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Gold price pullback remains unimpressive beyond $1,900Gold price reverses the previous week’s retreat from an eight-week-old descending resistance line, grinding higher past the 100-bar Exponential Moving Average (EMA). However, the nearly overbought RSI (14) suggests another pullback from the aforementioned immediate resistance line, near $1,962 at the latest. With this, the XAUUSD is likely to break the immediate support surrounding $1,935, comprising the 100-EMA. However, the 200-EMA, close to $1,900 at the latest, appears a tough nut to crack for the metal bears to break before retaking control. In a case where the price remains bearish below the $1,900 mark, the odds of witnessing a quick slump toward the early March high of around $1,858 can’t be ruled out. On the contrary, a daily closing beyond the aforementioned descending resistance line, close to $1,962, could renew the Gold Price upside towards challenging the previous monthly high of around $1,983. Following that, the $2,000 round figure and April’s peak of around $2,048 will be in the spotlight before directing the XAUUSD bulls toward the yearly high of near $2,067. Overall, multiple hurdles toward the north and the latest retreat from the key resistance line teases the Gold sellers but crucial EMAs stand tall to challenge the commodity bears.
OANDA:XAUUSD
by MTradingGlobal
Gold buyers appear well-set to visit $1,985 hurdleGold price rises to the highest level in a month after crossing a convergence of the 200-SMA and a six-week-old descending trend line, around $1,940 by the press time. The breakout joins bullish MACD signals to keep XAUUSD buyers hopeful. However, the overbought RSI (14) conditions suggest limited upside room, which in turn highlights a horizontal resistance area comprising multiple tops marked since May 18, close to $1,985. It’s worth noting that the metal’s upside past $1,985 appears difficult as the $2,000 psychological magnet and the 61.8% Fibonacci retracement of May-June downside, near $2,030, could challenge the bulls before directing them to the yearly top marked in May around $2,067. On the contrary, Gold price pullback remains elusive unless the quote stays beyond the $1,940 resistance-turned-support comprising the 200-SMA and a 1.5-month-long falling trend line. Following that, the early-month swing high of around $1,934 and the previous resistance line stretched from May 04, close to 1,916, at the latest, will challenge the XAUUSD sellers. In a case where the bullion bears keep the reins past $1,916, the $1,900 will act as the last defense of the bulls. Overall, Gold Price is likely to rise further towards the short-term key resistance as the US Dollar drops heavily.
OANDA:XAUUSD
by MTradingGlobal
Gold price rising? Only to plunge again! ICT Approach To XAUUSD.Hello Traders! We see a test of the 2080 resistance level once again. Weekly and daily ranges are marked on the chart. The market is in premium zone on the weekly and Lower High (LH) picture is maintained on the daily. Also, we're in a discount zone on the daily . Hence some retracement to equilibrium and the daily bearish order block (OB) is expected. The daily OB is also overlapping with a weekly bearish OB . That makes the 1940-1945 zone an extremely important resistance. Strong selling is expected from the said level. The quarter has just ended on 30th June 2023 and this quarter is expected to be bearish as well. Although the seasonal tendency of XAUUSD in July is bullish, the same may not be expected this time but could be a cause for deeper retracements. Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
EIGHTCAP:XAUUSDShort
by UnknownUnicorn27677748
Gold sellers must break $1,895 to show dominance on NFP dayWith a clear U-turn from the 100-EMA, Gold price again hits the key support around $1,895 comprising the 200-EMA and an upward-sloping trend line from late November 2022. That said, bearish MACD signals and downbeat RSI join the market’s risk-off mood to offer extra incentives for the XAUUSD bears. With this, the Gold sellers are more likely to take out the $1,895 support, which in turn could direct the prices toward the early March swing high of around $1,858. However, the 50% Fibonacci retracement of November 2022 to May 2023 upside, near $1,845, will precede the yearly low marked in February around $1,805 and the $1,800 round figure to limit the metal’s further downside. On the contrary, a successful daily closing beyond the 100-EMA level of around $1,935 needs support from the downbeat US jobs report to recall the Gold buyers. In that case, February’s peak of around $1,960 and the previous monthly high surrounding $1,983 could check the XAUUSD bulls before allowing them to visit the $2,000 psychological magnet. It’s worth noting that the bullion remains on the front foot once it closes beyond the $2,000 mark, which in turn helps it challenge the tops marked in April and the multi-year high registered in May, respectively near $2,050 and $2,070. Overall, the Gold price is all set to break the key support and recall the bears but the short positions should be taken with care ahead of the Nonfarm Payrolls (NFP).
OANDA:XAUUSD
by MTradingGlobal
GOLD MONTH TIME FRAMEAll time Low @20.540 All time High @2075.282 03Aug2020 in Black color. There's a pullback on 07March2022 in Red color. We can see here a Extrem POI on XAUUSD @438.184 - 410.486 is not mitigate yet but sooner or later price will come down to mitigate. I have marked five POI the last POI is @1226.477 - 1161.197 on 01Aug2018 01Sep1999 we saw a Bull Run {Bullmarket} till 01Sep2011 @1921.070 we thought that's a all time high @1921.070 because price started to drop. And price drop! till 01Dec2015 On 03Aug2020 Gold created new high @2075.282 and that's a all time HIGH again price come down to pushup to create new high but markets fuel tank get low and there we get a Rejection price failed to touch the all time high on 07March2022 Another Rejection on 07May2023 I THINK SOON WE CAN SEE A NEW HIGH ON GOLD. If.... price cross @1618.025 this level then we can see a mitigation @1226.477
OANDA:XAUUSDLong
by VIJETEJBHIMRAOTAMBARE
Copper looks Bullish possible Elliott wave countsHello Friends, Here we had shared possible Elliott wave counts on copper international chart. Good thing is wave counts are aligned with each others in multi time frames, Over all it looks good to go long as per wave structure, whole scenario is shared in this video post, so please go through out this video post to understand the Analysis of copper as per Elliott waves theory. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
COMEX:HG1!Long
by RK_Chaarts
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