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GOLD Prices Decline on First Citizens Bank's Acquisition of SVB The pace of the pullback in gold prices has intensified following the announcement that First Citizens Bank has acquired Silicon Valley Bank (SVB). The rise in US Treasury yields and reduced demand from India are adding further downward pressure on the price of gold. Despite the current uptrend, a double TOP formation is posing a threat with the neckline at a key level of $1,934. As of writing, XAU/USD is trading in the $1,950s, down by over 1.0% for the day. The ease in bank stress has lessened gold's safe-haven appeal, while rising US Treasury bond yields and a robust US dollar, along with reports of declining demand from India, have further exacerbated the decline in prices. The announcement of the acquisition of defunct lender Silicon Valley Bank by First Citizens Bancshares Inc, the holding company of North-Carolina-based First Citizens Bank, has brought temporary relief to the markets on March 27, reducing the demand for gold as a safe-haven asset. According to a press release from the FDIC, First Citizens has acquired all of SVB's $119B deposits and loans and has purchased $72B of its assets at a $16.5B discount. Although the deal has limited the damage caused by SVB's failure, it has not eliminated it entirely, with the bank's collapse estimated to have cost the FDIC $20B.
OANDA:XAUUSDLong
by FOREXN1
10
GOLD | Bearish TrendA double-top pattern is a technical chart pattern that occurs when a stock or asset reaches a high price twice and then reverses its trend. This pattern is formed when the price of an asset rises to a certain level, falls back, and then rallies back to the same level before falling back again. This creates two peaks on the chart that are approximately the same height. The double-top pattern is often seen as a bearish signal, as it suggests that the asset's upward momentum has stalled and may be poised to reverse. When the double top pattern is combined with a high volume breakout and a break of the trendline, it can be a particularly strong signal that the asset is likely to continue its downward trend. A high-volume breakout occurs when the price of an asset breaks through a significant level of resistance with a large amount of trading volume. This indicates that there is a significant amount of buying or selling pressure behind the move. A trendline is a line that connects the highs or lows of an asset's price over a period of time. When the price of an asset breaks through a trendline, it is often seen as a significant signal that the trend has changed. So, if a gold chart shows a double top pattern, along with a high volume breakout and a break of its trendline, it suggests that the upward trend in gold has stalled and that the asset is likely to continue its downward trend. Traders and investors may take this as a bearish signal and may look for opportunities to sell gold or short the asset.
TVC:GOLDShort
by awaisulabdeen
GOLD Prices Steady Amid Bank Takeover and Recession ConcernsThe price of gold is experiencing a steady pullback in the wake of First Citizens Bank's takeover of SVB. However, Minneapolis Fed President Neel Kashkari's comments about a possible recession caused by a banking crisis have tempered the relief felt by investors. While the price of gold is correcting, it is still too minor to be considered a reversal. As of the start of the week, XAU/USD is trading in the lower $1,970s, down from its high of just over $2,000 on Friday. Although the easing of bank stress may have lessened gold's safe-haven appeal, fears of wider contagion are still keeping the precious metal's price above a certain level. The market was temporarily soothed on March 27 when First Citizens Bancshares Inc, the holding company of North-Carolina based First Citizens Bank, purchased defunct lender Silicon Valley Bank (SVB). The takeover has led to a lessening of demand for safe-haven gold. According to a press release from the FDIC, First Citizens has taken over all of SVB's $119B deposits and loans, and has purchased $72B of its assets at a $16.5B discount. The deal limits the damage caused by SVB's failure, but it does not eliminate it. The bank's collapse is still believed to have cost the FDIC $20B. Despite the positive news about the takeover, policymakers remain concerned about the potential for more banking contagion to trigger a recession. Minneapolis Fed President Neel Kashkari said in an interview on the CBS show Face the Nation that "Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the US closer to recession. It definitely brings us closer." He added that they were monitoring the situation very closely. Despite the concerns, the price of gold remains in an uptrend on a short to medium-term basis, making higher highs and lows on the daily chart. This supports bullish bets, as the old adage goes, "The trend is your friend until the bend at the end."
OANDA:XAUUSDLong
by FOREXN1
9
XAUUSD ForecastBased on the information provided, the gold price has been rallying due to fears of a global banking crisis, fueled by the Credit Suisse scandal. Although the situation has calmed down for now, the trust in banks has been severely damaged. There are two possible scenarios for gold price moving forward, with the bullish scenario represented by the blue line and the bearish scenario represented by the red line. Based on the information provided, it seems that the bullish scenario is more likely. One of the reasons for this is that despite hitting the significant sell-off area around $2000, we have not seen a significant pullback in the gold price. This suggests that buyers are still interested in gold and are willing to buy at these higher levels. Furthermore, the damage to trust in banks may continue to support the gold price as investors seek safe-haven assets. However, it is important to note that market conditions can change quickly, and the bearish scenario should not be discounted entirely. Traders should continue to monitor the gold price closely and look for signs of a reversal, particularly if the price starts to break below key support levels. In conclusion, the gold price has been rallying due to fears of a global banking crisis, and there are two possible scenarios for its future movement. While the bullish scenario seems more likely based on current market conditions, traders should be prepared for potential changes and adjust their trading strategies accordingly.
PEPPERSTONE:XAUUSD
by TradeConfirmed
Gold prices poised for upward trend: Key support levels to watch Gold dropped from around $2009 to the vicinity of $1935 in 2020, rebounded to around 1969, but failed to break through the level of 1988 and fell again. Therefore, from a technical perspective, 1988 can be considered as a resistance level, while 1969 can be seen as a support level. After rebounding to around 1986, gold fell back under pressure, found support at around 1975, but still failed to break through the resistance of 1988. Thus, 1988-1985 became a strong resistance zone. After 1988 became a strong resistance, bearish sentiment surfaced again, breaking through the support levels of 1975 and 1969, causing the gold price to fall to around 1961. However, the bearish force was very strong, and after a small probe, the gold price fell directly below, dropping to around 1935. This position is important as it is the starting point of the stage of the rise and the demand for technical rebound has been formed due to the significant decline in gold price. I have also mentioned this in my trading strategy. Subsequently, the banking incident fermented again, gold rose again with risk aversion, broke through the resistance level of the 1948 box and successfully broke through 1961 and 1969, converted from resistance level to support level, and rose again to break through the resistance level of 1975 and 1985, returning to the $2000. However, as the rebound process from 1969 to 2000 did not test the support level, the strength of the support level cannot be determined. From a technical perspective, this is not conducive to further upward trends. Therefore, I expect today's market to fluctuate to confirm the strength of these important support levels. Once confirmed, the next upward trend will break through the high point of 2009. In summary, today's trading strategy is mainly bullish, with reference to the important support levels of 1985, 1975, and 1969 as buying positions.
FXOPEN:XAUUSDLong
by EagleEyeStrategy
XauUsd Fed's Rate Decision | Will it retest or drop below 1915Last week 1915 was a decisive resistance for price to reach 1990. Upcoming Fed Decision, Will it retest 1915 support or will it trade below 1915? Upcoming Fed Rate Decision, I am confident Fed will rise Interest rate despite having a dilemma like SVB. However, it pausible Fed will stop interest rate at 5% IF inflation rate in bearish momentum. This is based on my personal opinion. Recent date show Inflation rate is at 6.04%. It was peak at 9.06% in June 2022. Drop 3.02% in 8 month. We will expect another 8 months or less until inflation lowered to 2% or 3%.
TVC:GOLDLong
by Khairi_RL
How should gold be traded tomorrow? On Friday, gold rose directly by more than $70 during the US trading session, closing around $1990, from its position around $1920 earlier in the day. During the US trading period, global stock indices fell across the board, with European and American stock markets experiencing continued declines. As a result, a large amount of safe-haven funds entered the gold market, ultimately leading to gold being the only asset that rose significantly. This has become the first "black swan" event since 2023. Gold rose significantly in the first period due to a surge in safe-haven buying, starting from $1810 and closing at $1870. The second period of the rise began this week from $1870 and rose by nearly $200, which exceeded expectations. Many people thought that it had reached its peak, but it continued to break new highs. All of this is due to the market's chain reaction caused by the European and American banking crisis. Judging from the 4-hour chart, gold is not overbought, but the price is much higher than the moving average, indicating that it needs to be adjusted. Meanwhile, the 20-period SMA has gained upward momentum, breaking above the 100-period SMA, which also edged higher. Overall, it is recommended to be bullish on gold on Monday, but not to chase the rise. Theoretical bulls are near the 1960 support, which is expected to be difficult to reach. It is safer to short near 2000, and it may be seen that it will open flat or slightly higher on Monday. Take profit can be set around 1975. It is not to say that if the price rises too much, it must be the highest point, and if it is bullish, it will blindly chase the rise. It's not that the deeper you fall, it must be the lowest position.There is no market that only goes up but not down, and there is no market that only goes down but not up. If you blindly grasp the top and bottom and trade without careful consideration, you will suffer heavy losses. Trading requires flexibility to respond to changes in market direction. If the market direction changes, you need to adjust your thinking quickly. Because prices are determined by the market, not by our forecasts. What we need to do is do our trading well. When the market reached 1930 last week, the position had passed the previous high. Many friends predicted that this was the top, so they started shorting gold. I also tried shorting around 1930, some took profits around 1918, and some stopped losses when the resistance of 1933 was broken. After the stop loss, I started to go long, and took a profit around 1948. When it rose to the previous high of 1958, I shorted it again. As a result, it directly pulled up and broke through. When the resistance level in 1960 was broken, I stopped the loss. After the stop loss, I chose to go long again, and took a profit around 1975, which shows that there is no problem with the transaction itself. What matters is how we deal with our mistakes. Traders, if you like my sharing, please follow me, I will share more trading strategies and trading knowledge to better help you make profits in trading!
FXOPEN:XAUUSD
by EagleEyeStrategy
2
GOLD -21/03/2023-• Gold is soaring as demand for safe haven is rising amid banks turmoil and fear of recession • Bullish trend dominating but tough resistance is near • First resistance is 2000 round number • Second resistance is the 2070 previous high which was rejected twice • Are we gonna be in a triple top scenario and reverse lower again or make a new high ? • From a risk reward point of view, it is more rewarding to go short at this level with a stop above 2000-2070 and place a long pending order above 2070
TVC:GOLDLong
by RamziAbouAbdallah-CMT
GOLD TRIPLE TOP - WAR END?All eyes are on Chinese President Xi Jinping’s state visit to Russia that begins on Monday. During the three-day visit, the leaders of the two nations will discuss the deepening of economic and political cooperation as well as the war in Ukraine. If this meeting tends to reach a diplomatic solution to end Russia-Ukraine war then Gold will see a massive sell-off. Also, FED is very likely to add a 25BPS to reach 5% interest rate, kinda expected but it brings more pain to markets. I will keep updating this, follow to get alerts 🔔
OANDA:XAUUSDShort
by dogofwallstreets
🥇Gold🥇 Analyze [Road map!!!🗺️(02/07/2023)]Hi everyone, today I want to show you the 🗺️Gold road map🗺️ maybe you can find the 😱treasure map😱 in my chart. If you would like a good view of Gold on a weekly time frame, I suggest you take a look at my July 3, 2022, Gold road map post. After watching this post, you will be surprised how beautifully Fibonacci price and time zones worked correctly✅.👇 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Better to go back to the present😊; Gold seems to have found the end of the main wave 3 above the ascending channel and is now completing the main wave 4 since the structure of the main wave 2 was a Price correction, so I expect It is most likely that the correction of the main wave 4 happens in ⏰ Time ⏰, also it is most likely that the structure of the microwaves of the main wave 4 is zigzag(ABC/5-3-5). I marked the end of the main wave 4 on my chart with the yellow zone. Gold Analyze ( XAUUSD ), 8-hour Time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
OANDA:XAUUSD
by pejman_zwin
6