FOREXCOM:XAUUSD is testing local levels in the correction phase and heading towards descending triangle resistance. There are several strong levels crossing in the area of 2035-2037. What to expect from the price? The price is in the correction phase testing the symmetrical triangle resistance as well as the previously broken ascending support line....
US equity and bond markets are closed for the day – US Presidents’ Day holiday – and this will weigh on market activity across a range of asset classes. Activity over the rest of the week should pick up with FOMC minutes, the release of the February PMIs, and chip-giant Nvidia’s earnings all worthy of attention. In addition, a handful of Fed speakers will give...
Gold has been trading within a Channel Down pattern since the December 28 2023 High. The price is at the moment around the 4H MA200 (orange trend-line) and close to completing a +2.84% rise, which is the usual Bullish Leg % within this pattern and currently falls just below the 2045 Resistance. The 4H RSI is already on the same Bearish Divergence that priced the...
OANDA:XAUUSD is testing 2030 and forming a false breakdown. Today the market is waiting for news from the FOMC , where they are likely to discuss inflation, interest rate and may make some statements. At this time the metal price is forming the range of 2030 - 2016 Globally, gold is flat as investors are confused by the US market regulators. But, interest in...
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...