Gold Daily Trading Plan 5/24/2024As predicted, Gold had a waterfall last two days without retesting 2400 breakout zone. There needs a retracement. For today, we can sell from 2353-2360 or buy from 2311-2320 level.Shortby SteadyFund5
XAU turned downXAU decreased slightly compared to yesterday morning. Despite being under pressure to take profits after hitting an all-time high earlier in the week The US Federal Reserve (FED) has continuously expressed its view that it will not rush to start a cycle of loosening monetary policy. However, gold did not react much to this view that is considered less moderate. Currently, investors are still worried about inflation and economic instability, and precious metals help them hedge risks. Interest rate cuts could cause the dollar to weaken against many other currencies, which could provide further support for real assets such as gold. However, while the Fed has not yet come to a decision on loosening monetary policy, investors are carefully watching economic data to see if they could cause the Fed to pivot its monetary policy.Shortby TrategySherpaUpdated 6
Fed is "hawkish", GOLD corrects and stays above EMA21OANDA:XAUUSD remains weak on the recovery of the US Dollar and the release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) later this week will be the focus of market attention. Traders need to prepare for a busy period of economic data and events in the United States (US), which will include inflation data, retail sales data and a speech from the Chairman of the Reserve Federal Jerome Powell on May 14. Earlier Monday, Federal Reserve Vice Chairman Philip Jefferson spoke to the media during a question-and-answer session at the Cleveland Fed. He said it would be appropriate to keep interest rates steady until there is further evidence that inflation will return to the central bank's 2% target. Jefferson described the Fed's policy as restrictive and said the lack of progress in inflation in the first quarter was worrying. Meanwhile, the US Bureau of Labor Statistics (BLS) is expected to release April consumer and manufacturing inflation data on May 14-15. If price pressures pick up again, the Fed could keeping interest rates higher “longer” and of course this is not beneficial for gold prices. Rising inflation expectations suggest the Fed may continue to delay expected interest rate cuts. This is not good for gold because higher interest rates increase the opportunity cost of holding gold compared to interest-earning assets like bonds or cash. Hawkish comments from Federal Reserve officials continued to factor into a sharp correction in gold prices on Monday. According to IMF data, Singapore increased its gold holdings by 4,448 tons to 236,610 tons in March 2024; Iraq increased its gold holdings by 3,079 tons to 145,661 tons in February 2024; Poland increased its gold holdings by 11,626 tons to 145,721 tons; 4,666 tons to 363,371 tons in April 2024. Technical analysis of OANDA:XAUUSD outlook On the daily chart, although the gold price has corrected significantly from the upper channel edge to maintain the main downtrend price channel, the correction from the $2,366 technical point is of note to readers in the release of the issue. The interim week is also being constrained by the EMA21 level and the technical point of 2,330USD. The fact that gold is still above EMA21 does not make it eligible to fall more. However, once gold moves below $2,330 it will be eligible for more declines with the highest short-term target being the 0.236% Fibonacci retracement level. During the day, gold is still trending downward and notable technical levels will be listed as follows. Support: 2,335 – 2,330USD Resistance: 2,353 – 2,366USD 🪙SELL XAUUSD | 2356 - 2354 ⚰️SL: 2360 ⬆️TP1: 2349 ⬆️TP2: 2344 🪙BUY XAUUSD | 2305 - 2307 ⚰️SL: 2301 ⬆️TP1: 2312 ⬆️TP2: 2317by Xayah_tradingUpdated 1112
Shorting outlookGold Monthly chart Price is in a clear bullish trend and at set an all-time high @2450.030 recently we are now more focus at lower prices to take prices further higher as it is already too late to take buys now. The pre.high @2073.014 is our target for the selling opportunities we looking to take considering that the US dollar gains strength. by cpointfx4
GOLD to continue in the upward move?XAUUSD - 24h expiry Buying continued from the 78.6% pullback level of 2398.5. Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end. Preferred trade is to buy on dips. Price action resulted in a new all-time high at 2450. 20 4hour EMA is at 2406.5. Our profit targets will be 2446.1 and 2456.1 We look to Buy at 2401.1 (stop at 2383.1) Resistance: 2430.0 / 2450.1 / 2473.2 Support: 2406.1 / 2390.0 / 2370.0 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.Longby OANDA5
Is gold or silver the trade to make this week? This week's trade could be a decision between gold and silver. The former might be swayed by the seven fed officials that are planned to speak this week, while the latter could be influenced by the #SilverSqueeze movement that is tangentially related to the meme stock frenzy that reignited last week. Gold Technical Gold (XAU/USD) prices rose at the end of the week but did not quite test the all-time high around $2,431. Gold is trading well above the 20 Simple Moving Average (SMA), with the 100 and 200 SMAs maintaining bullish slopes much below it. Renewed buying pressure beyond $2,413 might push prices above the $2,420 mark. Silver Technical Silver (XAG/USD) is nearing the multi-year high at $31.40. A significant break at the end of the week saw Friday's sharp rise validate the break above the multi-year trendline. The challenge for the coming week is whether silver can maintain this bullish momentum despite entering overbought territory. The frenzy we saw in meme stocks might be dampening down too, with 2 days of declines following the surge. But it might be premature to count anything out yet. The 14-period Relative Strength Index (RSI) is in the range of 70.00, possibly suggesting bullish momentum. The next resistance level is $31.50 from May 2011. In this fundamentally detached market, the next support could lie all the way back at where the metal was trading before the surge. by BlackBull_Markets5
A GOOD TIME TO BUY GOLD!Price currently trade at $2342.00 there is a potential long opportunity from the current market price. A buy opportunity is envisaged from the current market price Longby Cartela5
Closing my Selling order / #43 ProfitsAs discussed on my yesterday's session commentary: "I have closed all my Selling orders (#2,436.80 - #2,412.80) on an fine #24-point Profit, extending my results range to #42 Profits and #9 Stop-loss hits regarding October - May cycle. I will use this chance to congratulate Traders which are Selling every High's that Gold delivers, well done!" my first Selling order is closed in Profit. In addition, I have added as well throughout yesterday's session: "My position: Currently I am without the order, waiting for #2,400.80 initial break to pursue / re-Sell Gold towards #2,352.80 benchmark." My pending order on #2,400.80 benchmark was activated as I kept it over-night, Targeting #2,352.80 benchmark. I have closed my second Selling order (#2,400.80 - #2,360.80) on a huge #40-point Profit, extending my results range to #43 Profits and #9 Stop-loss hits regarding October - May cycle. It is indeed excellent #2-session row, well done! Technical analysis: Strong rejection from late yesterday's session local High’s on increased Volume indicating that Sellers are strongly positioned at that mark, which is Technically the Support fractal on the neckline of former Ascending pattern over Neutral High’s / Low’s. However a strong Support presence is seen at current levels where Gold rebounded on an Hourly 4 chart’s Doji Star Bullish (#2,352.80 benchmark won't be invalidated without serious cause) reversal candle many times in near past. This decline is temporarily confusing Buyers with their patterns but with a new Higher High’s Lower zone test and as long as the #2,400.80 stays intact, I will regardless remain Bearish awaiting retracement to test #2,300.80 psychological benchmark and finish the Month in losses (as I announced many times on my recent comments). One must be fast to adapt on market changes which are the case lately in order not to hold worthless positions. Bond Yields however climbed to fresh Annual High’s above while DX is following the sequence on parabolic uptrend. My position: As I had huge Profits in past two sessions and #2,352.80 benchmark is very close, I will comfortably remain on sidelines and monitor the Price-action which will provide me with another distinguished re-Sell zone.Shortby goldenBear885
Gold correction is on progress Gold is completed a diametric pattern , and it's ready to another downside Shortby ManS-Investing6
Gold will be humbled by US Initial Job ClaimsAfter seeing a few clear HHs (basketballs) on the 1H Timeframe, the yellow metal will see some humility as US Jobless Claims will be less than expected but regardless of the fundamentals - its about time Gold humbles itself and reach a point where the price meets its current demandShortby mapepezafx5
GOLD's Price Correction: Anticipating a Bullish RetracementGold experienced a strong bearish impulse yesterday, intensifying the selling pressure following the release of the FOMC minutes. This downward movement persisted well beyond the initial reaction to the news. Today, the price has reached a significant demand area, presenting a potential buying opportunity at a discounted price. The current price level is below the 50% Fibonacci retracement from the previous swing low and falls within the 78.6% to 88.6% discount ratio from the minor swing low. This technical setup indicates a favorable condition for a potential retracement, where buyers might step in to take advantage of the lower prices. The demand area, combined with the Fibonacci retracement levels, suggests that the current price could be a strategic entry point for a bullish reversal. Given these factors, we are looking for the price to retrace and form a consecutive bullish impulse. This anticipated move could align with the market's tendency to correct after significant bearish movements, especially when key support and demand levels are met. As such, we are positioning ourselves for a potential upward move in the price of gold, capitalizing on the technical signals and the market dynamics observed.Longby FOREXN1226
XAUUSD- No shame in taking this opportunity 2360 is currently holding Gold. I believe we will see a rebound from this point, making it an opportunity worth taking. SL is 4 H close below 2360 Longby ZaeemattallahUpdated 6
Gold is falling to create momentum to increase again ?Gold prices decreased because US government bond yields increased after the Fed meeting minutes. Gold prices fell sharply when US government bond yields increased and the greenback appreciated. The 10-year US government bond yield increased 2 basis points to 4.43%, while the DXY index increased 0.19% to 104.82, an obstacle for gold. FOMC minutes showed that Fed officials remain uncertain about the extent of policy tightening. They added that "it will take more time than expected to have more confidence in inflation falling to 2%." During the week, speeches by Fed officials laid the groundwork for the "hawkish stance" of the FOMC Minutes, as most officials said they wanted to be sure that inflation was coming down and that they were in no hurry. lower interest rates. Data from the Chicago Mercantile Exchange shows investors are expecting the Fed to cut interest rates by 31 basis points by the end of the year.by SantaTradeGoldUpdated 6
CHART BREAKDOWN XAUUSD: Key Levels, Targets and Thoughts!🎯Brief Description🖊️: The chart provides insights into critical market levels, emphasizing an essential supply/demand zone (low-risk sell/buy zone) spanning from 2440 to 2443 and 2384.5 to 2382.5. Additionally, medium-risk buy/sell zone between 2402-2400 and 2435.5-2436.5, respectively, are highlighted. Things I Have Seen👀: Important Supply Zone🟢: Identified between 2440 and 2443, serving as a low-risk sell. Important Demand Zone🟢: Identified between 2384.5 and 2382.5, serving as a low-risk buy. Medium-Risk Buy Zone🟠: Noted between 2402 and 2400, suggesting another area with moderate risk for potential buying positions. Medium-Risk Sell Zone🟠: Noted between 2435.5 and 2436.5, suggesting another area with moderate risk for potential selling positions. Bullish Targets📈: 2388: Possible retracement area. 2396: Possible retracement area. 2400: Possible retracement area. 2420: Significant supply zone. Ultimate Target: 2450- Liquidity area. Bearish Targets📉: 2437: Possible retracement area. 2424: Possible retracement area. 2407: Area with laying low liquidity. 2402: Essential Demand Zone Ultimate Target: 2386- Laying Low Liquidity What's Important Now❗ Currently, the crucial approach is to wait and observe the price action at this level. We need to assess how the market reacts before considering any decisive moves. Stay observant and responsive to real-time developments in the market.by TTradessss6
30m GOLD SELL Looking for a similar trade set up to the one we had during london session, we missed out on that one due to no top wick forming however with the new 4h candle opening there is a strong chance we see Gold push down further to recent support. Shortby FriesianFXUpdated 6
XAU USD BUY This idea is the follow up of my last idea which hit my take profit. XAU USD arrived at the 4 hour resistance line. I expect a retracement from here. Stop loss: 2382 Take profit: 2425 Follow me for live updates ;) Longby Visionary_insights6
XAUUSD Top-down analysis Hello traders, this is a complete multiple timeframe analysis of this pair. We see could find significant trading opportunities as per analysis upon price action confirmation we may take this trade. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis. Longby ForexWizard015
Exploring Auction Market Theory in Forex TradingAuction Market Theory (AMT) is a conceptual framework used to understand the dynamics of financial markets, viewing them as auctions where buyers and sellers interact to determine prices. Although the AMT was initially developed to understand & analyse price action movements in the stock market, some of its core concepts can also be applied to any market, including forex. Within the forex market, currency pairs are traded 24/5, with price driven by a multitude of factors such as economic data releases, geopolitical events, and market sentiment. Despite this complexity, AMT provides a framework for understanding market dynamics through the concepts of value, balance, and imbalances . Value represents the equilibrium price at which buyers and sellers agree on the fair value of an asset. Market balance occurs when supply and demand are roughly equal, resulting in stable price ranges, while imbalances arise from deviations from this equilibrium due to shifts in market sentiment or unexpected events. These imbalances can create trading opportunities for astute traders who can identify them and act accordingly. Lets now take a look into how this can be visually identified on a line chart using only price action. Example 1 On the left, we can see an area of market balance. This is usually evident when the market is range bound as we can see in this case. The midpoint of the range is the point of equilibrium. Value can be interpreted as the equilibrium price at which buyers and sellers agree on the fair value of a currency pair. This equilibrium is constantly shifting as new information becomes available and market participants reassess their expectations. When these expectations shift as a result of either economic data releases, geopolitical events, and/or market sentiment, price shifts away from the balanced price range and creates an imbalance within the market. Identifying value areas are important because these can act as an area of future support/resistance for price. Notice how in this example, after price displaces from the balanced range, it later came back and found support near the fair value within that range. Practical Application One practical application of AMT in forex trading is through the analysis of price action and market profile. By observing how price behaves at different levels and how volume interacts with price movements, you can gain insights into market sentiment and potential areas of support and resistance. For example, if a currency pair consistently fails to break above a certain resistance level despite multiple attempts, it may indicate strong selling pressure at that level, presenting an opportunity for short trades. Conversely, if a currency pair finds strong support at a particular price level, traders may look for buying opportunities as the market reverts to equilibrium. To conclude, Auction Market Theory offers a valuable framework for understanding the dynamics of the forex market. By analysing price action, volume, and market profile through the lens of AMT, you can gain a deeper understanding of market sentiment and identify potential trading opportunities. While no theory can guarantee success in trading, incorporating Auction Market Theory into your analysis can help you make more informed trading decisions. Please leave a comment if you've found this post helpful or if you have any questions. Happy Trading Editors' picksEducationby Pips4Breakfastx6636
GOLD (XAUUSD): Detailed Technical Analysis.. (read-caption)Multiple time frame analysis for Gold. Forecast, Technical outlook, Trading plan, Key levels, Price action. Please support my work like boost and comment share, thanks for support..Shortby MrCharlie1Updated 41
GOLD DAILY CHART MID/LONG TERM PROJECTIONHey Everyone, Please see our daily chart idea that we have been tracking and trading successfully since completing our last daily chart idea. Previously we saw the anticipated retracement take place into the channel half line where we expected a bounce. - This played out perfectly with the full half line test complete followed with the bounce up, as no lock below to confirm channel low test. We will continue to track the move up with the ascending channel half line to provide support along the way. We will also keep in mind while tracking the ascending channel half line that any break below the half line with ema5 will open the range below. We will use our smaller timeframe analysis and trading plans to navigate the range in true level to level fashion. Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our algo generated levels and setups. Buying dips allows us to safely manage any swings rather then chasing the bull from the top Please don't forget to like, comment and follow to support us, we really appreciate it! MR GOLD XAUUSD TOP AUTHOR by Goldviewfx1010128
GOLD - XAUUSD - OUTLOOKCurrent technical view on Gold XAUUSD. expecting higher prices. Also, Fundamentally, gold is still bullish. "May fortune attend thee, and thy trade prosper." .......L2EarnedLongby L2Earned5
Gold analysis 20/05/24In terms of geopolitical events, like the helicopter crash involving the Iranian president, such incidents can create uncertainty in global markets. If the president died accidentally, the market reaction might be moderate, reflecting general instability concerns. However, if it were discovered he was killed intentionally, this could escalate tensions significantly, potentially causing a sharp rise in gold prices as investors seek a safe haven. Regarding interest rates, their impact on gold prices is significant. If interest rates are cut, it usually makes gold more attractive because lower rates reduce the opportunity cost of holding non-yielding assets like gold. Conversely, raising rates can decrease gold's appeal. If rates are kept the same, gold's movement will likely hinge more on other factors like geopolitical events and overall market sentiment. For this week, if geopolitical tensions in Iran remain high and there's speculation around interest rate cuts, we might see gold prices continue to rise. However, if these tensions ease and interest rates are expected to remain stable or increase, gold prices might stabilize or even decrease slightly In Summary i think Monday - Tuesday gonna be the bottom wick of the new weekly candle its gonna be complex correction for gold , i suggest to not trade and search for long position at 2396-2392 Soo right now im short for the shortterm thats my analysis , Stay safe guys dont overrisk and good luck i will update for anything newShortby TraderFa9irUpdated 5
Gold. Short toward TP1 @ 2375 +/-. 21/May/24XAUUSD probably completed wave (A)(green) leading diagonal pattern. Targeting now toward wave A (Red) which is confluence of zone of : 1) VWAP line ( Blue MA) 2) 1H 233 EMA (white) 3) Parallel Channel support (blue).Shortby SteveTan4