Get started

Gold

Rising wedge confirmation lures Gold bears on Fed dayAfter pleasing buyers for six consecutive weeks, Gold prices are finally on the bear’s radar even after bouncing off $1,900 round figure the previus day. The rising wedge confirmation and bearish MACD signals do favor the metal sellers ahead of the key event. However, the downbeat RSI and a likely dovish rate hike challenge the downside bias. That said, a horizontal area comprising the early month levels surrounding $1,865 appears as the immediate target during the metal’s further declines. Though, the 200-SMA and an upward-sloping support line from late November 2022, respectively near $1,862 and $1,855 could please the metal sellers during the theoretical target surrounding $1,825. Meanwhile, Gold’s recovery remains unconvincing below the stated wedge’s lower line, around $1,928 at the latest. Even so, the monthly high near $1,950 and the bearish formation’s top line, close to $1,960, might challenge the quote’s further advances. Additionally acting as an upside filter is the late March 2022 peak surrounding $1,966. In a case where the bullion stays firmer past $1,966, the odds of witnessing a rally towards the April 2022 high near $1,998 and then to the $2,000 psychological magnet can’t be ruled out. To sum up, Gold is ready to pare the recent rally but it all depends upon how well the Fed manages to entertain the Dollar bulls.
OANDA:XAUUSD
by MTradingGlobal
Gold about to go longFollowing the current bullish trend, the minor bearish wave on lower timeframes is coming to a halt. Gold is supported by the strong level at 1920 and 1900 respectively, which will be enough volume to see it soar towards 1953 and 1980, the remaining porting of q1 2023. We will have to wait and see how these two support levels behave before entering long and daily levels falling below 1900 will invalidate the bullish momentum at least for q1. Fundamentals will aid in deciding an optimum trade entry long. Today is the last trading day for January, you might want to follow the W1 close and hunt for safe entries before NFP next month.
OANDA:XAUUSDLong
by Nungari
XAUUSD 15M PROJECTIONDISCLAIMER: The Company accepts no accountability or obligation for your trading and speculation results, and you consent to hold the Company innocuous for any such outcomes or misfortunes. We are not financial advisers or account managers; We are Forex traders. The recordings on this channel are rigorously for educational and amusement purposes. Trading Forex implies dangers, and you can lose all your venture ; consequently, you exclusively must take a chance.
OANDA:XAUUSDShort
by Azif123
Gold struggles to stay on bull’s radar, $1,917 is the keyGold buyers appear to run out of steam as traders await the key advance US GDP for Q4 2022, following the five-week uptrend. A one-month-old rising wedge formation joins recently sluggish oscillators to tease the metal sellers. However, a clear downside break of the $1,917 support appears necessary to confirm the bearish chart pattern, which signals a theoretical south-run towards the previous monthly low surrounding $1,767. It’s worth noting that a convergence of the 200-SMA and upward-sloping trend line from late November, close to $1,846, appears an important stop during the anticipated slump between $1,917 and $1,767. Meanwhile, the stated wedge’s upper line near $1,948 appears immediate hurdle for the Gold buyers to cross to retake control. Following that, a run-up toward the June 2022 peak of around $1,966 becomes imminent while the $2,000 psychological magnet could lure the bulls afterward. In a case where the precious metal remains firmer past $2,000, the year 2022 high of $2,070 will be in focus. Overall, gold is likely slipping off the bull’s radar but the bears have a tough task to take entry.
OANDA:XAUUSD
by MTradingGlobal