Gold

XAUUSD H1

Yesterday's market movement which moved slowly to reach the highest level yesterday was seen making a rejection when the US market opened yesterday. This makes the price form a double top on the price of gold in the H1 timeframe.

Today's price opened below 1862.00 and has already broken at the nearest support area at 1859.00 from this break it is seen that the gold price is the beginning of the downtrend at this point.

However, the price stopped at the highest level due to the movement that has tested on the trendline resistance area and is now making its own pattern to indicate the course of the next movement.

So here I attach the nearest support and resistance levels for today's trading guide:-

R1: 1865.00
R2: 1871.00
R3: 1881.00
--------------------------

S1: 1859.00
S2: 1853.00
S3: 1843.00

Because of the candlestick that shows the pattern. This can be considered as the beginning of a downtrend journey, but it should be noted that the current movement is still dominated by flat prices. Support and resistance guidelines can be taken into account to determine where gains should be taken to avoid getting stuck in horizontal areas.
 
i am looking for gold to fall to 1790 before the end of the month if not 1760 before we go on for the festive rally back up
 
Gold has been very bearish recently making a big bearish move with some solid bearish candles. However, an up trending trendline still holds the key. I assume that the buyers may wait for the price to produce a bullish reversal to go long in Gold. Let us wait and watch how it goes.
 

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Gold was under strong downward pressure due to the move of US President Joe Biden, who nominated Mr. Jerome Powell to hold the position of chairman of the US Federal Reserve for another term. Lael Brainard, who is said to be another leading candidate for the position, will become the new vice president. President Biden said he believes Powell is the right man to pursue full employment and tackle inflation.

As Powell remains the chair of the Fed, uncertainty has also eased. This also puts gold under a lot of pressure. In addition, Money Markets expect the Fed to raise interest rates by 25 basis points next June (previously scheduled for July) – This also puts pressure on Gold.
 
Yesterday after precious metal Gold bounced back and recovered near 1800, fell sharply to 1781, closing the day's session with a bearish candle around 1784. This is the 5th day in a row that Gold can't fall through. passed the support price zone 1775-1785, so in my opinion, Gold will have a recovery span when it returns to this price zone.
Moving to the H4 time frame, we can see that every time Gold reaches this price level, the candle usually reaches the upper support area, withdraws, and bounces back, plus 1 thing is that after the past 2 weeks of decline, today Today is the last trading session of November so there is a possibility that there will be a profit-taking rhythm so there is a possibility that there will be strong movements for Gold in the US session tonight and my point of view is to prioritize the option to buy at the closing level. Safewords are 1800-1805.
 
I don't trade commodities much - I mostly trade forex and US indices. but occasionally I see powerful trends in one or other which I like to follow periodically.

In this regard I have been spreadbetting BP as a more affordable proxy for Brent Crude.

Is there a similar proxy for gold?
(I have heard in the past that EUR/USD correlates with Gold but from their charts I don't find that idea very convincing.)
Thanks.
 
GOLDEN MARKET 01/11

☘️The price of gold in the international market has increased and decreased unpredictably according to the evolution of updated information on the mutation of the Omicron virus.

☘️Investors are insecure because of new information about the Omicron mutation and negative fluctuations in the world financial market.
The CEO of Moderna believes that Omicron reduces the effectiveness of the vaccine. Accordingly, the world will take many months to develop and ship a specific vaccine with the Omicron strain. However, more time is needed to determine exactly how the Omicron variant affects the vaccine's effectiveness.
☘️The USD dropped sharply and world stocks simultaneously dropped, which was the factor that pulled the gold price up.
The new Covid-19 variant was first detected in South Africa and has appeared in more than a dozen countries, prompting many countries to re-enact travel restrictions. The World Health Organization (WHO) classifies Omicron as a variant of concern, on the same level as the Delta variant.

US Federal Reserve Chairman Jerome Powell believes the Omicron variant poses a threat to the Fed's mandate to stabilize prices and maximize employment.
️
Gold is under pressure from the possibility that the US Federal Reserve (Fed) accelerates the plan to tighten monetary policy to fight inflation.
However, the precious metal commodity is supported by the unpredictable variables of the new virus strain.
Fed Chairman Jerome Powell has just said that the Omicron mutation puts pressure on the US economy and complicates the inflation picture.
 
Gold update:

Gold moved narrowly in the Asian session with a slight downtrend. Currently in the short term Gold can be supported slightly higher when the Nonfarm payroll data last Friday was not as expected. Moreover, the Market is still worried about the Omicron virus.

In addition, geopolitical issues in Russia and Ukraine will also support gold prices. Currently, during the day, the support zone around 1780 can be considered for short buying and waiting for selling when it rises to 179x.

Reference strategy:
Buy around current price 1781
Stop-loss 1771
TP 1786 1791
 
In yesterday's session after precious metal Gold rose to 1793, the price corrected down to 1779 and rose again to 1786. Closing the day session with a slight bearish candle. However, this downward force was not too strong, closing the daily candle was still at a high level compared to the previous days.
Moving to the H4 time frame, we can see that Gold is currently supported by MA20 around 1782 and in my personal opinion, this uptrend will be maintained in today's session. The safe profit-taking target will be the 1794-1800 price range.
 
Maintain a sell signal around 1790 as a strategy and consider buying around 1770. If Gold breaks one of these two price zones, we will wait for a pullback and then follow that trend.
 
Roslina said:
Maintain a sell signal around 1790 as a strategy and consider buying around 1770. If Gold breaks one of these two price zones, we will wait for a pullback and then follow that trend.
Click to expand...
Sounds like a plan...
 
Yesterday's market price trend was dominated by a price pullback after a strong rise on December 15. Also included is a decline from the resistance level of 1815.00 currently between the 61.8 and 50.00 levels on the Fibonacci Retracement.

1790.00 market price opened today after market movement made a pullback from the highest price. Judging from the chart, the decline did not create momentum and stopped at 1790.00 where it was the last support area.

So here is the price of support and resistance that is closest today is at the level:-

R1: 1794.00
R2: 1800.00
R3: 1810.00
------------
S1: 1788.00
S2: 1782.00
S3: 1772.00

Trading is currently encouraged to look at a low timeframe to see the best trading potential to buy or sell. All these trades need to be done using the amount of "initial capital" that is willing to risk.

Finally, to see more active movement it is recommended to wait for trading opportunities in the evening. Have a safe trade.
 
Also keen to see the new road map. It had a pretty heavy fall last week. I've just bought the dip.
 
Good afternoon all, just updating on the Gold trade i entered on yesterdays candle close. I haven't updated gold for a while on the picture updates as I have been covering it on my video analysis on YT. If you watch my video's then you'll know i was looking for a buy at this demand zone . With yesterdays candle close it gave me the buy signal I was looking for. Aiming for the previous high to the left in the supply zone for the first target. Hopefully if you trade gold and follow you entered also. Will update again in a few days as currently moving in our desired direction. GLIYF
Screenshot_1.png
 
I jumped in on a Gold buy on Friday. Glad to see we had the same trail of thought!
 
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