Quadruple Top.
Broken below
Testing the resistance of the downtrend.
If the price continues down from here, we could see the price level drop to $1,364.
Concerns: Gold stocks have been recovering over the last few days, and this could help push the price of gold up.
Smart Money normally tries to avoid major sells if it's not in their best interest.
I would...
Usually during festive season buying of gold multiplies by many times in India, a very large scale gold market. Also, global uncertainties due to Credit Suisse bank issue has some people going back to old safe bet.
At current level its very difficult to give buy signal, but on any tracebacks gold should be bought till at least Feb-March month.
Also, while there...
If you understand price patterns, one of the most important is what I call the Excess Phase Peak pattern.
You see this pattern in up trends and at the peak/start of breakdowns in price. One thing that is very critical to understand about this pattern is the failure of Phase-3 usually prompts another wave higher. At this point, Gold has stalled out near dual...
Gold has had a great start to the quarter, grinding through 1700 and now pushing against resistance. We saw Gold close right at 1734.7, and the 50-day moving average is right above at 1736.5, along with the gap from July 27th acting as overhead resistance. A main catalyst for this move was the pullback in the Dollar, and if we see continued weakness , Gold can...
This is not over for the bulls.
Another (last) restest of 1.676$ level this past week. The one that acts as a yearly support from 2012.
I was expecting a move like that later this year from a higher level and with a lower pace, just to fill the gap from July. But it did happen now. Period. And of course, I was not thinking it could come down as it did. But it...
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In this update we review the recent price action in the Gold futures contract and identify the next high probability trading location and price objectives to target
I think of a premature BO, and on September 28 the last resistance of the buyers, the trend in my opinion remains bearish and I would like to find reasons to sell above 1700,
obviously a break of the trendline and an increase in volumes to the upside changes the scenario, but for now I don't see this
We note that gold was in a continuous downtrend
But at the price of 1622, liquidity was emptied, orders were activated, and the market went up
Until the last previous high was broken at the price of 1696
And now we see that we can get an opportunity to sell gold at the level of 1736
Despite dollar weakness, XAU/USD lacks bullish conviction on the prospect of aggressive monetary policy tightening by global central banks, including the Federal Reserve. Indeed, the US central bank will say last week that it will raise interest rates at a faster pace at its upcoming meetings to rein in rising inflation. This could continue to act as a tailwind...
