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GC1! (Gold Futures)

Gold Still Looking weak Gold prices have shown weakness, with the market currently positioned below key resistance levels, suggesting a bearish outlook in Intra day. The immediate resistance is seen at the previous support level around 2620-2625, which may act as a psychological barrier for the price to overcome. Immediate Resistance: 2620-2625 - This level has previously acted as support but now could serve as resistance. A move above this could signal a potential short-term recovery. Immediate Support: 2588 - This level corresponds to the close on FOMC day, representing a critical support area where buyers might step in if the price tests this level again. If gold fails to hold above the FOMC day close, there's a risk of further downside also 2580 level acting as a key trendline support, where a failure could lead to more significant declines. The next significant support to watch is around 2568 or a potential move towards 2569 (Fib extension 0.618) if current trends persist, and further levels down to 2537 (November's low), which is a high volume node where buying interest might re-emerge. A break below this could lead to further declines, targeting lower supports; For a bullish signal, gold would need to convincingly close above 2650 if it reverse without breaking 2588 on day close.
OANDA:XAUUSDShort
by TheGoldenCircle
Gold in FOMC weekGold now under sideways area as marked on chart and for this week price opened under weekly pivot (2667) ; we have seen two days of good decline in last week closing. Personally I want to see more corrections towards 2610 and then 2530 area for potentials bottom for December , breakdown from 2530 on daily / weekly can open room for decline. In case of bullish scenario after FOMC price need to re claim 2790 and then we can expect bullish continuation towards 3000. As during year end markets can be a wild ride , and for this week we have high impact data releases and risk are very high , focus on risk management and try to trade on double sure entry ; I am also waiting for swing opportunity from last week and expecting that we can find this swing by this weekend.
OANDA:XAUUSD
by TheGoldenCircle
Gold taking a breakAfter PPI data gold is taking break and we have seen a good correction from the buy move : In previous posts I was expecting more strength before a pullback, but gold price faced big resistance at 2715-21 zone. Now if we draw the fib levels for this current correction that started form yesterday the zone 2700-06 is resistance area for bulls and bull need to claim this zone first to see higher levels and under this we can expect more decline. In lower side the previous day close (2680) is the level that we have to watch on Intra day. If price close H1 or H4 under this level then we can expect more decline in lower side. The first support is PDL (2675) and next support as per Fib is 2669 (50%) and 2656 (60% retracement Level). For Intra day we can watch these levels and can plan our trade accordingly and for Swing we have to wait for confirmation of possible low on weekly close (Or most probably in mid of next week).
OANDA:XAUUSDShort
by TheGoldenCircle
Gold View On CPI weekGold price opened with a positive gap today due to geopolitical scenario but still trading under range (2620-50) , to get clear direction price need to breakout this range , we have some major data this week that going to add volatility on Intra day and can decide the next move for short term, as updated last week I am holding sell trade (Already closed multiple entries in profit last week) but still expecting more decline (technically) ; my average sell price is at 2652 and considering my SL at 2670-75(Exact stop level shared with golden Circle) range and want to book profit 2600 and below (2580,2530).
PEPPERSTONE:XAUUSDShort
by TheGoldenCircle
Gold Started the week with Big Bearish Engulfing As predicted in last week posts and on weekly analysis also , gold is moving down and started the week with a big bearish engulfing on daily time frame .On Intraday the resistance area is at 2630-50 (Fib Golden Zone) and under this area we can expect more decline in lower side , In lower side the first support area is at 2562-70 (HVN)(First TP for Sell) and next support area is at Bullish Imbalance zone @ 2530-40 (Second TP for Sell), so selling seems to more favourable for Intra day as of now.
OANDA:XAUUSDShort
by TheGoldenCircle
Gold is under pullback : Read my last postAs expected gold is finally under a pullback wave and price opened with a gap , this gap is now going to act as good high volume support area(2560-70). At the time of writing this post price is facing resistance on weekly pivot(2595) and bulls need to re-claim this level on H4 to see higher levels , First resistance (Target in case of buy) that we have to watch is area at 2630-40(bearish Imbalance) and the final resistance zone as per fib is 2663-93 from where we can re load the sell for target 2530 area again. As of now I am expecting continuation in pullback (Bullish) and my first target will be 2630 and for sell I will wait confirmation on H4 or daily Time frame.
OANDA:XAUUSDLong
by TheGoldenCircle
Gold under Non stop selling pressure Gold is under Non stop selling pressure and now reaching the support area as per daily TF , on H1 gold is forming a falling wedge pattern , and for any pullback price need to breakout the trendline from higher side , On Higher TF there is no good indication of any pullback as of now but I think every DIP is a buying opportunities as at present I am not expecting a bearish reversal for a longer period. First support area is at 2530-55 area. Second Support area is at 2500-25 area.
OANDA:XAUUSDLong
by TheGoldenCircle
Gold :Due for a pullback: Wait and watch zoneGold sold of hard in yesterday trading session as expected and explained in previous post and now trading below weekly S1 (2635) and currently trading at support area (2605-20) , as we have seen a good decline already so at this support area we can expect a pullback (but still there is no major confirmation of buy on any TF yet) , so idea is to wait for pullback near to major resistance area( 2645-55 : On volume profile ) and confirmed rejection we can look for sell opportunities . Those who want to take risk on buy they either have wait for day candle confirmation or can look for buy your stop will be H4 closing below 2600. 𝑺𝒖𝒎𝒎𝒂𝒓𝒚 : Expecting a pullback and then we have to wait for confirmation for a re sell. Current price is not favourable for holding or initiating new sell orders, and for buy we have to wait for confirmation on day close.
OANDA:XAUUSD
by TheGoldenCircle
Gold : More decline ahead Gold plunged to a three-week low below 2650 today after the 2024 US Presidential election. The Republican candidate, former President Donald Trump, won the contest, boosting the dollar demand and US Treasury bond yields. Gold price closed the last day with a very bearish candle on day time frame and seems like that price can make more decline in coming days...For today the idea is to wait for pullback on or before FOMC rate decision and then selling is seems to favourable. In higher side the fib golden zone is at 2717-34 (For the cycle 2790-2643) , so under this zone sell is good as we have to wait for reversal sign on higher time frame from low side .
OANDA:XAUUSDShort
by TheGoldenCircle
2
Gold trying to re claim 2700...What next?we have seen good comeback of gold price in yesterday trading session and gold price tested 2700 level again, on price action gold price re-tested the trendline from where the price breakdown on Wednesday and seems like facing resistance now. In yesterday trading session we have not seen and major rejection in higher side and till now there is no major rejection as of now , so idea is today is to wait for a good confirmation on H4 , or wait till London session , if price stays below 2700 then we can look for sell opportunities Or For a safe sell entry wait for price to either test on main resistance area 2717-37 (fib resistance area) or let it breakdown the daily pivot for today which is at 2685.
OANDA:XAUUSDShort
by TheGoldenCircle
Gold is under pressure on Intra dayGold price is still in range ,The US Dollar Index gains ground as early exit polls increase volatility and seems like that the rise in DXY adding pressure on gold , Gold price is hovering over to Gann -90° Level (2737) from the beginning of the week. In higher side the weekly Pivot (2750) is acting as resistance and under this level price can make a move in down side. In down side we have to watch price action at Gann -120° Level (2720) , weekly Pivot 2710 and 2700 for possible buy opportunities (On confirmation on Higher time frame). For Intra day selling seems to be good as of now.
OANDA:XAUUSDShort
by TheGoldenCircle
Gold back in range Gold price is now again entered in range area and we have to wait for breakout this range area for next move, The uncertainty around the US presidential election and Middle East tensions might boost the safe-haven demand, supporting the gold price. On volume profile we can see that the current price is trading under High Volume area, in Lower side if price breakdown Friday low then we can expect test at weekly S1 or at psychological support at 2700, In higher side the resistance is at weekly pivot (2750) and Friday High (2761) is main hurdle for bulls. To conclude this we have following trade opportunities for Intraday : Currently we have to wait as price is in range: and after range breakout: For buy either wait for breakout on Friday High or wait for lower Levels near 2700-10 area. For sell: Wait for breakdown the Friday Low
OANDA:XAUUSD
by TheGoldenCircle
Gold near 2800Gold climbs to new ATH at 2,781 as mixed US data bolsters expectations of a Fed rate cut in November. Last day candle is a good bullish candle and gold price moving higher today in continuation , price is now trading above weekly R1(2767) and testing rising wedge pattern resistance trendline on daily time frame , from here price can test psychological level 2800 or Monthly R2 (2811) and then we can expect some correction or profit booking as per daily TF ,right now there are two possibilities if we watch price action on higher time frame: First one is that price can make good correction now after testing 2780-2800 Second one is that price can make another broad range( 2750,60 -2780,2800 ) on daily before next move . The US Bureau of Economic Analysis going to reveal GDP for the third quarter today and core PCE data tomorrow which can add good volatility on Gold price for Intra day.
OANDA:XAUUSD
by TheGoldenCircle
Gold is in correction Gold price facing resistance at Fibonacci golden zone (2733-39: marked with red zone) and now moving towards the support area (green zone : at Wednesday low), under PDH and under resistance trendline sell is good towards the support area where price seems to be completing H&S formation and the neckline is at 2708-10 area, if price breakdown from H&S formation a good correction is expected. On buying side we have to wait for breakout at PDH and breakout on the resistance trendline (Why Buying? because buying is still good if we go through the footprint chart ,if we watch last two days delta , the delta is negative but not strong enough to justify any deep correction as of now).
FX:XAUUSDShort
by TheGoldenCircle
Gold : Finally taking a breakAs discussed in yesterday's gold update that gold was due for a correction , accordingly we have seen a good correction in yesterday's trading session. Last day price close with a bearish Engulfing candle from a key level (Weekly R1) and now the major support as per volume (2738-40) is going to act as resistance area, also if we draw Fibonacci levels for last day candle we have now to major resistance in higher side for gold, one is at 2733 and another is 2739, so for intraday under these levels we can look for sell opportunities and we can look 2700 or low as our target .CPR is also descending today , any breach from PDL can result in continuation into lower side.
OANDA:XAUUSDShort
by TheGoldenCircle
Gold Intraday PlanGold prices extended gains in yesterday trading session for the fifth day out of the last six and reached an all-time high at 2,748, just below of the psychological 2,750 mark. Geopolitical tensions and expectations that the Federal Reserve would continue to lower borrowing costs are helping gold bulls right now. As per price action gold price Invalidated the Gravestone doji pattern that was formed in Monday trading session and sustaining the price over to major support area 2738-40 (As visible on Volume profile).Today price opened with small gap down which is indication that the current over extended bull run is somewhat exhausting and need a break/ pause ,so selling with calculated risk is seems to be favourable at current elevated levels and if price breakdown this support area on volume profile then we can expect a good correction towards 2700 or low.
OANDA:XAUUSDShort
by TheGoldenCircle
Gold : Due for correctionGold prices hit another record high during US session, yet it paused its advance amid elevated US Treasury bond yields and a strong US Dollar (But gold ignored the DXY move completely in last week). On daily close as per price action we can see a gravestone doji which can open door for correction. So for today the plan is to sell under last day high , we can sell near CPR area(2722-2727) or wait for pullback to daily R1(2735) for possible sell opportunities, On lower side as you can see that price is currently in over elevated region and price did not tested the weekly pivot(2694) , so first we can expect a test at weekly pivot for this correction and then we have to watch how price going to react there .
OANDA:XAUUSDShort
by TheGoldenCircle