Discussion in 'Technical Analysis' started by AliForexTalks, Jan 10, 2022.
Looks like we are getting due...
Gold Daily Outlook - Jan 31, 2022
On the technical side, the precious metal, gold, is gaining support at 1,786. Currently, it is trading at 1,788, with a bearish bias. Immediate support for the precious metal remains at 1,786, and a breakout below this could open up further room for selling until 1,780 or 1,772.
The resistance remains at 1,793, and a bullish breakout at this level could lead the gold price towards the 1,800 or 1,810 mark. Consider staying bullish if the price is above 1,793, and vice versa. Good luck!
Thanks for your reply, mate.
Well, while you were typing, gold hit the first target (1,850) I mentioned and fell afterwards. I know there are fundamentals (macro-economic events, COVID, and war sentiment) in the market. Well, I hope you can see that this thread says "GOLD TECHNICAL ANALYSIS" because I intend to share technical analysis and charts.
If you like, you can share the fundamentals in the comments section. Elsewhere, you can read fundamentals on Bloomberg or investing.com.
BTW, which one is better, technical or fundamentals? It's a never ending debate. Perhaps it started before you and I started trading. So let's not get into this. I will keep sharing technical analysis for educational purposes. If you have any questions, feel free to type below.
Back below to the lowest support.
Gold Daily Outlook, February 08, 2022
On Tuesday, gold's technical side remained bullish at $1,822 despite weaker US labour market data. Gold has completed a 50% Fibonacci retracement at $1,818 and has breached to go after the 61.8 percent Fib level. Gold is currently trading at $1,822 per ounce and is trending upwards toward an immediate resistance level of $1,826. The next support level for gold is at 1,811, which is extended by a double bottom level.
On the bullish side, XAU/USD may face resistance at $1,822 per ounce. The uptrend can be extended by 61.8 percent Fib levels all the way to $1,826. Because the MACD is above zero, the chances of a buying trend continue to be favourable. So, if the price crosses above 1,818, consider remaining bullish, and vice versa. Best regards!
Gold Daily Outlook, February 15, 2022
On Tuesday, XAU/USD broke through a downward trendline at $1,850, and now it’s heading towards the next resistance level of 1,876 level. On the daily timeframe, the XAU/USD has formed a “Three White Soldiers” pattern that’s supporting a strong uptrend.
On the further higher side, the breakout of 1,876 level can expose the precious metal towards 1,902 level. On the lower side, the support prevails at 1,865 and 1,852 levels. The break below 1,852 exposes the selling trend until the 1,825 level.
The leading indicators RSI and MACD are supporting a buying trend. Therefore, buy trades can be seen above 1,865 and vice versa. Good luck!
Just seen on the news that Putin has given the green light to invade. Was just about to drop shorts until I saw that. Now I’m not so sure…
Gold Daily Outlook, February 21, 2022
Given the deceleration of the correction, the 4-hour chart indicates that the price is poised for a possible break to the downside. A break of $1,890 in the opening sessions could pave the way to the daily chart's 38.2 percent Fibo near $1,880.
In the above live 4-hour chart, the price is close to resistance and unable to close above it. If there are consecutive failures on the upside, the bears will be looking for a test of the prior lows, with $1,890 as a firm target to break. Let's keep an eye on $1,900 as bearish bias dominates below this and vice versa. Good luck!
Gold Daily Outlook - Feb 28, 2022
In the last two days, XAU/USD has risen to a one-and-a-half-year high of $1,974.48 early Thursday, but has since fallen and has so far failed to cling to the $1900 level. It is worth noting that some investors are aware that the Russian Central Bank has some gold reserves and have booked profits ahead of the $2,000 mark, fearing that President Putin may use some of those reserves to support the Russian ruble.
Gold is trading with a bullish bias near $1,900 amid a surge in safe-haven appeal. The daily moving averages (DMAs) have a bullish slope and are located well below the XAU/USD spot price. This, combined with the breach of a nine-month-old downslope resistance trendline, fueled the uptrend, allowing gold bulls to reclaim the $1900 mark. XAU/USD first resistance would be $1,916. Breaching the latter will expose the January 2021 highs of $1,959, which, if cleared, could pave the way to $2,000. Good luck!
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