Metals
XAUUSDHI,
Last week OANDA:XAUUSD was ranging
Gold could go from this point to
1734.09 to resistance
or
1671.35 to support
XAUUSD : Triangle Pattern is still in focusXAUUSD is still forming a Triangle Pattern and we should watch a breakout soon. Both options, up and down , are in equal weight I guess.
1st. Gold AnalysisFirst idea only for educational purposes these is no prediction.
Good Luck and may the profits be with you.
SL: 1,720
TP1: 1,660
TP": 1,680
TP3: 1,582
Gold forming a Triangle Pattern; key levels for BreakoutI will be watching #XAUUSD for a breakout either to north or south.
technical ;
Key levels ;
1705 - 1710 for upside breakout
1670 - 1660 for downside breakout.
gut-feeling ;
we will go down, as DXY tends to move upside.
Negative Divergence in #PHLX indicates a potential reversal- Either #gold or the #spy or both are subject to a bearish attack soon, as there is a weakening #PHLX
- there is a clear divergence in MACD
- current levels shall be watched very close ; once the prices return back from here, a sharp decline is possible to expect.
Resistance Line to watch at #Gold if breaks above 1710, it is another world.
if cannot, then the gold seems to be bearish in short-term.
watch out the resistance line carefully.
#dxy is bullish today, supports a bearish view on #gold
bitcoin5.4.20 another look at gold...if you are thinking to short. The significance of a range box on Bitcoin.
XAUUSDHi traders,
There are two possibilities that gold might touch upper resistance which is at 1734.09
or
it could get reject from this trend line to 1671.35
Note: This is not a investment idea its just my analysis
If Bitcoin Really is The New GoldLet's say the equities market crashes along with commodities, then we would expect gold's price to increase, but maybe Bitcoin will become the new gold due to the nature of the pandemic that we are currently amidst. The key point is this: gold is neither easily transportable, transferrable, nor is it readily portable. It would be impractical to expect be able to readily access gold throughout the entire time it takes for our planet to either acquire herd immunity to SARS-CoV-19 or to produce a vaccine which would be used to prevent said virus. Bitcoin is advantageous in this aspect. A $120,000 per coin call sounds hopeful at one point or another, but such lofty thoughts like that don't seem too far out of reach, especially during times like these.
DXY - Gold negative correlationJohn Murphy in his classic on "Intermarket Analysis" writes on the dollar gold negative correlation.
Here we compared DXY - Gold correlation on daily chart in regard towards 200 day average.
If you will take closer look, you will see that in case of divergences forming, it is dollar index that usually fails.
If gold breaks resistance (being in sharp uptrend towards 2011 highs) and we do observe some sort of bullish cup and handle continuation pattern - dollar is likely to fall.
By DeMark criteria, bullish breakout on gold looks better than the one on dollar index.
On correlation cofficient, we are also observing ever decreasing divergence trend towards 200 day average.
At any case one of two should fail in uptrend:)
How To Use TradingView Hotkeys and ShortcutsOn TradingView, hotkeys and shortcuts will help you chart faster and navigate markets in lightening-speed. Draw a Trendline or a Fibonacci Retracement by pressing one or two keys on your keyboard. In this video, we want to show you every hotkey and shortcut available.
Press Alt / ⌥ + T to quickly draw a Trendline.
Or press Alt / ⌥ + F to quickly draw a Fibonacci Retracement.
These are just some of the ways you can use hotkeys and shortcuts across the TradingView platform. They work for your charts, indicators, drawings, scripts, and more.
We hope you enjoy this video guide. We also are curious to hear what you think of the trendline we draw on the chart shown of gold using the Trendline hotkey. Please let us know your favorite hotkeys and shortcuts or request new additions in the comments below.
Thanks for watching,
TradingView
Gold Remains in Bull Market Versus RinggitGold is still in bull market. Holding Gold is better than holding ringgit, for now.
Gold Sell After the BuyWatch price action at 1749 for rejection or continued buy to the next level noted; I do believe a bigger drop is to come.
S&P How spot market recovery & what markets to buy & sellZones created using crossovers of Monthly 20 MA on VIX close & 20 MA of same. Like end of crash in 02 & 09 some bulls and bears think this crash will only be confirmed over when TNX closes month above 1.34. See what happened to OIL, GOLD, and DOLLAR last time (green verticals). White verticals denote VIX peak (no guarantee reached that yet). Caveat small sample size & my arbitrary choice of two key TNX levels which just appeared to make this analysis work to perfection on two previous occassions. NOT ADVICE. DYOR.
