Gold

[ashaab]

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

[BDforex]

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.

[100 to 1,000]

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...

[Sondag]

According to Aussie, I expect Gold will reach 1586.00 for today's movement. But if it is went lower than 1551.20, the bullish scenario will be fail. So, better to watch wether this pair could reacht its resistance or not.

[100 to 1,000]

gold is very good commodity to trade because it is directly connected to the value of dollar so whatever things that affect the dollar will absolutely move the gold price.

I was using only 33% of my margin but the fall from 1788$ level to 1707$ was too sharp that it still burn my account - that is what made me realise i should have used lower margin even or at least used stop loss.

wow, i'm sorry for the loss you had. the sharp fall on gold happened way back in february. it crashed very fast very far below...
i was not looking at gold at that time though so i didn't have any position on that commodity.


this month alone the gold moved down more than $120. i think it will retrace up for a bit before it goes down further. right now, it is forming a triangle that heavily lean downward...



so i think it might continue down after the retrace or the second scenario is it will move up strongly if it fails to go past the previous low level.

[puri]

I was using only 33% of my margin but the fall from 1788$ level to 1707$ was too sharp that it still burn my account - that is what made me realise i should have used lower margin even or at least used stop loss.

[kawish44]

Gold trend is now a day going upward and infuture is chance to traf upward.current thread is going upward.

[kudro1997]

Actually gold trading is very slow.its increasing and decreasing is very low prefer currency trading.gold support 1549 on friday it was support at 1559 itself and after spending quite long time around 1565 finally it break 1570 and currency trading above 1572.so its very slow

[bhai1]

i think that gold trading is very slow. the price of increasing and decreasing is very low. i prefer currency trading. because the price of increasing and decreasing is very randomly.

[yogesh]

Unlike thursday when gold found support at 1549, on friday it was support at 1559 itself and after spending quite long time around 1565 finally it break 1570 and currently trading above 1572, first target looks 1578 and breaking this we may expect 1590-1600 range back.