Gold has been declining since mid February and the 1,346.79 High. If this pull back has been purely technical then the important test on the 1W chart has arrived as the price is on the Higher Low region.
What is more interesting is that last time Gold tested a weekly Higher Low on a similar pattern was in December 2017 and the rebound was so strong that gave way...
XAUUSD TECHNICAL CHART
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If Easter Eve shows gold closing below the daily open, it would be the 6th straight down day - a rarity for gold. Additionally, it's not even tested the inner 2/8th harmonic at 1275. More importantly, there is a new Full Moon phase on the 19th at a swing low for gold and Venus and Jupiter are squared on today's date (17th of April, 2019).
Not shown is a prolonged...
Gold has been extremely out of favor lately as stocks have rallied and market participants seem to be unconcerned with inflation. With gold stuck in a downtrend since the middle of February, I have been lucky that my last few calls have worked out (with the exception of the most recent one).
Once again, however, we find ourselves at an interesting level. In the...
Price has just come to a last year Trend line signally a bullish move. In addition We have two harmonics interplaying, (AB=CD with price around D, and a Bearish Cypher with price at C waiting for the completion of D leg. THerefore a buy at 1266.859 SL at 1229.575, Tp1 at 1304.143 and Tp2 at 1329.548 will be ideal. When price eventually get to D (signalling the...
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Even though it's still a small one, we have a complete corrective structure on gold. The last bottom is 0.382 retracements of the upward impulse and 0.118 extensions of the green A wave. The next structure can be a correction for more downside or it can reverse totally. As you can see, it got a reaction and broke the trendline. Now, I'm waiting for...
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Although on a low time frame - with stock markets closing negative for the day - I do expect JPY to become stronger in the coming days and in turn safehaven flows to head also into Gold.
Potential long position after engulfing candle at Support.
It may be too early to enter this trade, therefore smaller risk size applied, intend to add to positions...
As we can see on the chart, a selling power is controlling the market.. The last day candle closed under the 1275 level which means the support level has been broken. The targets now are at 1265, 1260 and 1255 respectively.. It could bounce from the current level because it's at the lower line of the descending channel.. But, don't buy until it breaks the...
Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
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