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SasanSeifi| Will Gold Continue to Correct? (1H)Hey there, By analysing the OANDA:XAUUSD chart in the short-term 1-hour timeframe, it is observed that the price has experienced corrections from the $2531 level and is now showing a positive reaction within the demand zone, currently trading around $2510. In this timeframe, the outlook leans towards a bearish trend, with a potential decline to corrective targets at $2494, $2490, $2482, and $2477. The potential trends are highlighted in the above chart, and there is a possibility of a price reversal from the $2514 to $2523 range. To better understand the next price movement, it’s essential to observe how the price reacts to these levels. If momentum weakens and the necessary confirmations are received from the specified levels, the corrective scenario will gain significance. Conversely, if the price encounters increased demand and successfully penetrates and stabilizes above the mentioned levels, the possibility of further growth and invalidation of the corrective scenario increases. (For the uptrend to continue and to reach higher targets, the $2531 resistance needs to be broken, and the price must stabilize above this level.) 💢 Please remember that this is just my personal viewpoint and should not be taken as investment advice. I’d love to hear your thoughts and share opinions! Happy trading!✌😎 Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!✌
OANDA:XAUUSDShort
by SasanSeifi
2
Gold: Lower high confirming? Today's focus: Gold Pattern – Lower High swing point Support – 2290.50 to 2315 Resistance – 2338.40 Hi, traders. Thanks for tuning in for today's update. Today, we are looking at Gold on its daily chart. Do we have a new swing lower in play after sellers formed a lower high? This could be the case, but we still need some confirmation. In today's video, we have run over our thoughts on the price and possibilities we are looking at. Currently, the USD does not influence Gold too much, but we have the FOMC and NFP this week. Keep an on these releases. Good trading.
EIGHTCAP:XAUUSDShort
by Eightcap
Gold: Thoughts and AnalysisToday's focus: Gold Pattern – Breakout, Continuation. Support – 1988, 1937.60 Resistance – 2018.50, 2050.45 Hi, and thanks for checking out today's update. Today, we are looking at Gold on the daily chart. Today's video asks if Gold will contnue to move higher after yesterday's breakout. We have run over all the signals we see confirming the possibility of higher prices. We have also broken down higher resistance levels that we would like to see tested to maintain our thoughts and things to watch out for in case we see a new pullback from weekly highs. What do you think? Could we see a new test of 2050 if the USD continues to trade lower? Good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
Gold today support and resistance Fundamental Overview Gold price is licking it wounds following a two-day downtrend, as the US Dollar has paused its recent upbeat momentum, despite a cautious market mood. Investors turn cautious amidst the revival of the hawkish Federal Reserve (Fed) expectations and fiscal worries in the United States, as they brace for the BoE interest rate decision and key US ISM data and tech earnings report. An unexpected improvement in the Chinese Caixin Services PMI also aids the Gold price, as China is the world’s biggest Gold consumer. China's Services Purchasing Managers' Index (PMI) rose to 54.1 in July, compared with a 53.9 expansion seen in June. The gauge was expected to drop to 52.5 in the reported month. Gold sell zone 1933 Target 1928 Target 1925 Target 1915
FOREXCOM:XAUUSDShort
by SophieFx11
1
Gold: Can buyers hit a new leg higher? Today's focus: Pattern – Continuation Possible targets – 1978.50 Support – 1952.70 Resistance – 1965.55 Hi traders, and welcome to today’s update. After buyers held support on Monday, gold looks to be edging at new continuation in its current stage 1. Signs continue to favour buyers after they broke out of the medium-term downtrend last week. We want to see price beat resistance and hold support or, at a minimum, the moving average to a new uptrend for the last leg higher to remain valid. US retail sales data is due out today and could have an impact on the USD and Gold. Have a great day and good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
Gold: Price levels and price analysis Gold: Price levels and price analysis Today's focus: Gold Pattern – Trend break Possible targets - 1965 Support – 1905 Resistance – 1932.80 As the USD continues its decline since last Friday’s employment data, our attention has turned to Gold as buyers continue to hold outside the downtrend. Price still sits in a range, but for now, the momentum looks to be with buyers as they continue to push a higher move so far today. This week’s CPI and PPI data will be a factor, but if we see it drop this could be the factor that gets gold buyers moving if the USD decline accelerates. For us, the core figure will be the important one as it’s been the most stubborn. If we see the core and m/m and y/y drop this week, could this be enough to see gold its range and get a more prolonged up trend back in play? Have a great day and good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
Gold: Profit takers continue to pushToday’s update, profit takers look to be moving in on gold. Could this become a new retracement that takes price back to the main uptrend point? After sellers managed to snap buyer momentum yesterday, we are seeing more selling so far today. Price, for now, looks to have found resistance from 1920 up to 1929. Pressure is on the fast uptrend, and we are wondering if sellers can break it. Will we see a further short-term downside? Today’s video is not looking for short-selling opportunities due to the current uptrend. We will be looking to see if buyers can resume the trend once this reaction or minor correction finishes. Enjoy your Tuesday.
EIGHTCAP:XAUUSDShort
by Eightcap
Gold starts 2023 with a new breakout. Welcome to 2023 traders. We hope everyone had a lovely holiday period. On the first trading day of the year, gold buyers are setting the tone with a new breakout and setting up a new trend continuation. Risk markets continue to trade mixed with some gains on stock futures while major risk currencies are trading lower to the USD and sharply lower to the Japanese Yen. Today's video analysis, we look at gold's price action so far today, its pattern break, and we look above to potential key resistance levels we are looking at. Will we see buyers continue to push today’s breakout? Could we see 1876 resistance tested in the future? Good trading, and happy 2023 to all.
EIGHTCAP:XAUUSDLong
by Eightcap
1