XAUUSD (GOLD)

To present GOLD technical analysis in this thread, you can follow the below steps:

1. Start with an overview: Begin by giving a brief overview of the current market conditions and recent price movements of GOLD.

2. Chart analysis: Share a chart displaying the price movement of GOLD over a specific time period. Use technical indicators such as moving averages, trend lines, and support/resistance levels to highlight key points.

3. Identify patterns: Look for any recognizable chart patterns like double tops/bottoms, ascending/descending triangles, or head and shoulders. Explain how these patterns can provide insights into potential future price movements.

4. Analyze indicators: Utilize various technical indicators like Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Stochastic Oscillator to evaluate the momentum, trend strength, and overbought/oversold conditions of GOLD. Interpret their signals and provide insights based on their current readings.

5. Fibonacci retracement levels: Apply Fibonacci levels to the recent price swings in GOLD, which can help identify potential areas of support or resistance. Explain how these levels align with other technical indications and possible price reactions.

6. Key levels to watch: Highlight significant support and resistance levels on the chart and explain their significance in terms of potential price action. Discuss how the price might behave if it breaks these levels.

7. Risk management: Always emphasize the importance of risk management when trading or investing in GOLD. Suggest setting stop-loss orders or implementing proper position sizing strategies to limit potential losses.

8. Conclusion: Summarize the key points discussed in the analysis and share your overall outlook on the future price direction of GOLD based on the technical indicators and patterns identified.

Remember, technical analysis is subjective, and different analysts may interpret the same data differently. Always encourage readers to conduct their own research and analysis before making any investment decisions.

There is a metals/mines forum linked to forex factory. Shouldn't this be there?

https://www.metalsmine.com

XAUUSD has been in an uptrend since mid-August, with prices steadily rising from a low of $1737.90 to a high of $1877.60. The pair has been trading above both the 20-day and 200-day moving averages, indicating a strong bullish bias. The RSI and Stochastic oscillator are both in overbought territory, indicating that the pair could see some near-term consolidation. Traders should watch for a breakout above the recent high of $1877.60 to confirm further upside.

The XAUUSD Elliott wave analysis suggests that the pair is in wave (3) of wave 3, which is unfolding as an impulsive Elliott wave structure. This wave is expected to take the pair higher towards $2050 before the wave structure is complete. The pair could potentially reach a new all-time high at this level.

Once wave 3 is complete, wave 4 is expected to follow, which is expected to be a corrective wave that will take the pair lower. This wave should find support at $1850 after which wave 5 is expected to begin. Wave 5 is expected to be the final wave of the current bullish cycle and should take the pair higher towards $2100 or higher.

The current Elliott wave count suggests that XAUUSD is in the early stages of a new bullish cycle and should continue to move higher in the coming weeks and months. Traders should watch for any signs of reversals in the pair at or near the expected targets for wave 3 and wave 4.

Gold price going down from 1916-7 to 1912 breaking below, 1906.

A triangle pattern typically forms, when the price of a security moves in a sideways direction, as it continues to make a series of lower highs and higher lows. This typically suggests that the price of the security is consolidating, which can be a sign of indecision in the market. In some cases, the triangle pattern may be followed by a breakout or breakdown, where the price of the security moves in an upward or downward direction. This is usually a sign that the market is about to move in a more decisive direction. It is important for traders to understand the implications of a triangle pattern, as it can provide insight into potential market direction and price movements.

In any case, a breakout from a triangular pattern can be a powerful signal and often indicates an imminent move in the breakout direction. Therefore, traders should watch for this pattern and use technical analysis to identify the likely breakout direction.

Gold price seems going to stuck and move down slowly until 4 hour confirmation. strong breaks above 1924 will move upside..

Gold moving as per our prediction. gold will move up. please calculate the price +/- 1 point like attached chart.

Levels to watch for sellers 1928-30 and then 1940.

Next resistance waiting at 1933.. will move up.

Please watch poll result, at 1933..

Yes. You are correct

1930ish is where the Weekly 10EMA is at this moment and watch the reaction there.

On the Daily it is the 50EMA possible reaction

Anyone understand why this move ? IMO..

Structure 3-3-5. i was thinking 5-3-3 or 5-3-5

if 3-3-5, 4 HOUR need to confirm.. hope you understand now.

Probability 1 : Uptrend expanded triangle. 1933 also true, if 1899 is bear trap ( 4 Hour confirmation )

Probability 2 : Breaking down the lower trend line. its bear trap..

This is my trade setup until break down the lower trend line.

as per my current trade setup.. 1913 to 1930 is next move.. if am not wrong..

SETUP INVALID..

BREAKOUT, showing move up.. 1933

EDIT: BACK TO 5-3-3 PLAN. anyhow we are in bull trend..

1956-7 is coming..

Gold Price Movement: Gold price remains at a three-week high, hovering around $1,937-$1,938. A two-day uptrend is evident, although upside momentum seems constrained at the moment.
Factors Affecting Gold: Mixed concerns about the US-China relationship, cautious sentiment ahead of top-tier US data releases, and sluggish US Treasury bond yields are impacting XAU/USD.
Dovish Fed Bias: A clear upside break of the 200-day Simple Moving Average (SMA) and the Federal Reserve's (Fed) dovish bias are keeping gold buyers hopeful.
US Economic Data Impact: Disappointing US consumer confidence, employment, and housing data from the previous day are raising concerns about the Fed's policy pivot, especially after Fed Chair Jerome Powell's data-dependent stance.
China's Impact: China's response to US Commerce Secretary Gina Raimondo's complaints about challenges faced by US firms in China is influencing gold buyers. The International Monetary Fund's (IMF) cautious approach towards allocating Special Drawing Rights (SDRs) due to higher interest rates and inflation is also a factor.
Market Indicators: S&P 500 Futures struggle to extend an uptrend, while the US Dollar Index (DXY) remains around 103.55 after experiencing the biggest drop in six weeks. US Treasury bond yields are at a two-week low.
Future Direction: The direction of gold will likely be influenced by US data releases and China-related headlines, as XAU/USD bulls seem to be losing momentum.

1 hour clearly plotting flag pattern..

After this level.. until then, Dont look for sell..

Your Advise always helped me. Thanks