When Aussie got pressure, so did with gold. Gold now is trying to reach its support level at 1531.60, and I expect some correction at that level for minimum 1500 pips. But if this pair went higher than 1568.10, the scenario will be fail.
Thread: Gold
When Aussie got pressure, so did with gold. Gold now is trying to reach its support level at 1531.60, and I expect some correction at that level for minimum 1500 pips. But if this pair went higher than 1568.10, the scenario will be fail.
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XAUUSD on my look also on still probably more bearish - I can say this - it's because the yesterday candle look double top - so yes, on today movement, I see the nice probably more bearish here till max. to near that 1530.xx, I see. And make Sell OP here = yes nice idea with SL apply above the price 1580.xx till 1585.xx, I see.
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Gold is negatively biased, while the downside pressures might continue to weigh on the metal supported by approaching the resistance of 1582.00. But, technical circumstances are still as they are, while stability above 1561.00 suggests the return of the upside move anytime.
Recommendation : Based on the charts and explanations above, our opinion is buying gold around 1572.00 targeting 1599.00 and 1608.00 and stop loss with 4-hour closing below 1552.00 might be appropriate
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Hamzagoroo (2019-05-25)
Till today opening price - I see - Gold on still consolidation but with look to be more (still) bearish, I see, but with weak movement. So, because this sideways and weak movement, I see it's better to just ignore this pair setup - truly - I still see the sideways price here and no nice action to take new OP here for now = just wait and see
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Well, gold is trying to bullish but still got some difficulties. But I still expect Gold can reach the level of 1589.20 for today. And I hope it can go further to 1594.00. The scenario will be fail, only if Gold went lower than 1550.
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just as crude oil lost the gain made yesterday the gain in gold also disappeared. probably the market is still looking for consolidation after strong move quite some time.
there is still doubt whether the market will go up or down the next trading days. so we'll just have to wait and see which side can show strength.
are you kidding?Originally Posted by sparkle23
the price of spot gold is now at $1,571 and the highest for this year was in February and that too is below $1,894.15.
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Hamzagoroo (2019-05-25), Unregistered (1)
The spot price of gold hit a new record of U.S. $ 1894.15/oz and short-term increase could gather pace during the week after market participants continue to seek an alternative reserve currency.
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Hamzagoroo (2019-05-25), Unregistered (1)
Gold continues trading positively after the breach of the main resistance of the descending channel amid the completed Deep Crab harmonic pattern. But currently the metal trades around the crucial level of 1582.00, which represents the first target of the harmonic pattern. Stochastic is within overbought areas, which might trigger heavy fluctuations; however, our positive expectations remain valid since gold is above 1561.00 over intraday basis and above 1652.00 this week.
Recommendation : Based on the charts and explanations above, our opinion is buying gold around 1573.00 targeting 1599.00 and 1616.00 and stop loss with 4-hour closing below 1552.00 might be appropriate this week
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Hamzagoroo (2019-05-25), Unregistered (1)
RSI is supported bullish trend line. Its pivot point is 1565. Trader can take position above 1565 with 1585 and 1599. If the trend downside the opposite scenario is below 1565 to 1557 and 1551.
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Hamzagoroo (2019-05-25), Unregistered (1)
yeah, i agree with you. we must have a bias when we want to enter a position but we also must adjust with the latest market condition to go with the majority of the money.
currently, oil went up almost about $7 since the last market close on Friday in the futures market. it will be interesting to see whether gold will also follow the movement in oil futures or not.
as usual the U.S. market open will play a big role in Gold trading so let's just wait for the U.S. market open...
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Hamzagoroo (2019-05-25), Unregistered (1)
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