Gold

[ashaab]

Gold provided a 4-hour closing above 1561.00, which activated our morning expectations and now we expect that the upside move might extend today , supported by the Deep Crab harmonic pattern in addition to the continuous formation of the bullish (C) wave as shown above. A breach of 1529.00 is sufficient to negate our expectations.



Recommendation : Based on the charts and explanations above, our opinion is buying gold with 4-hour closing above 1561.00 targeting 1582.00, 1599.00 and 1608.00 and stop loss with 4-hour closing below 1529.00 might be appropriate

[delpacing]

May 23 (Down to Up to 1535 & 1564) + 24Mei (Up to Down to 1578 & 1553) = cycle of meetings between Supply and Demand balance. Pivot point is 1555. SwingDown formation and may be returned SwingUp MOMENTUM bearish formation of the end.

[yogesh]

Today being the last day of week we can not expect any major move and so we should be closing gold between 1550-1570 somewhere, so buying in range 1550-1555 and sellng at around 1565 can be good strategy.

[khaled24]

Gold has moved down again and become close of the strong support level @ 1521.33 (0.0%) , so we can expect slight drop for Gold then it will move up and correct its position , i suggest to buy with setting high Stop Loss to hold our position , buy with targets @ 1614.47 (23.6%) then @ 1672.28 (38.2%) , Good Luck

[simpleforex68]

Let's have a look at the H1 chart of the pair. We can see there is a downtrend line. There is also a reversal candlestick to confirm for the downtrend. So, I think the price will continue to be down.

[yogesh]

Made good recovery from its yesterdays low of 1532 and currently trading at 1569, thus 1525 second time proved to be good support and it is good sign for bulls going ahead.

[delpacing]

IMF report to the increase in gold holdings by central banks throughout the month of April, after the largest purchase made ​​by the Philippines, followed by Mexico, Ukraine and Russia.

Philippines adds to the purchase of 32.13 tons of gold so accumulated to 194 241 tonnes of its gold holdings during the month of March. Factor of gold purchases by central banks is still a key element to stabilize the current gold market, and is rumored to various central banks would anticipate weakening to $ 1500 to add more gold purchases.

Observed so far traded price of Gold rose 0.33% to as low as $ 1,566.34 after reaching daily highs of $ 1,569.88 and intraday low at $ 1,552.30 per troy ounce.

[ashaab]

Gold rebounded to the upside to currently trade in areas above 1561.00, which might trigger the suggested incline , where wave (B) might be completed and now the bullish wave (C) might lift the metal towards 1582.00. Consolidation above this level might trigger another bullish attempt towards the second target of the harmonic pattern. We negate our suggested incline once the metal settles below 1529.00.



Recommendation : Based on the charts and explanations above, our opinion is buying gold with 4-hour closing above 1561.00 targeting 1582.00, 1599.00 and 1608.00 and stop loss with 4-hour closing below 1529.00 might be appropriate

[nurdiantofxwave]

gold had retraced up from yesterday lowest price and had break up monthly support 3 level (1551.67). i think movement of gold prices may not decline again because of being located in around monthly support 3 level and price could have retraced up from oversold area in mbfx indicator.

[yogesh]

Before 9.30 p.m. gold kept on trading bearish sideways upto little above 1530 and fortunately this support worked and made a good recovery and currently trading little 1560, hope this trend continues tommorow and hopefully it shall be targetting 1600 level.