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7th JUNE GOLD ANALYSISTo analyze the potential movement in gold prices based on the anticipation of nonfarm payroll news, and with specific target prices and stop-loss settings as you've described, we'll look into several factors: Nonfarm Payroll (NFP) News Impact: The nonfarm payroll report is a key economic indicator that represents the total number of paid U.S. workers excluding farm employees, government employees, private household employees, and employees of nonprofit organizations. Significant deviations from expectations in this report can cause substantial volatility in the financial markets, including gold. Gold's Response to Economic Indicators: Typically, gold is considered a safe-haven asset. In times of economic uncertainty or when the data is worse than expected, investors might flock to gold, driving up its price. Conversely, if the economic outlook is strong, gold prices can decrease as investors turn to riskier assets. Technical Analysis: You mentioned specific price targets for gold: Entry Zone: 2394-2398 Stop-Loss (SL): 5 prices above the entry Risk-Reward Ratio: You've set a risk-reward ratio of 1:3. This means for every unit of risk taken, the potential return is three times that risk.
OANDA:XAUUSDShort
by TradingGuruTop
2
XAUUSD on June 6, 2024, the uptrend officially begins? Yesterday Israel attacked Hamas, causing gold prices to increase sharply last night despite the ISM PMI index being greater than 50. Looking at H1, the news of Israel attacking Hamas has caused the price of Gold to rise through tradingrank for more than a week now. - Price surpasses 2464 and confirms wave 5 has ended at our target area of ​​2317. - From the chart we see that wave 5 is an Ending Diagonal Triangle (ED) wave. This wave usually appears at the end of the trend. When this wave ends, a new trend will open - So we hope the next price target is 2397 - Looking at the H4 momentum indicator, we see that this indicator is in the overbought zone and is about to reverse. Looking at the H1 momentum indicator, we see that this indicator is entering the overbought zone. So in the immediate future, we expect a correction to confirm wave 1 and wave 2. - We have 2 temporary target areas measured on the H1 chart measured from existing data. We continue to observe to wait for this confirmation adjustment to complete. In our plan, we pay attention to the 2397 zone. If the price reaches this zone, there may be a big correction that we can take advantage of to sell down. Adjustment areas 2464 and 2354 may be the price will retest these areas and we can proceed to buy up. Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
OANDA:XAUUSDLong
by DEEKOP
6th June GOLD ANALYSISWhen analyzing the recent price movement of gold and its implications, it's important to consider several factors that could influence the market and trading strategies. Here’s a structured analysis based on your current observations: 1. Technical Analysis Breaking the Bearish Channel: Gold breaking out of a bearish channel signifies a potential shift in market sentiment from bearish to bullish. This breakout is a technical signal that often encourages traders to look for buying opportunities as the expectation for upward movement increases. Lack of Clear Resistance: The absence of identifiable resistance levels following the breakout suggests that gold might have a relatively unobstructed path higher in the short term. However, historical price levels, psychological price points (like round numbers), and Fibonacci extensions might serve as implicit resistance levels. 2. Entry Zone and Price Targets Buying Zone (2351 - 2356): This narrow zone appears to be selected based on recent price consolidations or retracements post-breakout. It's crucial to monitor price action within this zone for confirmation signals such as bullish candlestick patterns or rebounding from moving averages. Risk-Reward Ratio (1:2.5): This ratio implies that for every unit of risk (e.g., a dollar, a point), there is an expectation to make 2.5 times that in profit. This risk management strategy is aggressive and aims for higher returns but should be backed by strong conviction in the bullish scenario.
OANDA:XAUUSDLong
by TradingGuruTop
5th JUNE GOLD ANALYSISFor a refined analysis of gold trading, considering the given sell zones, we can focus on two specific strategies that traders can deploy: a reactive approach where traders wait for the zones to activate before selling, and a proactive approach where traders set limit orders in advance. Here’s how each can be implemented effectively: Strategy 1: Reactive Selling Strategy Sell Zone 1: 2347-2354 Sell Zone 2: 2358-2364 Overview : This strategy involves waiting for the price of gold to enter the specified sell zones before executing a sell order. Traders monitor the market actively and react once the conditions align. Execution : Monitoring: Traders need to keep a close eye on gold prices as they approach the sell zones. This can be facilitated through real-time price alerts. Confirmation : Once the price enters a sell zone, look for technical confirmation of a price reversal, such as bearish candlestick patterns (e.g., bearish engulfing, hanging man) or technical indicators like the RSI turning downwards from overbought conditions. Sell Execution: Execute the sell order only after confirming that the price is likely to decline, ensuring it's not merely touching the zone before a further upward movement. Stop-Loss: Set a stop-loss just above the highest point of the sell zone to minimize losses if the price unexpectedly rises. Profit Targets: Determine exit points either at a fixed profit target or at the next significant support level lower than the sell zones. Strategy 2: Proactive Limit Order Strategy Sell Zone 1: 2347-2354 Sell Zone 2: 2358-2364 Overview: This strategy uses limit orders set at predefined prices within the sell zones, allowing traders to automatically enter trades without needing to monitor prices continuously. Execution : Setting Limit Orders: Place sell limit orders at the higher end of each sell zone (e.g., 2354 and 2364) to capture the initial reversal momentum. Volume and Momentum Analysis: Before setting the orders, analyze historical volume and momentum data to ensure these points have previously acted as strong resistance levels. Stop-Loss: Place stop-loss orders just above the sell zones to protect against breakout risks. Automatic Execution: Since this strategy doesn't require continuous monitoring, it is suitable for traders who cannot watch the markets at all times. However, periodic checks are recommended to adjust the orders based on recent market behavior. Profit Targets: Set automatic take-profit levels based on historical support levels or predetermined profit goals. Risk Management Both strategies require careful risk management. It's vital to: Determine the size of the trade based on a percentage of the total trading capital to avoid significant impacts from a single trade. Use a risk-reward ratio that justifies the potential risk, typically no less than 1:2. Be aware of market news and economic events that could influence gold prices drastically, adjusting strategies as needed. Conclusion By using these strategies, traders can optimize their trading approach based on their ability to monitor the markets and their risk tolerance. The reactive strategy is ideal for those who can actively manage their trades, while the proactive strategy suits those needing a more set-and-forget approach. Both strategies leverage the defined sell zones to maximize potential returns while minimizing risks, accommodating different trading styles and schedules.
OANDA:XAUUSDShort
by TradingGuruTop
XAUUSD June 5, 2024 Yesterday's decline has endedWith the PMI being lower than expected at only 48.7 compared to 49.2 in the previous period, if this index is lower than 50, it signals that the expansion of industrial production scale is shrinking. With this index being lower than 50 for two consecutive periods, especially this period being lower than the previous period, it is a sign that the US economy is showing signs of stagnation. The main impact is that interest rates remain high for a long time, making it difficult for people and businesses to access capital. This continues to be a sign for the Fed to decide to cut interest rates in the near future. Looking at H1 we see - After the increase on the 3rd, the price touched the target of wave 5, we expected that wave 5 would have ended and the price would begin to continue a new uptrend. At that time, we also said that to confirm that wave 5 has ended, the minimum condition is that the price must break the 2464 zone. - As of yesterday, the price had dropped back to the target wave 5 area that we measured before. This signals that wave 5 could be a diagonal triangle pattern according to the Elliot principle. - So from H1 in the diagonal triangle model, the price has now reached the end of wave 5 in this diagonal triangle. - We focus on the wave 5 target areas at 2317 and 2311 to buy. - Or safer, we wait for the price to break the upper level of the diagonal triangle and wait for confirmation to proceed with buying.
OANDA:XAUUSDLong
by DEEKOP
XAUUSD June 4, 2024 has the uptrend begun? Yesterday after the PMI news was announced, we witnessed a price increase to the 2354 area. - The PMI index is used to measure the degree of expansion of industries. We see that this index is lower than the previous period, which continues to support the fact that the US economy currently continues to show signs of decline. - In recent weeks, economic indicators have signaled that the US economy is showing signs of decline, combined with inflation cooling down, this is a signal for the FED to cut interest rates in the near future. . Looking at H1 last night's increase continues to confirm for us that the wave 5 target has been achieved at the price range of 2317. - So now we may have a new trend forming. We have the 2464 price range used to confirm this trend when the price surpasses this price range. - Currently, we expect a correction to consolidate this newly formed trend when the price does not surpass the 2315 price range. That is, we measure the target of this correction at the 2335 and 2330 zones. Planning to buy more when the price reaches these areas, we wait for a reaction to find a reversal signal to execute the buy order Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
OANDA:XAUUSDLong
by DEEKOP
1
4th June Gold AnalysisAs of now, the gold price stands at $2,351 per ounce. To capitalize on potential selling opportunities, we've delineated two key zones where we anticipate strong sell entries, guided by the Smart Money concept, which focuses on identifying areas where institutional money is likely to have a significant impact. First Sell Zone: 2356-2362 USD - This zone is identified as a potential area for initiating sell orders. The range closely aligns with minor resistance levels where institutional sellers are expected to enter the market. Traders should monitor price action closely in this band for signs of reversal patterns or rejection signals that indicate a good selling opportunity. Second Sell Zone: 2365-2370 USD - Slightly higher on the scale, this zone represents a more aggressive selling area. It is selected based on historical resistance and the likely presence of order blocks placed by institutional traders. Entering sell orders in this zone could yield higher returns, but it comes with a greater risk, necessitating stringent risk management strategies. By employing the Smart Money concept, we focus on zones where large market players are likely to create significant price movements. Traders are advised to wait for confirmatory signals within these zones before placing trades to ensure alignment with smart money actions and to maximize the potential for profitable outcomes.
OANDA:XAUUSDShort
by TradingGuruTop
XAUUSD June 3, 2024 Gold's target zone?We expect the price to reach the target zone of wave 5 to find conditions for executing buy orders in this zone. As Friday passes, the market eagerly awaits the personal consumption expenditure (PCE) price index to be announced later. It is expected to show moderate price pressure in April, which would support the case for a rate cut later this year. Anticipation of interest rate cuts is favorable for gold as a non-yielding asset. Looking at H1, we see that the price dropped sharply last weekend. Currently the price is in the 2330 area - Looking at RSI, we see the phenomenon of bottom divergence. This signals that the immediate selling force has weakened. Maybe the downward momentum will no longer be strong - Looking at the current price structure, we can see that the price is currently completing wave 5 - We have wave 5 targets which are 2 price zones: 2317.6 and 2311.5 - Looking at the momentum indicator, we see that the momentum is currently in the overbought zone and could reverse at any time. - We expect the price to reach the target zone of wave 5 to find conditions for executing buy orders in this zone. Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
OANDA:XAUUSDShort
by DEEKOP
31ST MAY GOLD ANALYSISTo analyze the gold price scenario where it corrects before rising to target levels of $2,357 to $2,362, where a selling strategy could be implemented with a stop-loss (SL) of 5 points below the entry price, we need to consider several factors that influence gold prices. This includes technical analysis and market sentiments. Technical Analysis Trend Analysis: If gold prices are trending upwards, the correction might be a retracement in a larger bullish trend. Tools like Fibonacci retracement levels can help identify potential support levels during corrections. Resistance Levels: The specified target prices ($2,357 to $2,362) must be analyzed within the context of historical resistance levels. If these prices have previously acted as resistance, they may do so again. Volume and Momentum: Volume during the rise should be observed; increasing volume can confirm the strength behind the upward movement. Momentum indicators like the Relative Strength Index (RSI) or the MACD can provide insights into whether the gold price is overbought or oversold during these phases. Moving Averages: Using moving averages (like the 50-day or 200-day) can help smooth out price data to identify the general direction of the market trend and potential reversal points. Market Sentiments Geopolitical Events: Events like economic sanctions, elections, or military conflicts can affect market sentiment and influence gold prices. Economic Data: Releases such as inflation reports, employment data, and GDP growth can impact investor behavior towards safe-haven assets like gold. Central Bank Actions: Decisions on interest rates or comments from central bank officials can lead to market movements. Strategy Implementation Entry Point: Determining the entry point during the correction phase is crucial. It should ideally be at a significant support level where the price is expected to rebound. Stop-Loss (SL): Placing the SL at a price 5 points below the entry level is a risk management technique to minimize potential losses should the market move against your position. Take Profit (TP): Setting the selling point at $2,357 to $2,362 based on prior resistance levels allows for profit realization before potential pullbacks. Risk Management Risk/Reward Ratio: Ensure that the potential reward justifies the risk being taken. A common approach is to aim for a risk/reward ratio of at least 1:2. Position Sizing: Calculate the appropriate position size based on how much of your total capital you are willing to risk on a single trade. Conclusion Implementing this strategy requires monitoring the market closely for signs that support the hypothesis of a correction followed by a rise. Always be prepared to adjust the strategy based on new market data and economic indicators.
OANDA:XAUUSDShort
by TradingGuruTop
3rd June Gold AnalysisTo create a focused analysis for a sell plan strategy on gold using the Smart Money Concept (SMC) indicator, especially considering the ongoing strong downtrend, we'll consider the current market dynamics, how the SMC indicator can guide decisions, and outline a specific strategic approach referred to as "2331-2336". Current Gold Market Dynamics The price of gold is influenced by a myriad of factors. Key among these are: US Dollar Strength: Typically, gold moves inversely to the U.S. dollar. A stronger dollar makes gold more expensive for holders of other currencies, reducing demand. Interest Rates: Rising interest rates can lead to lower gold prices as investors seek yield-bearing assets. Economic Confidence: Improved economic outlooks often draw investors away from gold, which is considered a safe haven during uncertainty. Technical Factors: Technical selling can be triggered when gold breaks key support levels, leading to further declines.
OANDA:XAUUSDShort
by TradingGuruTop
XAUUSD week 1 June 2024 US economy going down?1. US Q1 GDP was revised down due to weak consumer spending. 3. Israel will not end the conflict to reach an agreement to release all hostages. 4. OPEC+ is working on a complex production cut agreement for the period 2024-2025. 5. US April pending home sales suffered the largest decline in three years. With important information last week we see - The US economy is under strong pressure from the Fed's tightening monetary policy. - Besides, OPEC cutting oil production will push oil prices up and when oil prices increase, gold also increases. - The continued escalation of the Israeli conflict will push gold prices higher. Looking at H4 we see - After news of PCE, gold price increased sharply then decreased, completely negating the previous increase and breaking 2323 stone. - The 2323 price range was broken, invalidating our previous wave counting process with the expectation that the correction had ended. So with the 2323 price range being broken, the correction process is still continuing. - So it is possible that the price will continue to complete the target of wave 5 at the price range 2317 and 2311. - We have the 2465 zone which confirms wave 5 has completed when the price surpasses this zone - Next week we will wait for the price reaction in these areas to conduct buying transactions. Deekop's analysis is free from any personal bias intended to serve everyone. I can't always be right - no one can. But my analyzes reflect Deekop's meticulous assessment of the market situation in the medium and long term and nothing more to help people have the best trading plan.
OANDA:XAUUSDLong
by DEEKOP
XAUUSD May 31, 2024 gold price reaches correction target?Our trading plan is to wait for the price to react in the price range 2337 to 2332 to look for buy signals. The news was announced yesterday Preliminary GDP news is 1.3%, lower than expected 1.6% Applications for unemployment benefits were 219k, higher than the previous period's 216k News that pending home sales are down 7.7% Yesterday's news indicators are showing that the US economy is facing difficulties due to the Fed's monetary policy control. Looking back a bit, we see that the CPI (Consumer Price Index) this period has decreased compared to the previous period. Tonight, the PCI (Personal Consumption Index) will be announced. If this index cools down, US inflation should have a good signal. This will contribute to helping the FED loosen its current monetary policy. The goal of tightening monetary policy is to ensure inflation reaches 2%, and when tightening monetary policy, raising interest rates will cause the economy to stagnate. Therefore, if US inflation has shown signs of cooling down while the economy is showing signs of stagnation, it is necessary for the Fed to consider policies to ensure a balance between economic goals and inflation goals. . Looking at the H1 chart, we see that the first target of wave 5 was achieved, then the price rebounded. - After the price bounces back, it is still early to say the correction has ended because the correction is confirmed to end when the price closes above 2450. But at least we will expect a price increase to the target. 2400 next week. - Currently we have price that has completed wave 1 as shown on the chart and is completing wave 2. We have a very good buying target which is the price range from 2337 to 2332. Our trading plan is to wait for the price to react in the price range 2337 to 2332 to look for buy signals.
OANDA:XAUUSDLong
by DEEKOP
XAUUSD on May 30, 2024, the rally is about to beginWith the wave 5 targets projected on the chart, we have 2 target zones: zone 1 is 2322.7 and target zone 2 is 2311.5. Today will release news on unemployment claims, preliminary GDP, and pending home sales, with forecasts worse than last period, if tonight's actual index reflects correctly. This seems to signal that the US economy is being affected by monetary policy due to maintaining current high interest rates. Tomorrow is an important day to announce the PCI index (Index of price changes and consumer goods purchased by consumers excluding food and energy). If this index cools down, it could influence the Fed to loosen current monetary policy. Looking back over recent times, we see that the CPI inflation index has begun to show signs of decreasing, combined with economic pressure that may cause the Fed to decide to loosen its monetary policy, especially tomorrow if PCI index cooled down. Looking at H1, we see that the price has completed wave 4 and is continuing to complete wave 5. - We see that the current price has broken below the supply and demand balance zone as shown on the chart - With the wave 5 targets projected on the chart, we have 2 target zones: zone 1 is 2322.7 and target zone 2 is 2311.5. - We wait for the price to reach the 2322.7 or 2311.5 areas to find reversal signals to decide to buy.
OANDA:XAUUSDShort
by DEEKOP
30th MAY GOLD ANALYSISCurrent Market Overview Gold prices often fluctuate based on various macroeconomic factors, including inflation rates, currency values, and geopolitical events. Before diving into a specific trading strategy, it's crucial to consider the current global economic environment and how it might influence gold prices. Strategy Details Buy Zone: 2330 - 2325 Rationale : This range is identified as a potential buy zone. It may represent a technical support level where buyers historically enter the market, pushing prices up. The analysis should confirm this with recent price action or patterns indicating that this range is a strong support level. Stop Loss: Below the order block Rationale : Setting a stop loss just below the order block minimizes potential losses if the market does not react as expected. The order block refers to a price area where historical trades have shown significant buying or selling activity, potentially acting as a barrier against further price drops. Profit Target: 2346 Rationale : The target of 2346 provides a good potential for profit compared to the risk taken. This level could be identified based on previous resistance levels or using technical analysis tools like Fibonacci extensions or pivot points. Risk to Reward Ratio: 1: 2.5 Calculation : Assuming an entry at the midpoint of the buy zone (2327.5) and a stop loss at around 2323, this sets up a risk of approximately 4.5 points. With a target at 2346, the reward is 18.5 points, yielding a risk to reward ratio of approximately 1:2.5. This ratio implies that the potential reward on the trade is 2.5 times the risk, which is attractive for many traders looking for prudent yet profitable setups.
OANDA:XAUUSDLong
by TradingGuruTop
XAUUSD May 29, 2024 Is the upward correction over?Looking at the current H1, we see that the price has reached the first target of wave 4 Looking at the preliminary forecast of US economic indicators tomorrow night we see. - Prelim GDP q/q decreased from 1.6% to 1.2% - Unemployment Claims increased from 215K to 218K - Pending Home Sales m/m decreased 3.4% to -1.1% US economic indicators show that the economic situation appears to be weakening due to tightened monetary policies. Maintaining high interest rates today makes it difficult for people and businesses to access capital, leading to a decrease in people's demand for housing consumption, in addition to pushing up raw material prices, leading to increased commodity prices. making it difficult to maintain operations of factories, leading to an increase in people applying for unemployment benefits. This continues to put pressure on the Fed to loosen monetary policy in the near future. Looking at the current H1, we see that the price has reached the first target of wave 4 and the price is reacting sideways in this area. If the price breaks below the 2352 area and then recovers without exceeding the previous peak area, this is a very good sell down signal. - If the price rises above the 2364 area, we wait for the target wave number 2 of wave 4 to find a sell signal. - After the price completes wave 4, it will continue to trend with wave 5. From the current data, we will get the expected targets of wave 5 at target zone 1 at 2322 and target 2 at zone 2311. - In the target areas of wave 5, we will find suitable conditions to enter a BUY order Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later. Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
OANDA:XAUUSDShort
by DEEKOP
29th MAY GOLD ANALYSISCurrent Price Movement Support Zone: 2348 - 2343 Resistance Level: 2370 Correction Phase: 2348 - 2343 The gold price is expected to correct downwards to the support zone between 2348 and 2343. Reasons for Correction: Profit-taking by short-term traders. Testing previous support levels to establish a stronger base for the next upward move. The gold price is currently undergoing a correction phase within the support zone of 2348 - 2343. It is expected to rebound and test the resistance at 2370 if the technical indicators align with the bullish scenario. Continuous monitoring of the moving averages, RSI, MACD, and volume will provide insights into the strength and direction of the next price movement. This analysis should be supplemented with up-to-date market news and fundamental factors that could impact gold prices, such as economic data releases and geopolitical developments.
OANDA:XAUUSD
by TradingGuruTop
2
28th May GOLD ANALYSISCurrent Market Overview: Gold is currently exhibiting a fluctuating trend influenced by a mix of global economic factors, including interest rate decisions by major central banks, geopolitical tensions, and fluctuations in the U.S. dollar. As of the latest data, gold prices are trading within a range, showing both bullish and bearish signals. Technical Analysis: Gold's price action suggests a potential for both upward and downward movement within specified zones. Key technical indicators such as moving averages, Relative Strength Index (RSI), and Fibonacci retracement levels are being considered to determine optimal entry and exit points. Trade Plan Sell Zone: 2366-2370 Entry Point: Initiate sell orders within the range of 2366 to 2370. Rationale: This zone is identified as a potential resistance level where selling pressure is expected to increase. Historical price action shows multiple rejections at this level, suggesting a strong sell-off point. Buy Zone: 2338-2341 Entry Point: Initiate buy orders within the range of 2338 to 2341. Rationale: This zone is identified as a potential support level where buying pressure is expected to increase. Historical price action indicates strong buying interest at this level, making it a strategic entry point for long positions.
OANDA:XAUUSD
by TradingGuruTop
XAUUSD May 28, 2024 How will gold inflation cool down?We can observe the expected target areas above to find reversal signals to enter a sell order. With recent signs of cooling inflation and the fact that the US economy in particular has been directly impacted by high interest rates, the employment rate has decreased. These things will make the Fed's statements no longer resolute in maintaining high interest rates. In addition, the European central bank ECB also announced data to support the interest rate cut in June. Signals show that gold will continue to be supported in the near future to continue its upward price trend. Looking at H1, we see that wave 4 is about to complete. With the price data from the morning of the previous day, we measured the price target at the 2351-2355 range, but now that we have new price data, we have more information. The 2 new target areas are area 2362.5 and area 2371 - Plus the momentum in the H4 frame is still in the overbought zone, this shows that the upward price momentum is showing signs of weakening, besides the H1 momentum is increasing and is also about to approach the oversold zone. reinforces the goals of wave 4 - We can observe the expected target areas above to find reversal signals to enter a sell order. Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later. Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
OANDA:XAUUSDShort
by DEEKOP
XAUUSD 1H BUY PROJECTION 28.05.24KEY POINTS: U.S. PCE data due on Friday Traders price in about 62% chance of rate-cut by November Vietnam's central bank to stop domestic gold auctions Gold prices held steady on Tuesday as the dollar eased, while investors looked forward to key U.S. inflation data that could offer clues on how soon the Federal Reserve can cut interest rates. Spot gold GOLD was flat at $2,350.85 per ounce, as of 0350 GMT, after rising about 1% in the previous session. U.S. gold futures GOLD rose 0.8% to $2,352.00.
OANDA:XAUUSDLong
by kripsonfx97
Update Gold Analysis 23rd May Overview During the Tokyo trading session, gold experienced a dramatic fall, dropping from $2375 to $2355. This sharp decline suggests significant selling pressure and potential shifts in market sentiment. In response to this movement, traders should look for opportunities to enter the market at strategic sell zones, with each trade targeting 50 pips away to manage risk effectively. Technical Analysis Sharp Decline in Tokyo Session: Support and Resistance Levels: The decline from $2375 to $2355 indicates a strong resistance level at $2375 and a new support level at $2355. This movement sets the stage for identifying potential sell zones. Market Sentiment: Such a sharp drop often reflects a shift in market sentiment, possibly due to macroeconomic news, geopolitical developments, or changes in investor risk appetite. Identifying Sell Zones: Sell Zone Definition: In this context, a sell zone is an area on the chart where the price is likely to encounter resistance and reverse direction. Given the recent decline, potential sell zones can be identified near previous support levels that may now act as resistance. Strategic Entry Points: Based on the current price action, look for sell opportunities around $2365 to $2370, close to the previous support level at $2375. If the price retraces to these levels, it could provide an optimal entry point for short positions.
OANDA:XAUUSDShort
by TradingGuruTop
May 24th GOLD ANALYSISOn May 24th, the price of gold continues to show a downward trend. This analysis focuses on the one-hour timeframe, utilizing the 200 EMA (Exponential Moving Average) to guide our trading strategy. Technical Analysis Trend Analysis: Overall Trend: The price of gold is in a bearish trend, continuing to decline over recent sessions. 200 EMA as Resistance: The 200 EMA on the one-hour chart is acting as a resistance level. This indicates that any upward movements are likely to face selling pressure around this average. Entry Strategy: Sell Zone: We have identified the sell zone between 2347 and 2350. This range is chosen because it aligns with the 200 EMA resistance level on the one-hour chart. Entry Point: Plan to initiate sell orders when the price enters this zone. This ensures that we are selling at a potential peak before the price resumes its downward trend. Risk Management: Stop Loss: A stop loss of 50 pips is set to manage risk. This means that if the price moves against us by 50 pips, the trade will be automatically closed to prevent further losses. Stop Loss Placement: Place the stop loss 50 pips above the entry point, ensuring that it is outside the typical noise level and minor fluctuations of the market. Market Conditions and Factors Economic Indicators: Keep an eye on economic indicators and news that might impact gold prices. For instance, reports on inflation, interest rates, and geopolitical events can cause significant price movements. Market Sentiment: Sentiment analysis through news and financial reports can give additional context on whether the bearish trend might continue or reverse. Conclusion The plan to sell gold at the EMA 200 on the one-hour timeframe within the sell zone of 2347 - 2350, with a stop loss of 50 pips, is a strategic approach given the current downward trend. This method aims to capitalize on the resistance provided by the EMA 200 while managing risk effectively through a tight stop loss. By adhering to this plan, we aim to profit from the continuation of the bearish trend while safeguarding against unexpected market reversals. As always, it's crucial to monitor market conditions continuously and adjust strategies as necessary.
OANDA:XAUUSDShort
by TradingGuruTop
XAUUSD on May 23 2024 fluctuated strongly after the Fed meeting?Hello everyone, DEEKOP is ready to bring the most accurate signals and assessments to everyone. Financial freedom is true freedom. Yesterday the Fed meeting with its published content showed - The data shows that commodity prices have increased significantly recently, which indicates that inflation is increasing. - Fed says inflation may take longer to fall - The current federal funds rate is enough to slow US economic activity and reduce inflation With such announcements, it appears that the prospect of interest rate cuts expected by the Fed this year may be changed. When this information was announced yesterday, it immediately pushed gold prices down sharply yesterday session to 2370. Look at H1 - Wave c is the last corrective wave of the abc corrective wave, the structure of wave c includes 5 small waves - The strong and sharp price decrease last night can be said to be wave 3 in wave c being formed. - We expect that the expected target of wave 3 is level 2365 and level 2345 - Then there could be a small correction to complete wave 4 before continuing to complete wave 5 as well as wave c of the correction. - We observe the formation of wave 4 ending to determine the target of wave 5 as well as wave c of the correction Trading plan We continue to observe the completion of wave 3 and wait for the end of wave 4 to determine the target of wave 5 to buy. Note: Sufficient TP, SL to be safe and win the market‼ ️Change data plan will be updated later. Deekop's analysis is only a personal opinion with a desire to share its views with the community. I'm not always right. But my analysis always reflects my meticulous evaluation of what is best for an investment.
OANDA:XAUUSD
by DEEKOP