Get started

Gold-trading

GOLD: Potential Scenario and Bearish Forecast hey traders, after reaching 1440 level we see a clear weakening bullish momentum on gold. with consequent lower highs and rsi divergence, I anticipate a formation of a descending triangle with the sequence of new lower highs. many times bears will push the market to 1380 structure support and most likely we will see a bearish breakout with bullish trend violation. if I see a bearish breakout I will follow a trading plan that I have recently posted. just check the related ideas. good luck
FX:XAUUSDShort
by VasilyTrader
11
Gold’s weekly outlook: May 13-17Gold continued to consolidate in $15 range but this time the expansion was on the upside unlike the previous weeks, finally closing with gains of $7. The uptrend was halted as the price action created a double top formation directly inverse to previous week’s double bottom formation which continue to suggest the trend still remains bearish in-spite of favorable fundamentals which failed to keep the price at higher levels. On the charts – Gold remained rangebound unable to break through the flag even after having a fairly good week after nearly a month. The closing still remains the key indicator of a bear market consolidation given the price action. We have 2 scenarios – 1. Bulls still remain on sidelines as they failed to build on the gains. 2. Gold closed below the support, till this is respected it can move towards $1284. If this is taken out it can fall to $1273. And if this is breached it can slide towards $1260. Bullish views remain dull unless gold breaks through the flag on upside. Bearish view – Bears were able to to bring the price down from highs comfortably with fundamentals mostly against them indicating the metal is having selling pressure at the highs. For bears to continue having the trend in their favor they need to stop the price from breaking out from the flag with next major support seen near $1236-$1240. On larger terms, Gold continues to remain bearish and prices are expected to head lower. Possible trades are on both sides, gold can be bought once it breaks out of the flag or at the bottom of the flag/channel. Gold can be sold under $1277 for the targets of $1273 and $1260 with a stop loss placed above $1289. Longer term target $1248. A sell-on-rallies can be useful under current scenario.
TVC:GOLDShort
by vanimator
Gold Bulls Await A Sustained Move Beyond $1288/1295 supply zone Fundamental View : =================== 1. The precious metal lacked any firm directional bias on Tuesday, albeit continued showing some resilience below 200-hour SMA amid the prevailing risk-off environment. 2. Oscillators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart, supporting prospects for additional gains. 3. However, traders are more likely to wait for a sustained move beyond the $1287-88 supply zone before positioning for a move towards the key $1300 psychological mark. 4. Meanwhile, a decisive break below the mentioned support, around the $1280 region, might negate the constructive set-up and trigger some aggressive technical selling. China increased its gold holdings for the fifth consecutive month in April, the People's Bank of China said on Tuesday, according to Xinhua News Agency. Gold reserves rose by 480,000 ounces month on month to 61.1 million ounces in April. Despite the uptick, gold reserves still make up a small percentage of China's massive reserves of more than three trillion US Dollars. The yellow metal is currently trading at $1,287 per Oz, the highest level since May 1. And other side May 9th USD Important news is PPI and Fed Chair Powell Speaks . So dollar can be a bit stronger. 1300 is strong resistance area in Gold So Gold can be dropped by this level test. The bullion is yet to cross $1288/90 resistance area comprising 38.2% Fibonacci retracement of March – April drop and highs marked since mid-April. Meanwhile, an upside clearance of $1290 can trigger the prices increase to $1300 with $1297 being an intermediate halt. Also, 61.8% Fibonacci retracement near $1302 and April month top near $1311 could become buyers’ favorites beyond $1300. Technical View: ============== Daily SMA100 1294.3 Daily SMA200 1253.94 Previous Weekly High 1288 Previous Weekly Low 1266.35 Previous Monthly High 1310.7 Previous Monthly Low 1265.6 Daily Fibonacci 38.2% 1280.44 Daily Fibonacci 61.8% 1282.51
FOREXCOM:XAUUSDShort
by Saleh11