XAUGBPApproaching a level of high resistance on Gold vs GBP however expecting that if the price clears 1600 then it will continue to rally towards the upper trendline.
CFPGOLD.GBP.1.CFP trade ideas
Gold v GBP breakdownOne currency that has had a lot of downward pressure on it recently is the British Pound. However gold has fallen under a very strong diagonal trendline that has held for a long time. Given the pound is weak, does this mean gold is weaker? Seems like if future inflation expectations were high then gold would be doing better.
Weaker looking candles at the top on gold/GBPLooking at the price of gold from the perspective of the British Pound which is a relatively weak currency compared to the dollar, it looks to me like the candlestick patterns hitting the top resistance line of this chart are successively weaker indicating less conviction from buyers about getting above this all time high. Indeed the latest one from this week has quite a pronounced shooting star look to it.
Gold priced in British PoundsOn this chart I've drawn what I think could be a long term channel upward trend over the last 13 years. There is a bearish rising wedge forming since the last high of 2020. Then the last 4 months look to me like a bear flag. Overall this looks like a gold price bear market would not be surprising.
Gold priced in British Pounds stages a feeble breakoutGold in pounds has staged a breakout from a short term triangle this week but to me it looks insipid and not powerful. The long term picture to me looks like a bearish rising wedge pattern. I will not be convinced about this being a new bull market until the all time high is solidly breached.
XAU GBP bullish entry at 1350 For the bulls, this is a precious metal trading with GBP, We have an overview of gold now while we waiting for the Retail Price Index (RPI), Claimant Count Change news, Flash Services PMI.
I expect to see positive change on the RPI for the upcoming news. also, we are about 8 days to hear GDP 4th Q 2021 results,
553,412 M £ as 3Q 2021
546,556 M £ as 2Q 2021
517,998 M £ as 1Q 2021
for the technical view ...
Bullish Head and shoulders pattern had detected on the 3H chart
on the volume indicator, I see some buying volume entring the Gold CFDs
The price has started moving from 1342-1346 accumulation area for the up
Long position:
Buy order on 1350-1355 area
Targeting 1385-1390 area
Buy limit at 1337-1332 area just to protect our position in case the price make amove against us
The numbers from ons.gov.uk
XAU/GBPA firm break above the latter will open doors towards $1,884, where the R3 monthly pivot point aligns.
Alternatively, if sellers manage to find a strong foothold below the confluence of the Fibonacci 23.6%, the daily pivot point and weekly R2 pivot at $1,859, the corrective pullback could gain traction.
The next downside target is seen at the previous hourly low at $1,855, below which fierce support around $1,850 will come into play.
$XAUGBP in channel - hitting resistance area Gold is trying to recover. Still in the downward channel, now at a key resistance area as shown in the chart. Also has 50EMA confluence there.
Watch out for the action around this key zone. Can determine the direction based on breakout or breakdown at this key zone.
GOLD XAU - THE RALLY BACK UP - LONGGreat one here straight off the bat great upside potential - ignore indicator below its inaccurate gold will push up
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