Gold AnalysisThis is not a trade advice but rather our own view on the Gold. So , what we are sharing here is not an invesment advice. In this post, we analyse the Gold and it potential future bullish move.
XAUTRY1! trade ideas
Gold reacting to resistance line $2400 before Distribution phaseThe chart suggests a strong uptrend in gold prices with potential resistance around 2454.2 USD. Monitoring how the price behaves at this resistance will be crucial for future predictions. A break above could signal further bullish movement, while a reversal could indicate a pullback to lower support levels.
Bullish Scenario: If the price breaks above the high resistance level of 2454.2 USD, it could indicate a continuation of the uptrend, potentially reaching higher levels within or above the channel.
Bearish Scenario: If the price fails to break above the resistance and reverses, it may pull back to the nearest support level around 2174.6 USD or even lower to 2073.9 - 2011.7 USD.
GC / Gold / XAUUSD 1hr narrative for 17-JunWe are in a range since the 10th of June.
We never trade in the middle of the range.
We can see that price is consolidating and preparing for expansion.
I would look for a short at the top of the range after a bullish sweep (also referred to as manipulation) and then anticipate price to go lower.
However, as this range has seen a lot of volume, the bears may not have much momentum before the bulls get in the driving seat.
Note to self and every deliberate and disciplined trader.
Don't long at the top of the range, even if ti feels tempting. Similarly, don't short at the bottom of the range if you don't want to become liquidity.
Let price show its hand. The higher time market structure clearly tells us we are bullish. Be conservative, don't try to short when the overall structure remains agressively bullish.
Honour your experience, if you don't know what to do, or feel confused, SIT ON YOUR HANDS. Doing nothing will make you money.
It is very likelyt that price will attempt to breach the ATH.
Have patience, wait for retracements before entering into bullish trades.
FOMO = Losing money.
Know your reptilian impulses, witness them, for it is only you, the beautiful human who is capable of looking at the workings of your own brain.
Gold Finishing Wave C of either a Flat or Triangle
Gold appears to be finishing wave C of either a flat or a triangle, although it's too early to say which one with any degree of confidence. If prices form a flat, gold should roughly follow the blue line. If they form a triangle, it should roughly follow the yellow line, creating another set of waves up and down before the next climb.
Crossover strategy for shortsThis is my goto setup for short or long. This just happens to have set up for gold short starting next week. 4 prerequisites: short moving average crosses below long moving average, price falls and then recovers to touch the slower moving average, price closes below the body of the previous candle, then hopefully prices pulls back again to allow one to get a better price for shorts. All prerequisites have been met, so I am looking for traction to the short side on gold for Monday at least, possibly persisting into midweek.
GOLD 2-week ProjectionGold sitting at major support level inside a trading range on the daily chart but where will it go from here in the next few days? Price currently trading inside a downward channel/wedge. Will we get some momentum to push higher? The beginnings of a possible butterfly pattern starting to form indicating a bullish move up to the top of the trendline with a chance to fake out long and continue down to a key fib level before breaking out again or continuing its price action inside the wedge.
2024-06-13 - a daily price action after hour update - goldGood Evening and I hope you are well.
gold
comment: This does look a lot more like a trading range than a market who want’s to have it’s third leg down. 2300 continues to be big support and until that is clearly broken, it’s a buy at that price. For the pull-back to stay below 2360 is bearish. So market has arguments on both sides and that is why we can expect more sideways price action until that range is clearly broken.
current market cycle: trading range
key levels: 2300 - 2360
bull case: The longer they can keep it above 2300, the more neutral the market becomes and the odds for a breakout to either side become 50/50. Market is in balance here, so no good arguments for higher or lower prices. The current bear channel is reasonable and maybe the bulls are favored down here to trade it back to around 2330 tomorrow.
Invalidation is below 2300.
bear case: Need a break below 2300. No better arguments for their case either.
Invalidation is above 2360.
short term: Completely neutral inside given range.
medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2450. This could hold for some time. Bear in my still thinks this rally is dumb and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so DON’T.
current swing trade: None
trade of the day: Yeah just a weird day. Expanding triangle first and then another big sell against the 1h 20ema.
$GC Wyckoff DISTRIBUTION STRUCTURE CONIFIRMED!Hello guys,
please take a look at the chart at 4H and on DISTRIBUTION STRUCTURE by Wyckoff.
you can notice the similarity.
I think we are in the final stages of going down, we already reached MSOW so yesterday movement from interest rate was the last retest (LPSY) before the new low.
Tell me what you think :)
Gold Futures Technical Analysis - 15M Chart
Hey traders, here’s the scoop on Gold Futures:
The price is currently trading around $2,329.5, just below the 21 EMA (yellow line at $2,332.7), indicating potential bearish momentum on this timeframe.
There’s a recent downward movement with the price testing the trendline support.
Entry Strategy:
Short Position: Look for a pullback to the 21 EMA ($2,332.7) and ensure a strong bearish candle closes below this level. That’s your potential entry point confirming bearish momentum.
Long Position: If the price holds above $2,329.3 and breaks above the 21 EMA, look for a strong bullish candle as confirmation for a potential long entry.
🎯 Profit Targets:
Short Targets:
Target 1: $2,329.3
Target 2: $2,311.8
Long Targets:
Target 1: $2,345.1
Stop-Loss:
For shorts, set your stop-loss just above $2,332.7.
For longs, set your stop-loss just below $2,329.3.
Gold: One Last ClimbWe expect the gold price to rise once again. We expect the high of the turquoise-colored wave B to occur in our same-colored Target Zone (between $2510 and $2631). After that, the price should sell off significantly. If, on the other hand, there is an early fall below the support at $2285 (45% likely), we will see the price already in the descent now.
Gold COMEX Future - Intraday Levels - 12th June 2024
Today will be tough day for trading,
if Sustain above 2330 then 2339 to 2340 above this bullish then 2344.9 to 2347.0 above this more bullish then 2352.4 then 2356.7 to 2358.8 or 2361.4 to 2363.1 then 2364.4
if Sustain Below 2328.3 to 2326.7 or 2325.0 below this bearish then 2310.4 to 2308.5 then 2304.2 to 2302.5 below this more bearish then 2296.4 then 2292.1 then 2290.3 to 2288.6 or 2284.3
Consider some buffer points in above levels.
Please do your due diligence before trading or investment.
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II does not represent or endorse the accuracy or reliability of any information, conversation, or content. Stock trading is inherently risky and the users agree to assume complete and full responsibility for the outcomes of all trading decisions that they make, including but not limited to loss of capital. None of these communications should be construed as an offer to buy or sell securities, nor advice to do so. The users understands and acknowledges that there is a very high risk involved in trading securities. By using this information, the user agrees that use of this information is entirely at their own risk.
Thank you.
Can Gold Futures Hold Support?Technical Momentum Weakens
Gold Futures hit an all-time high on May 20th, 2024, at $2,454; since then, they have corrected and consolidated. From a long-term perspective, futures give us a mixed signal, recently dropping below the 50-DMA at $2,373 but remaining well above the 200-DMA at $2,153. The technical perspective shows momentum studies decreasing, with stochastics correcting back into oversold territory and DMI—just above DMI+. Short-term traders continue to monitor the 9-day moving average, trading below the 18-day moving average. At the same time, the Average True Range sits at $37/day.
Tailwinds Continue to Develop
With an 8% chance of a July rate cut, according to the CME FedWatch Tool, traders are focused on September; swaps are pricing in a 54% chance that the Fed will make its first interest rate hike in the cycle.
Geopolitical tensions, rampant fiscal spending, and central bank buying have been the main drivers and have significantly propelled Gold prices in 2024.
Industrial Metals Strengthen
The performance in the Precious Metals space remains robust and has continued to spill into the industrial complex, a testament to the strength of this sector. Traders continue to monitor manufacturing, Chinese Economic data, and the U.S. economy, which have recently driven copper futures back over $4.50/pound and Silver over $29.50/oz.
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CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs
Disclaimers
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
GOLD reversal patternPossible head and shoulder pattern. Not in a trade yet as I will look at lower timeframes to time my entry and get a more feasible RRR. However in trading I consider all possible setups the price can make and if the pattern don't play out as classic technical analysis I will look at the Symmetrical triangle and trade it as an alternative.
Can the HOUSE CAPITALIZE LONG from 1HR Demand...?COMEX:GC1!
"To be the best you have to work overtime." -Floyd Mayweather Jr.
I have simply come up with this Narrative to go LONG from studying PA. On the 4Hr TF price rejected multiple times at the Daily Support level and buyers started to push up from the supported LEVEL ($2309.0)...
1) We have a clear 1Hr inside bar candle that has yet to be mitigated and this is what I want to enter the market LONG off of. I took 50% of the zone covered the Last Market Low for my stop and I'm targeting the next Minor S&R Zone in the market also based off the 4HR TF ($2335.5)...
Now lets see if we can get the Tag in and BIG PUSH UP!!
Remember when it comes to FRM (Financial Risk Management) our job is to manage the downside costs of printing High side returns of $$$ consistently... Let's Step!!
Stay Focused & Reach Excellence!!
#BHM500K #NewERA #Champions
Gold Must Do This Gold (August) / Silver (July)
Gold, yesterday’s close: Settled at 2327.0, up 2.0
Silver, yesterday’s close: Settled at 29.874, up 0.434
Gold and Silver futures have faced tremendous headwinds from all angles. Friday’s obliteration began after data showed People’s Bank of China did not add to its Gold reserves in May, breaking a streak of 18 straight months. Although we know central banks around the world are still adding to Gold and private entities in China are likely to be doing the same, the news should not have been a total shock as the PBOC softened its buying in April, and as prices have skyrocketed, up as much as 23% in May from the December low.
A strong U.S Nonfarm Payrolls reported, highlighted by large job growth and steadfast wage growth hit a market while it was down. However, the Unemployment Rate rose to 4.0%, a two year high. While pockets of data show some erosions, job growth has been abundant, especially in the services sector.
Gold and Silver price action improved yesterday before China returned from a three-day holiday to pick up from Friday’s selling that was incurred during U.S. hours. While Silver set a fresh low last night, losing 3% from session highs, Gold remained more constructive, and we are now seeing improvement at the onset of U.S. hours. In fact, Gold is testing the highest level since Friday morning. While there is strong overhead supply in the aftermath of Friday’s damage, we view a move that can hold above 2327-2330.6 as constructive and sets the stage for a potential move out above major three-star resistance at 2343.3-2346.2, which pins Gold positive on the month and neutralizes Friday’s bludgeoning.
Bias: Neutral/Bullish
Resistance: 2334.8-2337.1***, 2343.3-2346.2***
Pivot: 2327-2330.6
Support: 2322.5-2324.7**, 2314.5-2318.5***, 2302.4-2308.7***, 2227.5-2256.4***
Silver (July)
Resistance: 29.62-29.72**, 29.87-29.94**, 30.07-30.09***, 30.23-30.33***
Pivot: 29.51
Support: 29.33-29.37**, 29.13-29.23**, 28.70-28.80****
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
