TheGoldenCircle

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In Friday trading session we have seen a good bullish move but currently price is facing resistance near 1940-42 , so bears are in control under this resistance zone. More info on chart.

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As you can see on the chart that the price is moving in a very narrow range and waiting for NFP data, we can see a good move today after the data.

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XAUUSD Intraday Trade Idea Gold Currently trading in range so we can use the current SNR zone to find entries on intraday .

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Currently Price is at the Volume bubble and can burst in any side

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DXY waiting for FOMC minutes, this structure can break out on either side and we can get a good move in the direction of the breakout, let's see if we can get a reflection of the move on gold or not.

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Check the previous Idea, the trend is clearly bearish, and now the price breakdown the psychological support of 1900 so we can expect more decline soon.

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Gold is clearly on sell pressure and we can expect more decline

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XAUUSD Plan this week, Conditions 1: Sell if test 2000 and if not able to close H1 above 2000 Condition 2: Sell if H1 breakdown 1968( Safe side 1965), Condition 3: buy only if H1 close above 2005 because if we look for buy near 1950 that level already re tested 2 times so buying there can be risky, or buy on breakout of Friday High and look for 2000 re test.

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As per price action, gold is moving toward the narrow range in this triangle and we can expect a good move on the breakout/down of this structure, the Positions from COT MM are not much favorable for bears right now and we can expect a sideways move for next week.

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If you are following CFTC COT report for commodity you already knows that the CFTC is not sharing the COT report timely from last 5 Weeks , I tried to analyze the Last three week COT report on GOLD published by CFTC. On 24/1/2023 the COT showing bullish sentiments as they adding in Longs and Covering there Short and we have seen sideways (You can see the Green...

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This pattern seems bullish on DXY on H4 before the Friday data .Gold is also facing resistance at 1930-35 levels .

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Gold is trading in this wedge pattern ,GDP data is due today ,on breakout of this wedge can clear the direction of gold for today.

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Beautiful Example of Price Action on H&S breakout on monthly candle.

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This is current gold monthly cycle and as we can see that gold already breakdown the multi years support (1680) and trading below it, from the monthly chart we can see that there is more room for decline from the price action view. On intraday levels we can expect some pullback /Corrections but in the bigger picture trend will remain bearish as DXY is keep pushing...

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As it is clear from the chart that previos support in now acting as resistance (Blue Trendline) so we can have two possible scanarios from here. one, it can take some time like a week or two to break above 1800 two, it can go directly above 1800 if hold on 1785 after FOMC minutes . Overall my view will remain bullish till it trade above 1750 Level (Black Line) .

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Dxy tested this trendline on daily time frame ....if breakdown then more decline and if hold then we can see bounce from here . Gold is watching this level from 1770-80 area .If dxy decline from here we can see 1800 soon on gold .

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On monthly chart silver rejected from the support and looking good if hold the recent low .

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After rejection from the major support of 1680 now at the month end we can see a big wick on gold chart , this wick also supported by the decline on DXY. So we can expect good bullish move if month close above 60-70 zone. As Simple as that!