Gold has been gaining a lot of strength in May primarily due to the dollar weakening and volatility in the US/UK politics. Look out for a break at 1300$. However, a potential pullback to the support trend line at the 1150-1200$ levels is possibly. If a pullback takes place back to the 1200$ levels, Look out for the 5 years resistance breakout at 1270$.
Gold on the daily time frame shows on very interesting setup that can goes either way.
It will all depend on how gold will close today.
Buy:
Close above upper range, 1272 or higher.
Take Profit: 1292
Stop Loss: 1264
Sell:
Close below lower range, around 1269 or lower.
Take Profit: 1235
Stop loss: 1278, if 1260 breaks move stop loss to entry price, from there...
Hello people,
The weekly chart on gold 0.01% is bullish in my analysis, with a short correction towards the blue medianline in sight where buyers will be waiting.
Thanks for stopping by and goodluck
Similar with my previous analysis for Silver (XAGUSD), Gold (XAUUSD) has been on consolidation mode for days longer than Silver (XAGUSD) has been.
Despite the good number of US GDP data, Gold (XAUUSD) continued to push higher which seems that it is poised to reach the monthly resistance seen around 1,290 area. No forecast for what will happen after reaching the...
Annual momentum (price vs 3 year MA) shows a triangle formation.
A weekly close above this triangle (possibly happening now) will mean gold begins a multi-year secular move to the upside.
Momentum structures in DXY also suggest that USD has begun a downtrend.
Get ready.
EURUSD and DXY have broken key resistance and support levels respectively.
USD will be weaker going forward, as current account differentials force capital outflow from US.
Rising UST yields will not help the USD.
Therefore, gold has strong bullish technical and fundamental arguments.
After getting a TP try one more Trade
Gold done its corrective move. its daily support 1244 where weekly 1238 as its hold above 1238 we can see a jump toward 1268-74
Advice to buy in range of 1250-1242 sl 1236 tp 1272
It seems that Gold has just completed or is propagating in the Wave 4 of a larger degree up move.
The strategy from a positional perspective is to Buy on Dips and very huge upside still remains.
I will update further as the market progresses.
I'm still long on gold, adding to my position with the most recent dip.
RSI has failed to break down below the mid 40 level two times already (a failed attempt now would be the third). As I mentioned in my last post on gold, I saw a potential drop to the 1230-1240 area, which we got (I commented to a TV'er that I thought 1250 might be an updated bottom, was too...
Hi guys,
Possible head and shoulders pattern on gold, supported by the pitchforks and 61.8% fibonacci level.
Sorry if its a tad too crowded !
Best of luck in your trades.
...it halted to the tick at the L-MLH.
Supported by the A/R line, what we have here is a long candidate.
As a target I simply choose the EP = Energy Point.
P!
XAUUSD: Gold - was bearish of gold on Friday. Now the wind's changed - completely - 180 degrees due to the Dollar breaking down. This should save gold from further falls as people flock to it as a shinier, safer safe-haven than the Dollar for a while. Worth getting long asap (NY will be too late for this) as Oz opens as the price is so low at 1228 it means a stop...
