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Forex-gold

RLinda ! GOLD-> A bounce from support lifts the moodGold tested a key support zone (the intersection of the local trend line, which acts as channel support and horizontal support at 1727.85 on the chart), after which the futures showed bullish interest after the minutes of the latest U.S. Federal Reserve meeting indicated a slowdown in the pace of interest rate increases. The minutes from the Fed's Nov. 1 to 2 meeting indicated that Fed policymakers agreed that it would probably be appropriate to slow the pace of interest rate hikes But rising real rates through early 2023 remain a difficult backdrop for non-revenue-generating gold, but increased recession and geopolitical risks in 2023, strong physical demand in emerging markets and record high purchases by central banks trying to diversify their foreign reserves suggest that gold could still outperform real rates. (Char 1. Xauusd daily timeframe. Technically analysis) The daily timeframe shows an expected end to the pullback at the 1729 area. It is based on positive fundamentals. The MACD and RSI are in the green zone relative to their neutral lines. The chart shows upside potential to the 1800 zone I expect that the gold might consolidate in the nearest future, as it is trading in a range between 1765 and 1727. I expect a small pullback from the resistance to the support zone, but if the price breaks through the resistance upwards, a strong enough momentum can be formed Regards to R. Linda!
OANDA:XAUUSD
by RLinda
19
RLinda ! GOLD-> price is headed for strong support Gold is in the correction phase after trend breakdown. The price fell almost 3% from the high, it has 1727 support ahead and the 0.618 Fibonacci zone below. (Daily timeframe. Technical analysis based on Gartley pattern and horizontal levels) We identified the beginning of a Gartley pattern correction, the price dropped to the key support level on the daily timeframe - 1729, but at the same time the price is forming a consolidation above the zone. A false breakdown from below could result in a volume surge and a bullish reaction, which could affect price's recovery. The situation near this zone is complicated, with a bounce we should expect the price to rise to resistance at 1765. In case of breakdown and consolidation of the price under the level there is a chance of downfall to the bottom - 1716 Regards R.Linda!
OANDA:XAUUSDLong
by RLinda
12
RLinda ! GOLD-> The appearance of bearish signalsGold is testing the trendline resistance formed since September 1, 2022. The price has not reached the daily MA-200, at the same time a false break of the upside resistance, horizontal resistance of 1765.575 and a bullish signal from the Gartley pattern is formed. (Chart 1. Daily timeframe) Gold closed Friday's afternoon candlestick in its lows, which can be interpreted as an incomplete move that might continue. Therefore, it looks like the price will get weaker. At the same time, gold's fall was helped by a stronger dollar and rising 10-year government bond yields (10-year U.S. bond yields rose 5 basis points to 3.821%. ) The drop came as the dollar rose after an early weakening, making the precious metal more expensive for international buyers. The ICE dollar index rose 0.25 basis points last time out. Nevertheless, gold remains near a three-month high as investors count on the Federal Reserve not to raise interest rates. (Chart 2. Daily Timeframe. Bullish Signal Formation using the "Bat Pattern" as an example) Technical Analysis: Gold continues to experience pressure from the resistance in the form of the daily MA-200, the price is in an upward range. The price makes a false break of the strong resistance zone and forms a decline, also a bullish signal is indicated by the presence of a bearish Gartley "Bat" pattern The daily Gartley pattern is a pullback to 0.889 (ideally 0.886) from the XA movement. A signal for a bullish move. Daily RSI gives a bearish signal, the price indicator on the chart also coincides with it The daily MACD tends to the crossover point of the sliders, at the same time the chart fades after the green spike, indicating a corrective movement. (Chart 3. 4-hour timeframe XAUUSD. Formation of the pattern H&S) On the above chart we also see a false break-through of the resistance 1765.575 and at the same time a strong bearish pattern "Head & Shoulders" is confirmed. I expect that from the session opening there can be a small pullback to the previously broken support of the pattern with the subsequent fall towards the support level of 1727.85 Sincerely R. Linda
OANDA:XAUUSDShort
by RLinda
17
RLinda ! GOLD-> Flag on bullish momentum. Going up?Gold prices rose nearly $100 (to $1722) after U.S. unemployment data was released Friday, raising hopes that the Federal Reserve will be less aggressive in raising rates. -U.S. midterm elections provide some support for gold -Gold prices were little changed Thursday as investors refrained from making big bets ahead of U.S. inflation data -The price is supported by unemployment data The futures are in a consolidation phase at the moment. On the chart, we see the formation of the trend continuation pattern. The reason for that is investors' caution, who were waiting for the key inflation data in the U.S., which may affect the future interest rate hikes by the Federal Reserve System. The US consumer price index report for October will be released at 13:30 GMT. Economists expect core inflation to decline. Accordingly, economists tend to expect prices to rise if there are signs of cooling inflation, but if the numbers are higher, there will be speculation that the Fed's actions will put pressure on gold again. Traders now estimate a 47% chance of a 50 basis point rate hike and a 53% chance of a 75 basis point hike at the December Fed meeting From the point of view of technical analysis, a "flag" pattern is forming on the chart, which plays the role of a trend continuation set-up. Earlier the price came out of the consolidation upward and in fact is in the phase of distribution, I think that this phase can continue until it reaches important levels, after which a pullback may follow I expect an exit from the pattern upwards and rise in price to the level of 1728.97 Target in the midterm is the resistance level of 1765. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
19
RLinda ! GOLD-> Gold breaks the bearish trend Gold is in a rallying phase, reaching the 1716 mark and keeping many investors and analysts focused on it. Since the open on Tuesday, gold is up nearly 2.6%. What's behind that, what should we expect to happen next? (Graph 1: in a wait-and-see format, price breaks strong resistance. Rally to 1716) The key takeaways so far: A soft CPI will raise hopes that the Federal Reserve will soften its policy; Analysts expect a slowdown in the U.S. consumer price index; In Guangzhou, China, the number of COVID cases exceeded 2,000 for the second day. (Graph 2: Gold in consolidation phase. The whole market is waiting.) CPI is the most important indicator at the moment. Lower data would raise hopes that the Fed would slow the trend of monetary tightening, which could put pressure on the dollar and lift gold. According to a Reuters poll, economists expect the monthly and annual core consumer price index to slow to 0.5% and 6.5%, respectively Prices appear to be consolidating ahead of the CPI release. If the U.S. Consumer Price Index is stronger than expected, prices could fall below $1.690, and if not, gold could break through the $1.725 level (Chart 3: Technical indicators on the daily chart) . Traders also closely followed COVID-related developments in China, a major bullion consumer, where the city of Guangzhou is struggling with a surge. Gold is seen as a hedge against inflation, which rate hikes are designed to combat, making the metal less attractive. Higher interest rates also make other assets more attractive than interest-free bullion. ( Figure 4: Formation of a decisive pattern in a local situation) From the point of view of the technical analysis we see the formation of a local support level and the attempts of the price to break this zone, as the limit resistance has not broken yet I expect the exit of the price down, consolidation in the short zone and decline to the 1688 zone, before further possible growth. From the 1688 zone, a pullback to 1700, 1710 is expected. 1720 Regards R.Linda!
OANDA:XAUUSDLong
by RLinda
17
Learn Paralysis By Analysis | Trading Psychology Hey traders, In this article, we will discuss a very important term in trading psychology - paralysis by analysis. Paralysis by analysis occurs when the trader is overwhelmed by a complexity of the data that he is working with. Most of the time, it happens when one is relying on wide spectra of non correlated metrics. That can be various trading indicators, different news outlets and analytical articles and multiple technical tools. Relying on such a mixed basket, one will inevitably be stuck with the contradictory data. For example, the technical indicators may show very bearish clues while the fundamental data is very bullish. Or it can be even worse, when the traders have dozens of indicators on his chart and half of them dictates to open a long position, while another half dictates to sell. As a result, the one becomes paralyzed, not being able to make a decision. Moreover, each attempt to comprehend the data leads to deeper and deeper overthinking, driving into a vicious circle. The paralysis breeds the inaction that necessarily means the missed trading opportunities and profits. How to deal with that? The best option is to limit the number of data sources used for a decision-making. The rule here is simple - the fewer indicators you use, the easier it is to make a decision. There is a common fallacy among traders, that complexity breeds the profit. With so many years of trading, I realized, however, that the opposite is true... Keep the things simple, and you will be impressed how accurate your predictions will become. ❤️If you have any questions, please, ask me in the comment section. Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
16