Metals are hard commodities that are mined or extracted. They can be further divided in precious metals like Gold, Silver and Platinum and high-demand base metals like Copper, Aluminium and Zinc. Precious metals tend to move together in price and their unit of trade is the troy ounce. Gold has a number of industrial applications, functions as a safe-haven for currency speculators in times of uncertainty and can be used as a hedge against inflation.
Base metals are essential to industrial processes and are traded in metric tons. They are a leading indicator signalling economic growth or weakness. The strong demand from China's infrastructure and construction sectors is the main driver of global base metal consumption. Production cuts or increases and fluctuations in global inventories further influence their price. Metals are mostly traded through futures contracts, to speculate on price movements. The most popular custom chat is the Gold room where traders talk in real-time about where Gold is going.
XAUUSD is approaching our first support at 1266.86 (horizontal swing low support, 61.8% Fibonacci extension , 50% Fibonacci retracement ) where a strong bounce might occur pushing the price up to our major resistance at 1302.26(horizontal swing low support, , 61.8% Fibonacci retracement, 100% Fibonacci extension ). Stochastic is also approaching...
After breaking through the Trendline Resistance last week, XAUUSD is now at a Pullback stage.
So, traders can look for BUY entries at the SUPPORT ZONE(Blue rectangle) between 1266-1272 with TP at 1290 and 1302 respectively.
SL should be placed below 1264.
Pattern: 1D Head and Shoulders.
Signal: Bullish as the price has touched the Support of the neckline. Potential rebound towards the Resistance but tight trade due to the bearish momentum.
Target: 870.00 (top of the neckline and symmetrical Resistance).
FED Minutes Released:
· Even if economic data is improving, there will be no recent changes in interest rates,
· Many FED members believe that the downward pressure in inflation is temporary,
· Some FED members said that if there is an upward pressure on inflation, interest rate hikes can be made,
· Some FED members do not have vote for any interest rate cuts...
Gold tested $1269 early Tuesday before reversing higher and gold finished 5-waves down on the hourly - today was the 55-day Fibonacci step out from the 3/27 high - did we mark an important low?
The new analysis or report will be published at the end of the day-
As we are writing this report gold is trading at $1273 however the white metal is currently trading around $14.40(we have entered in our silver position at $15 last week). Currently, we hold three positions in our portfolio in which two of them dedicated to the yellow metal((we have entered in...
Until we see Gold break 1310 ultimately this is still a down trend. higher prices rejected show that this is a sellers market hence there being more pressure on the sell. Things can change very quickly with gold due to economical news, a trailing stop loss with gold is always recomended.
i see price falling to 1270 before any change in direction.
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