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Gold: A Few Slight Retracements; 1450 Soon; 1500 Within ReachI have discussed at length in my previous posts where I think Gold will go and the specific reasons for my conclusions. As such, I will refrain from repeating. To keep it simple, I see 1450 as the next major hurdle and once 1450 is broken we will be set to reach and exceed 1500 within 3 weeks afterwards. Until then it will take some volatility before we get to 1450 and a lot of false bear flags will be dished out. As a rule of thumb when trading Gold and Silver: never panic sell and always wait for two consecutive trading sessions for confirmation. I expect Gold to do the following in the near-term: 1) 1440ish (current) --> 1443-1446 (Sunday futures open) 2) 1443-1446 --> 1431-1438 3) 1431-1438 --> 1447 4) 1447 --> 1440-1442 *5) 1440-1442 --> 1450 --> 1470 --> 1490 --> 1500 and beyond *Slight retracements after 1450 on the journey to 1500 but nothing major. I expect we will reach 1450 by this coming week and we will top 1500 anytime in September. Longer-term I am still eyeing 1700+ by the mid-point of 2020. If Gold happens to gap fill some lower levels into the 1416-1421 range it will be very quick and sometime Sunday overnight into pre-dawn Monday. - zSplit
FX:XAUUSDLong
by PaulDeep19131
GOLD's seasonal cycle. Don't miss the strongest sell signal!Gold has entered its 5 year Resistance Zone (1350 - 1365). This alone is an immediate sell signal. What's even more interesting though (and a stronger reason to go short on Gold) is the cycle that the metal tends to seasonally follow every 1.5 years. The chart speaks by itself. I have distinguished two time periods: 2017/18 and 2019/20. Every time the price enters the 1350 - 1365 monthly Resistance Zone, longs take their profits and a balance between buyers and sellers is observed roughly within 1300 - 1365. I call this the sell accumulation phase where the market is undecided but sellers eventually prevail under the heavy pressure of the 5 year Resistance level. Note that there is always a catalyst (normally geopolitical tensions) that drives the price towards that Resistance Zone (N. Korea, stock market crash, Oil crash, trade war and more recently the U.S. - Iran tensions) but it eventually fails. I take this as a strong long term sell signal. The target can differ but I am counting (and targeting) at at least 1220 - 1240, with a strong probability for 1200 also.
FX:XAUUSDShort
by TradingShot
8
GOLD (XAU/USD) 4Hour ChartGold prices just recently bounced off the ascending channel resistance and i am expecting prices to continue dropping towards the 50% retracement level of 1223.62. Possibly, prices may continue going further down until they test the lower ascending channel resistance. Though i have already entered a short position a bit late, it is better to check price action to see whether there could be continued downward momentum or prices are lurking toward higher prices
FOREXCOM:XAUUSDShort
by munyaelliott
XAUUSD: Consolidating before the new bearish leg. Short.XAUUSD has stayed near its 1D Resistance levels during the previous week as it continues to work as a safe haven since the global stock markets haven't yet been stabilized. The USDJPY, USDCNY continue to trade high as well as the Dollar Index (although it was rejected again near the 96.15 4H Resistance), so from a technical standpoint, Gold remains a short opportunity and fundamentally on a much higher price than its fair technical value. 1W remains neutral (RSI = 46.221) as it trades near the 0.382 Fibonacci retracement level = 1,238.50 but still on a long term bearish 1M Channel (MACD = -1.920, Highs/Lows = -24.3378, B/BP = -85.8020). Despite being near the 1,238.50 1W 0.382 Fib, Gold is also near the 1,236 December 12th, 2017 Low, and that is why the current 1D Resistance level is that strong. We are still aiming at 1,203.20, 1,194.95.
FX:XAUUSDShort
by InvestingScope
2
XAUUSD: Broke the downtrend but on fundamental factors.The long term bearish trend on 1W broke last week to neutral grounds (RSI = 47.647, MACD = -20.230, Highs/Lows = 12.0065) as the global stock markets pulled back and capital abandoned riskier assets towards Gold's safety. Technically 1D is a Channel Up (RSI = 65.112, MACD = 5.900, Highs/Lows = 22.9186, B/BP = 34.8019) but we can't assume yet that this uptrend is technically sustainable until we see both stocks and XAUUSD rising at the same time. At the moment the Dollar Index is on the 50% Fibonacci on 4H indicating that it is still on an uptrend, so most likely Gold's legitimate value is much lower. A middle solution is treating the current price as a Higher Low on the 1D Channel Up and a 0.382 Fibonacci retracement on 1W (as seen on the chart) and aim towards 1,203.20, 1,194.95.
FX:XAUUSD
by InvestingScope
1
1W support tested. Significant upside potential. Long.XAUUSD approached the December 2017 bottom levels at 1,236.50 and was strongly rejected higher on a very strong 4H Three Outside Up bullish sequence (STOCHRSI = 94.347, Highs/Lows =3.8071, BBP = 14.1180). With DX still struggling to break the 95.00 - 95.25 Resistance zone and after multiple failed attempts, and the bond markets rising amid a world-wide stock selling due to new trade escalations, we believe that Gold is both technically and fundamentally geared to start reversing into a new bullish medium term leg, maybe even as aggressive as the pace with which it declined (blue curve). Thursday's ADP Nonfarm Employment Change and Friday's Nonfarm Payrolls/ Unemployment Rate are the catalysts that may lead us to the first and second targets (1,267.00 and 1,274.50). Final TP = 1,284.12.
FX:XAUUSDLong
by InvestingScope
1
All targets hit. Now reversing on 1W. Long term buy.XAUUSD completed the 1D correction, hitting all our downside targets, and the Channel Down (Highs/Lows = -11.8500, B/BP = -17.6660) reached the expected 1W support. As discussed on the previous analysis, 1W is on a Channel Up and 1,260 - 1,265 was the extended Higher Low support since the December 2016 bottom. We now expect 1D to reverse for a long term bullish direction towards 1,370. First TP = 1,274.50, second 1,284.12.
FX:XAUUSDLong
by InvestingScope
2