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Gold – Bullish break on daily chartResistance - $1358, $1378-1380, $1400 Support - $1344, $1335, $1328 Pattern – Bullish break from expanding channel Gold’s bullish break from expanding channel formation on Friday has left the doors wide open for the continuation of the rising trend from December low and a possible test of Leg D of Cypher pattern seen at $1378 levels. However, prices failed to cut through $1358 (June 24 high) and retreated to $1350. The daily RSI is still away from the overbought region which means another attempt at $1358 could be made. A break above the same would expose $1370-1378 levels. On the downside, only a day end closing back inside channel would signal bullish invalidation.
FX:XAUUSD
by TipTVFinance
Gold – Re-test of channel resistance likelyResistance - $1320.67, $1328, $1335.53 Support - $1310, $1303, $1297.52 Daily chart pattern – Expanding channel formation Gold’s recovery from the yesterday’s low of $1310.10 if followed by a break above 5-DMA of $1318 could be an indication of the rally towards channel resistance at $1328 levels. A day end closing above the same would signal a continuation of the rise from Dec lows. On the other hand, failure to take out 5-DMA followed by a break below $1310 would expose support at $1297.52 (38.2% of May low-June high).
FX:XAUUSD
by TipTVFinance
Gold – stuck at 23.6% Fibo, losses seen below daily lowResistance - $1320.67, $1327.68, $1335.33 Support - $1310.10, $1303, $1297.52 Gold’s repeated failure to take out expanding channel on the day end closing basis followed by a daily closing below $1320.67 (23.6% of May low-June high) if followed by a rejection at $1320.67 and a break below $1310.10 (daily low) would open doors for a drop to $1297.52 (38.2% of May low-June high). On the higher side, expanding channel hurdle of $1327 needs to be taken out if the prices are to test $1335.33 (June 27 high).
FX:XAUUSD
by TipTVFinance
Gold – increased risk of drop to 38.2% FiboResistance - $1320, $1327, $335 Support - $1313.60, $1303, $1297.52 Gold’s failure to sustain above expanding channel resistance for two consecutive session followed by a break below $1320.67 (23.6% of May low-June high) today indicates prices could drop to $1303-1297.52 (38.2% of May low-June high). On the other hand, only a day end closing above expanding channel resistance would signal continuation of the larger rally from Dec lows.
FX:XAUUSD
by TipTVFinance
Gold jumps as Britain files for divorce from EUUK has filed for the divorce from EU and it remains to be seen if the courts (UK parliament) approve it. But for now shockwaves are being felt across the globe and thus gold is trading higher. Prices hit a high of $1358.41 before trimming gains to trade around $1317 levels. The Brexit shock could stay for a while and hence prices could remain above $1300/Oz levels. Any worsening of the situation - political turmoil in UK, referendum in other parts of Europe would do well for Gold. Note that such events also take Fed away from the next rate hike. Consequently, prices could rise to $1376 (point C of the cipher pattern). Note the level is very close to $1280 (38.2% of record high – Dec 2015 low). If prices fail to take out the same and head lower, we could see Cypher Leg D unfold, although as of now a drop to Leg D = 78.6 appears unlikely.
FX:XAUUSD
by TipTVFinance
Gold - Sharp losses if hourly closing below $1260Resistance - $1270, $1276, $1285 Support - $1263, $1253, $1246 Pattern – Head and shoulder breakout, Cypher Hourly closing below $1260 (Point C should not close below 1.414 as per Cypher rules) would open doors for a drop to head and shoulder target of $1246. On the other hand, rebound from $1260 coupled with a move in hourly RSI above 30.00 would signal bullish price RSI divergence and open doors for a re-test of head and shoulder target of $1276, which if breached would add credence to the possibility of prices moving higher to point D.
FX:XAUUSD
by TipTVFinance
Gold- head and shoulder and possible Cypher Resistance- $1288, $1293, $1303 Support- $1283, $1278-1276, $1263 Gold's turn lower from the higher of $1294 levels led to formation of lower top formation and added credence to the possibility of head and shoulder breakout on the hourly chart. The neckline at $1278 could be pierced thus opening doors for a drop to support t $1263 (which could be point C of Cypher pattern from where a fresh bullish move could happen). On the other hand, a failure to dip below $1283 followed by a break above $1294 would open doors for a rise to $1300-1303 levels.
FX:XAUUSD
by TipTVFinance
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Gold - Head and Shoulder formation on hourlyResistance - $1288, $1300, $1310 Support - $1276, $1270, $1263 Sharp rally in Cable in Asia on account of drop in Brexit bets also weighed over gold. Consequently, prices dipped to $1280 levels, thus increasing the odds of a head and shoulder formation on the hourly chart with neckline support at $1276 (also hourly 200-MA). Hourly closing below the same would open doors for a drop to $1263-$1253 levels. On the higher side, breach of $1300 would signal failure of head and shoulder formation and shift risk in favor of a rise to $1320-1325 levels.
FX:XAUUSD
by TipTVFinance
Gold- $1272 is a strong supportResistance - $1287, $130, $1313 Support - $1283, $1272, $1263 Gold’s failure to take out weekly 200-MA followed by a break below $1300 resulted in a correction to $1285 levels as expected yesterday. The inverted bearish hammer candle seen on the daily chart indicates bulls may be facing exhaustion, thus short-term loss of bullish momentum could be seen. Nevertheless, metal could make another attempt at $1300 handle if prices manage to take out $1291 (hourly 50-MA). On the lower side, break below hourly 200-MA of $1272 would signal short-term is in place around $1315.
FX_IDC:XAUUSD
by TipTVFinance
Gold - Above $1300 with overbought RSIResistance - $1303, $1313, $1322 Support - $1296, $1287, $1283 Cautious Fed and a resulting sharp drop in Fed rate hike bets pushed gold above $1300 levels in Asia, although the 4-hour RSI is overbought, while daily RSI is entering overbought territory. Furthermore, dovish Fed was priced-into some extent, thus leaving doors for a technical correction to daily 5-MA level of $1287 levels. Gold's failure to take out/sustain above $1303 followed by a break below Asian session low of $1296 would signal a drop to $1287 levels. On the higher side, breach of $1303 on hourly closing basis could yield $1310-1312 levels. Gold Seasonality study
FX:XAUUSD
by TipTVFinance
Gold could test hourly 100-MA support ahead of FedResistance - $1288, $1295, $1300 Support - $1283, $1276, $1263 Gold's repeated failure to have a sustainable rally above March 2016 high of $1284 coupled with falling tops formation of the hourly RSI indicates prices could test support of hourly 100-Ma located at at $1276 ahead of the Fed rate decision. A rebound from hourly 100-MA followed by a break above $1288 (preferably on hourly closing basis) would signal a more sustainable move higher to $1303-1310 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold – Rising trend line breached on hourlyResistance - $1283.43, $1295, $1303 Support - $1273, $1269, $1263 Gold’s breach of rising trend line on the hourly chart could signal a short-term loss of bullish momentum and leave the doors open for a fall back to daily 5-MA level of $1273 ahead of tomorrow’s Fed rate decision. On the other hand, a break above Asian session high of $1283.43 could see prices make an attempt at $1290-1295. Moreover, a rebound from daily 5-MA of $1273 followed by a break above $1283 would be a more potent signal of further upside. In this case, prices could test $1300-1303 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold eyeing March 2016 highGold's break above $1271.72 indicates the bearish price RSI divergence seen in early European longer holds true and thus prices are now heading towards March 2016 high of $1284.81. The move comes a day after prices witnessed a bullish break from falling trend line level, which adds credence to violation of bearish price RSI divergence on hourly timeframe. Note - Failure to take out area around $1284.81 followed by a fall back below $1263 could signal head and shoulder formation with neckline at around $1190 levels.
FX:XAUUSD
by TipTVFinance
Gold - Is it making head and shoulder formation?Resistance - $1272, $1284, $1300 Support - $1260, $1253, $1247 Hourly chart pattern - Rising trend line at risk of being breached, bearish price RSI divergence Daily chart pattern - Possible head and shoulder formation Gold's bearish price rsi divergence on the hourly chart if followed by a hourly closing below rising trend line would indicate increased risk of a drop to $1153 levels. A day end closing back below falling trend line (black) seen on the daily chart would increase risk of the XAU/USD forming head and shoulder pattern with neckline around $1195 levels. On the higher side, an hourly closing above $1172 would expose hurdle at $1284. Only day end closing above $1284 reduce the probability of prices forming head and shoulder.
FX_IDC:XAUUSD
by TipTVFinance
Gold - rebound from rising trend line, points northwardsResistance - $1270, $1284, $1295-1300 support - $1260, $1253, $1247 Gold's rebound from rising trend line support despite bearish price RSI divergence seen on hourly chart indicates the bullish momentum is strong. Prices have moved above $1263 and appear on track to test resistance at $1270. A day end closing above $1266 today would signal possible rally to $1284 levels. On the other hand, an hourly closing below rising trend line (blue line on hourly) support at $1260 would also mark failure to sustain above falling trend line on daily chart and expose support at $1253-1247 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold - Bearish price RSI divergence at falling trend line hurdleResistance - $1263, $1270, $1284 Support - $1260, $1253, $1247 Gold's bearish price RSI divergence on the hourly chart comes at a time when the metal is attempting a bullish break from falling trend line on the daily chart. In this scenario,a failure to hold above $1260 (rising trend line support on hourly) would add credence to bearish divergence and open doors for a fall back to $1253 levels. A violation there would expose support at $1247. On the higher side, an hourly closing above $1266.37 would signal bearish divergence invalidation and shift risk in favor of a rise to $1270-$1270 levels.
FX_IDC:XAUUSD
by TipTVFinance
Gold – now eyeing falling trend line hurdleResistance - $1263, $1270, $1284 Support - $1253, $1247, $1243 As anticipated earlier today , Gold breached $1253 (earlier resistance, now support). A sharp recovery from low of $1234 followed by a break above daily 50-MA and subsequent breach of key Fibo level at $1253 indicates prices are on track to test falling trend line resistance currently seen at $1263 levels. A day end closing above the same would indicate a short-term bottom is in place at $1234. On the lower side, a clear break below $1230 is needed to signal bullish invalidation.
FX:XAUUSD
by TipTVFinance
Gold – 23.6% Fibo hurdle stands exposedResistance - $1253, $1263, $1270 Support - $1242-1240, $1234, $1230 Gold’s recovery from yesterday’s low of $1234 followed by a move back above $1243 (23.6% of Dec low-May high) and a subsequent rise above daily 50-MA indicates the metal is likely to test $1253 (23.6% of 2011 high-2015 low). Moreover, prices could take out $1253; given the daily RSI is bullish and pointing higher. Thus, the falling trend line (black) hurdle at $1263 levels stands exposed. On the lower side, a break below $1253 could yield $1234 (previous day’s low).
FX:XAUUSD
by TipTVFinance