ThetaTrading

Gold: Triangle still unresolved; Entry levels refined

FX:XAUUSD   Gold/U.S. Dollar
The US employment report was mixed. Payrolls posted a 215,000 jobs gain, around June's level, while analysts had expected 225,000. The previous number was upwardly revised to 231,000. The unemployment rate remained at 5.3%, while wage growth came out at 2.1% year-on-year, up from 2.0% in the previous month. According to a latest Reuters poll, the median probability for septermber rate hike estimated by US primary dealers is 60% vs 55% in June. The number for December meeting stands at 80%. 9 of 19 dealers expect two rate hikes this year.

The short-term reaction has been very volatile, with violent swings in both directions. The price of Gold             has tested both trendlines that form the Triangle pattern . There is a clear 5-wave advance that usually sets a new uptrend. The key support cluster is projected @1089. Our approach is to wait for a 4-hour candle to close either above 1099 to generate a buy signal; or below 1082 for a sell signal. While the intraday chart to the right suggests higher prices based on last swing's wave structure, the long-term trend is, obviously, down.
I am looking for what is next. I see XAUUSD above the resistance area now, which I think is now support. With people shorting based on the daily chart, this may add fuel to the bullish flame when the shorts recover. What do you think?
Reply
ThetaTrading Rocketman
a year ago
My support zone is 1127-1133. I expect some buying from here. I made a private chart with key levels, you can watch them live:
Gold key levels
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out