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GC1! (Gold Futures)

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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
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 iambalramkashyap
Gold again reached at All time High : What next?As expected and as shared on daily updates ,we have seen a good bullish rally on gold again and gold re-tested the ATH level and now facing resistance on Intraday but there is no big indication of good rejection at ATH level: CPR is very extreme today and gold price still showing strength. Today we have some high impact data in US session that can generate good volatility For today: For Buy: We will wait for breakout above 2685 and on breakout we can look for buy on Intraday towards 2700, For Sell; Price need to see a good decline first /close on H4 and bears at least need to push the price under 2660 (Daily S1 for today) and then only we can look for sell opportunities on Intraday.
OANDA:XAUUSD
by iambalramkashyap
All eyes on GoldAs discussed in yesterday's update gold is still looking good to more higher and gold is following that statement perfectly , as you can see on hourly chart after a small pullback in yesterday trading session gold price took support at weekly pivot (2640) and after that price moving in higher side, for today also the CPR relation is positive and gold price is taking support on CPR area and we can expect continuation in higher side , weekly R1 is at 2677 and at that level we can expect another small pullback and then price can continue in higher side towards 2685 or higher level, there is no sign of good reversal so we have to wait for higher levels for any selling opportunities , the only limiting factor that currently stopping the gold bulls is strong dollar Index chart, but I think DXY is also due for correction which can help gold bulls to make a good move in higher side : overall the scenario is still favourable for buying on Intraday .
OANDA:XAUUSDLong
by iambalramkashyap
1
Gold : Still looking goodDespite the strong Dollar Index gold doing good and currently trading near to All time high and still looking good to go higher, on technical basis also, If we watch the daily CPR formation , CPR is ascending for today also + gold price trading above weekly pivot (2640),So technically the price is still favourable for bulls and we can expect continuation in higher side as per this formation, yesterdays decline/ correction was not convincing enough for bears and I think it is normal corrective structure after a bullish structure and this correction can add more fuel for incoming bullish structure at least towards 2685. In Lower side we have to watch weekly Pivot as major Level for continuation or reversal point .
OANDA:XAUUSDLong
by iambalramkashyap
Gold : Ready for another rallyAs discussed since the beginning of this week that every Dip is a buying opportunity on gold, gold seems to following that and yesterday trading session after CPI numbers gold printed a good positive day closing and now trading above weekly S1 , Weekly S1 was acting as resistance on Intra day. For today the daily CPR relation is positive and price opened with a little gap on CPR (Virgin CPR) this is indication that price is in good bullish momentum right now and if price hold above weekly S1 (2626) then bulls can target weekly pivot on Intra day (2650). .
OANDA:XAUUSDLong
by iambalramkashyap
6
Gold after FOMC and before CPIYesterday, Gold traded Sideways to bearish and closed the day in the red zone near the price of 2610. On Hourly chart price seems to be forming a new sideways range near to psychological support. On the hourly chart, gold is still trading below the weekly pivot and bulls need to claim this level to see higher price . The FOMC’s Minutes published yesterday showed that some officials would’ve preferred a 25 bps cut, though all participants favored lowering interest rates. Regarding the Fed’s dual mandate in both cases, almost all officials saw inflation risks tilted to the downside, while risks to the labor market were on the upside. Following the data, the CME FedWatch Tool shows odds for a 25 bps interest rate cut were lowered from 85.2% a day ago to 75.9%. This means that some market participants positioned themselves toward the Fed holding rates unchanged, with odds at 24.1%, up from 14.8% on Tuesday. and for fundamentals now we have to shift focus to release of the US Consumer Price Index (CPI). For Intra day price is trading near to weekly pivot( Watch weekly S2 and S3 for possible reversal )and it is a good idea to look for buy for a swing trade with calculated risks.
FX:XAUUSDLong
by iambalramkashyap
Gold : Buy the dip is now ON...Gold finally breakdown the consolidation range in yesterday trading session and now trading under the support level (2640) which is going to act as resistance for now ...this is the correction that everyone was expecting, but retailer started crying early and now saying that the trend is reversed ,but higher time frame is still bullish , for any deep correction or reversal price need to breakdown 2550 on daily close. On price action ,price is now moving towards the weekly S2 (Near psychological support level :2600); If we watch the Volume distribution on daily time frame we can see a good support at 2570-90 area, so we can plan buy the dip at current price or on test of that high volume area. For Today the Focus is now shifts to the FOMC Minutes and we have to wait the market reaction on FOMC minutes also.
OANDA:XAUUSDLong
by iambalramkashyap