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Gold Sees Best Daily Gain since 2009Gold held above the 50% Fib level and horizontal support line, as expected in the previous gold chart, and saw its best daily gain today since March 2009 when the Federal Reserve expanded Quantitative Easing 1 during the global financial crisis. Price rallied +4.12% today from an opening price of $1,505 and closed at $1,567 on today's Federal Reserve announcement of Quantitative Easing 5 being expanded to an unlimited amount during the current coronavirus pandemic's affect on the US economy and financial system. Price is now above the 38.2% Fib level putting gold back into bullish trend territory, but is finding resistance at the 23.6% Fib where price currently rests. Going forward, price is expected to remain above the 38.2% Fib as the Federal Reserve continues to increase the money supply via unlimited quantitative easing which will put bullish pressure on price to rise as a safehaven asset during a time of currency devaluation. Year-end price projection remains to be at test of the all-time high made in 2011 in the $2,000 range. Short-term and long-term trends remain bullish.
COMEX:GC1!Long
by PrepForProfit
Gold Testing 50% RetracementFriday saw the price of gold close at $1,484, down -14% from the recent high of $1,704 made earlier in March. Price has fallen below the 38.2% Fibonacci retracement level and is currently testing horizontal support at $1,450, which stems from a price peak made in July 2019 and then tested and held as support in November 2019. This recent test of horizontal support is being backed up with added support at the 50% Fibonacci level which rests at $1,435. The 50% fib level represents the midway point between the August 2018 low and March 2020 high. A hold and bounce here would be a bullish 50% retracement which are historically good pullback levels to buy in Fibonacci retracements and usually indicate bottoms in price before the next advance occurs. Should price fail to hold at horizontal support and the 50% fib level, the next levels of support to watch for and expect price to reach are the 61.8% fib level and the diagonal support trendline between $1,372-$1,400. A hold there would be critical as a loss of diagonal support and 61.8% fib level would indicate that the recent uptrend in price is likely switching back to a bearish price trend. Gold has seen weakness during the recent global market selloff as traders and investors are forced to sell better performing assets at a gain in order to meet margin requirements in other losing positions. Gold saw a +50% gain from August 2018 to the March 2020 high, and is currently up +26% from the 2018 low. The short-term view on gold remains bullish until/unless the 61.8% fib level is taken out at $1,372. All pullbacks in gold above that level should be viewed as bullish, especially with global central banks around the world increasing their money supplies at a record pace which will increase inflationary pressure on the price of gold to rise as traders and investors return to the safehaven asset in fear of the devaluation of their respective currencies.
COMEX:GC1!Long
by PrepForProfit
2
Gold Miners Set to Outperform US Stock MarketTechnical breakout and retest. My expectation for 2020 is a volatile market for both the US indices and for the gold miners. I think gold miners will actually outperform US stocks to the downside here and then will explode higher once we reach full ZIRP and QE5++. The SPX and other US indices could take a major blow in terms of gold which will drag down gold miners a bit but they won't get killed like in 2008. I think miners are waiting for gold to clear $2000/oz, then they will soar like you cannot believe. I think we can get $2000/oz A LOT faster than seems possible. Gold miners are at historical lows relative to the rest of the US economy. Be snagging shares during this period of correction. I ultimately think XAU could surpass all-time highs or at least surpass 0.2 on this ratio but even if we don't get that and all we get is 0.1, we will still make a killing in gold miners. if we go to .2 or higher we will make a fortune.
NASDAQ:XAULong
by Ludwig_Von_Mises
1
WE ARE READY TO EXECUTE GOLD AND SILVER TRADES ARE YOU? READAs we are publishing this report Gold is trading at $1586 however the white metal is hovering around $16.60.The major U.S stock indices have seen there the worst week since the last financial crisis of 2008. The S&P 500 has its worst day since August 18, 2011, and the three main indexes fell into correction territory. The Dow Jones dropped 1,191 points or 4.4% in its worst one-day point drop in history. The index has fallen more than 11%. All three major indices suffered there the worst week since the 2008 crisis. It seems Traders and investors are in a panic mode as they are realizing the impact of covid-19 on the global economy could be much more severe than they previously thought to be. we Still believe analysts are underestimating the devastating effect COVID 19 could bring to the world economy as a whole. The increasing number of cases of the coronavirus within china and in other countries is seriously alarming. Recently the number of infected people is growing especially in South Korea and Italy. Just as we are writing the report some of the shocking news is coming which we would like to mention. Confirmed cases of COVID-19 continue to soar in South Korea home to the world’s biggest duty-free market. The total has reached 556 with five deaths, according to the country’s leading media agency Yon hap News. President of South Korea Moon Jae put the country on the highest possible Level 4 alert in its fight against COVID-19.one report suggests that the Airlines of South Korea could lose $29.3 billion. The Italian government on Saturday said it was considering “extraordinary measures” to fight the coronavirus following the deaths of two citizens. The outbreak has also caused Italian authorities to place several towns on lockdown amid a large increase in the number of cases, as well as the two deaths reported on Friday and Saturday. Oxford Economics estimated world economic output growth would fall to nearly zero in the first half of 2020 if the coronavirus outbreak became a global pandemic. According to reports(Important): China ports are seeing container ship calls down 30% from last year. Oil shipments to China from the Middle East are down 88% from last year’s February deliveries. The International Energy Agency forecasts oil demand to fall by 435,000 barrels a day in the first quarter–the first contraction in 10 years. U.S. stock indexes are pointed toward sharply lower openings and at multi-month lows when the New York day session begins. Technology giants Apple Inc. and Microsoft have both issued sales warnings for the first quarter due to the impact of the virus The most shocking thing which we saw today is witnessing the 10-year U.S Treasury note dropping to it’s all low of 1.17%. The continues drop in the U.S treasury bond yield is very alarming as it’s signaling the coronavirus devastating effect on the U.S. economy and on the global economy as a whole.one may think all this as a favorable conditions for the precious metal sector, however, the exact opposite happened today where we have witnessed severe downturn in the precious metal market. gold futures have broken below $1,600 on Friday and lost more than $100 from its recent peak. The white metal performance has been worst compared to gold hence Gold-silver ratio is currently trading near it’s an all-time high. The fear of slow global economic growth has also weighed on silver as both commercial and consumer demand for the metal will be reduced significantly if that event occurs. The speculation of interest rate cuts has also been unable to support the safe-haven buying. We believe there are a number of reasons behind the spectacular decline we have seen in the Gold and silver market. First of all, when panic sets in within the market, most market participants try to cash out doesn’t matter if it’s a safe haven asset or not. That what we have seen in the Gold market as most market participants sold their gold positions in order to be in cash, to meet There margin calls. Gold has also reached it’s 7 years high with a significant force as the number of long positions was at the record level. The last Commodity Futures Trading Commission report showed that managers had a net-bullish position of 238,546 futures contracts, which was a week-on-week increase of 22%. It seems the metal has been too overbought hence the correction was due however the volume accompanied with the correction was surprising for sure. We also need to keep in mind that China is a leading gold consumer and the coronavirus devastating impact on the world’s second-largest economy is going to impact the Chinese citizens’ purchases of gold and silver. The possibility of a reduction in the fed funds rate, Continuous falling of U.S bond yield, Rising tension in U.S.-China trade talks, Significant drop in U.S major stock indices, Fear of slow Global economic growth all are supporting the safe-haven buying at the moment. many investors may well want to buy gold again to take advantage of lower prices to build longer-term holdings. Our last trading position has reached its stop-loss hence At the moment we are not holding any position in our portfolio however once the market will open we will execute both Gold and silver trading positions within our portfolio
OANDA:XAUUSD
by GoldSilverAnalyst
GOLD XAUUSD buy opportuntiesGOLD XAUUSD and Gold futures have been rallying for weeks and months providing buy opportunities. The attached GOLD chart below represents the weekly timeframe, that is, a longer term analysis with each candlestick representing a week worth of time. There is a very strong weekly imbalance located at #1 much lower around 1.478 but it seems that price is not retracing to that strong imbalance and will be rallying further given the type price action we can see on Gold weekly timeframe. We are expecting W highs at #2 around 1.612 to be eliminated, we can see a strong impulse being created around 1.583. There is a clear bullish bias on the weekly timeframe, the odds are with longs and not shorts. You can use this longer term analysis of Gold to buy in smaller timeframes using other strategies, you can use indicators and oscillators if you want, we don’t need them to place a trade using supply and demand imbalances.
OANDA:XAUUSD
by AlfonsoMoreno
AXM.V -- $47M mcap play with a proven $900M+ GOLD depositAXM.V should be on the radar of every #gold investor. $47M mcap company with NI-43-101 compliant resource worth $700M+ USD in the Central African Republic and other promising projects in Africa. Rapidly improving security situation and recently announced strategic partner point to a major opportunity, imo. Bullish MACD cross on the daily chart, bullish RSI/Stochastic following a gap up on the Strategic Partnership LOI announcement. The line "First Strategic Partner" in the latest news release seems to indicate that more material developments are on the way.
ALong
by wealth_bakery
1