1524 is a key number for this week. Weekly candle close above indicates the bulls are still eager and correction will be short lived. Weekly candle close below indicates supply is stepping in and a correction all the way down to the 1460 would be expected. All in all Gold is in a strong bull market. a fundamental catalyst of reduced economic uncertainity would be...
After reviewing the chart for GC Futures, I believe there is prospect to the long-side. Based on the way I frame the markets, I would need to see a break (failure) of the opposing 61.8% level at around 1600 and then see a measured move long at a 50% level. Obviously smaller time-frames would need to confirm this at the time to be able to enter into any trade....
Recently gold is moving in a range without any direction around our supply zone but the most important part of the story is that it's respecting the downtrend line starting in February. The main reason for a rally currently is the shaky situation around the US-China negotiations, the higher tarrifs kicked in tonight while the meetings with the Chinese delegation...
Seen some positive price action in gold since May 2nd bottom. With the equity markets in absolute turmoil, coming weeks may be favorable for gold. Regarding the price chart, we are seeing some higher lows in the 4h and 1h time frame. A breakout through the the resistance line and a retest should be kept a close eye on.
Obviously i believe history repeats itself and patterns appear several times throughout history specifically in bubbles. Every time it will differ because of market conditions being different but both follow a similar general path. Just having a bit of fun analysing some historic movements.
5 year long resistance area . May be third time lucky!
Financial climate looks set for a possible breakout. Will be watching closely to see how this plays out.
Keep an eye on the red box.
Gold has broken above the black trendline and has held as support in the last days. Prediction is it will test again which should trigger the buy. Profit should be taken at major resistance at 1365 USD. Stop is at 1279 USD.
The lure of $1240 is keeping bears active and buyers out, but there are already so many indicators favouring a turn / bottom that the r/r is likely to swing to the Bulls sooner than most think.
Any catalyst at all here will create quite a major short squeeze.
Whilst a lot of focus was on the diagonal support structures for gold, including a bottom at $1240, I prefer this more technical explanation.
The price has basically completed 3 drives down:
1) 1370 (top) to 1303
retrace to 61.8% line at 1328
2) 1328 to 1284 (1.272% extension)
retrace to 78.6% line at 1317
3) 1317 to 1261 (161.8% extension) =...
Failure on Friday to move much lower than $1290 and certainly not even challenge the trending support despite the NFP data tells us the bottom is truely in. I think this is now an accumulation zone whilst we await FOMC later in the month. Will slowly trend up until then.
The RSI on this 4hr chart has bottomed, we've seen it touch the channel bottom & I now think we will see a sustained push to break $1363 (black horizontal) which is the present resistance. With USDJPY looking set to head lower the conditions seem likely for a surge during the Asian session once we reopen after the weekend. Stay long to $1363, then buy more at the...
The above is my non-professional, long term view of gold in logarithmic scale. Given that the metal still seems to be in a phase of indecision, I will have to wait and see how this consolidation resolves before deciding on the likely long-term direction of the gold price.
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 fiat 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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GC1!
