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GOLD 1HR CHART BACK TESTING OR..Backtesting in the gold market is a critical process that leverages historical price data to assess the viability and performance of trading strategies over a defined time period. By simulating trades and market conditions from the past, traders gain insights into how their strategies would have performed under varying market scenarios, including periods of volatility and stability. This detailed analysis helps identify strengths, weaknesses, and potential risks within a strategy, allowing for adjustments and refinements before applying it in live trading. In the context of the gold market, where price movements can be influenced by global economic factors, geopolitical tensions, and currency fluctuations, robust backtesting serves as an essential tool for developing informed and resilient trading approaches...
OANDA:XAUUSDLong
by SadarExplore
Gold Rebound Strategy: Capitalizing on RBS and Bullish EngulfingTrade Idea Based on Technical Analysis: Chart Analysis: 1. Horizontal Line of Resistance Become Support (RBS): • The horizontal red line at 2,741.90 indicates a significant level where previous resistance has now become support. This RBS zone suggests a potential area where buyers might re-enter the market, providing a solid opportunity to go long if the price pulls back to this level. 2. Horizontal Line of Resistance/Support: • The price faces resistance around 2,748.94. This level has acted as a ceiling for price movements, where sellers are likely to enter. If price breaks this level, it may indicate further bullish movement, but it currently holds as a short-term resistance level. 3. Bullish Engulfing Zone (Yellow Box): • The yellow box marks a crucial bullish engulfing pattern zone between 2,737.64 and 2,740.53. This pattern indicates a strong buying momentum as the price reversed from a previous sell-off. This zone serves as a high-probability entry point for buyers. Trade Setup: • Entry Point: Look for a buy entry around the RBS level (2,741.90) or within the yellow bullish engulfing zone (2,737.64 - 2,740.53). If the price retraces into this area and shows bullish confirmation (such as a bounce or candlestick pattern), it’s a good opportunity to go long. • Target Price: The first profit target should be around the resistance level at 2,748.94. For a more aggressive approach, you can target 2,750.00, as round numbers tend to act as psychological resistance. • Stop Loss: Set your stop loss just below the engulfing zone, around 2,730.46. If the price breaks below this level, the bullish setup would be invalidated. Why I think this trade idea give chances: • The RBS level offers a strong area for a bounce, and the bullish engulfing zone indicates a reversal where buyers have taken control. These combined factors suggest the market has bullish potential, especially if price retraces to these levels. • The resistance level at 2,748.94 provides a clear exit point for taking profit, and the stop loss below the engulfing zone minimizes risk if the price goes against the trade. By waiting for price action confirmation around these key levels, this trade idea presents a well-structured and risk-managed opportunity for going long in the current market setup.
OANDA:XAUUSD
by AdibAziman_
XAUUSD - GOLD Zone 2322 rebounded💵GOLD PRICE AND ECONOMIC INFORMATION Gold dropped to around $2,320 per ounce on Monday, following a more than 1% rise last week, under pressure from higher US Treasury yields, while market participants awaited further cues to gauge the Federal Reserve's monetary policy trajectory. Last week's data indicated that US consumer prices held steady in May for the first time in nearly two years, while producer prices unexpectedly declined. Analysis: Gold is currently stuck in the price range Current gold range: 2340 - 2295 Between the 2 EMAs of frame D. Large frame H4 shows a clear selling trend 🔴SELL GOLD: 2340 - 2342, SL: 2346 🟢BUY GOLD: 2307 - 2305, SL: 2301 ⛔️Breakout: 📈 Breakout on: 2340 📉 Breakout below: 2312 🔼Support: 2312 - 2305 - 2291 - 2286 - 2280- 2274 🔽Resistance: 2338 - 2340 - 2350 GOOD LUCK EVERYONE👍
OANDA:XAUUSDShort
by Scalper_Ananda
Gold: $2K is unbreakable? Third week in a row, Gold is not following correlations with USD, while its moves are mostly influenced by developments in the Middle East. During the previous week, Gold again tried to break the $2K psychological line, but for one more week it was without success. As long as tensions are present, it could be expected that the price of Gold will have its own path in the coming period. The highest weekly level reached was at the level of $2.006. The price of Gold soon reverted to the downside, but only till the level of $1.970 support line, which has been tested during the week. Still, the Gold is ending the week at level of $1.992 where the price for one more time tried to break the $2K level. The RSI is moving around 66 level after reaching a clear overbought side two weeks ago. Still, based on the indicator, it could not be drawn a conclusion whether the market actually started a reversal. It seems too early in time to look toward the oversold side. Moving average of 50 days is currently converging quite close toward the MA200, indicating a potential cross in the coming days. The cross will be an indication of potential trend reversal in the coming weeks, but it is too early to note such a development. The market conditions for Gold could still not be treated as “normal” considering impact from instability in a Middle East region. In this sense, technical analysis might provide some misleading indications, in case that fundamentals strongly interfere. However, it could be noted that current charts are showing a potential for a reversal in the coming period. There is a potential for $1.970 to be tested for one more time, with some probability that the price might reach a short term stop at $1.950. Important news to watch during the week ahead are: USD: Fed Chair Powell Speech, Michigan Consumer Sentiment preliminary for November.
OANDA:XAUUSD
by XBTFX
Gold: still safe-havenFor the second week in a row the price of Gold has lost correlation with USD, amid unfortunate developments in the Middle East. This represents the third consecutive week finished in green for Gold. As per analysts specializing in trading metals, if the Middle East conflict escalates further, there is a high probability that the price of Gold might reach even higher grounds in the coming period. At the beginning of the previous week, the price of Gold reverted a bit to the downside, and to the level of $1.950. However, further negative geopolitical news have pushed the price to the upside, and the Gold has finished the week at level of $2.006 as of Friday`s trading session. RSI reached a clear overbought side. Moving average of 50 days has started its convergence toward the MA200, but there is still a long distance between lines, in order to mark a cross. Under the normal market circumstances, the RSI at level of 73 would be an indication of potential short term reversal for the price of Gold. However, this time it should be taken with caution, considering that market moves are implied by the geopolitical crisis. In case of its further escalation, the price of Gold might reach higher grounds from $2K. If markets calm down, then the reversal should be expected, at least to the level of $1.980, down to $1.950. Important news to watch during the week ahead are: USD: CB Consumer Confidence for October, ISM Manufacturing PMI for October, Fed Interest Rate Decision, Non-farm Payrolls for October, Unemployment Rate for October, ISM Services PMI for October
OANDA:XAUUSD
by XBTFX
Gold: $2K is sustainable?During the previous week Gold has clearly shown that this is a safe-haven asset during times of high geopolitical and economic uncertainties. The price of Gold reached $2K during the previous week, due to high geopolitical risks, which might indirectly impact world most developed economies through increased prices of real assets, most of all, oil prices. For the second week in a row, since the start of the Middle East confrontation, the demand for Gold was significantly increased, moving its price to the higher grounds. Still, gold is finishing the week at level of $1.980. With the latest strong push in price, RSI reached a clear overbought side, by reaching the level of 70. Moving average of 50 days started its convergence toward MA200. With still significant distance between two lines, it is early to speak about potential cross. Can the price of Gold continue to move higher? At this moment, technical analysis cannot provide a clear answer because drivers of the price are not coming from normal market conditions. The price is driven by the fear of investors whether they will be able to sustain the value of their capital in the uncertain markets. It would be also important to note that Gold has shortly lost its correlation toward the USD. As the situation calms down, the price of Gold should return its correlation and balance which could be around level of $1.950. In summary, some short relaxation of the gold price might be expected, however, if geopolitical and economic risks persist, then gold indeed could move to the higher grounds. Important news to watch during the week ahead are: USD: Fed Chair Powell Speech, Durable Goods Orders for September, GDP Growth Rate for Q3, PCE Price Index for September, Michigan Consumer Sentiment Final for October.
OANDA:XAUUSD
by XBTFX
Gold: still not overbought“What a beautiful chart” could be a summary of Gold price developments during the previous week, however, it was not on happy grounds. Increased geopolitical tensions and fear of potential increase in inflation due to surge in oil prices, have pushed the price of Gold on Friday`s trading session from $1.870 up to $1.932, where the price is ending the week. It was an increase of more than 3% in a single day, and certainly, one of the best trading days of this year. It also shows that investors are still perceiving Gold as a safe-haven asset during the time of high uncertainties. The RSI index was pushed to the level of 63, but it has still not reached the clear overbought side of the market. This leaves some space for the price of Gold to move a bit more to the upside, until the overbought side is clearly reached. Moving average of 50 days started its modest convergence toward the MA 200, but it is too early to note that there is a potential for further movements to the upside and potential cross. As long as geopolitical tensions continue to bring uncertainties to the markets, there is a higher chance that the price of Gold might continue to rise further. However, taking into account the significant 3% move to the upside on Friday`s trading session, some short reversal might be ahead. Still, it should not be expected that the price of Gold will return to the levels from the start of the previous week. The $1.900 level might be shortly tested, but RSI is pointing to a potential move to the upside. If the level of $1.930 is broken to the upside, then $1.950 might easily become the next target of Gold in the week ahead. Important news to watch during the week ahead are: USD: Retail Sales for September, Building Permits preliminary for September, Fed Chair Powell speech
OANDA:XAUUSD
by XBTFX
Gold: still oversoldGold continued to follow the path of USD during the previous week, and reached its lowest weekly level at $1.810. Friday was a rebound day for gold, as USD reverted a bit its path to the upside, supported by the easing of the sell-off of US Treasuries in expectation of further increase of interest rates by the Fed. Gold reached its highest weekly level at $1.830 at Friday trading session. The level of $1.810 represents the long term support line for gold, which has been tested during the previous week. It is significant from the perspective of the technical analysis in a sense that with this move one cycle of price movements is over, and another starts, which is about a short term reversal to some of the previous levels of gold. The RSI indicator continues to move within an oversold side. This is indication of a strong sell-off of gold during the previous period, and that soon its reversal is to be expected. Moving average of 50 days continued its divergence from its MA200 counterpart, confirming a cross which occurred as of the end of September. Technical analysis is clearly pointing to the point of reversal for the price of gold in the coming period. However, some strong moves to the upside should not be expected at this moment, as the markets are slowly finishing adjustments for a new Fed`s narrative. Support line at $1.810 has been tested during the previous week, so the next target of gold should be the resistance line at $1.880. A move below the support line is highly unlikely, as $1.810 represents a long term support line and a level where reversal occurs with higher certainty, except in case of some significant fundamentals which are unknown at this moment. Important news to watch during the week ahead are: USD: Producer Price Index for September, FOMC Minutes, Inflation Rate for September, Michigan Consumer Sentiment preliminary for October.
OANDA:XAUUSD
by XBTFX
See our analysis of what the next target for gold isHello everyone, We hope you guys are having a great weekend.   We have seen over the past several days that gold has been consistently down since 1947, when it was back, and has been consistently down, never going up.   When the market closed on Friday, gold was running at 1848, while 1846 is a very strong support.   We think that gold will pull back from here and go between 1874 and 1878 because 1879 is a very strong resistance.   Again, gold will come down, and our target is 1830. If you like our analysis, then you can boost our posts. You can leave a comment in the comment section. Good luck and best wishes to everyone.
OANDA:XAUUSD
by MsProTrading
7
Gold: clearly oversoldAs USD was gaining, Gold was losing value during the previous week. The markets are still digesting interest rates which will be elevated for a longer period of time, hence, equities, Treasuries and Gold lost in value, while the US Dollar was gaining. The correlation between Gold and USD was supported during the previous week, however, it could be noted that the market had another overreacted session when the price of Gold is in question. The xauusd was traded sharply toward the downside, so the price of Gold ended the week at $1.848. The support line at $1.880 was too easily broken, which increases probability for this level to be tested in the coming week. The RSI indicator was clearly moved toward the oversold side, which adds to potential for the price of gold to return toward the $1.880 line. At the same time MA50 crossed the MA200 from the upside, indicating a potential for the trend reversal. This would not be positive for gold if the so-called “dead-cross” confirms in the coming week, considering that this formation in technical analysis indicates a potential for a change of a trend. For the week ahead, Gold is left to clearly test the $1.880 line, with small potential that the price could go much higher from this level. On the opposite side, the next support line stands at $1.800 with extremely low probability that it could be reached in a week ahead. Important news to watch during the week ahead are: USD: ISM Manufacturing PMI for September, ISM Services PMI for September, Non-Farm Payrolls and Unemployment rate for September
OANDA:XAUUSD
by XBTFX
Gold: close to a triangle breakThe FOMC meeting on Wednesday was the major weekly event, which brought back some higher volatility on the markets. Changes in Fed`s projections and rhetoric toward “higher for longer” is not something that markets welcomed with a positive sentiment. The US equities and Treasuries reacted in a negative way, USD gained in value; still, gold was a bit lagging behind USD moves. The price of gold reached its highest weekly level at $1.945, without a strength to reach a short term significant line at $1.950. Gold is finishing the week at level of $1.925. Since the end of August RSI is trying to clearly break the 50 level to the upside, but still without success. Same was during the week before. Moving averages of 50 and 200 days are moving quite close to each other, implying a possibility for a cross to occur in the coming period. Regardless of increased daily trading volumes within a recent period, gold was not able to make any significant moves, but was mostly ranging between $1.920 and $1.940. This path is slowly coming to an end, with the price of gold reaching the end of a triangle formation. This implies that soon it could be expected a break toward the up- or down-side of the chart. For the second week in a row, charts are showing equal probabilities for the price move toward either side. A break of a triangle toward the upside, would lead the price of gold toward $1.970, after a short stop at $1.950. In case that a triangle is broken toward the downside, then the price of gold might find new levels around $1.880 support. Important news to watch during the week ahead are: USD: CB Consumer Confidence for September, Durable Goods Orders for August, GDP Growth Rate final for Q2. PCE Price Index for August, Michigan Consumer Sentiment final for September
OANDA:XAUUSD
by XBTFX
Gold: a tricky momentInflation figures for the US were published during the previous week, showing that the inflation in August was modestly above market estimate. Although the FOMC meeting will be held in a week ahead, still many economists and analysts are of the opinion that the Fed will not make a decision on further increase of interest rates based on August data. On the other hand, the price of oil is modestly picking up to higher grounds, which might negatively impact government efforts to cope with inflation in the last quarter of this year. Certainly, the week ahead might bring some volatility back on the markets, in case that there are any surprises from the Fed`s side. The price of gold was testing the support line at $1.920 during the whole week, while at Friday`s trading session it managed to revert back to the higher grounds, ending the week at level of $1.923. Highest weekly level reached was $1.930. Charts are showing that buying orders are back on the gold market. This also might be a sort of pre-FOMC positioning of market participants. RSI continues to struggle to break the 50 line, in order to clearly head toward the overbought side of the market. Moving average of 50 days is moving close to the MA200 counterpart, however, it could not be clearly noted if the cross is going to occur in the coming period. Current charts are pointing on some potential toward the upside. However, it could be a tricky moment. If the price of gold manages to clearly move beyond the $1.930 level, its next target will be the $1.950 resistance line. Still, if such a move does not occur, then reversal back toward the $1.900 level will be triggered. At this moment, there are equal probabilities for each potential price development. Important news to watch during the week ahead are: USD: Building Permits for August, FOMC Meeting and Rate Decision, Fed Press Conference
OANDA:XAUUSD
by XBTFX
Gold: $1.920 is sustainableThere has not been significant data for USD published during the previous week, however, there has been some negative developments over the oil and gas prices. Namely, on one side Saudi Arabia announced its decision to continue with its decreased oil production by 1 million barrels per month till the end of this year, and on the other side, gas prices in the EU were increased by 10% as a consequence of a union strike in the largest gas production facility in Australia. The market is perceiving these developments as negative in a sense that they might put in jeopardize ongoing government fights against inflation in both the EU and the US. The price of gold started the week modestly below the $1.950 resistance line, and moved to the downside, reaching the lowest weekly level at $1.915. Still, at Friday`s trading session, the price tried to move a bit back, reaching level of $1.930, but still ending the week at $1.919. Current charts are pointing to the sustainability of the $1.920 short term support line. It has not been breached during the previous week, regardless of USD`s gaining in strength. The RSI continues to move around level of 50, exposing market uncertainty over the further moves. Moving average of 50 days is moving close to the MA200 counterpart, but it still manages to hold the distance, not providing indication that the lines are ready for a cross. As per technical analysis for the week ahead, there is some probability for the price of gold to try to test for one more time $1.950 resistance level. At the same time, there is no indication that this level could be breached to the upside. Instead, the price might return back toward the $1.920 for one more time. Important news to watch during the week ahead are: USD: Inflation Rate for August, PPI for August, Retail Sales for August, Michigan Consumer Sentiment preliminary for September
OANDA:XAUUSD
by XBTFX
Gold: $1.950 is a hard taskThe US unemployment rate beat market expectations in August, reaching a level of 3.8%, from 3.5% estimated by the market. The USD was gaining in strength based on the market expectation that the Fed will finally have to halt its further rate increases as their previous measures taken finally reflect in the real economy. At the same time, xauusd was catching up lost correlation with the USD, reaching the highest weekly level at $1.952. Gold started the week by testing the $1.900 support line, however, it soon reverted to the upside and to the next resistance line at $1.950. RSI reached the level of 59, indicating that investors are eyeing the overbought side, but there is still space until this level is clearly reached. Moving average of 50 days started to move as a parallel line with its counterpart MA200, not providing a clear indication of a potential cross in the coming period. Markets continue to move in a mixed manner, digesting newly released macro data. Further gold volatility might be in store, considering mixed US data on the state of its economy. In case that the current resistance level at $1.950 is broken, the level of $1.980 might be the next short term stop for gold. Still, there is a lower probability for such a move, based on current charts. There is also some probability for a move toward $1.920 level, as a short term stop for gold. With this move a potential for the downside will be tested for one more time. Important news to watch during the week ahead are: USD: ISM Services PMI for August
OANDA:XAUUSD
by XBTFX
Gold: short reversal ahead?The USD was gaining in strength during the week, while Gold was struggling to get back into negative correlation track, which was lost two weeks ago. FOMC meeting minutes revealed possible further interest rate increases in order to get inflation back on 2% track, while during the previous week Fed Chair Powell confirmed this possibility in his annual speech at the Jackson Hole conference in Wyoming. The price of the xausud started the week around $1.886 and reached its highest weekly level at $1.920, testing the short term resistance line. After reaching the oversold side, RSI modestly moved toward the level of 46, however, the market is still not ready to clearly break the 50 line and head toward the overbought side. Moving average of 50 days continues to move closer to its MA200 counterpart, increasing the probability for so-called “dead cross” in the coming weeks. Markets are still digesting Powell's speech, in which sense, some further volatility might be possible in the week ahead. The price of gold is now targeting the next resistance line at $1.950, however, it might come after the gold finds its way to break current short term resistance at $1.920. In this sense, there is a probability for another move toward $1.9K, before final reversal occurs. Important news to watch during the week ahead are: USD: CB Consumer Confidence for August, GDP Growth Rate 2nd Estimate, PCE Price Index for July, Non-Farm Payrolls for August, ISM Manufacturing PMI for August
FX:XAUUSD
by XBTFX