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Gold Trend 13/07Gold hit a new 9-month low yesterday. The day began at 1733; the price briefly touched the day-low at 1722 and the day-high at 1744 early in the Asian session. Throughout the trading day, the price has bounded by 1725-35, with the day ending at 1725. The price has tangled around the critical support of 1730 in the past 72; the trading atmosphere is like when the price tested the support at 1820(1) a while back without a clear breakthrough. The price finally passed the 1730 barrier yesterday; technically, we can expect the price to sink further in the next 48 hours. But, one thing bore in mind: the US will release its CPI figures today. Previously on the day(June 10th), as the US released worse than expected CPI figures, gold climbed more than USD 20 with a daily fluctuation of more than USD 50. 1710-00 remains the downside target for now, where prepare for a rapid price change at the time of the release of the figures. The overall pattern hasn't changed much on the daily chart; the downtrend channel(4) is still dominating the structure on the daily chart, be patient for a reversal signal. After the price clears the support at 1730, technically, we can expect a new low in the next two days. S-T Resistances: 1750 1740 1730 Market price: 1726 S-T Supports: 1720 1712-15 1708 If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think! P. To
TVC:GOLD
by 1uptick
What 1 hr chart says ?Fundamental Descriptions: Gold was up on Tuesday morning in Asia, even as the dollar slowly resumed an upward trend. A sustained move under 1830 will signal the return of sellers. If this creates enough downside momentum then look for a retest of the intraday low at 1785, followed by 1783.80 mark. Technical View: Attempted recovery move stalled just ahead of the 1830 level. This is closely followed by the very important 200-day SMA, around the 1836 region, which should act as a pivotal point for short-term traders. Sustained strength beyond might trigger a fresh bout of a short-covering move and lift spot prices back towards the 1859-1860 supply zone. Alternate Scenario: The 1811-1808 region now seems to protect the immediate downside ahead of the 1800 round-figure mark and the overnight swing low, around the 1786 area.
FOREXCOM:XAUUSD
by RASteven
Gold's Golden Rule Of 89% (Pack Your Bags For Big Ride)Gold's Golden Rule Of 89% Golden history of last 50 years have shown that Gold has give big move whenever there is a minimum 89% move from bottom. Chart is self explanatory. There are three successful incident of min 89% move and two unsuccessful incident of less than 89% move. Successful Incidents 1. 1970 - 1972 2. 1976 - 1978 3. 1999 - 2005 Unsuccessful Incidents 1. 1982 - 1983 2. 1985 - 1987 Fourth move in the making from 2015 - till date. So Gold is getting ready to fly again. Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
FX_IDC:XAUUSDEducation
by MandeepSinghKohli
18
GOLD, XAUUSD LONG TERMDirectional Bias: Bullish Pattern Type: Continuation Pattern Description: This pattern occurs within the context of a longer uptrend and is characterized by the price forming a u-shaped cup with a short handle on the right. The duration of the cup should last at least 7 weeks if using a daily chart. Volume Description: Volume will typically follow the shape of the cup, with high volume as the left lip forms, falling volume as the bottom of the cup forms and rising volume toward the right lip and on the breakout. Breakout Confirmation: A close above the upper trend-line drawn across the handle with above average volume. Measuring Technique: The price target is obtained by measuring the right lip to the bottom of the cup and then added to the price level of the right lip. Statistical Notes: The pattern has a low failure rate but doesn’t move as strongly as other patterns. Patterns with shorter handles perform better than longer handles, and deeper cups with the left lip slightly higher than the right lip perform better.
OANDA:XAUUSD
by King_of_Bitcoin