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GOLD/AUD

Gold - What to expect from the FOMCIn our latest post on gold, we noted that the bearish trend lacked momentum, which would result in a sideways moving price action. We said that gold profit-taking would ensue to cover traders' losses elsewhere. We expect this trend to continue in the short term. We will pay close attention to the FED on Wednesday as it is expected to hike interest rates by 50 basis points. In our opinion, this will put further pressure on the U.S. economy, which will see more selling pressure. That is particularly bearish for gold in the short term. Therefore, we voice caution throughout this week as we expect gold to manifest high volatility. Indeed, we think there are high odds for gold to see a short-lived flush that will take it towards 1800 USD. Although in the medium and long term, we remain bullish. Illustration 1.01 The picture above illustrates XAUUSD on the daily time frame and volume below it. Technical analysis - daily time frame RSI, MACD, and Stochastic are bearish; DM+ and DM- suggest that same condition. Meanwhile, volume is declining, which suggests fewer people are willing to sell at the current price level. We expect volume to drop even more if the price continues lower. Overall, the daily time frame continues to be bearish. However, we think lower prices from the current level are attractive for accumulating more gold. Technical analysis - weekly time frame RSI is bearish. MACD is also bearish; however, it still hovers in the bullish area. Stochastic is bearish. DM+ and DM- are bullish, although if a bearish crossover occurs, it will cause us to change our medium-term to bearish. Overall, the weekly time frame is bearish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
OANDA:XAUUSD
by Tradersweekly
2
What's REALLY happening with the price of Gold?When we refer to the price of gold, we most often refer to the xauusd pair and although it is a fairly accurate representation, the usd component sometimes brings distortions. So in this analysis we will look at the price of gold vs. other currencies, in an attempt to get an overview of gold as an asset. XauUsd: Main Chart As I argued in my morning analysis about Precious metals, yesterday XauUsd has broken very important 1830 resistance suggesting that the one a half years of correction can be over. For a signal that the long-term trend has resumed, we need a break above 1850 followed by a high above 1880, from there "sky's the limit" with important resistances at 1950 and the ATH at 2070. And, yes, there is a strong possibility of a new ATH in 2022 if Gold manages to pass above 1900. XauEur: Here we also have a clear-up trend started in 2018, followed by a correction from the beginning of Aug 2020. XauEur has found strong support at 1430, and from August 2021 is on the rise. We can also argue a double bottom in this case, with the neck-line broken in Nov 2021. This neck-line is tested as support later in November and in December and now "is looking" at 1650 resistance. Once this is broken the next stop could be 1750 ATH. XauGbp: Here also, Gold has found a bottom in August 2021, followed by a rise. A break of resistance in Nov and this resistance has become a strong support Now the price is slightly above the descending trend line and we can expect growth. Resistances are clear on the chart at 1400, 1440, and the important one at ATH. XauAud: The most bullish from this series is XauAud, with the descending trend line broken in May 2021 and, more importantly, August's spike down giving here a higher low not a confirmation of support. Now XauAud is slightly under resistance and if it breaks up it can accelerate gains above 2700 where we can see a strong resistance. Best of luck trading Gold in 2022! Mihai Iacob
OANDA:XAUUSDLong
by Mihai_Iacob
15