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10.6 Gold falls back and continues to go longGold prices are currently moving out of a narrow range of highs on the daily chart. The K-line chart continues to maintain a relatively stable upward trend along the short-term moving average. Watch for any pullbacks on the daily chart to confirm a secondary upward trend. Focus on the support zone around 3900 in the short term. On the 4-hour chart, the price broke through the previous resistance zone, and the short-term moving average began to diverge upward, indicating a relatively strong short-term trend. On the hourly chart, the intraday pullbacks were neither strong nor prolonged, and the K-line chart continues to maintain a relatively strong trend along the short-term moving average. Some divergence is showing on the short-term chart, so watch for short-term adjustments. Trading Strategy: BUY: 3910 TP1:3925 TP2:3940 SELL: 3940 TP1:3910 TP2:3900
TVC:GOLDLong
by AnalystDavid_
1
GOLD 1H CHART ROUTE MAP UPDATE & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price play between two weighted levels with a gap above at 3907 and a gap below at 3880. We will need to see ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 20 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. The swing range give bigger bounces then our weighted levels that's the difference between weighted levels and swing ranges. BULLISH TARGET 3907 EMA5 CROSS AND LOCK ABOVE 3907 WILL OPEN THE FOLLOWING BULLISH TARGETS 3937 EMA5 CROSS AND LOCK ABOVE 3937 WILL OPEN THE FOLLOWING BULLISH TARGET 3965 EMA5 CROSS AND LOCK ABOVE 3965 WILL OPEN THE FOLLOWING BULLISH TARGET 3993 EMA5 CROSS AND LOCK ABOVE 3993 WILL OPEN THE FOLLOWING BULLISH TARGET 4019 BEARISH TARGETS 3880 EMA5 CROSS AND LOCK BELOW 3880 WILL OPEN THE FOLLOWING BEARISH TARGET 3848 EMA5 CROSS AND LOCK BELOW 3848 WILL OPEN THE FOLLOWING BEARISH TARGET 3819 EMA5 CROSS AND LOCK BELOW 3819 WILL OPEN THE SWING RANGE 3683 3654 EMA5 CROSS AND LOCK BELOW 3654 WILL OPEN THE SECONDARY SWING RANGE 3781 3743 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
1
GOLD (XAUUSD): Get Ready For Breakout Gold closed, approaching a strong horizontal resistance based on a current All-Time High. Following a bullish accumulation, there is a high chance that the underlined structure will be broken, and the price will go higher. Wait for a 4H candle close above 3897 as a confirmation, expect a bullish continuation to 3920 then. ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
TRADENATION:XAUUSDLong
by VasilyTrader
5
Learn Profitable Doji Candle Trading Strategy (GOLD, FOREX) In the today's post, I will share my Doji Candle trading strategy. This strategy combines the elements of multiple time frame analysis, price action and key levels. Step 1 Analyze key levels on a daily time frame. Identify vertical and horizontal supports and resistances. Here are the key structures that I spotted on AUDUSD. Step 2 Look for a formation Doji Candle on a key structure. This rule is crucially important: we will trade only the Doji candles that are formed on key levels. From key supports , we will look for buying , and we will look for shorting from key resistances . Look at this Doji Candle that was formed on a key daily support on AUDUSD. Step 3 Look for a horizontal range on a 4h/1h time frames. Doji Candle signifies indecision . Quite often, you will notice the horizontal ranges on lower time frames when this candlestick is formed. Here is a horizontal range that was formed on a 4H time frame on AUDUSD after a formation of Doji. Step 4 Look for a breakout of the range. To sell from a key resistance, we will need a bearish breakout of the support of the range. That will be our bearish confirmation. To buy from a key support, we will need a bullish breakout of the resistance of the range. It will be our bullish signal. Here is a confirmed breakout of the resistance of the range with a 4H candle close above. That is our bullish confirmation on AUDUSD. Step 5 Buy aggressively or on a retest. After you spotted a confirmed breakout of the range, open a trading position aggressively or on a retest. Personally, I prefer trading on a retest. If you sell, a stop loss should be above the high of the range and your target should be the closest key daily support. If you buy, your stop loss should be below the low of the range and a take profit will be on the closest daily resistance. On AUDUSD, a long position was opened on a retest. Stop loss is lying below the lows. Take profit is the closest resistance. Here is how this great strategy works! Always patiently wait for a confirmation! That is your key to successful trading Doji Candle. ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
TRADENATION:XAUUSDEducation
by VasilyTrader
4
USDCHF Breakdown – Eyes on 0.7920Price couldn’t hold inside the rising structure and has broken below the trendline. That confirms sellers are taking control again. The rejection from the supply area above (0.8000 zone) added more weight to this bearish setup. 👉 My expectation is for price to drop toward 0.79200 – that’s the level I’ve marked on the chart. This aligns with the 1.618 fib extension and sits just before deeper liquidity levels. ⚡ For me, this is a clean short opportunity as long as price stays below the broken support line. If bulls want to reverse, they need to close back above 0.7980. Until then, I’ll stay with the bearish side. Plan: - Targeting 0.7920. - If price reaches there, I’ll check for reaction (possible bounce or continuation). - No long entries for now – only watching sellers. Patience is the key again here, waiting for price to complete the move into my expected zone.
Short
by ClearTradingMind
10.3 Gold US Market Technical Analysis!!!Our overall judgment on gold in October is "bumpy", that is, the market has turned from the steady slow bull market in September to a fluctuating rise. There will be a tug-of-war between long and short positions, and there will be a tug-of-war between highs and lows and a rapid rebound. However, this does not mean the end of the bull market, but only a change in the rising rhythm. We should pay attention to this pattern change in the short term. We will still view it as a strong rhythm during the day. After the volatile upward trend in the Asian and European sessions, we will choose to follow up with a bullish trend after a pullback. Pay attention to the suppression around 3874 and 3895 on the upside. At the same time, due to the uncertainty of the non-farm payroll results, whether it is announced or not will have a greater impact on today's operations.
TVC:GOLDShort
by AnalystDavid_
1
Daily Plan: Gold Targets 7th Straight Weekly Gain📊 Market Context Gold holds firm above $3,850, aiming for its 7th consecutive weekly gain. 🔥 Main driver: Risks from a prolonged U.S. government shutdown. 📉 54% probability of the shutdown lasting 29 days (Polymarket) → directly impacting gold sentiment. 🛡️ Safe-haven demand & BUY-side FOMO keep fueling momentum. ⚖️ Still, profit-taking at higher resistance zones could trigger sharp swings before the next directional move. 🔎 Technical Analysis (H1/H4) 📈 Main trend: Bullish, but consolidating near 3,850. 🚧 Key Resistances: 3882–3884 & 3934–3936 (Liquidity Sell Zones). 🏦 Key Supports: 3797–3795 & 3756–3754 (Buy Zones). 🎯 Key Levels: 3850 – 3880 – 3900. 📈 Trading Scenarios & Plan ✅ SELL ZONE 1: 3882–3884 SL: 3890 TP: 3878 – 3874 – 3870 – 3865 – 3860 – 3850 – 3840 – ??? ✅ SELL ZONE 2: 3934–3936 SL: 3940 TP: 3930 – 3925 – 3920 – 3910 – 3900 – ??? ✅ BUY ZONE 1: 3797–3795 SL: 3790 TP: 3800 – 3810 – 3820 – 3830 – 3840 – ??? ✅ BUY ZONE 2: 3756–3754 SL: 3750 TP: 3760 – 3770 – 3780 – 3790 – 3800 – ??? ⚠️ Risk Management Notes 🌀 U.S. shutdown headlines may spark unexpected volatility. 🕵️‍♂️ Focus on BUY setups at support, avoid chasing FOMO at highs. ❌ Consider SELL only if clear rejection signals form at resistance zones. ✅ Summary Gold remains supported by safe-haven flows, eyeing a 7-week winning streak. 🎯 Strategy: BUY setups: 3797–3795 & 3756–3754. SELL setups: 3882–3884 & 3934–3936. 📢 Follow MMFLOW TRADING for real-time updates & BIGWIN setups!
OANDA:XAUUSDShort
by MMFlowTrading
9.3 Gold awaits non-farm payrolls!!!Gold's daily candlestick chart continues to fluctuate slightly higher along its short-term moving average, with prices currently under pressure around 3900. Tonight's non-farm payroll data may not be released as expected, adding some uncertainty to the market. On an hourly chart, after a period of narrow range-bound trading, the technical pattern is gradually recovering. With prices slowly breaking through the previous resistance zone, there may be some short-term rebound potential. On a four-hour chart, the short-term moving averages are essentially flat, suggesting continued high-level fluctuations and repairs. Watch for short-term corrections.
TVC:GOLDShort
by AnalystDavid_
Gold Market Outlook – Bullish Trend Building MomentumGold continues to follow a structured bullish cycle, where each consolidation phase has been followed by a breakout and expansion. Market behavior shows liquidity being collected in sideway ranges, then released to fuel upward momentum. At the current stage, price is trading around $3,870, showing signs of a potential short-term pullback to gather liquidity from the mid-zone. Once this corrective move stabilizes, the chart suggests a renewed bullish impulse with a projected upside target toward the $3,965 level. This pattern highlights that the market remains in a controlled bullish phase, where temporary retracements are acting as setups for continuation rather than reversal. The underlying flow still favors higher levels as long as buyers maintain activity after corrections.
TVC:GOLDLong
by XAU_EMPIRE
2
DAILY CHART UPDATEHey Everyone, Another great day on the charts with all our chart ideas now complete. Please see update on our Daily chart idea, which is now respecting the final target. ✅ 3776 & 3866 Targets Achieved! Our chart ideas played out perfectly — 3683 → 3776 → 3866 final daily target completed. Now the focus is on what’s next: Breakout Scenario: A clear close above 3866 = continuation higher. Rejection Scenario: Failure to close above = rejection, which we’re already starting to see now. Resistance is holding, and we may get the first leg of a correction. Let’s see if momentum picks up enough to test the lower Goldturns for support and bounce. Key Levels 📉 Support: 3776 / 3683 📈 Resistance: Above 3866 (on confirmed breakout) Stay tuned for the next update as this plays out. Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
10
(XAU/USD) – Gold to reach $4,000/oz: Where is the best buy point1. Price Structure & Main Trend On the H1 timeframe, gold still maintains a bullish structure with higher highs and higher lows. After the Break of Structure (BoS), price retraced to test the Buy Zone around 3,862 and bounced back up. Currently, price is trading above both EMA34 and EMA89, confirming that the uptrend remains dominant. 2. Key Zones Buy Zone: 3,862 – 3,865. Short-term support, aligned with the previous BoS. If price holds above this zone, the bullish scenario is strengthened. Order Block (OB) 1: 3,806 – 3,810. Next support zone if the Buy Zone is broken. Order Block (OB) 2: 3,763 – 3,770. Deeper support, activated only in case of a strong correction. Sell Scalping Zone (Fibo): around 3,912. A potential short-term resistance where profit-taking may occur. Sell Zone / ATH: 3,933 – 3,935. Breaking above this area may lead gold to a new all-time high. 3. Trading Scenarios Bullish (Main Scenario): Look to buy at 3,862 – 3,865 if price retests. SL: Below 3,850 (under Buy Zone and EMA89). TP1: 3,912 (Sell Scalping Zone). TP2: 3,933 – 3,935 (new ATH). Bearish (Defensive Scenario): If price breaks below Buy Zone and closes under 3,860, it may test OB 3,806 – 3,810. In a worse case, if OB1 is also lost, short-term bullish momentum could weaken, pushing gold to OB 3,763 – 3,770. 4. Summary Gold on H1 maintains strong bullish momentum after breaking structure. The optimal plan is to prioritize buying at key support, manage risk tightly, and gradually take profit at resistance zones. If price surpasses 3,933, gold may enter a new all-time high phase.
OANDA:XAUUSDLong
by CaptainVincent
GOLD (XAUUSD): Next Goal - 3900 Gold looks bullish again today, following a completion of a correctional movement after an update of the ATH yesterday. The market was accumulating for some time within a horizontal range on an hourly time frame. A confirmed bullish CHoCH indicates its highly probable completion. The price will most likely continue rising now. Goal - 3900 ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
FOREXCOM:XAUUSDLong
by VasilyTrader
5
9.2 Gold Short-Term Technical Analysis Guide!!!Gold prices naturally retreated after hitting a new high on Wednesday, but the candlestick chart remains oscillating upward (with higher lows). If prices fall below the midline of the trend channel at 3869, the market is likely to shift towards the 3850-35 range. Currently, gold prices are showing this trend. Conservative investors can consider entering the market based on whether the 3834/35 support levels are broken (a rebound could reach as high as 50; if it falls below, the market is bearish and could reach 3810). Reference support levels: 3849, 3834, and 3794. Reference resistance levels: 3880, 3903, and 3917.
TVC:GOLD
by AnalystDavid_
1
Can gold smash through $4,000 this month?Gold is edging closer to the psychological $4,000 mark after reaching as high as $3,890 per ounce. The rally has been fuelled by two main drivers: an unexpected drop in US private employment and the start of the federal government shutdown. With the shutdown delaying key releases such as this week’s nonfarm payrolls and this month’s CPI, the Federal Reserve may be forced to decide policy at its October 29 meeting without critical data, increasing the chances they leave rates unchanged. Technically, gold’s trend remains constructive. Strong demand zones potentially sit near $3,760 and $3,720, while the next key resistance is the $4,000 psychological level. A sustained daily close above $4,000 would open the way toward Fibonacci extension targets at $4,025 and $4,101. On the downside, a break below $3,760 could trigger a deeper pullback toward $3,680.
BLACKBULL:XAUUSD
by BlackBull Markets
Gold Market Analysis – Sell Opportunity Emerging in XAU/USDGold has been climbing with strong momentum, but the current leg is showing signs of transition. After a period of consolidation, the market expanded upward, taking liquidity from previous highs and creating an extended run. This behavior often reflects the final stage of a bullish cycle before rebalancing begins. What stands out now is the engineered path of price: a push into untested liquidity zones above, followed by a potential shift as large players unwind positions. Once liquidity is collected at the extremes, price tends to rotate back into inefficiencies left behind during the rapid climb. This suggests gold is not simply trending higher, but moving through a liquidity cycle. The near-term structure favors a sweep of higher levels, then a corrective phase where price retraces to refill imbalances and reset order flow for the next directional move.
TVC:GOLDShort
by XAU_EMPIRE
GOLD WEEKLY CHART MID/LONG TERM ROUTE MAP UPDATEWeekly Chart Update – Follow Up 3732 Hit & Closed Above, 3806 Gap Opens – Now Completed Previously we highlighted 3732 as the breakout target after confirming strength above 3659. That level was successfully achieved, and now we’ve gone a step further: 3806 has officially been HIT, completing this weekly chart idea. This also means all of our multi-timeframe chart ideas have now completed, a full sequence cycle from setup to fulfilment. Interim Outlook We’ll share some interim analysis tomorrow to guide through the remainder of this week. On Sunday, a brand-new multi-timeframe analysis will be prepared and shared, laying the foundation for the weeks and months ahead. In the meantime, if we see any corrections back into the existing chart idea range, the outlined levels remain valid for structure and range management. Current Outlook 🔹 3806 Range Gap Completed The final upside expansion objective has now been fulfilled, completing the cycle. 🔹 Correctional Supports – 3659 & 3576 Any detachment below raises correctional risk. 3659 and 3576 (Goldturn) remain critical support zones, with the channel top confluence offering a potential bounce zone. Updated Levels to Watch 📉 Supports – 3659 & 3576 (correctional zones), deeper floor at 3482 📈 Resistance – 3806 (completed), awaiting new upside mapping in upcoming analysis Plan The bullish structure has completed its full range cycle into 3806. From here, corrections into support zones would be healthy resets, while we prepare to track fresh setups in the next multi-timeframe framework. Flexibility with structure and levels remains key as we transition into the next phase. Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
8
How to Find Key Levels and Support/Resistance Zones Gold XAUUSD Key levels and support/resistance zones are 2 essential concepts for profitable trading Gold. In this article, I will share with you a simple and a proven way to find levels and supply/demand clusters on XAUUSD chart. I will provide a complete guide with examples. Always start levels/zones analysis on Gold with key levels identification. Simply put, a key level is a completion point of a strong bullish or bearish movement. It is the highest high of a bullish wave and the lowest low of a bearish wave. Let's take a price action on Gold for the last month and let's try to identify key levels. Analyzing peeks and bottoms of significant price movements, I managed to quickly find a bunch of important key levels. The ones that are below current spot prices will be called key support levels, while the ones that are above current prices will be called key resistance levels. What many traders miss, analyzing key levels, is that every key level will always be a part of support/resistance zones. Candle closes of highs and lows of important price movement will also be important levels. I underlined all such levels on our Gold chart. These levels and highs/lows of the impulses will compose supply and demand zones. That is how these zones look. The areas that are based on key supports will be called demand zones. The areas that are based on key resistances will be called supply zones. The logic is that a high volume of selling orders will be distributed within supply clusters. Probabilities will be high that a bearish reaction will follow after a test of such a zone. Demand zones will accumulate buying orders and buying activity. With a high probability, Gold price will bounce from such zones. Levels and zones analysis will provide you with a map for trading Gold. Use that as a map that 95% of retail traders will not see. It will help you find profitable trades. ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
TRADENATION:XAUUSDEducation
by VasilyTrader
2
Gold Futures Bullish Setup – Entry at Demand Zone1. Channel Formation The price is moving inside a rising parallel channel (blue lines). Recently, the price broke below the midline (dashed blue) of the channel, indicating short-term weakness. 2. Trade Setup: Long (Buy) Position The chart indicates a bullish outlook, expecting a price reversal from the demand zone. 🔹 Entry Zone Entry Price: ₹116,251 – ₹116,277 This is marked with a grey zone, which aligns with a support area and previous consolidation. 🔻 Stop Loss (SL) Stop Loss Price: ₹115,705 – ₹115,729 Placed just below the lower boundary of the support zone to protect against a false breakout. 🎯 Target (TP) Target Price: ₹119,331 – ₹119,338 (LABA target point) This lies above recent highs and near the upper boundary of the channel, suggesting continuation of the bullish trend. 3. Risk-Reward Ratio The blue shaded box indicates a reward zone. The trade has a favorable Risk-Reward Ratio (RRR) > 2:1, which is considered a strong setup. 🧠 Interpretation & Strategy The red curved arrow indicates expected price action: a short-term pullback into the demand zone, followed by a bullish bounce toward the target. The structure suggests a buy-the-dip opportunity within an ongoing uptrend. ⚠️ Key Takeaways Component Value (INR) Entry Zone 116,251 – 116,277 Stop Loss 115,705 – 115,729 Target 119,331 – 119,338 Trend Bullish inside channel Risk/Reward Favorable (>2:1) ✅ Conclusion This setup represents a bullish continuation pattern. If price revisits the highlighted demand/support zone, and forms bullish reversal candles (e.g., hammer, bullish engulfing), it could offer a high-probability long entry toward the upper end of the channel near ₹119,338.
MCX:GOLD1!Long
by LABA_GOLD_TRADING
US Government Shutdown Boosts Gold, FOMO BUY Momentum Continues🚀 XAUUSD – Daily Trading Plan| MMFLOW TRADING 📊 Market Context Gold kicks off Q4/2025 with strong bullish sentiment as safe-haven flows continue to dominate. The shock of a US government shutdown has sparked fresh concerns, driving investors to accelerate their demand for gold as the ultimate hedge. Adding to the momentum, the potential delay in the NFP jobs report this week leaves markets “thirsty” for guidance, putting gold in the spotlight. Meanwhile, the US Dollar remains under pressure from political instability and expectations that the Fed may lean closer to further rate cuts. Together, this backdrop highlights gold’s resilience after its explosive rally and points to further upside potential as safe-haven inflows and FOMO buying pressure continue to fuel the trend. 🔎 Technical Analysis (H1/H4) Price remains within the main bullish structure, holding above key supports. Primary BUY Zone: 3833–3831 (Fib + CP zone), strong reaction expected. Secondary BUY Zone: 3817–3815 (OBS zone), deeper support, ideal for additional long entries. Liquidity Sell Zone 3919–3923: A potential liquidity trap area to watch. 🔑 Key Technical Levels BUY Zones: 3833–3831, 3817–3815 SELL Zone (watch carefully): 3919–3923 Key Levels: 3800, 3855, 3880 📈 Trading Scenarios & Plan ✅ BUY ZONE 1: 3833–3831 SL: 3827 TP: 3838 - 3842 - 3846 - 3850 - 3855 - 3860 - 3870 - ??? ✅ BUY ZONE 2: 3817–3815 SL: 3810 TP: 3822 - 3826 - 3830 - 3835 - 3840 - 3850 - 3860 - 3870 - ??? ⚠️ Risk Management Notes A US government shutdown may trigger unexpected volatility, especially with the NFP delay. Enter longs only with price action confirmation at support zones. Avoid chasing highs – patience is key, wait for pullbacks into BUY zones. ✅ Summary Gold is directly benefiting from political turmoil and delayed US economic data. The main bias remains BUY with safe-haven inflows, focusing on 3833–3831 and 3817–3815 as strategic zones. Targets expand toward 3870–3880 and potentially above 3920 if bullish momentum holds strong. 📢 Follow MMFLOW TRADING for real-time updates and early access to BIGWIN setups!
OANDA:XAUUSDLong
by MMFlowTrading
6
GOLD 4H CHART ROUTE MAP UPDATEHey Everyone, Another PIPTASTIC day on the charts with our 4H chart also playing out as analysed. Yesterday we completed our 1H chart idea and today we complete our 4H chart idea. After completing 3778 target, we had ema5 cross and lock gaps open above at 3811 and 3845 - Both of these gaps are now hit complecting this chart idea. BULLISH TARGET 3696 - DONE EMA5 CROSS AND LOCK ABOVE 3696 WILL OPEN THE FOLLOWING BULLISH TARGETS 3738 - DONE EMA5 CROSS AND LOCK ABOVE 3738 WILL OPEN THE FOLLOWING BULLISH TARGET 3778 - DONE EMA5 CROSS AND LOCK ABOVE 3778 WILL OPEN THE FOLLOWING BULLISH TARGET 3811 - - DONE EMA5 CROSS AND LOCK ABOVE 3811 WILL OPEN THE FOLLOWING BULLISH TARGET 3845 - DONE As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
6
GOLD (XAUUSD): Updated Support & Resistance Analysis Here is my latest structure analysis for Gold. Horizontal Structures Support 1: 3767 - 3793 area Support 2: 3690 - 3736 area Support 3: 3613 - 3644 area Support 4: 3560 - 3580 area Resistance 1: 3898 - 3902 area Vertical Structures Vertical Support 1: Rising trend line Support 1 and Vertical Support 1 will compose an important contracting demand zone. There will be a high chance to see a bullish movement from that. ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
TRADENATION:XAUUSDLong
by VasilyTrader
5
Gold Prices Plunge from Historic PeakGold Prices Plunge from Historic Peak As shown by the XAU/USD chart, yesterday gold prices reached a new all-time high, surpassing the $3,870 level for the first time. This rise was supported by concerns over the high likelihood of a US government shutdown. According to media reports: → Vice President J.D. Vance stated that the US is heading towards a government shutdown, blaming the Democrats. → “We have very large disagreements,” said Senate Minority Leader Chuck Schumer. Fears over the potential impact of a shutdown boosted demand for safe-haven assets, including gold. However, today XAU/USD has dropped sharply. What might this mean? Technical Analysis of the XAU/USD Chart In our previous analysis of gold prices, we drew an ascending channel, which remains intact. Within the context of this channel, it is worth noting that each time the price exceeds its upper boundary, this tends to trigger a correction, a consequence of the market being overbought (in most cases confirmed by the RSI indicator). Yesterday, during heightened activity in the US trading session, gold prices moved significantly above the upper boundary of the channel, leaving the market vulnerable to a correction. For this reason, today’s decline during the European session can be explained by traders reassessing risks, as well as profit-taking after a rise of more than 11% since the start of the month. Note the speed of the decline — it indicates strong conviction among the bears. Overall, yesterday’s rise combined with today’s sharp fall can be interpreted as a bearish engulfing pattern. This strengthens the case for a deeper correction towards the psychological $3,800 level, where the median of the channel lies (possible support levels are marked in purple). Therefore, it is possible that bulls exhausted their momentum yesterday, and for an upward trend to resume, another consolidation period with the formation of a “bull flag” pattern may be required. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XAUUSD
by FXOpen
1