Precious Metals / Gold holding up in Oceania & Asia - Thursday
Updated
https://www.tradingview.com/x/IR2g7d4Y/
At the New York session yesterday Wednesday, Gold got sketchy as the price quickly sold-off below the critical 2500 level but it soon got support as a further sell-down in the Gold price was not warranted.
The Gold-price bottomed at 2494.03. As it recovered quickly with bulls stepping in the price got back above the 2500 zone. I advised here of bullish W/bottoms emerging on the lower-timeframes & I could see that as these W/bottoms were forming & getting written that there was plenty of support in the price above the 2500 level. We bought in and had a good ride to 2016 where I advised to take some profit off-the-table.
The USDX US$ index turned around mid-afternoon yesterday (Wednesday) in the New York session. Right now some 5 hours later just after the Thursday Asian session we are still seeing a turnaround in the USDX due to some oversold condition of it due to its selling off this week on weakness. I am monitoring it to see if and when it does turnaround again. The 4HR & Daily Stochastic seems to be coming into some support of its oversold condition but this weakness can reemerge at anytime. I will keep watching because of its impact on the Gold price.
The Vix-Index was a tad elevated during Wednesday trading but it has since come-off somewhat during Asian trading this Thursday which is probably good for the Gold price but that can vary somewhat depending on how much the VIX increases. During a huge rise in the VIX like we saw a couple of weeks ago the Gold price sold off very savagely.
I like these bullish patterns on Gold at the moment. I think if the USDX sells off again during Thursday then this pattern emerging on the lower and mid timeframes looks supportive for Gold.
At the New York session yesterday Wednesday, Gold got sketchy as the price quickly sold-off below the critical 2500 level but it soon got support as a further sell-down in the Gold price was not warranted.
The Gold-price bottomed at 2494.03. As it recovered quickly with bulls stepping in the price got back above the 2500 zone. I advised here of bullish W/bottoms emerging on the lower-timeframes & I could see that as these W/bottoms were forming & getting written that there was plenty of support in the price above the 2500 level. We bought in and had a good ride to 2016 where I advised to take some profit off-the-table.
The USDX US$ index turned around mid-afternoon yesterday (Wednesday) in the New York session. Right now some 5 hours later just after the Thursday Asian session we are still seeing a turnaround in the USDX due to some oversold condition of it due to its selling off this week on weakness. I am monitoring it to see if and when it does turnaround again. The 4HR & Daily Stochastic seems to be coming into some support of its oversold condition but this weakness can reemerge at anytime. I will keep watching because of its impact on the Gold price.
The Vix-Index was a tad elevated during Wednesday trading but it has since come-off somewhat during Asian trading this Thursday which is probably good for the Gold price but that can vary somewhat depending on how much the VIX increases. During a huge rise in the VIX like we saw a couple of weeks ago the Gold price sold off very savagely.
I like these bullish patterns on Gold at the moment. I think if the USDX sells off again during Thursday then this pattern emerging on the lower and mid timeframes looks supportive for Gold.
Comment
USDX Analysis:
Comment
Gold's Price Action: For the last 24 hours (30 minute chart)
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Buy XAUUSD:
At these levels down around 2500 again right now during the Asian session.
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Gold price accumulating on 1m chart just above 2500...no break below 2500 like yesterday just at the present.
USDX seems to be topping and rolling-over a bit on the 50EMA (dark-blue-line) on this 15m chart.
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Scale into Gold at current market price 2500 to 2502.
Stop-loss below yesterday's low: 2494 even.
On the 15m chart a buy-order block extends down to 2498.40 so price could descend to that level.
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If you want to be aggressive with your SL: 2498. I think price will hold.Trade active
A stop of 2499.80 is the most aggressive right now.
Risk 0.25% capital. That is awesome RR
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* I put my money where my mouth is.... I just picked up 0.4 lots with a stop at 2499.80 risking 0.25%... Trade active
Long Gold: Stop Loss 2499.80
Not a great deal of buying happening down here, it seems to be small accumulation and price is consolidating & getting support just above 2500.
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The main reason I took the trade is because I see that USDX continues to roll-over a bit. Once a substantial drop occurs this Gold price should go back up.
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There is always the risk of a liquidity-run down to take out longs before price aggressively shoots up. But despite 2500 breaking yesterday, it is a firm support & it depends whether they wanna run it down again. I hope it holds.Comment
Guys, a free stock tip & this could be really big. I have been long in a lithium company called Raiden Resources in Australia. RDN is the ticker. It is on a huge tenement of Lithium with nearology to Azure Minerals AZS.
But AZS has a price > $3 last time I checked & RDN is up today about 13% and its price is around 3 cents.
* Do your own research. But I'm expecting RDN to easily make $1 in the future especially on the back of the Lithium price WHEN it bounces back.
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Long Gold: SL 2499.80
We need a break above 2503.80
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2503.80 was broken. We now have a bullish CUP & HANDLE forming on 1m inside a rising wedge 1-3m. This looks good.Trade active
Buying volume is now occuring.Trade active
Bullish Head n Shoulders now formed on the 1m.
2504 thereabout is the neckline.
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LONG XAUUSD:
It appears that bullish W/bottoms will now form on the lower timeframes similar to yesterday. The H & S on 1m was invalidated as the right shoulder was taken out. Nothing beat a bullish W/B. This could take a while to form and break higher. I gotta go down the street now... Later!
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That's why I rarely use Stops... I hope you were able to get back in... Liqudity false break down occcurred.Trade active
Oversold Stochastics getting positioned on 1hr & 4hr to assist with a push higher.Trade active
Long Gold XAU USD:
The Gold price tends to move a bit lazily at least upwards anyhow, during the Asian & Oceania (Australian NZ) session.
But we got in around 2500. For some including me, yes I used a very tight stop, to try & give you great RR 2498.80 from memory & we were Stopped out. I got back in because I see it was a false break & a grubby stop taker.
One thing that concerns me about the Gold price is the overbought condition, which you would of course expect at the moment, but when the High Timeframe Stochatics Daily, Weekly even Monthly press down hard on the 80 it can trigger selling, why?, because that is how the indicator indicates & a lot of professional traders watch these Stocastic levels on the high timeframes for overbought and oversold, it works on everything including the USDX. When 80 triggers and if a sustain push down occurs it can trigger a lot of sellers to go short.
I am monitoring these levels on Stochastics and RSI for Gold and precious metals. The daily is still nice and high around 84.5 mark.
See the chart.
I also see that we are at the crucial 2507 level which represents the important 50 EMA for Gold which I monitor on a 1HR gold chart. Cheers, Chris (back from grocery shopping...I trade so much I forget to eat Lol)
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Long Gold:
I believe this pullback to be a healthy Fib retracement as I saw no evidence of a Top1 or Top2.
But wait.....theres' more....
We have a bullish Cup & Handle on the lowertime frames. This pullback will also form the Handle & I think price will explode upwards in due course.
* Trading is risky. Don't rely solely on my trade setups and investment advice.
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Long Gold:
It happened fast as it was mostly the 1m timeframe. Price retraced and formed a handle and quickly broke the neck upwards.
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My correction... the neck break is about 2510.60 & should gurantee another 0.37% upwards price movement.Trade active
Long gold:
2522 we should reach easily I have worked out roughly from the depth of the Cup to the neck-line.....same distance above reference to the price action high for this cup breakout.
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We don't want to see the retracement go too far beyond about the 50% level of the cup. But often price action works on a Fib retracement from the bottom of the cup.Comment
50% level of the handle I meant to sayTrade active
This Cup is a monster guys. It started forming on the 1m and 2m minutes timeframes nearly 5 hours ago.
We had a deep Fib retracement of 38.2% from the 2500 level earlier to the Top of this zone. Take a look for yourself. I am confident that price will break out soon above
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Comment
Today' Economic Calenadar
tradingview.com/economic-calendar/?timestamp=1724040000000
Order cancelled
Some profits locked in... I am focussing on economic data today which could impact Gold. USDX is also rallyingDisclaimer
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