As illustrated above, there have been 4 times since 2013 that XAUUSD has been rejected from the 1350 level. We're currently approaching a 5th test of this resistance level in the past 5 years and we should watch this level closely, as a break-through here could potentially lead us to a new all-time high in the near future. Another thing to look at on the above...
There is lot of speculation about gold prices, with USD on the downtrend and Chinese new years coming, Gold will continue up after retrace to some point at support level area, but there is still possibility that Gold will break the hard support level at $ 1300 which is can change trend direction. Interesting to follow on the next week ahead
XAU/USD tries to bypass 1,323.00 again
Contrary to expectations, the exchange rate failed to sneak below the combined support formed by the lower trend-line of a junior ascending channel and the 200-hour SMA. In other words, bulls made one more, though unsuccessful, attempt to push the bullion through the upper boundary of a four-month long dominant descending...
Gold has gone up recent days, however, I consider that is a correction of downtrend. The recommended short area for me is around 1278-1280 when price reach the trend line (note that stop loss above the trend line). On the other hand, if the price break the trend line to form a new trend we could consider long XAUUSD.
I often use trend analysis because I love...
XAU/USD soars to 1,259.00
After forming an inverse head and shoulders pattern and bouncing off from the weekly S2 at 1,235.93 the yellow metal managed to advance by 1.23% against the buck. In daily perspective the surge the is expected to last until the rate makes a new rebound either from the 1,263.63 resistance level or from a combination of the 200-day SMA...
XAU/USD forms minor symmetrical triangle
The second half of previous trading session the exchange rate spent in horizontal movement. A release of better than expected US consumer sentiment data pushed it to the bottom, while another launch of ICBM by North Korea gave a reason to continue the surge. Technically, the southern side was protected by the 55- and...
XAU/USD heads towards 1,293.00 again
During the previous trading session the exchange rate indeed formed and made a breakout from junior symmetrical triangle pattern. Fortunately, a combined support formed by the 100-hour SMA and the updated weekly PP at 1,286.16 managed to turnaround the pair. In short run, the surge of the yellow metal once again is likely to...
XAU/USD relentlessly tries to reach monthly R1 at 1,298.00
Despite release of better than expected American housing data the bullish pressure prevailed. To certain extent, the surge was supported by a combination of the 55-, 100- and 200-hour SMAs in conjunction with the monthly PP. However, the fact that the pair managed to break through the upper boundary of...
XAU/USD fluctuates between 1,275 and 1,280
As there were no breaking news yesterday, recovery of the buck was expectedly neutralized by combined support level set up by the 55-, 100- and 200-hour SMAs together with the weekly PP at 1,273.35. In the meantime, lowering interest for safe haven assets as well as existence of the monthly PP at 1,279.41 did not allow...
On Monday, the price of gold showed significant growth, tested the resistance level of 1282.70 - 1284.60, after which it rebounded down. It is worth noting that the pair is still trading in the global consolidation (the lower limit - support 1264.40 - 1266.00), in which fairly large volume is concentrated. Given all of the above factors, the best decision will be...
XAU/USD falls to 1,266 amid US PMI data
As it was expected, formation of a symmetrical triangle pattern embodied anticipation of release of the American data on Friday. As the actual results beat expectations, bears managed to strengthen the buck against the yellow metal by 0.84% just in one hour. There is a need to notice two things. First, a rebound near the...
Nothing has changed for gold as the price is trading in the consolidation between two strong volume levels: the first one is 1264.40 - 1266.00 and the second 1282.70 - 1284.60. Besides it we must note the huge volume accumulation, which is located in this range. Given all these facts we can consider any new deals only after the exit of the price from the range,...
Gold continued its smooth growth yesterday, but overall the price is locked in the local consolidation between two strong levels. The first one is the support 1264.40 - 1266.00, the second the resistance 1282.70 - 1284.60. Also we should note that large volume accumulation is located in this range. That’s why the best decision will be just to wait for the exit of...
Gold grew up on Friday and is testing the level of resistance 1273.80 - 1276.20, where large volume is concentrated. The move was on large volume, so we should wait for the reaction of the price to the resistance in order to understand the further direction of gold. Of course, given the presence of large volume accumulation at the top of the chart and the local...
So my last post regarding where we would catch support (roughly around $1,300) was incorrect.
My main thought process behind us catching support at that level was because I believed $1,300 was a very psychological number. However, it appears that this is not true anymore as we've been over and back $1,300 so often the past 18 months that traders have become numb...
