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Goldsetup

Gold Long Opportunity Hi Traders, Over the last few weeks we have seen gold decline after hitting strong resistance/supply at around 1830, following FOMC minutes, which was less a than anticipated result, gold spiked to find some liquidity around 1787 and crashed again finding support around 1737 area and resting the week on a weekly support around 1750. We find that gold has had a healthy correction to the 61.8% fibonacci retracement from the low of 1676 to 1830, correcting to 1737. This price action forms an ABCD pattern with a 61.8% retracement - common for the start of wave 2 of an impulse wave and C in an ABCD pattern . We would look for an extension to 1895 for the complete ABCD pattern where AB = CD. However, we have strong resistance / supply around 1833 which could stop gold , with the recent news of the USD not doing so well under COVID pressure this could be the start of the next covid economic wave, hence the FED not tapering in the recent FOMC meeting. There is also a falling wedge forming on the 4H chart as shown in the above with a strong bullish divergence on the RSI . We are also forming a right shoulder on the daily chart - a break of 1833 neckline could see 1850 - 1900 quite easily. I personally feel we might dip a little to test 1740-42 again before starting the run to 1830 and more possibly. With this being said gold is looking bullish fundamentally but is still in a somewhat downtrend with a lot of selling pressure technically. I believe that despite this we could have a change of hands around this area given the fundamental news of late. Please trade with caution. This is not financial advice.
OANDA:XAUUSDLong
by Username_for_trading
6
GOLD SetupThis analysis is solely based on technical analysis ( Wednesday is going to be a fundamentally packed day for the US). Today, price reversed off a key level to retest the consolidation box, which lines up with our golden zone on the Fibonacci tool. I am waiting for a few more confluences to pass then I will open positions. At this point i am neutral although my confluences have already given me a highly potential direction. *Disclaimer* This is not financial advise. Forex trading is a risky business. Trade at your own risk. Please exercise proper Risk Management and be patient. #TradeLikeMagnatrio
FOREXCOM:XAUUSD
by Magnatrio
Gold Bargain Bullish toward - 2104Majority have been eager to buy and buy and buy, yet on the daily we can see a hard rejection off 1830.00 This shows us the amount of buy stops accumulating at this level , notice price triggered and dropped = heading toward majority of SL placements ( below 1810.00 ) *We need moves like this to switch the consensus of retail to take the opposite sides of positions , COT Data shows more longs than shorts, yes, however pay attention to COT data from commercials and producers Commercials and producers will need managed money to take the other side of their orders, and non commercial need non reportable and commercial to take their opposite sides = they all make a profit We cannot buy from above 1800 …this is an expensive price ( psychological number ) which behavior of price today confirms price looking for a more “ suitable “ price to buy at = in other words - Gold has just gone on Sale
SAXO:XAUUSDLong
by HuracanFX
GOLD Swing Trade Idea and SetupI usually use the AUD strength as a directional bias for Gold. I am anticipating price to be in replica on XAUUSD too. I am waiting for a rejection in the golden area of the Fibonacci. When all confluences line up, take short entries and target the -61 extension. Depending on price momentum, I may target the 1750 key area for Take Profit. *Disclaimer* This is not financial advice. Forex trading is a risky business. Exercise proper risk management. #TradeLikeMagnatrio
FOREXCOM:XAUUSDShort
by Magnatrio
How have you traded gold the last two days 🤔💪The chart shows how I've traded gold the last two days. New long trade has just alerted. Entry details are shown on the chart. We are working the 15M time frame on this trade. We're only looking for the green line which is take profit target. Trade history can be seen below this trade idea too for full transparency. As you will see from the chart, two long trades have hit TP and the last short trade closed for profit on new long trade presenting. Lets see how this trade plays out. In slight draw down at time of writing. However this strategy has a proven edge with a 64% win rate so I'm more than happy to take all the trades that present and do so by automating this strategy. 6 months and 241 trades of data allow me to enter the market with confidence. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren.
OANDA:XAUUSDLong
by pow_removetheguesswork
1