OANDA:XAUUSD on high timeframes continues to form a sideways movement, but at the same time is in the selling zone. The market is still under pressure from the negative fundamental background. There is almost no news today, US Leading Index is published at 15:00 GMT and in general, analysts expect bearish data for the dollar. Gold is in panic zone on H1....
Gold futures saw a false break of $2060 on Wednesday, before momentum turned lower and sent prices back beneath the weekly and monthly pivot points. Those pivots have since turned into resistance, before gold saw a trendline break. As RSI (2) is oversold and prices have found support at the 10-dy EMA and daily S1 pivot, bulls could seek a near-term swing long...
Precious metals edged higher, partly due to the Commodity Channel Index (CCI) being technically oversold. The CCI indicator, comparable to the RSI, compares the difference between current and historical prices over a set timeframe and indicates whether the market is overbought, neutral or oversold. On Wednesday, the CCI showed gold was deep in oversold territory...
FOREXCOM:XAUUSD is redeeming part of the fall that occurred on Tuesday. The price is testing trend resistance amid the correction, but the negative fundamental background is still in place. There is no news today, as the USA is celebrating the President's Day. Technically, buying back positions is not an uncommon maneuver from a market maker who has the task...
Gold is on the third bullish 1D candle in a row. That is after the Channel Down made a LL on the 1D MA100 and formed the current bullish wave. The 1D MA50 has been rejecting every breakout attempt since February 7th and is the ideal LH level. Having turned neutral on the 1D technical outlook (RSI = 48.139, MACD = -7.100, ADX = 31.092), this is the ideal level to...
To follow our primary scenario, Gold must not slacken on its way further up the chart! We still expect the turquoise wave B to reach a new all-time high, which requires more (corrective) rises. However, our alternative scenario could still prevail with a probability of 40%. In this case, the turquoise wave alt.B would have already been finished with the last...
FOREXCOM:XAUUSD on Thursday is buying back some of the decline after bouncing off support. The market is under selling pressure and strong ETF selloffs are contributing to the downtrend. Price is testing strong resistance that was broken on inflation related news. But the fall is being redeemed on the back of lower than expected Initial Jobless Claims, the...
FOREXCOM:XAUUSD is moving into a consolidation phase after a phase of strong sell-offs. The probable reason could be the news that the market is waiting for. What can happen in the market? The general fundamental background for gold is negative, therefore, it is worth considering further prospects downward. Technically, a descending channel is beginning to...
FOREXCOM:XAUUSD is leaving the range. It happened. Tuesday's news defines the medium-term outlook for the market and, amid selling pressure, the price reaches targets below 2000. Today we have no news, the fundamental background remains the same - negative for gold. The chart above clearly shows that the price is coming out of the consolidation phase and the...
Finally, our expectations for gold to slide below $2,000 were fulfilled yesterday when the shiny metal sold off following the release of higher-than-expected inflation data in the United States. Given the hell breaking lose (yesterday) in the stock market, we remain concerned about gold’s performance in the short and medium term (while being bullish in the long...
FOREXCOM:XAUUSD , amid the decline we were waiting for, reaches the target of 2015 and forms a false breakout. But the only thing that is constant is the range. What should we expect from the price at this point? Pic: False break of trend line support The dollar stops again and goes into consolidation before another series of news. Today the market is...
Gold (XAUUSD) has dropped again below the 1D MA50 (blue trend-line) and contrary to our last short-term signal (February 07, see chart below), we look today on a longer term monthly basis on the 1D time-frame: As long as the price stays below the 1D MA50, it is very likely to see the current rejection transition into a Bearish Leg for the whole month of...
FOREXCOM:XAUUSD has been testing the local resistance area since the opening of the session and forming a false breakout with subsequent decline, but at the same time a symmetrical triangle is forming on the chart. Idea: GOLD → When will the price come out of consolidation? On D1 the market is still neutral, there is no strong news that would affect the...
Gold is about to cross from a neutral technical 1D outlook (RSI = 45.543, MACD = -1.200, ADX = 26.629) to a bearish one as it got rejected on the 1D MA50, under which it will close for the third straight 1D candle. The 1D RSI suggests that this is a very slow medium term decline, as is evident by the 6 week Channel Down, that in the near term it will find a...
OANDA:XAUUSD closed the trading session with a bearish candlestick on Friday. The asset loses 0.8% for the week, but at the same time it continues to stay inside the range between the strong boundaries of 2067 and 2010. Pic: Uptrend in the market. Price is testing trend support The dollar continues to strengthen, testing support as part of the correction...
OANDA:XAUUSD on the background of news on Thursday is declining, but does not reach the local minimum. On the background of the pullback the price also does not reach the local maximum. The range boundaries are narrowing. The fundamental background for gold still remains and is relatively negative at the moment. On the chart above we can observe a difficult...
OANDA:XAUUSD closes Wednesday's session with a minimal range of motion. The market is getting tighter and tighter every day, volatility as well as volumes are decreasing. The calm before the storm. Today, at 13:30 Initial Jobless Claims are published, at this time the dollar in the correction phase is testing the consolidation area and in all likelihood may...
The overall sentiment for gold prices in February is bullish. While the medium-term trend is sideways, the year of the Wood Dragon and technical indicators suggest potential for upward movement. Year of the Wood Dragon: According to Chinese tradition, the year of the Wood Dragon is considered an auspicious time to save in gold. This could potentially drive up...