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Gold: close to oversold While other markets are slowing down in terms of daily trading volumes, volumes of Gold trading have significantly increased since the mid of July. Gold continues to be in the spotlight of the market, regardless of its decreasing price. The USD remained relatively flat during the previous week, as investors are still digesting inflation data and PPI posted during the week. Although official inflation continues to decrease further, still, the producer price index shows the possibility for inflation to remain stickier in the coming months. Another question is what the Fed will do about it till the end of this year. The price of gold started the previous week modestly below the resistance line at $1.950 and moved toward the next short term support at $1.912. With this move, gold erased all earnings since the end of June. RSI reached level of 38, implying that investors are still eyeing the oversold side. It also leaves some space for the price of gold to move lower, until a clear oversold side is finally reached. Moving averages of 50 and 200 days continue to converge toward each other, with still relatively higher distance, in which sense, a potential cross is still not in the store. There is a tricky moment on charts in technical analysis. Namely, charts are showing the potential for the short reversal to the upside, but its sustainability cannot be confirmed at this moment. The potential for reversal is up to the level of resistance line at $1.950. There is no indication that the price might go higher from this level. However, on the opposite side, there is increased potential for the lower grounds from $1.900 level. RSI is also confirming this probability. Still, it should not be expected for lower grounds to occur in the week ahead. Important news to watch during the week ahead are: USD: Retail Sales for July, Building Permits for July, FOMC Minutes
FX:XAUUSD
by XBTFX
Gold: still space for downside Gold is gaining investors attention, at least based on the significantly increased daily trading volumes during the previous week. These daily volumes were last spotted on the market in September last year, when Gold rallied within the next few months. Whether such a situation will repeat itself is about to be seen, especially considering that there is an equal amount of both buying and selling orders. During the previous week the price of gold was traded in a red zone, following its correlation with USD. The price started the week at level of $1.970 and soon reached its lowest weekly level at $1.925. Still, the gold was last traded at price of $1.942 on Friday. Gold ended the week by testing the $1.950 resistance line. RSI reached level of 44 during the week, but reverted a bit on Friday, ending the week at level of 46. However, regardless of this move, investors are still eyeing the oversold side. Moving averages of 50 and 200 days continue with their modest convergence toward each other, but there is still a difference between them, so the cross should not be expected anytime soon. Current charts are pointing on a possibility for further move to the down side. There is potential for the level of $1.900 to be tested, but there is no indication that the price might go lower from this level. On the opposite side, the level of $1.950 will be tested at the beginning of the week. Important news to watch during the week ahead are: USD: Inflation Rate for July, PPI for July, Michigan Consumer Sentiment preliminary for August
FX:XAUUSD
by XBTFX
Gold: loosing correlation?Previous week was an important one for the USD when it comes to monetary policy and economic data. FED increased interest rates, as expected, but most importantly, the posted figures for inflation show that it is weakening further. At the same time GDP figures of 2.4% in Q2 were highly above from what the market was expecting. This supported market sentiment and pushed the USD to higher grounds. At the same time, Gold was trying to follow its negative correlation with USD, but with a lagging effect. It is interesting to see that daily trading volumes were significantly increased, with prevailing buying orders. Highest weekly level reached was $1.980. Beside increased daily trading volume, the $2K continues to be a hard task for Gold in this period. Soon after reaching the $1.980, the price of Gold reverted a bit to the downside, ending the week at level of $1.959. Support line at $1.950 has been tested. RSI reached level of 50, however there is still no clear indication that investors are ready to push the price of Gold toward the oversold side. Moving average of 50 days has shortly stopped with convergence toward the MA200, which is an indication that potential cross might be postponed. Gold will start the week ahead by testing the $1.950 support line. At this moment there is decreased probability that this line might be clearly breached to the downside. However, at the same time, there is also no indication that $2K could be tested. It would be more realistic that the price of Gold will take another round between $1.980 and $1.950 levels. Important news to watch during the week ahead are: USD: ISM Manufacturing PMI for July, ISM services PMI for July, Non-Farm Payrolls and Unemployment Rate for July
FX:XAUUSD
by XBTFX
Gold: Fed is on the moveDuring the previous week USD managed to regain some of its strength, after losing significantly during the past two weeks. Gold was lagging, but finally managed to return to the negative correlation with the value of USD. However, for the week ahead, there could be some higher volatility, considering that the Fed will discuss whether to further increase interest rates or skip this turn. Majority of market participants are anticipating another 25 bps hike, however, posted economic data are showing some mixed results. Currently there is a question whether the US is on the path to enter into recession or will the economy be able to escape such a scenario? How the Fed perceives the current state of the economy will be known on July 26th. The price of Gold was strongly supported during the previous week, when it reached its highest weekly level at $1.985. However, as of the end of the week, selling orders were prevailing on the market, so a short correction occurred till the level of $1.957, where gold is finishing the week. RSI is still holding above level of 50, it finished the week at 55, still not clearly indicating that investors are ready to eye the oversold side. Moving average continues its convergence toward MA200, increasing the potential for a cross in the coming period. Gold entered into path toward the resistance line at $2K, however, there has not been market strength for a move toward this level. This path was reverted by significant selling orders as of the end of the previous week. The price of gold went back to the support line at $1.950, and it could be expected that this line will be tested in the week ahead. At this moment, charts are pointing to a potential for the price of gold to go back to the $1.930 level, still with a lower probability. Important news to watch during the week ahead are: USD: CB Consumer Confidence for July, FED Interest Rate Decision (expectation is 5.5%), Durable Goods Orders for June, GDP Growth Rate for Q2, PCE Price Index for June, Michigan Consumer Sentiment – final for July
FX:XAUUSD
by XBTFX
Gold: $2K is on holdInflation in the US is clearly slowing down, as per latest economic data posted during the previous week. In line with it, markets are expecting that the Fed might soon stop with further rate increases until the end of this year. However, strong figures posted for Michigan Consumer Sentiment show increased sentiment of the US consumers, which might make some impact on the inflation figures in the coming period. The USD strongly dropped during the previous week, and the price of Gold reacted to such developments. The price of Gold started the previous week around level of $1.913 and through the course of the week was pushed to the upside. Highest weekly level reached was $1.960. Gold is ending the week at level of $1.955. RSI is still holding above level of 50, ending the week at level of 57. Moving average of 50 days continues with its convergence toward the MA200 counterpart. As per charts, if the indicator continues with its current course, there is increased probability for a cross to occur within a few next weeks. The level of $1.950 is a short term resistance line, around which Gold spent a lot of time in the previous period. It could be expected that the Gold will start the week ahead by testing this level. At this moment, there is no clear indication on charts whether this level might be breached to the upside, in which sense, $2K might be still on hold. On the opposite side, some short term correction is possible, at least to the level of $1.930. Important news to watch during the week ahead are: USD: Retail Sales for June, Building Permits for June
FX:XAUUSD
by XBTFX
Gold: no clear movesThe US economy is showing resilience over the ongoing monetary measures imposed by the Fed in order to cope with inflation. Lately posted jobs figures show some slowdown in new jobs created, which might be a seasonal effect, still, what bothers the markets the most is increase in hourly earnings, which might push the inflation further to the upside and diminish Fed`s efforts to fight inflation. Posted figures increased market expectations that the Fed might increase rates further at July`s FOMC meeting. These expectations pushed USD to the lower grounds as of the end of the previous week, however, Gold is still lagging behind. The price of Gold was moving in a relatively short range during the previous week, from level of $1.900 up to $1.930. Gold has finished the week modestly below the highest level. RSI was moved from 40 up to 45, but the indicator is still showing that the market continues to be more oriented toward the oversold side. Moving average of 50 days continues to converge toward the MA200 counterpart, indicating a potential cross in the coming period. Current charts are pointing that the price of gold might test again $1.930 in the coming days, but without potential to go beyond this level. On the opposite side, there is high potential for $1.900 to be tested once again, which decreases the probability for the next support line at $1.850 to be tested in the week ahead. Important news to watch during the week ahead are: USD: Inflation rate in June, Producer Price Index in June, Michigan Consumer Sentiment in June
FX:XAUUSD
by XBTFX
Gold: testing resistanceThe US economy is showing high resilience to monetary measures imposed by the FED. Latest published fundamental data shows that confidence is slowly returning back both to businesses and consumers. Inflation is also on a down-side, as the released PCE price index showed further drop in May to the level of 3.8%. All this might influence the USD to strengthen in the coming period, while it might negatively impact the price of gold, considering its negative correlation to USD. During the previous week the price of gold was on a road to the down-side. Lowest level reached during the week was $1.893, after which, xauusd reverted a bit to the upside, finishing the week at level of $1.919. RSI reached level of 35, but the clear oversold side has not been reached. Moving average of 50 days continues with its convergence toward the MA200 counterpart, but there is still a higher distance between lines in order for cross to occur. Current charts are showing that the price of gold might revert a bit to the $1.920 resistance line, but, at this moment there is no indication that this line might be breached to the upside. In case of a short-term reversal, there is also potential for the next support line, at $1.850 to be tested in the coming period. Important news to watch during the week ahead are: USD: ISM Manufacturing PMI, FOMC meeting Minutes, ISM Services PMI, Non Farm payrolls for June, Unemployment Rate
FX:XAUUSD
by XBTFX
Gold: testing support Fed Chair`s Powell speech in front of the Senate during the previous week had an impact on the USD to gain in strength. He provided an overview on various topics, but the most important ones are related to the current state of the US economy and future monetary moves by the FOMC. Based on his testimony, the US economy continues to be strong, but the inflation continues to be persistent, in which sense, it could be expected two more rate hikes as of the end of this year. USD gained, while Gold lost some of its strength, considering its negative correlation. The price of Gold dropped from level of $1.967 down to $1.910. RSI reached level of 38 during the week, but it still did not manage to reach a clear oversold side. This is indication that further pressures to the downside might continue in the coming period. Moving average of 50 days started its convergence toward the MA200 counterpart, but there is still a distance between two lines, in which sense, it is too early to note a potential cross. Gold is currently testing a $1.920 support line. In case that it is broken to the downside, the next short term stop might stand at level around $1.880. Charts are not pointing that the price might reach the next support line at $1.850 in the coming week. On the opposite side, there is some probability of short reversal, but only to the level of $1.970. There is no indication that the price might go higher from this level. Important news to watch during the week ahead are: USD: Durable Goods Orders for May, CB Consumer Confidence, Fed Chair Powell Speech, GDP Growth Rate for Q1, PCE Price Index for May, Michigan Consumer Sentiment for June
FX:XAUUSD
by XBTFX
Gold: lagging behindPrevious week had a number of interesting news when financial markets and monetary policies of central banks were in question. Inflation in the US is slowing down, which is positive news for markets and, at the same time, the Fed shortly halted further rate increases, with a promise for two more hikes till the end of this year. The USD lost some of its value, as investors are still digesting the news over potential further monetary moves. However, Gold was modestly lagging behind the news, moving in a relatively short range during the week. The price of Gold was moving in a range between $1.967 down to $1.927. It looks like that during the whole week the equity market was in the sole spotlight of investors, and that the Gold was postponed for the coming period. Selling orders were prevalent on the market during the whole week, in which sense, the resistance line at $1.970 still represents a huge challenge for the price of gold. RSI continues to move modestly below level of 50, which indicates that the market is still not ready for the move toward the overbought side. Moving average of 50 days continues to move as a parallel line to its MA200 counterpart. As per current charts, the struggle around the $1.970 resistance line will continue also in the week ahead. At the same time, prevalent selling orders might push the price toward the $1.930 for one more time. Important news to watch during the week ahead are: USD: Building permits for May, Fed Chair Powell Testimony is scheduled for June 21st
FX:XAUUSD
by XBTFX
Next week - Potential buying/Selling zones on GC/XAUUSD OANDA:XAUUSD COMEX:GC1! I'm continuing my analysis on the GC/XAUUSD gold market, after reaching my TP last week, I'm expecting these potential scenarios mentioned on the chart. As you can see, we're in the liquidity zone, so all the possibilities are there, the market can do absolutely anything. In my analysis, all entries are based on a 1H time frame to minimize risk. I'd just like to mention that the market is expecting some big news this week (CPI, PPI, FOMC). Trade at your own risk. Follow for more
OANDA:XAUUSD
by lrabdo
1
Gold: $1.970 remains a targetThere were two major points for USD during the previous week. One was related to the accomplishment of the debt-ceiling deal and the other one was related to the resilient job market in the US. During the week, the US Senate approved the debt-ceiling bill, which supported the USD, while Friday`s trading was marked with much better-than-expected results on jobs, where 339K new jobs were added in the US in May. The demand for USD increased, as of the end of the week, putting the Gold to the downside. The price of Gold during the previous week was moving between levels of $1.933 up to $1.980. The resistance line at $1.970 could not be breached on this occasion, although it has been tested for the last two days of the week. The Gold is ending the week around level of $1.950. RSI is clearly searching for the oversold side, however, there is still some space for this level to be reached, as the indicator is currently moving around 41. Moving average of 50 days is slowing down its divergence from MA200 counterpart, but still, it does not indicate potential start of the convergence. As per current charts, the $1.970 resistance line continues to be a hard task for Gold, but it can be tested for one more time in the week ahead. On the opposite side, there is some probability for a short term stop around $1.930 level, but at this moment, charts are not pointing that the price might go lower from here. Important news to watch during the week ahead are: Euro: Euro Area GDP growth rate Q1 USD: ISM Services PMI for May
FX:XAUUSD
by XBTFX
Gold: can $1.970 resist?The USD gained during the previous week, following released PCE data which were higher than expected. The Core Personal Consumption Expenditure rose 0.4% on a monthly basis, supporting the market expectations that the Fed will continue to hike rates at their next meeting in June. The expected rate hike is estimated at 25 bps. This will continue to support USD and Gold will follow its negative correlation. XAUUSD started the previous week by testing the resistance line at $1.970. Following the rise in the USD, the price of gold reverted a bit to the downside and to the lowest weekly level at $1.937. The RSI reached level of 37, still leaving some space for the price to reach lower grounds, until a clear oversold side of the market is reached. Moving average of 50 days is still modestly diverging from its MA200 counterpart, but continues to support the “Golden cross” which occurred in January this year. Short term resistance line at $1.970 continues to be a target for gold. As per current charts, there is some probability that this level might be tested for one more time during the week ahead. However, there is currently low probability that this level might be breached. On the opposite side, the next support line stands at $1.880, but at this moment, there is quite a low probability that his level might be tested soon. Important news to watch during the week ahead are for USD: Debt-ceiling potential deal, CB Consumer Confidence for May, ISM Manufacturing PMI, Non-farm Payrolls, Unemployment rate.
FX:XAUUSD
by XBTFX
Gold: back to $2K? The USD gained during the previous week; however, risks are still holding especially when it comes to Fed's monetary policy and ongoing negotiations regarding debt-ceiling. Gold was following its correlation with USD, and its value dropped to the level of $1.950. Still, Gold finished the previous trading week around $1.970. The level of $2K has not been tested on this occasion, leaving some space for it in a week ahead. The RSI indicator was pushed below level of 50 during the week, reaching the level of 40. It shows increased potential for the oversold side to be reached in the coming period. Moving average of 50 days is still diverging from its MA200 counterpart, and continues to support the “Golden cross” which occurred in January this year. Gold will start a week ahead by testing the short term resistance line at $1.970. There is lower probability for this line to be clearly breached to the upside, however, the level of $2K might be tested for one more time. On the opposite side, there is currently a decreased probability that $1.970 support might be clearly breached to the downside. Important news to watch during the week ahead are for USD: FOMC Minutes, GDP Growth Rate, PCE Index, Durable Goods orders, Michigan consumer Sentiment for May Certainly, any news on potential resolution of the debt-ceiling should be closely watched, as it might bring some market volatility.
FX:XAUUSD
by XBTFX
Gold: a short reversal?Generally mixed sentiment on the financial markets during the previous week. On one side there are still worries about potential recession in the US, while on the other, news about the US debt ceiling added to market concerns. As USD shortly gained during the week, the price of Gold reverted a bit to the downside. The highest weekly level was at $2.050, still, XAUUSD is finishing the week modestly above $2.000. Short term support line at $1.970 has not been tested during the week. A further move from $2K would open a path toward the $1.970 support line. On the opposite side, the level of $2.050 might be shortly tested for one more time but without probability that it could be breached. Important news to watch during the week ahead are for USD: Retail Sales, Industrial Production, Building Permits Some precaution should be taken on May 19th, as Fed Chair Powell's speech is scheduled, which could bring some increased volatility to the markets.
FXOPEN:XAUUSD
by XBTFX
Xauusd Projection on 17/4/2023Hello everyone, I wanted to share my trading plan for XAAUSD and provide a quick analysis on the current price action. As we can see from the chart, XAAUSD is currently trading at a higher high price, which suggests that the market is in an uptrend. Additionally, the price is approaching a key resistance level, which if broken, could signal a continuation of the uptrend. However, it's important to always be cautious when trading and manage risk appropriately. While the possibility of a breakout is high, there is always a chance of a reversal or a false breakout. It's also worth noting that the price recently touched a support level and made a pullback towards the resistance level. This could indicate that the support level is acting as a level of demand, where buyers are stepping in and pushing the price back up. Once the price bounces off the support level and moves back towards the resistance, traders will be watching closely to see if the resistance level holds or if it breaks. If the resistance level holds, the price could potentially move back down towards the support level, creating a trading range. If the resistance level breaks, it could signal a continuation of the uptrend. As always, make sure to do your own analysis and use proper risk management techniques in your trades. Good luck and happy trading!
FX:XAUUSD
by affiq700
1
SasanSeifi 💁‍♂️🟡 GOLD / 4H UPDATE 🔼 186 PIP FROM $1830✌🔥HI TRADERS ✌ As you can see, XAUUSD it was mentioned in the previous analysis that if it stabilizes above the range of $1830, the possibility of growth again up to the range of $1840 can be considered. The price was able to grow by 186 pips from the range of $1830. Currently, the price is trading in the supply zone of $1847 / $1843. The scenario we can expect is that if it stabilizes above the range of $1847,we will see the price grow up to the range of 1850. Otherwise, the possibility of price correction can be considered. We have to see how the price will react... let's see... ❎ (DYOR)...⚠⚜ WHAT DO YOU THINK ABOUT THIS ANALYSIS? I will be glad to know your idea 🙂✌ IF you like my analysis please LIKE and comment 🙏✌
OANDA:XAUUSD
by SasanSeifi
XAUUSD - GOLD CURRENT SITUATION#XAUUSD According to the analysis we gave to XAUUSS earlier, GOLD went UP very fast in the previous weeks, BREAKING the TREND LINE. Due to this US10Y went down. The main reasons for that were the REPUBLICANS winning, and US CPI DATA being NEGATIVE. But since RETAIL SALES was POSITIVE the other day, GOLD was slightly SELL yesterday. It is definitely a very important indicator for the FED. Currently, MARKET RISK is being ON. Therefore, USD WEAKNESS is seen today. We have some very important NEWS coming to USD this week. Be sure to keep an eye on it. Anyway, since US10Y is going up with RETAIL SALES UP, GOLD is going down quite a bit right now. Anyway, we expect that GOLD will go up to 1875 LEVEL. Before that, GOLD may go down to the 1701 level with the FOMC UPDATE. Be careful..
OANDA:XAUUSD
by benny_marshall