- Bullish channel - Bounce of support at 1532 area - Resistance of mini channel broken (1540) - MACD ad Oscillator showing bullish potential - In agreement with moving average bullishness
Buy This zone $XAUGBP 1396-1416 area. Tight Stoploss as the chart This may form a cup and handle.
One currency that has had a lot of downward pressure on it recently is the British Pound. However gold has fallen under a very strong diagonal trendline that has held for a long time. Given the pound is weak, does this mean gold is weaker? Seems like if future inflation expectations were high then gold would be doing better.
Looking at the price of gold from the perspective of the British Pound which is a relatively weak currency compared to the dollar, it looks to me like the candlestick patterns hitting the top resistance line of this chart are successively weaker indicating less conviction from buyers about getting above this all time high. Indeed the latest one from this week has...
Here is the reason for my scepticism about buying this gold pump. The price is at the top end of a long term channel and there is momentum divergence. The all time high has failed to be breached twice.
With todays news that the Bank of England is going back to Quantitative easing it is perhaps unsurprising to see a pump on gold priced in GBP. However I will not be convinced about this breakout until there is confirmation above the all time high.
xaugbp looking to be a shit show gbp finally getting a grip over dollar overall money taken out from gold as a safe heaven till gbp is back to its former levels
AUGBP will breakout soon, very soon. Either GBP will weaken more or Gold will start rising. As my previous post, DXY is close to peak then GBP has bottomed and Gold should start rising. Buy gold. Lets go XAU.
XAUGBP Rejected from Supply Zone and formed Pin Bar Sell XAUGBP Aim 1407 AND 1348
On this chart I've drawn what I think could be a long term channel upward trend over the last 13 years. There is a bearish rising wedge forming since the last high of 2020. Then the last 4 months look to me like a bear flag. Overall this looks like a gold price bear market would not be surprising.
Gold in pounds has staged a breakout from a short term triangle this week but to me it looks insipid and not powerful. The long term picture to me looks like a bearish rising wedge pattern. I will not be convinced about this being a new bull market until the all time high is solidly breached.
XAUGBP HAS A Liquidity Under Double Bottom. So its A good Opportunity to sell Now!!
Nice support and resistance analysis. Previous resistance acting as support now after the breakout. It retested the support and attempting to resume uptrend towards all time high. I’m bullish on Gold.
For the bulls, this is a precious metal trading with GBP, We have an overview of gold now while we waiting for the Retail Price Index (RPI), Claimant Count Change news, Flash Services PMI. I expect to see positive change on the RPI for the upcoming news. also, we are about 8 days to hear GDP 4th Q 2021 results, 553,412 M £ as 3Q 2021 546,556 M £ as 2Q...
Consolidation at resistance is possible maybe a shallow pullback. Further corroboration of strength of gold against other currencies. Hoping for pullback to recent breakout area to go long.
A firm break above the latter will open doors towards $1,884, where the R3 monthly pivot point aligns. Alternatively, if sellers manage to find a strong foothold below the confluence of the Fibonacci 23.6%, the daily pivot point and weekly R2 pivot at $1,859, the corrective pullback could gain traction. The next downside target is seen at the previous hourly low...
GOLD/BRITISH POUND my thoughts on where gold will go to
Gold is trying to recover. Still in the downward channel, now at a key resistance area as shown in the chart. Also has 50EMA confluence there. Watch out for the action around this key zone. Can determine the direction based on breakout or breakdown at this key zone.