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[GOLD W4 Mar 2021]GOLD Buy setup Continuation trade: 💪🏼 GOLD as well has successfully made a rebound from the said 61.8% area and is approaching back to the 50.0% area. Noticed that market sentiment on retail traders are shorting the gold at the end of last week as price has approached so called 'resistance'. 2 major reasons why I'll be on the opposite side of the crowd: 1. Market usually oppose the market sentiment 2. Back in W2 MAR 2021, Ending diagonal was a success in the lower timeframe as mentioned here (), this pattern indicates a strong trend reversal.
TVC:GOLDLong
by SuperMonkey0
$XAUUSD - Decisive level is being testedHi guys! 👋🏻 🔔 The tension around the stimulus bill rises as President Biden decided to imply stricter income limits on the next round of stimulus checks payouts. Under the new amendments, individuals who earn more than $80,000 per year, single parents earning more than $120,000 per year, and couples earning $150,000 will be disqualified from receiving the stimulus aid. 🔔 Recuperating labor market in the US, decreasing Covid-19 cases could be the main motivator for the Biden Administration to further imply limits to the stimulus bill. Stronger US Dollar resulted in a significant drop of Gold. 🔔 The Gold demand decreased drastially by the end of 2020. There was a full outflow in Gold ETF's on the US for the Q4 of 2020, while the European ETFs saw an inflow of 17 tonnes. The total number of investment shares of Gold Globally in Q4 2020 dropped by 71%. 🔔 As seen on the daily XAU/USD chart, Gold has touched the lower edge of the descending parallel channel, which acts as a great support. 🔔 The support can withstand the upcoming US Employment data which is expected to be worse than during the previous period, however for the longer term, Gold might continue the downtrend. In both previous severe drops, Gold rebounded sharply, see supports on August 12, November 30, current candle suggests that buyers are exhausted and the downtrend will continue. 🔔 Nevertheless, do not short until it closes below the dynamic support. Gold investors will be thoroughly watching the speech of the FED Chair Mr. Powell later today. Highlights on the economic state of the US could be decisive for the further trend continuation of Gold. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
OANDA:XAUUSDShort
by azizelliott
$XAUUSD - Gold must test the lower edge of the channelHi guys! 👋🏻 🔔 The stimulus bill proposed by President Joe Biden’s administration is getting closer and is set to be finalized next week according to the New York Times, Gold continues the downtrend. The bill is set to increase the inflation as planned by the FOMC, however as the bill acceptance gets closer, Gold which is traditionally an inflation hedge, loses its positions against the US Dollar. 🔔 More investors are looking towards Silver nowadays. Worlds largest asset management firm BlackRock sold SPDR Gold Shares worth $2.7 million, $471 million worth of GLD ETF, and purchased 1.18 millions of SLV (iShares Silver Trust) and $27 million worth of SLV ETF. Still the Gold share of BlackRock’s total assets remains larger than Silver-backed assets, such a switch could signal the consolidation of Gold price and an uptrend continuation of Silver. 🔔 From the technical point of view, XAU/USD remains bearish. The 4H chart of XAU/USD highlights the downtrend channel and support and resistance zone of the pair. 🔔 While RSI and MACD signal the retrace of Gold, I don't think that in this state, Gold will climb higher than $1790 🔔 The best price action for Gold is to hit the $1700 - $1710 levels, where the lower edge of the downtrend channel is then recover and move upwards. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
OANDA:XAUUSDShort
by azizelliott
GOLD W4 Feb 2021GOLD Neutral setup 👉🏻 The precious metal has been dumping since the New Year from $1955. Now is seating, for the second time at the major 50% of $1451 and $2075. Friday's close was not a decent candle to go long on, price could break down further to test the 61.8% level. Of course any further bounce could be a favourable indication to go long to the previous highs. 📉 DXY: The dollar has been in a downtrend after breaking the 95 level, and hovering around the 90 region ever since. 📰 Investors are not as interested in gold as much as previous years. Biden's $1.9 trillion care package is still in the talks to be approved and could be further bearishness on the Dollar if approved.
TVC:GOLD
by SuperMonkey0