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Gold could continue its riseLast week was marked by significant volatility in gold prices, with fluctuations amounting to hundreds of pips. However, on Friday, the bulls took full control, driving the price above the important milestone of 2500. Currently, the price is undergoing a minor correction and consolidation phase. I expect it to resume its upward trend once this period concludes. The 2480 zone offers strong support, and any dips into this area should be considered buying opportunities. The first target could be set at Friday's high of 2510, with a second target at the 2520 zone, which aligns with the measured target for the recent small triangle pattern.
OANDA:XAUUSDLong
by Mihai_Iacob
14
Gold- Strong volatility, no trend change thoughYesterday was another highly volatile day for Gold. After initially breaking above the 2460 resistance and reaching a high of around 2470, the price dropped sharply to a low of 2433. Following an hour and a half of intense fluctuations, the price settled in the middle of the range. Despite these strong moves, the overall trend remains bullish, and I still anticipate a new all-time high and a break above 2500. However, this scenario could be delayed if there is a daily close below 2430.
OANDA:XAUUSDLong
by Mihai_Iacob
2
Gold- will bulls regoup lower?As discussed yesterday, I maintain a bullish outlook on Gold and expect the price to rise above 2500. As anticipated, the price dipped below 2450 yesterday, triggering my buy order. However, the subsequent recovery from this dip has been less encouraging than expected, prompting me to move my stop loss to break even. From a technical standpoint, Gold's price has fallen below the support level of a recent top consolidation. Unless the bulls reclaim the 2460 level, there is a risk of a further decline. Currently, the price stands at 2455, and my trade is running with a modest profit of 65 pips. However, unless we break above 2460, my short-term bullish outlook remains cautious.
OANDA:XAUUSDLong
by Mihai_Iacob
8
Gold is "asking" for 2500Monday has been a strong day for gold bulls, with the price surging by approximately 500 pips. After reaching a new local high yesterday, the price began a typical correction and is now consolidating above the 2460 support level. My outlook for gold remains bullish, and I'm looking to buy on dips. The 2450 zone would be an ideal entry point. For short-term traders, a target could be the 2480 zone, which is where the last high was set. However, I wouldn't be surprised if the bulls attempt to push the price towards the significant 2500 milestone.
OANDA:XAUUSDLong
by Mihai_Iacob
3
Gold could rise to 2460After a significant drop of nearly 1,000 pips last Monday, gold has established strong support at 2,380 and began to recover mid-week, reaching the 2,430 resistance zone. The recent pullback from this resistance found support at 2,415—a level that has served as both support and resistance since the beginning of the month. Once again, support has formed higher, this time at 2,420. At the time of writing, the price is hovering around 2,435, and we could see a clear breakout to the upside in the hours. My strategy is to buy on dips, and I will remain bullish as long as the price stays above 2,415.
OANDA:XAUUSDLong
by Mihai_Iacob
18
Gold- Time for new leg down?In my analysis yesterday, I mentioned that gold could reverse above 2400 and rise to the key resistance zone between 2420 and 2430. However, swing traders should look for selling opportunities in this zone rather than buying in anticipation of hitting resistance. Indeed, the price has moved into this zone, and my strategy remains the same: sell rallies in the area of yesterday's highs. This outlook would only be invalidated if the week's close is near 2440.
OANDA:XAUUSDShort
by Mihai_Iacob
6
Is Gold forming a double top?Last week, Gold seemed poised to reach a new all-time high. However, after a spike following Friday's Non-Farm Payroll (NFP) report, the price fell dramatically. Although the daily close resulted in a Doji candle on our chart, the daily volatility, measured from top to bottom, was 600 pips. Monday was another extremely volatile day, with a daily range of nearly 1000 pips. The following days showed more manageable volatility but increased selling pressure. Currently, bulls are trying to reclaim the 2400 level, but the overall outlook remains bearish. I am looking to sell during rallies, with my ideal entry point being in the 2420-2430 range. My initial target is 2360, and a drop below this level could lead to a decline below 2300.
OANDA:XAUUSDShort
by Mihai_Iacob
1