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Gold Trading Strategy for 06th December 2024Trading Strategy for Gold: Sell Strategy: Entry Point: Sell below 2623. Targets: First target at 2605, second target at 2586. Buy Strategy: Entry Point: Buy above 2641. Targets: First target at 2657, second target at 2699. Disclaimer: Trading in financial markets involves substantial risk of loss and is not suitable for every investor. The strategies and opinions expressed are those of the author. Users should perform their own research and consult with a financial advisor before making trading decisions. Past performance is not indicative of future results. Trade wisely and stay informed! 📈💡
OANDA:XAUUSD
by ramkkyy
(Thursday) Gold analysis: 2645-2650 is oscillating(Thursday) Gold analysis: 2645-2650 is oscillating As shown in the figure: Four-hour cycle: 2620-2660 is still the current oscillation range Oscillating center: 2645 (ray A: the most effective pressure line at present) After the trend adjustment on Wednesday: Gold currently stands at 2645, and oscillates in a narrow range of 2645-2650. Oscillating space: There is a high probability of a new trend around 2645 today (yellow circle: the current convergent oscillation range, there is not much area, which means that a new trend is about to break out, we continue to wait) The current trend of gold is converging and oscillating around 2645-2650. Still focus on: the trend performance around 2645 Strategy: ------------------------- Long-term thinking: Bottom support: 2645 Breaking pressure: 2655-2660 Upward target: 2660-2680 ----------------------------------------- Short-term thinking: Top pressure: 2650 Breaking support: 2645-2635 Downward target: 2630-2620-2600-2580 Today's gold thinking: At present, the market has no clear direction for fundamentals. Focus on the trend of the European market, combined with the US market data, and treat it with a low-long thinking. Fundamentals: (Gold is about to explode this week, so be sure to do a good job of risk control) Is it weird? Fed officials have repeatedly released "hawkish" but the probability of a rate cut in December is still rising! Before the December resolution, the US official will also release two heavyweight economic data - the November non-farm payrolls data this Friday and the November CPI data next Wednesday. As Powell failed to give a clear signal on whether to cut interest rates in December overnight, the performance of these two data may ultimately determine the direction of the Fed's decision-making at that time. On Thursday, December 5, in the early Asian session, spot gold showed a narrow range of fluctuations and is currently trading around $2,649. Gold prices rose slightly on Wednesday, closing at around $2,649. Previous data showed that private employment in the United States achieved moderate growth last month, while investors digested the speech of Federal Reserve Chairman Powell and looked forward to Friday's non-farm payrolls report. Combined with the daily and hourly chart structures, it is likely that gold will temporarily fluctuate today and tomorrow. However, the upper pressure is also very obvious. Considering that the future market focus will shift to the expectation of a temporary interest rate cut in December, gold will still face a great demand for adjustment.
FOREXCOM:XAUUSD
by G-Janaya
Gold Trend Forecast for New Day (December 5) – Rebounds to 2666 🔽Gold prices rose on Wednesday (December 4), after data showed the number of jobs created by the US private sector increased at a moderate pace last month, ahead of a speech by the US Federal Reserve Chairman Jerome Powell later in the day and the official jobs report on December 6. 🔽The ADP report showed that the US private sector created 146,000 jobs last month, slightly lower than the forecast of 150,000 jobs increase from economists participating in a Reuters poll. 🔽Gold is seeing a weak reaction today, with a stronger-than-expected impact from the upcoming official US jobs report and if the data shows a weakening number of jobs, that will support gold prices. 🔽Gold seems to be finding strong resistance at 2630 Note: Currently Gold is completely following fundamental news Especially US economic news! Bad News Gold Rises! Good News Gold is down 🔽Currently, Gold has broken 2655 and has a Closed closing level around 2650 and is the second consecutive day that Gold has closed higher than the previous day, so today Kevin will prioritize following Buy Gold 🥰Trading plan: 🔼 Buy Gold: 2636x – 2634x SL: 2630 Tp: 2644 - 2653 – 2688 – 2720 🔽 Sell Gold: 2663x – 2665x SL: 2668 TP: 2678- 2665 🫶Note: Set SL tightly for each order, the financial market is full of risks, if you do not set SL, do not place an order. 🫶Wishing everyone a happy and joyful Thursday 🫶
OANDA:XAUUSDLong
by KevinNguyen-SimpleTrade
Gold (XAU/USD) !! Bears are Getting Ready.How's the Josh traders?? So Gold, Many of them are Bullish and the shorter time frame charts are showing a bullish stance. BUT !! My Analysis Seems Different. On the chart in Daily time frame we can clearly se Price is taking resistance near 0.618% & 0.786% of Fibonacci levels, May be I am Wrong.... but i am considering it as Impulse wave 3(Elliot Wave theory) so if i am right then wave 5 is also pending and price may move further more downwards. AS PER MY ANALYSIS, I AM INITIATING SHORT POSITION. SHORT GOLD SL : HIGH OF FIBONACCI RETRACEMENT OF 0.786% TARGET : 2366/2109 NOTE : THIS IS FOR EDUCATIONAL PURPOSE PLEASE REFER TO YOUR FINANCIAL ADVISOR BEFORE TAKING ANY TRADE. HAVE A GOOD DAY TRADERS.
CAPITALCOM:GOLDShort
by Trading_Bulls0000
Gold XAUUSD still sell on rise near resistance area on chartDisclaimer - This information is only for educational purposes, this is not for any buy or sell recommendations . On Our Harmonic pattern indicator based trade setup take trade as explained below :- ENTRY - When price breaks Trailing SL (SL 27.2% )retracement Which is SL points then take Entry on Buy or Sell Trade SL - D points Which is recent High / Low mentioned in Chart is our SL TARGET - Target 1- (T1 : 38.2 %) Target 2- (T2 : 50 %) Target 3-  (T3 : 61.8%) Target 4-  (T4 : 78.6 %) Target 5- ( T5 : 88.6%) Target 6- (T6 : 100 %) Target 7- (T7 : 127.2 %) Target 8-  (T8 : 141.4 %) Target 9-  (T9 : 161.8 %) Please note:- It's working on news based and volitile market very well so exit if SL hit
OANDA:XAUUSDShort
by JaiPrakashShuklaHarmonicTrader
XAUUSD todayHello dear friends, it's Samson here! Gold prices continue to consolidate within a familiar range, as the market awaits a fresh catalyst to drive the next decisive move. What’s in store for gold, and what scenarios could unfold? At the moment, sellers have hit the pause button, keeping an eye on key events like Federal Reserve Chair Jerome Powell’s remarks, U.S. employment data, and the all-important CPI report. These indicators will shape expectations for the Fed's policy outlook. According to the CME FedWatch Tool, traders are currently pricing in a 74% chance of a 25-basis-point rate cut at the upcoming Fed meeting. However, nothing is set in stone, and until clear signals emerge, the market may remain locked in consolidation mode. On the technical front, gold could build bullish momentum to test significant resistance levels amid favorable news. However, if prices break below the critical support at 2636 and sustain that position, a bearish wave could gain traction sooner than anticipated. This is a pivotal moment for XAUUSD, as the market balances between anticipation and action. What’s your take on the current setup? Let’s discuss your thoughts, forecasts, or any questions you have—together, we can navigate these shifting dynamics!
OANDA:XAUUSDShort
by Bo-Samson
3
BACKTEST CHALLENGE WEEK #1 Want to turn your idea into an automated trading system? Curious about testing the effectiveness of an indicator or any trading system? Drop a comment below this post, and I’ll help you—for free! BACKTEST CHALLENGE WEEK #1 I want to challenge myself, so every week I will handle 1–2 requests to code a trading system on TradingView based on ideas contributed by the community. (mostly XAU or BTC) The system might turn out to be profitable, or it might not meet expectations, but what matters is how I combine indicators, transform indicator combinations into an automated entry and exit system, and analyze the output metrics. Additionally, my approach will heavily leverage ChatGPT to develop Pine Script solutions tailored for traders without a programming background. All of this will help traders shorten the process of refining their systems, save time, and achieve greater profits. 👇 What you need to do is provide a detailed description of your request in the comments below. I will pick requests one by one and complete them.
OANDA:XAUUSD
by TheChartist_Code2trade
Gold Trading Strategy for 5th December 2024Gold has been consolidating within a narrow range of 2605 to 2670 over the past five days. This suggests that the market is in a period of indecision, with neither buyers nor sellers able to push the price decisively in one direction. Typically, such consolidation periods are followed by significant moves once the price breaks out of the established range. Trading Strategy: Buy Strategy: Entry Point: Initiate a long position (buy) when the price closes above 2670 on a 15-minute candle. This indicates a potential breakout to the upside. Stop Loss: Set a stop loss slightly below the breakout point to manage risk. For instance, a stop loss could be placed at 2655, just below the recent consolidation range. Target: Identify target levels based on historical resistance levels or use a risk-reward ratio of at least 2:1. For example, if the stop loss is 15 points away (2655), then the target could be 30 points above the entry (2700). Sell Strategy: Entry Point: Initiate a short position (sell) when the price closes below 2630 on a 15-minute candle. This indicates a potential breakdown to the downside. Stop Loss: Set a stop loss slightly above the breakdown point. For example, a stop loss could be placed at 2645. Target: Similar to the buy strategy, set target levels based on historical support levels or use a risk-reward ratio of at least 2:1. If the stop loss is 15 points away (2645), then the target could be 30 points below the entry (2600). Risk Management: Always use stop losses to protect your capital. Never risk more than a small percentage of your trading capital on a single trade. Consider the overall market context and any upcoming economic events that could impact gold prices. Market Context: Keep an eye on factors influencing gold prices such as interest rates, inflation data, and geopolitical events. These can cause significant volatility and may impact your trading strategy. Disclaimer: Trading in financial markets involves substantial risk of loss and is not suitable for every investor. The strategies and opinions expressed are those of the author. Users should perform their own research and consult with a financial advisor before making trading decisions. Past performance is not indicative of future results. Trade wisely and stay informed! 📈💡
OANDA:XAUUSD
by ramkkyy
Gold analysis on Wednesday: long-short boundary near 2645Gold analysis on Wednesday: long-short boundary near 2645 As shown in the figure: Four-hour cycle: 2620-2660 is still the current oscillation range Oscillating center: 2640-2645 range (ray A: the most effective pressure line at present) Oscillating space: Today, there will be a general direction around 2645 (yellow circle: the current convergent oscillation range, there is not much area, which means that a new trend is about to break out) The current trend of gold is converging and oscillating around 2640-2645. Still focus on the trend performance around 2640-2645. Strategy: ------------------------- Bull thinking: Bottom support: 2635-2640 Breaking pressure: 2650-2655 Upward target: 2655-2670-2680 ----------------------------------------- Bear thinking: Top pressure: 2650-2655 Breaking support: 2640-2635 Downward target: 2630-2620-2600-2580 As the Asian market gradually weakens, once it breaks below 2635, gold is likely to fall in volume today, and stop loss must be set at the same time Today's gold thinking: short at highs Policy: (Gold is about to explode in a big market, and risk control must be done well) The explosive market is about to happen! Powell's speech leads these major events to come. There are many risks in financial market events on this trading day, including the US ADP employment report, the US ISM service industry PMI, the Federal Reserve Beige Book, and the speech by Federal Reserve Chairman Powell, which are expected to trigger major market movements. 1: The US ADP employment change data for November will be released. This data is known as the "small non-agricultural": the US ADP employment is expected to increase by 150,000 in November. Previously, the US ADP employment increased by 233,000 in October. If the data is higher than expected, it may rekindle optimism about Friday's non-agricultural employment data and lead to lower gold prices. 2: The US ISM non-manufacturing purchasing managers' index (PMI) for November will be released, expected to be 55.5. 3: Federal Reserve Chairman Powell will be invited to be interviewed at the New York Times DealBook/Summit conference. In his last speech in November, Powell made hawkish remarks, saying that the Fed did not need to rush to cut interest rates because the job market was solid and the inflation rate was still above the 2% target. Federal Reserve Chairman Powell said at an event at the Dallas Fed that the U.S. economy has not sent any signal that the Fed needs to cut interest rates as soon as possible, and the current strong economy gives the Fed the ability to make cautious decisions.
FOREXCOM:XAUUSD
by G-Janaya
Gold (XAU/USD) Analysis superb trade Gold (XAU/USD) Analysis Timeframe: 15-Minutes Key Observations: A strong descending resistance trendline (purple) is visible, tested multiple times (marked with yellow circles). Price has bounced from the ascending support trendline (purple) near the lower zone, showing significant buying pressure. Horizontal support and resistance zones (blue) provide clear areas for price reactions. Indicators Used: Ichimoku Cloud: Highlighting key dynamic support and resistance zones. EMA lines: Confirming directional trends and potential crossovers. Price is testing a resistance zone, indicating a potential reversal or breakout scenario. Trade Setup: Entered a long position near the trendline support. Stop Loss: Below the ascending support zone. Target: Near the next significant resistance zone. This setup reflects a balanced risk-reward ratio, respecting technical zones and market momentum.
TVC:GOLDShort
by yashshekhawat1999
Update XAUUSDSpot gold prices continue to rise as the US dollar weakens, making it more affordable for holders of other currencies to purchase gold. Meanwhile, crude oil prices unexpectedly surged to $70 per barrel, adding upward momentum to gold’s price trend. Another contributing factor is the announcement of martial law in South Korea. This has sparked concerns among financial investors about potential instability in the country, which could impact commodity prices and international currency markets. Consequently, many have increased their gold purchases as a safe-haven asset. These factors are fueling gold prices to climb further today.
OANDA:XAUUSDLong
by Bo-Samson
Gold trading strategy for 04th December 2024Gold has been consolidating within a narrow range of 2605 to 2670 over the past five days. This suggests that the market is in a period of indecision, with neither buyers nor sellers able to push the price decisively in one direction. Typically, such consolidation periods are followed by significant moves once the price breaks out of the established range. Trading Strategy: Buy Strategy: Entry Point: Initiate a long position (buy) when the price closes above 2670 on a 15-minute candle. This indicates a potential breakout to the upside. Stop Loss: Set a stop loss slightly below the breakout point to manage risk. For instance, a stop loss could be placed at 2655, just below the recent consolidation range. Target: Identify target levels based on historical resistance levels or use a risk-reward ratio of at least 2:1. For example, if the stop loss is 15 points away (2655), then the target could be 30 points above the entry (2700). Sell Strategy: Entry Point: Initiate a short position (sell) when the price closes below 2630 on a 15-minute candle. This indicates a potential breakdown to the downside. Stop Loss: Set a stop loss slightly above the breakdown point. For example, a stop loss could be placed at 2645. Target: Similar to the buy strategy, set target levels based on historical support levels or use a risk-reward ratio of at least 2:1. If the stop loss is 15 points away (2645), then the target could be 30 points below the entry (2600). Risk Management: Always use stop losses to protect your capital. Never risk more than a small percentage of your trading capital on a single trade. Consider the overall market context and any upcoming economic events that could impact gold prices. Market Context: Keep an eye on factors influencing gold prices such as interest rates, inflation data, and geopolitical events. These can cause significant volatility and may impact your trading strategy. Disclaimer: Trading in financial markets involves substantial risk of loss and is not suitable for every investor. The strategies and opinions expressed are those of the author. Users should perform their own research and consult with a financial advisor before making trading decisions. Past performance is not indicative of future results. Trade wisely and stay informed! 📈💡
OANDA:XAUUSD
by ramkkyy