Gold

[Tanveer333]

News is just to shake the market for little while then it goes it own way.
See.. last NFP data was tremendous then revised data was almost with 100K difference of announced one.
Now again NFP showed huge numbers but unemployment rate is getting higher n higher.
Apparently it looks there there is no connection. Having said that I am sure there is still a signal of market direction but only to those who know it and they r very few.

[Zeeshani]

Today analysis for the pair of :Gold
--- Trading opinion for the best profitable trade: Open buy ---
I recommend this trading trend for all my friends because I made this recommendation after the great experience of trading and analysis of fundamental approaches. Best of luck
Resistance level of this pair is:
1# Resistance is: 1316.65
2# Resistance is: 1319.11
3# Resistance is: 1323.08
Supporting level of this pair is :
1# Supporting is: 1308.71
2# Supporting is: 1306.25
3# Supporting is: 1302.28

[Tanveer333]

I am also considering this. The left shoulder isnt the cleanest but a sell stop on the neckline s looking tempting as well hahaha. Im more of a swing trader/position trader but looking at potentially lower job reports could send gold up. I am already in other trades as well so I may sit this one out. Also i dont like how it is pushing out of a range. I will stay out. But man I saw a similar set up like this on GBPNZD and it is the exact same set up but GBPNZD was much cleaner H&S

[Asif777]

Central Banks Are on the Biggest Gold-Buying Spree in a Half Century

Central banks bought more bullion last year than anytime since 1971, when the U.S. ended the gold standard.
Governments added 651.5 tons of gold to their coffers in 2018, a 74 percent increase from the previous year, according to a report from the World Gold Council.

Russia, which is "de-dollarizing" its reserves, was the biggest buyer, followed by Turkey and Kazakhstan. Hungary also made a large purchase, citing gold’s lack of counterparty risk and role as a hedge against changes in the international finance system, the WGC said.

“Central banks chose to significantly increase their gold reserves, reinforcing the importance of gold as a reserve asset,” the WGC said.

Central banks are expected to acquire an additional 600 tons this year, according to the consulting firm Metals Focus Ltd. The buys, which will help the banks diversify their foreign-exchange assets in a time of extraordinary political volatility, signal a growing confidence in the metal’s value moving forward.

The banks "were not net buyers even a decade ago," said Juan Carlos Artigas, director of investment research at the WGC, in a telephone interview. "As their foreign reserves expand, they are increasingly diversifying away from pure dollar exposure." {Guess they don't believe in Drumpfanomics}.

Slowing global growth, a weaker U.S. dollar and a drive by central banks to expand the amount of gold they hold could be a winning trifecta for investors seeking a recovery in the metal’s price after its first annual loss in three years.

Gold prices ended 2018 little changed, but rallied toward the end of the year amid concerns about Brexit, a falling stock market and expectations for a less aggressive U.S. monetary policy. The trend has continued this month, with bullion climbing to the highest since May.
SUPPLY AND DEMAND FIGURES FOR 2018
Global gold demand rose 4% to 4,345.1 tons
Bar and coin demand rose 4% to 1,090.2 tons, with coin purchases at a five-year high.
Global ETF inflows fell 67%, but were up for the year in Europe.
Jewelry demand was steady, and total supply was little changed.

[Tanveer333]

A year won't be enough for these TPs but I have a short on silver at 16.15 looking for some correction.

[Hanif484]

Here's my technical perspective on XAUUSD.

The daily time frame shows a market with a bullish sentiment. Price action has rejected an outer ascending trendline (red) and is respecting a steeper, inner ascending trendline (blue), indicating an increase in bullish momentum. The trendline angle appears to be too steep and we may have price action head southwards for a corrective operation, perhaps to retest a value area before a northward continuation. Such an area is the horizontal support around the 1304.00 area. We should also note that price action is presently located around the 78.6 Fib retracement of the downward swing from the high of April 11, 2018 to the low of August 16, 2018; which is a technical reason for a potential southward retracement.

Technically, I hold a short-term bearish bias on XAUUSD, while my medium-term bias is bullish.

I may be wrong. Trade safe and prosper

[Hanif484]

Here s my gold analysis. Decided to get in with small sell position.

[Asif777]

hoping sharp bounce for atleast 50 pips from 1305 level.or even before that wait for a pin and BUY with small chunks. not at once

[Hanif484]

I can see the H&S reversal pattern forming on H1 and H4 chart. Any comments? how we can trade?

[Tanveer333]

I guess it indicates that traders are not convinced with the short term positive outlook of the US economy and living with the fact that underlying global economic outlook is still weak