Short gold, target 2430-2420!Good afternoon everyone, I am still holding a short position. I am optimistic that gold will fall back to 2430-2420, or even 2420-2410 area.
From the chart, we can see that the current high point of gold near 2482 is exactly the top range of the daily chart, so there is a possibility that it will encounter resistance and fall. The bottom of the daily range is currently at 2300, which is definitely a bit far for us. However, we can also look down step by step from the high position.
After breaking through the high point of 2482 today, it has retreated to around 2460. The hourly chart range has been broken. From the current point of view, the bottom of the hourly chart range is around 2430-2420. Therefore, there is a high probability that gold will have a deep correction space in the future.
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Xauusdsignals
Gold Needs Correction!!!Gold is moving in the Resistance zone($2,450-$2,426) .
Gold moved as I expected in the previous post .
According to the Elliott wave theory , Gold has finished main wave 5 , and we should wait for Corrective Waves .
Also, we can see Regular Divergence(RD-) between Consecutive Peaks .
I expect Gold to decline to at least the Support zone($2,400-$2,376) .
Gold Analyze ( XAUUSD ), 15-minute time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
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GOLD (XAUUSD): Updated Support & Resistance Analysis
Here is my structure analysis for Gold.
Resistance 1: 2495 - 2505 area
Support 1: 2422 - 2450 area
Support 2: 2391 - 2394 area
Support 3: 2348 - 2356 area
The resistance that I underlined is based on a psychological, whole number price level.
Consider these structures for pullback/breakout trading.
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XAUUSD H1 - Long Signal XAUUSD H1
A possible outlook for XAUUSD here. I've got alerts set for $2450/oz price for the moment, but we may pull down towards that $2440/oz price.
I'm not too confident in pushing the signal on the basis of a $2450/oz buy limit. But, this is certainly the first port of call. I'll update accordingly.
GOLD (XAUUSD) May Update All Time High
I think that probabilities are high that Gold will update the ATH soon.
If we study the price action since April, we can spot that the market
has already updated ATH twice.
The completion points of the last 2 bullish waves were the Higher Highs.
Now we are in a wave 3, so get ready that the high will be updated again.
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GOLD (XAUUSD): Important Decision Ahead
Gold is trading in a global bullish trend.
We can see that after a strong bullish wave in February and March,
the market stopped growing and started to trade within a horizontal range.
The market is stuck within the range for more than 3 months.
We see a test of its upper boundary at the moment.
An important decision is now ahead.
I believe that a bullish breakout of the resistance of the range
and a weekly candle close above that will be a strong bullish signal.
A new bullish wave will most likely initiate then.
Alternatively, the market may respect the resistance of the range the 4th time and keep
staying within its boundaries.
Let's watch the price action and look for the signal.
I will post the update soon.
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XAUUSD Coming out of its consolidation and turning bullish.Gold (XAUUSD) is on a sustainable short-term rise above the 1D MA50 (blue trend-line) and is coming out of a consolidation pattern (blue) similar to December 2023 - February 2024. Both were supported by the 1D MA100 (green trend-line) and both are within the long-term 18-month Channel Up.
This could technically be the start of the 3rd Bullish Leg of this pattern. Our Target is a 'modest' 2600, which may be almost +15% from the bottom, but would still be the weakest Leg of the three.
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GOLD (XAUUSD): Bullish Outlook Explained
Gold finished this week in a strong bullish wave.
Analyzing key levels, we can see that the price
did not manage to test a key daily supply cluster.
I think that the market has a nice potential to continue growing.
If you missed the entry, you can consider looking for buying
from a demand zone that is based on a falling trend line and
a broken horizontal resistance.
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SILVER (XAGUSD): Bullish Outlook Explained
Silver may start growing next week after the market opening.
I see a nice bullish engulfing candle on a 4H time frame
after a test of a strong intraday horizontal structure support.
I think that the price will reach at least 31.2 level.
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Gold will Attack to the Support zoneGold failed to break the Resistance zone($2,400-$2,376) and started to fall again.
According to the theory of Elliott waves , it seems that Gold has successfully completed the Double Three Correction(WXY) .
I expect Gold to attack the Support zone($2,338-$2,318) and go down to at least $2,330 .
Gold Analyze ( XAUUSD ), 1-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
GOLD (XAUUSD): Intraday Bullish Signal
Following a structure analysis that I share earlier,
Gold nicely respected a key daily structure support.
I see a bullish breakout of a bullish flag pattern on an hourly time frame.
I think that more growth is coming.
Next resistance - 2417
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GOLD (XAUUSD): Updated Support & Resistance Analysis
Here is my latest structure analysis for Gold.
Vertical Structures
Vertical Support 1: Falling Trend Line
Horizontal Structures
Support 1: 2386 - 2393 area
Support 2: 2348 - 2356 area
Support 3: 2334 - 2339 area
Support 4: 2286 - 2298 area
Resistance 1: 2426 - 2450
For now, I am looking for a pullback to Supports to buy the market from.
Consider these structures for pullback/breakout trading.
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GOLD (XAUUSD): More Growth is Coming?!
Today's Powell Speech has a very limited impact on Gold.
Since early morning, the market turned bullish and
successfully violated a resistance line of a horizontal range on a 4H time frame.
The market may keep growing now.
Next resistance - 2390
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Silver Forecast: A Potential 10,000 Pip Surge on the Horizon!I understand the title may seem bombastic and possibly clickbaity, but in my view, there's a solid case for OANDA:XAGUSD potentially rising by $10 in 2024. Here's why:
Observing the chart, unlike OANDA:XAUUSD , Silver has been trading within a range for precisely a year now, failing to establish new highs. However, on a positive note, since the pandemic low, the price has been forming higher and higher bases, suggesting the potential for building upside momentum in the longer term.
From a strictly technical standpoint, as mentioned, we've been stuck in a range for over a year, with a clear resistance level around the $26 zone. If the bulls manage to break above this significant level, considering the one-year-long accumulation, I believe we could witness an explosive rise that might propel Silver to $35, with a potential pit stop at interim resistance around $30.
Gold Possible Drop incomingI believe gold is likely to continue lower, Let me explain why>
Based on this image you see here, gold has been stumbling about this level for quite some time, at least 4 days. Due to the fact that it appears to be a "support" I am thinking that there might be buyers trapped in buys or at the very least induced to buy at this level.
Which means stop losses of same said buyers would likely be below this (cyan level) See image below.
Now gold is a bullish market overall, on the monthly timeframe.
Which means buys are likely the overall play but in order for gold to go up it needs liquidity (energy) to do so, how does a market get liquidity? By stopping out traders from the opposing direction.
This can be further possibly be confirmed by paying attention to the way the last 3 monthly candles have formed and closed
The way the market is behaving at this high I believe that it is suggesting that it is rejecting the high which also suggests sells.
So far so good right?
The monthly and weekly timeframe do not add anything to my analysis so I will skip them both.
The 4 hour timeframe shows where price heavily pushed out and up away from the consolidation, this was also during and around NFP and after FOMC. If it were going to buy, it would continue to buy right? But if we pay attention to the last few candles I think you'd agree with me in saying that bearish momentum is actually increasing, no? Why would bearish momentum increase if buys are incoming?
The 1 hour suggests rejection to this same (cyan level) but it is staying at and around this level for quite some time, if it were rejecting, why is it staying there for so long? Who is it really trying to induce?
The 30, 15 and 5 minute timeframes do not add anything to this analysis so I will skip.
The 1 minute timeframe shows a gigantic drop with price halting at and around the (cyan level) why? Price is again sticking around this area, which suggests buys to the greater population of traders but every time I bought today, the market barely went up.
I was fortunate enough to end my trading day at a net positive but the buy feels very sketch for me personally.
I believe Gold will continue to drop before the buy actually presents itself
I am going to the 15 minute timeframe to show what I think is likely to occur. This is what I believe can happen.
Boost the post if you agree with my analysis.
XAUUSD Has confirmed a new Bullish Leg towards SeptemberGold (XAUUSD) held the 1D MA100 (red trend-line) clear and last week make a strong 1W green reversal candle. The 1D MA100 is the metal's most crucial long-term Support and the last two times it made contact with (February 12 2024 and November 13 2023), new Higher Highs where made.
Right now the price is coming out a consolidation (blue Rectangle) similar to the one that ended on February 12 2024 and was a Higher Low on the (dashed) Channel Up. The minimum % rise of a Bullish Leg within the long-term (blue) Channel Up has been +15.26%.
As a result, as long as the 1D MA100 keeps supporting, we will be bullish, targeting 2600 (a little below the +15.26% mark).
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XAUUSD H4 - Sell Signal $2900/ozXAUUSD H4
On Friday, XAUUSD experienced significant movement, as those actively trading the markets would have observed. After a sharp drop, it rebounded aggressively and continued to rise throughout the day. The area around $2390-$2395/oz is a major resistance zone.
This resistance level presents an opportunity for potential short positions, whether today or later this week, depending on market conditions. Alerts are set for this key resistance price, allowing us to wait patiently for the notification to trigger. We will be looking for an intraday opportunity today for the $10,000 challenge if we can't see this swing opportunity unfold today.
GOLD (XAUUSD): Accumulation is Over!
Gold was consolidating within a range on a daily since the end of May.
The release of the Friday's fundamentals made the market very bullish
and the price successfully violated the upper boundary of the range.
Such a violation opens a potential for a further bullish continuation.
Next resistance - 2425
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GOLD (XAUUSD): Technical Outlook Ahead of the News
Gold is currently retesting a recently broken trend line on a daily.
On a 4h time frame, we can see that the market is consolidating
and trading within a horizontal range.
I will wait for a bearish breakout of a support of the range
as a strong bearish confirmation.
A 4h candle close below 2318 will confirm the violation.
A bearish continuation will be expected at least to 2300 then.
Alternatively, a bullish breakout of the resistance of the range
may push the prices higher.
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XAUUSD One last bearish leg left. 1D MA100 calling.Two weeks ago (June 18, see chart below) we made a comparison on Gold's (XAUUSD) 1D chart with the Channel Down of January - February, calling for a final Low on the 1D MA100:
It appears that we are about to complete the final stage of this Bearish Leg (D), and within 5 trading days, make that 1D MA100 contact. However due to the less aggressive nature of the current Leg, we update our Target from 2260 to 2270.
The cyclical sequence of the 4H RSI however, indicates that we may be forming a bottom sideways, using the 4H MA50 (blue trend-line) as a pivot, so if instead the price closes above the top (Lower Highs trend-line) of the Channel Down and enters the upper region of the Rectangle, we will invalidate our 1D MA100 bias.
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