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Gold Trend 05/07 - 08/07The gold market was relatively quiet yesterday due to the US holiday. The market opened at 1810, and a USD 10 range-bound the price throughout the day. Before the US session last Friday, gold tested the support near 1783(1). Notice that day, once the market entered a more active US session, buying has started to pour into the market. Buying support was strong where the day ended almost USD 25 higher at 1810. Support between 1800-05(2) has been strong in the past 24 hours; the price should be able to touch 1820 or the downward resistance line(3) in the next 24-48 hours. The rally last Friday has formed a reversal signal(4) on the daily chart. The support zone between 1800-05(5) is valid, where we can expect the price to move toward the downward trendline(6) within the week. S-T Resistances: 1830 1820 1814 Market price: 1811 S-T Supprots: 1810-08 1805-00 1795 If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think! P. To
TVC:GOLD
by 1uptick
GOLD Daily TA Cautiously BearishGOLD Daily cautiously bearish. Recommended ratio: 25% Gold, 75% Cash. *The Head and Shoulders formation is currently completing as the 50 MA crosses under the 200 MA (Death Cross). Gold, Oil, USD, Treasuries, Crypto and Equities are all either up or flat; this is indicative of a broader reversal in market sentiment regarding recessionary fears. Both Fed Governor Christopher Waller and St. Louis Fed President James Bullard said they expect a 75bps rate hike in July followed by at least 50bps in September and then potentially 25bps thereafter because financial markets and the economy are both responding to the rates hikes appropriately thus far; they also both suggested that recession fears are overblown, which prompted almost all markets to rally. Considering that the Fed largely operates off of lagging data, it would be prudent to assume that inflation may not have peaked quite yet; that said, it's advised to continue to be vigilant as the bottom continues to be found.* Price is currently completing a H&S breakdown and is testing $1742 minor support after also breaking down out of the uptrend line from April 2020 (~$1800). Volume remains Moderate (high) and is currently on track to favor buyers for a second consecutive session if it can close today's session in the green. Parabolic SAR flips bullish at $1800, this margin is mildly bullish. RSI is currently trending up at 28 while testing 27 support; the next resistance is the uptrend line from April 2013 at 36. Stochastic is currently resisting a test of max bottom as it crosses over bullish at 25. MACD broke down below -11 support and is currently trending down at -25 with no signs of trough formation; the next support is at -39. ADX is currently trending up at 21 as Price continues to break down, this is mildly bullish. If Price is able to bounce here at $1742 and continue up, it will likely test $1784 resistance . However, if Price continues to break down here then it will likely retest $1684 major support . Mental Stop Loss: (two consecutive closes above) $1748.
G
by dailytaguy
GOLD (XAUUSD): Key Level to Watch 🥇 Hey traders, Gold broke a key horizontal structure yesterday. Here is my latest structure analysis. Resistance 1: 1784 - 1790 area. Resistance 2: 1805 - 1814 area. Support 1: 1752 - 1758 area. Support 2: 1722 - 1728 area. As you can see, the price did not manage to reach Support 1 after a breakout. For that reasons, I remain bearish biased and assume that the market will go lower soon. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
OANDA:XAUUSDShort
by VasilyTrader
11
Gold Trend 07/07Gold touched a new 9-month low yesterday. After the market opened at 1765,m the price was bounded by 1765-72 throughout the Asian and European sessions. The selling momentum has resumed as the market approaches the US session. Once the price cleared the support at 1750(1), it went to a day-low near 1731. The day ended at 1738, down by USD 26. Gold seems to have found an S-T support near 1730. The fall originated from 1800 should slow down as long as the price can stand above the S-T resistance line(2). The operation range has shifted from yesterday's 1750-83 to 1730-65(3), where S-T resistance sits at 1750 for now. The price has reached our target of 1730 within 48 hours after it broke the critical 1800 support on the daily chart, and the 1:1 pattern (5) is completed. The downtrend channel(4) remains valid; wait for the next pattern to form for now. S-T Resistances: 1765 1760 1750 Market price: 1746 S-T Supports: 1738-40 1730-31 1720 If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think! P. To
TVC:GOLD
by 1uptick
Gold Roadmapping IdeaLast night I was looking for a 50% correction and continued downside. However, within the yellow box shown above, we just had orders accumulated and an impulse break down to 1735 area. We are having a bit of a pullback, but I would still be looking to short gold. We broke 1760 so a retest of that zone is possible, but if gold fails to break 1750 first, id short it back down to 1735-1740 area. I would only look to buy gold above 1772 if it were to break the accumulation we had in the yellow box. As always, trade safe.
OANDA:XAUUSDShort
by IMaBot_04
Gold Roadmapping IdeaLast week, we played the bearish structure all the way back down to the 4 HR lows near 1810, broke below it, retested 1810 for a clean break and retest, and had continued downside. Still in a seller bias, I would be looking for a 50% correction of yesterday's move around 1790 and if it fails to break, more downsides could be expected. We need to remember, gold moves in massive waves, after printing a new low from 1812 to 1765, that's 500 pips. Gold can easily correct 250 pips to 1790, but if it breaks, can head 100 more pips to 1800 psychological level. SO, TRADE SAFE.
OANDA:XAUUSDShort
by IMaBot_04
GOLD (XAUUSD): Be Prepared to Sell🥇 Gold is trading within a solid supply area as well. To catch a bearish trend continuation, watch a double top formation on 1H time frame. 1804 - 1807 is its neckline. Wait for its bearish breakout, then sell aggressively or on a retest. Target will be 1790. If the price breaks a blue zone to the upside, the setup will be invalid. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDShort
by VasilyTrader
11
Gold Trend 06/07Gold dropped over 2% yesterday. As the trading began at 1807 to start the day, the price touched the day-high at 1812 early in the Asian session. The momentum began to turn bearish during the European session. Gold cleared the 1800(1) support at the US session opening and then fell further, breaking the previous low of 1784 after the US released better than expected Factory Orders figures. It touched a new 6-months low of 1764, ending the day with a USD 42 drop. The bullish pattern on the 1-hour chart from last Friday was totally destroyed by the drop yesterday. The S-T trend is weakening while the price trades below its previous low of 1784. Expect the price to stay between 1750-83(2) for today. If the price can carry the selling momentum from yesterday, it should be able to touch 1750 or below. The daily chart is now dominated by the downtrend channel(4) after gold closed below the critical support of 1800(3). The price has traded in the range of 1800-70(5) for the past month; by measuring the 1:1 ratio, the downside target can be set at 1730 technically. S-T Resistances: 1785 1780 1770-72 Market price: 1767 S-T Supprots: 1765 1760 1750 If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think! P. To
TVC:GOLD
by 1uptick