Street indexes gain traction. This allowed risk flows into financial markets to restrict XAU/USD losses once more, as USD weakness drove them up (and rising Treasury bond yields). This trend persisted on Tuesday, with no significant macroeconomic reports supporting commodities like gold mining shares. The S&P 500 Index closed at an all-time high this week, as gold rose to new weekly highs. On Thursday morning, initial unemployment claims fell below 290K for the first time since March 2020, adding to the evidence that things are looking up in the West. With the recent interest rate hikes by the Fed in December, they have increased the opportunity to return capital through traditional lending markets while still keeping rates low enough that people won't notice much impact if any. What About The Next week? Investors stay on the sidelines ahead of major events, so the market is unlikely to react substantially. What will include these figures in a US economic docket on Tuesday, but they could impact the future because of how soon they come out. While you may have had a lot going on in your brain, including fear or excitement, the tone of your output should stay nice. We will get our first estimate of third-quarter GDP growth from the Bureau of Economic Analysis. Given that the lackluster September Nonfarm Payrolls data did not change the Fed's tapering plans. We could see another leg upward in T-bond yields in the coming weeks. A breach above 1.75 percent for the benchmark 10-year Treasury yield would open the door to new prospects for dollar strength. If you've been struggling financially because your income isn't quite enough longer, these figures may be able to help you get back on track. On the one hand, if the Federal Reserve delays its planned reduction in asset purchases to cool down the markets, it might generate significant investor issues. Anything might happen in the market next week, given how unpredictable it currently is. Several pieces of news will be released that could have an impact on the direction stocks take. Facebook's earnings report will be released on Wednesday (in which they forecast $5 billion in revenue). Amazon's quarterly results after trading hours on Thursday evening EST/Wednesday afternoon PST. They are expecting to generate more than $55 billion this time around. Still, it depends on whether there was any disruption from last month when one of its distribution centers experienced an overflow during Prime Day, which caused some shipments to be delayed. XAU/USD Technical Analysis Technically market is on an uptrend in a short time frame. But along bearish candle may send the gold lower, as I have seen many times before. Last Friday, Powell didn't send any strong message; instead, he was a bit dovish. Still, gold dropped from the rising trend line. As two weeks back, average earnings rose, and next week some big tech company will release their earnings report. So it is supposed to have good earnings reports. So, fundamentally there is a chance that gold may drop again. from the present rate, $1780/1775 will play as a strong support zone. Breaking below $1775 gold may test the $1760/1763 price zone. Breaking below $1760, testing the $1745/1750 price zone won't be hard. Absolutely $1745/1750 will act as solid support. And we have seen some upward correction nearly $1780 price zone again from $1745/1750. Finally, if we see gold price breaks below $1745, we will set our last target at the $1720/1725 price zone. On the other hand, $1808 is the immediate resistance from the present rate, and the swing area is identified at the $1715 price level. So, we may go for but if the gold price breaks above the $1715 price zone. $1730/1735 has been acting as an acritical resistance for a long time. So, if we buy above the $1715 price zone, we must close it to nearly the $1730 price zone. If gold price can break above #1735 price, we must think for a long term buy at least almost $1900 price zone.
TVC:GOLD
by Gold_Trading_Expert
Gold Analysis Ahead Of FOMC: Gold Stuck In Trendline Resistance Once again, Gold could not break above its trendline resistance level of the $1854 price zone. Gold almost dropped more than 250 pips from its swing high spot of the $1853.50 price zone. We already know that today is the FOMC. I don't want to take your time too long by just saying that I will repeat why Gold is rising every day. Fundamental factors are still supportive of Gold. But today, the FOMC is more important than some other fundamental analysis. In March, the market expects a 25 BP rate hike and a four-rate hike in 2022. The CPI rate has risen since Dec 1982, and Omicron still exists in pace. We have to focus on today's bullet points. How front-loaded is Powel about the U.S economy? How aggressive speech does he deliver about rate hikes? How many times does he signal for a rate hike? Are they hiking their rates based on economics or not? What about inflation? If you get these four questions answered, it will be easy to decide what to do about the Gold. Either dollar will be strong or weak, and you will get a clear idea. If Powell signals front-loaded economic conditions and delivers more aggressive hikes signals in March and more than four times in 2022, the gold price will drop nearly $1810/1800 price zone. On the other hand, If Powell expects inflation to drop quickly, rate hikes depend on their upcoming economic data, and four-time rate hikes still not their mind, the gold price will rise, and the Gold may test the $1865/1870 price zone immediately. They are the main keywords for the FOMC today, from my view. Technically, Gold has dropped from the trendline resistance level. If you see the daily chart, it will be more precise. 1454/1858 is the trendline resistance from the current price. As long as the gold price is below the trendline resistance, it has most possible that the gold price may drop. Only gold can break above the trendline resistance if the statement is dovish. Otherwise, it would be hard to break above the trendline this week. Though the market has retraced from the trendline resistance, it still holds above the trendline support price zone. If the market breaks below the $1828 price zone in the short time frame, it may drop nearly $1810/1800 price zone. Finally, breaking below $1800/1795 may open the door for the $1785/1787 price zone. But for this scenario, it needs a very hawkish statement. On the other hand, if Powell delivers a dovish statement, Gold initially may recover today's loss and may test nearly $1850/1855 price zone. Breaking above $1855 may push the almost $1870 price zone.
TVC:GOLD
by Gold_Trading_Expert
3
Nice Risk Reward RatioThe US Fed's emergency meeting and Russia Invasion news caused the crazy spiked on Gold, its news-driven price action. Technically, I see an excellent risk-reward ratio to shorting Gold. If the price stays below the red resistance, I reckon Gold at least will fall to the target 1, 2, and 3 to retest the 38.20% Fibonacci retracement. Be cautious of another breaking news on the weekend; we never know. Invalidation: - This analysis fails if the price breakout and close above the red resistance Even though I know, DXY does not always have a perfect correlation with the Gold price. Currently, DXY is still above the Trendline and potentially will retest the 97.7 level.
OANDA:XAUUSDShort
by GoldCartel
Gold Analysis: Breaking above 1765 may open the door for 1830What happened the last week? Gold is on a hot streak! Last week, the yellow metal saw some relief as it went up against the U.S. dollar and other currencies worldwide. As a result, the gold has ended its three-week decline. But will this temporary victory be more than just an illusion? With uncertainty surrounding global energy production brewing into what many fear could become another 2008-style crisis. China Evergrande debt issue, tapering fears from Federal Reserve banks, and The U.S. political drama sent the gold price high in the last week despite the U.S. dollars positive economic reports. In such an environment, investors may not want to risk tying their fortunes too closely with one element when they don't know which way things are going next month. But one thing we should not forget is that October is not suitable for gold buyers, and it is historically proven. Last week, the FOMC was hawkish, and T-bond helped the USD; as a result, gold tested nearly 1722 price areas. Even FOMC members hint that the tapering may start soon, and rate hiking is expected in 2022. The U.S. economics reports were also positive than forecast. But all positive factors for the USD didn't stop the rising gold price because of inflation expectations, the U.S. political drama, China Evergrande debt issue, tapering fears, and uncertainty on global energy production. Great Britain is suffering from a lack of oil and gas. We also saw the oil and gas price jump up as a result. It means investors are concerned about inflation expectations. What about the next week? Several market move data will be published in the next week, including the U.S. job market reports. Last month's NFP report was too negative. It was supposed to, because august added a high number of jobs in the U.S. economy, and September's forecast was also a high number. Usually, it seemed a difficult position. Anyhow, The next few days will be interesting for gold traders. The Chinese markets are closed on Thursday, which should allow volatility in Asian trading while they remain closed through Tuesday's US ISM Services PMI (which is informative). Wednesday morning brings us ADP Nonfarm Employment Change which gives insight into America's job market growth rate before we see any indication from the Federal Reserve regarding tapering expectations towards monetary policy changes due out later. The U.S. Department of Labor's weekly Initial Jobless Claims report will be drawing some attention alongside New York Federal Reserve President John William's speech on Thursday. Friday brings in the all-important NFP data expectations for a better-than-expected print at 500K vs. last month's abysmal 235k figure. It indicates that what may have well-made progress towards meeting Fed Chairman Powell and Co.'s goal for maximum employment - it'll be closely eyed, no doubt. The price of gold will remain at the mercy of market sentiment. Investors must keep their eye on what is happening in U.S. politics and how global energy crises are playing out. Investors will also keep an eye on the economic data from around the world, including emerging markets. China has recently started investing more heavily in technology stocks rather than buying physical ones. They used to do it just because there's too much supply already causing inflation across all types of goods these days. So, be careful. Gold's price does not just depend on one factor. Gold Technical analysis Gold stuck below the descending trendline. Technically though, it is still in a downtrend. But I am a bit confused that the positive economic reports failed to send gold prices lower from the resistance level. Usually, gold drops from such a strong resistance level just for a technical reason. But last week, that didn't happen. That means market sentiment favoring higher gold prices. So, from the present rate, resistance and breakout area is identified at the 1765 price zone. If gold price can break above 1765, it may open the 1780/1785 price zone. I think gold will go for correction from the 1785 price zone. But in case gold breaks above the 1785/1890 price zone, it is expected to hit again above the 18000/1805 price zone. And our final upside target is the 1830/1835 zone. I don't think gold will be able to break above 1835 easily. Even October is not a good month for gold buyers; it is historically proved. On the other hand, if we see the global energy production crisis settled and the U.S. job market reports can fulfill the expectations, it is just a matter of time that the gold price will drop heavily. From the present rate, immediate support is identified at the 1750 price zone. Breaking below 1750 will open the door for the following support 1725/1720 price zone. 1720/1725 price zone may act as a retracement area for gold. But breaking below 1720, it is expected gold may hit below the 1700 price zone.
TVC:GOLD
by Gold_Trading_Expert
2
Potentially a bear flag at the 50% Fibonacci retracement. The last drop was from 1853 to 1780 (Chart attached below); it was a pretty good trade for the seller. If we draw a Fibonacci retracement from 1853 to 1780, the 50% Fib is currently at the 1816-1820 zone. The 50% Fib indicates that the Bearish momentum is not that strong. Also, I notice a potential bear flag pattern, a pretty lovely risk-reward ratio to try to sell gold down at least to the bottom flag line, maybe below if it can break out below the bottom bear flag line. This week, there's not much high-impact US data, so most likely, it's all based on the price action. The catalyst: - US CPI - Unemployment Claims - 30-y Bond Auction Invalidation: - This analysis fails if the price breakout and close above the upper bear flag line and the 61.80% Fib retracement at 1825 Zone. Target: - There are many short-term targets, mid-term targets at the bottom flag lines, Long-term targets maybe below at 1760-1680 zone.
OANDA:XAUUSDShort
by GoldCartel
Gold Price Analysis: Market is waiting to test 1830 again. Gold has been making a solid comeback in the past week, and today it reached above $1800 for the first time since the first week of September. This bit long-awaited move finally came after weeks of impressive gains made following Wednesday's upsurge, which saw gold preserved its bullish momentum. That is an important milestone that XAU/USD has reached above the $1800 price zone. The reason behind such good fortunes? Falling U.S. Treasury bond yields seem to be fueling these advances with their recent poor performance weighing heavily upon USD prices. N.F.P. came super negative, Market sentiment helping the gold price to up as well. Though yesterday C.P.I. printed positive today, PPI fades away. Last week before N.F.P., most U.S. economic reports came positive, but the USD outperformed against the gold. The dollar Index falls below 93.80, nearly ten days lows; as a result, investors are seeking haven assets like Precious Metals. So, recent fundamental and market sentiment is helping the gold price to rise. Technical View: In one of my previous articles, I mentioned that breaking above 1865 may open the door for the 1830/1835 price zone. It seems that the gold market is heading to the 1830/1835 price zone. From the present price zone, immediate resistance is showing at the 1807/1810 price zone. But keep in mind, every round figure play as a support and resistance. SO, 1800 price may play as minor resistance. So, breaking above 1800, next target 1807/1810 price zone. After 1810 gold price may be headed to the 1830/1835 price zone. 1830/1835 price zone is a strong resistance zone and profit-taking zone. So, we may see a significant correction from the 1830/1835 price zone. On the other hand, the gold price rose nearly 450+ pips since yesterday. So, it may be correct to lower if we see Retail Sales and Core retails print positive tomorrow. But I think it has less chance. But usually, it is showing overbought in R.S.I. SO, it may be correct too. As long as gold's price holds above 1780, an uptrend channel's support. We should not go for short. Instead, gold may go up again after testing the 1780/1785 price zone. In case if we see gold price breaks below rising trendline support. We will go for short, and the next target should be the 1750 price zone. And finally, breaking below 1750, the last target to the downside is the 1720/1725 price zone.
TVC:GOLDLong
by Gold_Trading_Expert
1