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Shortgold

What Is Next for GOLD: Could We See It Rallying Again ? 📈1- Market Overview: As it is clear from the screenshot above the market is moving upward where the price managed to break a series of highs month after month. The rally started in December 2021 and then a huge drop was left on March 22nd to the 1900 USD mark. From this zone, Gold failed to break the previous high around the 2000 USD mark and posted a lower high showing weakness from the buyer’s side. 2- Long Scenario: The long scenario is our most likely scenario for this analysis since the market is traded to the upside, the odds of a long trading idea is much more likely to occur. The market as we can see is respecting the bullish trendline and it’s held by the buyers around the 1915 USD support zone. So, what most probably will occur is a move to the upside to test the previous high near the 2000 USD mark and then if the buyers are strong enough, we could see GOLD reaching the previous swing high around the 2071 USD level. However, we must highlight that the price posted a lower high after reaching the 2071 USD mark, which is an indication that the sellers might take control of the market in the coming days. Let’s move to discuss the short scenario where the reversal might occur, and we could see a huge drop in price of GOLD. 3- Short Scenario: The least likely scenario for this analysis is to see the GOLD reversing and move lower. As we mentioned in the previous paragraph, the yellow commodity posted a lower high which is a weak indication for the buyers. But this doesn’t mean that the market will reverse anytime soon before seeing a certain price action that we are going to discuss now. To see this particular reversal and a move to the downside, we should wait until the market breaks the support level around the 1915 USD mark and close below it. As well, another breakout we wanted to see is a breach of the bullish trendline to the downside. If these two movements occur this will lead to a huge move of the GOLD to the downside all the way to the 1800 USD mark. Financial Disclaimer: Please do you own research before investing/trading any asset. This article is for educational purpose. It might help you to have a different view of the market and learn from the way an expert see the market. But at the end you should know which trading ideas fit your personal analysis. Have a happy trading day. 🙂
OANDA:XAUUSD
by CollegeofPips
Daily resistance is broken. . Head And Shoulders on the 1-Hour?Hi Traders, Hope you have all had a great week. We’re just having a look at gold to try and see if there is a potential setup forming for next week. We have broken through the daily resistance at 1879. We have seen very strong bullish volume which helped push us through that zone. Since then, we have had no retest down to that price point so it technically has not been flipped to support yet, as such. Does it need to? Not necessarily. If we look at the 1-hour time frame, we might be setting up for a potential head and shoulders that could send us back down to retest that 1879 area and perhaps even go through it again. We see here that volume is also decreasing indicating a potential move soon. I don’t like taking any setups around strong Support and resistance zones. Things can be volatile. I would prefer to wait this out as it is a Friday as well, and then see what next week brings. There’s no rush jumping into a trade just because. If you want to look for a short position, this could be something that could be interesting to you. So let us see what the day brings and as always, if there is anything that starts to form, I will surely be posting it. Hope you all have an awesome weekend. Vortex
FX:XAUUSDShort
by TheVortexTrader
2
4-Hour Order Block Madness On Gold!It’s NFP Friday today. You know what that means—volatility Volatility Volatility. I always avoid staying out of the markets on NFP day but let’s still look at what gold did today. We are on the 4-hour chart. I have marked up an order block, as you can see on the chart. An order block is an area of interest that market makers use to access extra liquidity, which they can then use to push the price higher or lower. I’m the case of going short; I would always use the most recent bullish candle before an impulse lower. As we can price came right into the order block before dropping lower. This is what sniping is. I don’t usually trade order blocks on the 4-hour. However, this one was too good not to show. If you were looking to short Gold ( XAU ), You would have opened a short position in the middle of the OB. This is always a safe play. Put your slightly above the OB High, and your target would be the liquidity zone. This would have given a nice 1/7 RR. Order block sniping requires much backtesting and creating your own set of rules – just like any other strategy. This is a textbook example of how price returns into the OB zone to collect liquidity before moving lower. Interesting? Yes, Would I trade this on NFP day? No Let’s keep watching and see if gold can present us with any setups next week. Have a good weekend, traders.
OANDA:XAUUSDShort
by TheVortexTrader