Gold

[ladyheart]

INTRADAY TRADING SIGNAL

XAUUSD D1 (1440 Minutes)

For my long term analysis, I'll use a daily chart. I can clearly see breakout from the lower pennant chart pattern on this daily chart. Based from this breakout signal, price is likely to go further down, at least up to 1690.9x..

[cadetmaaz]

Gold Takes Slight Losses amid EU Worries

The price of gold took slight losses throughout European trading yesterday, as concerns regarding the EU economic recovery caused investors to shift their funds to safe-haven assets. The precious metal fell as low as $1742 during afternoon trading, down more than $5 an ounce.

Today, gold traders will want to pay attention to news out of the US. Specifically, negotiations between Congressional leaders regarding the upcoming �fiscal cliff� could lead to volatility in the marketplace. Any indication that a deal is closer to being reached to avoid automatic spending cuts and tax increases could help gold recoup some of yesterday�s losses.

---------- Post added at 06:53 PM ---------- Previous post was at 06:33 PM ----------

December gold closed sharply lower on Wednesday and below the 20-day moving
average crossing at 1722.00 confirming that a short-term top has been posted.
The mid-range close sets the stage for a steady to lower opening when
Thursday's night session begins trading. Stochastics and the RSI are turning
neutral to bearish signaling that sideways to lower prices are possible
near-term. If December extends this week's decline, November's low crossing at
1672.50 is the next downside target. If December renews this month's rally, the
reaction high crossing at 1776.60 is the next upside target. First resistance
is last Friday's high crossing at 1755.00. Second resistance is the reaction
high crossing at 1776.60. First support is today's low crossing at 1705.50.
Second support is November's low crossing at 1672.50.

[cadetmaaz]

�Fiscal Cliff� Fears Cause Gold to Slump

The price of gold fell by more than $30 yesterday, to reach a three-week low at $1705.85 an ounce, as fears regarding the US �fiscal cliff� and its potential to send the US back into recession caused investors to shift their funds to safe-haven assets. By the end of European trading, the precious metal saw a slight upward correction and was trading at the $1713 level.

Today, gold traders will want to pay attention to a batch of US data along with any developments in Congressional budget negotiations. Unless positive news is released, analysts are warning that gold prices could continue falling throughout the day.

[ladyheart]

INTRADAY TRADING SIGNAL

XAUUSD M30

Gold is currently moving inside a rising wedge chart pattern on this m30 chart. It's approaching the end now.. and it's more safe to wait for the breakout signal. I'll prefer to wait for price to break through either side of this rising wedge pattern, and follow the breakout signal.

[romannil]

Gold technical analysis for 29.11.2012 by using : Auto pivot indicator.

resistance 3:1776.10
resistance 2:1759.30
resistance 1:1739.08

pivot point :1722.40

support 1:1702.30
support 2:1685.50
support 3:1665.40

[monty007]

Price raised $5 after market open and formed another bullish candle on daily chart, if its able to break the 1551 then we see some quick rally toward all time high, Hold on buy order till all time high.

[ahmed fakhry]

The Gold prices declined by 1.7 %, as the euphoria about the Greece situation was over and investors remembered threat of the "financial cliff” for the U.S. markets. The December futures price of gold fell to 1705.50 dollars per ounce on COMEX today.

[selamet]

Gloomy situation in Europe and optimism that the Democrats and Republicans can reach an agreement on the U.S. budget boosted the greenbacks safe-haven appeal. As the weak attempts failed to climb above the Ichimoku cloud (the daily chart) earlier this week, the pair tested the 1738 support yesterday and the selling pressure increased after XAU/USD broke below this critical support level. This level was also the bottom line of a wedge formation. I think the reason behind this sell-off was mostly based on technical selling. On the daily time frame, this reaction makes sense. Prices have been bouncing between the first line of the cloud (known as Senkou Span A) and the second line of the cloud (known as Senkou Span B) since October 24.

On the 4 hour time frame, Tenkan-sen line (nine-period moving average, red line) crossed below the Kijun-sen line (twenty six-day moving average, green line) and prices fell below the cloud, indicates that the bears are fighting hard to take over. However, the pair found strong support at the 1705.50 area and bounced back to 1720. This shows XAU/USD is going to be range bound. If the bearish sentiment continues, I believe we will retest 1713. If the bears manage to breach this level, look for 1710.30, 1705.50 and 1692. If XAU/USD turns bullish and start to rise, the bears will be waiting at 1725.50, 1729.49 and 1738.

[cadetmaaz]

Gold markets got spooked by various headlines and comments out of various congressional members. However, the market did stop its fall right in the middle of a fairly significant support zone.

That being said, we did close of the very lows of the session, and this is always a very bearish sign. Because of this, we feel that there may be more weakness in this market, but we also believe that there is enough support below at the $1700 level in order to support gold going forward. We never sell gold anyways, is far too bullish over the long term for us to consider it. With all this being said, we are looking for some type of supportive action in order to start buying just below current prices at roughly $1700.

[secret alibi]

Bias is bearish for nearest term, break below 1705 area should target 1692 region as the next bearish target.
However oversold stochastic on 4H chart could trigger bullish correction, break above 1723 resistance area should trigger further bullish correction to test 1735 region.