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Preparing for the Worst: Trading Ahead of a US Debt Default"It is impossible to predict with certainty the exact date when Treasury will be unable to pay the government's bills," Treasury Secretary Janet Yellen said in a letter to Congress. Although Yellen noted a tentative date of June 1 as the due date to help spur lawmakers into action. While it is highly unlikely that the US will default on its debt, this doesn’t mean that the traders won’t make plans to deal with a default or get jittery. Two likely markets that will have to deal with the moves from these investors will be forex and gold. If uncertainties about an unprecedented potential U.S. debt default persist, the US dollar might lose some of its safe haven status which would possibly shift to gold. US President Joe Biden plans to meet with House Democratic leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Republican leader Mitch McConnell on May 9. This will be a key date to watch the US dollar and gold in case the group come to some kind of agreement to increase the debt ceiling. With the US being the bedrock of the whole world’s financial system, we might also expect to see investors' jitters manifest in offshore-based assets too. Other safe havens such as the Japanese yen, the Swiss franc, and particularly the euro might be prime candidates for inflows.
by BlackBull_Markets
XAUUSD (Gold) Latest Analysis LONG or Short . Find out Gold latest move in 1 hr time frame may breakout from symmetrical triangle and reach to 2005- 2012 📈 range before falling down . But if broken previous week high at 2015 may lead to test resistance at 2020. If not broken symmetrical triangle can lead to 1950-1960 📉 support range and will also broke the daily bear flag which will give the confirmation for further down levels . Enjoy trading Be cautious of sudden moves and stop loss hunt.🥇
OANDA:XAUUSDLong
by Johnwick_forex
XAUUSD (Gold ) Analysis for next week 17 April - 21 AprilWe can see the gold the retesting the yesterday high's again , it may be just a bull trap before dropping to test the HKEX:2000 on the daily bear flag or dropping below that can swing the reversal to supports at TSE:1980 and then $1950. It can form the M here or if it broken can test ath of TSE:2070 which is much less likely as it may go to test TADAWUL:2100 psychological levels . If you see rejection here around TADAWUL:2050 - TSE:2055 , then definitely it may retest at HKEX:2007 or HKEX:2000 today . Trade accordingly
OANDA:XAUUSD
by Johnwick_forex
Gold is Forming a Bullish Pennant The "bullish pennant" pattern is a technical analysis chart pattern that can be observed in the price movements of an asset, such as gold. It is formed by a steep rise in price, followed by a period of consolidation, where the price movement forms a symmetrical triangle shape, resembling a pennant. The consolidation period is characterized by lower trading volumes and decreasing volatility, indicating a temporary pause in the upward trend. The bullish pennant is considered a bullish continuation pattern because it suggests that the uptrend is likely to continue after the consolidation period. This is because the consolidation phase represents a brief period of price consolidation after the initial surge, with buyers and sellers pausing to assess the situation. If the price breaks out of the triangle formation on the upside, it indicates that the buyers are gaining control and the uptrend will likely continue. The pattern is considered to be confirmed when the price breaks out of the upper boundary of the triangle, accompanied by high trading volume. This is because the high volume confirms that buyers are actively pushing the price up and indicates a strong conviction in the continuation of the bullish trend. Once the pattern is confirmed, traders may consider buying the asset with a target price in mind. However, it's important to note that technical analysis is not foolproof and should be used in conjunction with other forms of analysis, such as fundamental analysis, to make informed investment decisions. Additionally, market conditions can change rapidly, and it's important to constantly monitor the price movements of the asset and adjust investment strategies accordingly. In summary, the bullish pennant pattern is a technical analysis chart pattern that can indicate a continuation of the bullish trend in the price of an asset, such as gold. However, investors should conduct thorough research and analysis, and consult with a financial advisor before making any investment decisions.
OANDA:XAUUSDLong
by Epic1st
LONGGOLD Technical Analysis: Gold have been trending higher for the past few weeks we have seen price moving higher with some strong bullish momentum, there is a high chance for some retracement on Gold we can potentially move back into 1942.81 area where we have our 50% fib retracement zone. Once of fib is being respected we can potentially target gold last high in march 2022, and go past that area if buyers are strong enough to hold that trend. Keep an eye on gold gold for some opportunities remember to be patient and wait for the market to give you entry point base on your strategy.
FXOPEN:XAUUSD
by affinitymarkets12
XAU/USD (gold) currency pair Long I believe that the XAU/USD (gold) currency pair is currently in a bullish trend on a 15-minute timeframe and is expected to reach a new high. Additionally, you anticipate that a head and shoulders pattern will form on a 1-hour timeframe. A head and shoulders pattern is a technical analysis chart pattern that often indicates a reversal in trend. It consists of three peaks, with the middle peak (the head) being the highest, and the other two peaks (the shoulders) being slightly lower and roughly equal in height. The pattern is complete when a neckline (a line drawn through the lows of the two troughs that form the shoulders) is broken. If the pattern you anticipate forms, it would suggest that the XAU/USD pair has reached a high point and may experience a trend reversal. However, it is important to note that technical analysis is not a guaranteed method for predicting market movements and should be used in conjunction with other forms of analysis and risk management strategies.
OANDA:XAUUSDLong
by Epic1st