XAUUSD H2 - Long SignalXAUUSD H2
Here is XAUUSD update on the H2, we were previously targeting 2325/oz and then 2335/oz. With further targets pushing towards that 2350/oz price. We are looking at pulling towards the previous area of resistance, which we now anticipate to act as support, priced 2320/oz.
Targets remain at around 2350/oz and then 2360/oz subsequently. Not much in the way of economic data today, so lets see what unfolds. Might be a slow burner of a day
Xauusdsignals
XAUUSD Channel Down leading to inevitable 1D MA100 test.Gold (XAUUSD) is failing to break above the 1D MA50 (blue trend-line) on successive tests and as long as it remains below it, the trend will be bearish. In fact the dominant pattern is a Channel Down and the last time we had such a formation was from December 28 2023 to February 14 2024.
It was on that day (Feb 14) that the price bottomed exactly on the 1D MA100 (green trend-line) and initiated the incredible rally of March - April. As you can see, the two Channel Down patterns share similar characteristics. Both sequences experienced identical phases and the current one appears to be finishing phase (C) and on the next top test of the Channel Down, start phase (D), which should be the final and the one to deliver the 1D MA100 test.
We expect that to be around 2260. Notice also how the 1D RSI sequences between the two fractals are also similar, in fact even more than the price action as the RSI filters out the more aggressive nature of the current price action.
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XAUUSD H1 - Long SignalXAUUSD H1
We bounced nicely yesterday from this indicated buy zone, offering as much as 3.5R. We have since come back down to this area of support. We could see some potential re-entries from this zone, with targets of 2325/oz, 2335/oz and then 2350/oz.
If support doesn't manage to hold this time round, we could expect to see the more major support price of 2285 see a test.
GOLD (XAUUSD): Your Trading Plan For Next Week Explained
This Friday, Gold turned very bullish and reached a strong daily resistance.
The underlined red resistance is the upper boundary of a narrow horizontal trading range on a daily.
Next week, look for a breakout of the resistance of the range.
A daily candle close above 2342 will be our strong bullish confirmation.
A bullish continuation will most likely follow then.
Next resistance will be 2736
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GOLD (XAUUSD): Main Focus is ...
As I predicted yesterday, we got a nice intraday bearish movement on Gold.
Analyzing the price action on a daily time frame today,
I spotted that the market is currently consolidating.
We can see a narrow horizontal trading range.
Those who are looking to buy the market should wait for a breakout
of the resistance of the range.
A daily candle close above 2342 will be our strong bullish confirmation.
A bullish continuation will most likely follow then.
Next resistance will be 2736
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GOLD (XAUUSD): Classic Bearish Pattern
I spotted a strong bearish pattern on Gold on an hourly time frame.
After a strong bearish rally that initiated on Friday last week,
the market started a correctional movement within a rising channel - a bearish flag pattern.
A breakout of the support of the flag is a reliable bearish signal.
Probabilities are high that Gold will drop at least to 2295
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XAUUSD Is it oversold?Gold (XAUUSD) delivered our expected pump and dump move following the higher than expected Nonfarm Payrolls (NFP) on Friday:
It almost hit our 2280 Target, so we recommend taking the handsome profits as there is high probability of a rebound towards 2360 and another dump. We are willing to re-sell there and target 2280 or if the 2277.50 Support breaks (candle closing below it), in which case our bearish break-out Target will be 2240, which would represent a potential contact with the 1D MA100 (green trend-line).
As mentioned on our previous study, the current Rectangle pattern since mid April is fairly similar to the one from late October 2023 to late February 2024.
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GOLD (XAUUSD): Support & Resistance Levels For Next Week
Here is my latest structure analysis and important key levels
to watch on GOLD next week.
Resistance 1: 2315 - 2327 area
Resistance 2: 2375 - 2387 area
Resistance 3: 2426 - 2450 area
Support 1: 2265 - 2286 area
Support 1 and Resistance 3 compose a wide horizontal range on a daily.
Consider the underlined areas for pullback/breakout trading next week.
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Gold Analysis (Expect More Falling)!!!Gold has managed to break the Support zone($2,337-$2,318) and 50_SMA(Daily) .
According to Elliott's wave theory , Gold is completing its next 5 downtrend waves .
It is possible to form a Descending Channel , Gold can react to the lower line of the descending channel.
I expect Gold to continue falling to the next Support zone($2,272-$2,248) .
Gold Analyze ( XAUUSD ), 4-hour time frame ⏰.
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XAUUSD forming the first 4H Death Cross in 5 months!Gold (XAUUSD) broke below the 1D MA50 (red trend-line) and is forming today the first 4H Death Cross since January 12. As we mentioned on our previous analysis, we expect the yellow metal to trade sideways on the medium-term and that involves the price testing the May 03 Low on a potential contact with the 1D MA100 (green trend-line).
This will be a mirror trade of the previous Accumulation Phase (late 2023 - early 2024), when Gold made contact with the 1D MA100 on February 13 2024 and then immediately started the new Bullish Leg.
Our Target remains 2280.
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Gold could drop under 2300In my written and video comments from last week, I mentioned that I expected gold to drop in a new downward leg and indicated the 2350-2360 range as the sell zone.
Indeed, after touching this zone twice, the price dropped and closed the week near the 2325 support level.
This week's opening saw a drop below this support, and at the time of writing, gold is trading at 2318.
I anticipate further downside movement and a drop below the important 2300 level.
My target is the 2285 support zone.