Get started

Todaygold

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
SOL rises to $21.20 is bullish TL;DR Breakdown Solana price analysis shows a bullish trend Resistance for SOL is present at the $21.32 mark Support for the SOL token is present at $20.69 Solana price analysis shows a bullish trend as the token surged above the $21.00 level, and it is currently trading at $21.20. This is a 2.25% increase from the previous 24 hours and shows that the bullish pressure behind SOL continues to grow. The current resistance for SOL is present at the $21.32 mark, so if the price breaks above this level, then we can expect further gains in the near term. On the flip side, the current support for the SOL token is present at $20.69, and if it holds, then we can expect a continuation of its bullish trend.
BITSTAMP:SOLUSDLong
by IPatrice
2
Gold Investor Looking Next month US election (Gold Rally)XAUUSD Technical Overview: Pivot: 1186.50 Key Resistance: 1191.20 - 1194.56 - 1198.45 - 1202.29 Key Support: 1186.49 - 1184.58 - 1181.78 - 1178.20 Day Trading Range: 1178 - 1200 Technical Indicator: RSI: The RSI having mixed bullish divergence. Moving Average: SMA 100(1197.45) & SMA 200(1194.50) strong resistance for Gold today.. Technical Trade Idea: Most Likely Scenario: long positions above 1186.50 with targets at 1194.50 & 1202.20 in extension. Alternative scenario: below 1186.50 look for further downside with 1182.45 & 1179.30 as targets. Overall, The trading week kicked off with a panicked sell-off in Chinese equities which simply expresses growing fears in financial markets. Rising U.S. and global interest rates, a stronger U.S. dollar, slowing economic activity, and of course, tense U.S.-China relations have all attributed to the nervous market environment. The cut of the Reserve Ratio Requirement from PBOC to boost credit did little to help appetite, in a sign that more action needs to be taken to avoid a hard landing. While we think that China still has a lot of monetary and fiscal tools to cushion a slowdown to its economy, investors need to see the domestic picture improving before seeing a significant rally in its equity markets. There are quite a few variables influencing the price action which leads me to believe we’re more likely to remain in a range over the near-term. One event that nobody seems to be talking about is the U.S. November elections. Traders are saying that today’s early session strength is being fueled by safe-haven bids from risk-averse investors. The buying could be coming from Asia where stocks are under pressure again. Furthermore, renewed concerns over a potential slowdown in China’s economic growth as well as an easing U.S. Dollar could be underpinning the market. If it’s being viewed as an investment then investors will have a difficult time generating enough upside momentum to trigger a breakout through the resistance because of the rising interest rate environment in the United States. This helps support the U.S. Dollar which leads to lower foreign demand for dollar-denominated gold. If gold starts to take on the identity of a safe-haven asset then demand will have to increase enough to drive out the net short hedge and commodity funds. Only then can we see a bona fide breakout to the upside. There are quite a few variables influencing the price action which leads me to believe we’re more likely to remain in a range over the near-term. One event that nobody seems to be talking about is the U.S. November elections. Thanks YoCryptoManic
FX_IDC:XAUUSDLong
by yoCryptoManic
Gold Investor fearing from today's NFP DataXAUUSD Technical Overview: Pivot: 1205.45 (1198.40) Key Resistance: 1200.20 - 1202.55 - 1205.45 - 1207.23 Key Support: 1197.75 - 1195.25 - 1191.86 - 1188.44 Technical Indicator: RSI: Indicator shows mixed bearish trend. Moving Average: SMA 55 (1200.35) strong resistance & SMA 100(1197.28), SMA 200(1195.45) strong support for Gold today. Technical Trade Idea: Most Likely Scenario: short positions below 1205.45 with targets at 1195.25 & 1188.44 in extension. Alternative scenario: Long above 1205.50 look for further upside with 1207.23 & 1210.55 as targets. Overall, In the absence of any convincing, clear-cut catalyst the markets have been in consolidation mode. Cleary the markets are attaching a whole lot of significance to tonight’s NFP print as the markets have remained range bound as trader know the outcome of tonight’s data can significantly shape the market’s rate hike expectations and the near-term outlook for the USD. So indeed, there a lot riding on tonight employment data. Failing any USD surprises, expect current tight ranges to persist ahead of tonight’s data. Volume and volatility are light after three days of heightened activity earlier this week. The market has held up considerably well this week in the wake of a stronger U.S. Dollar and rapidly rising U.S. Treasury yields. Perhaps the market is being underpinned by speculators betting the Fed will lose control of inflation.The direction of the market today is likely to be determined by trader reaction to the U.S. Non-Farm Payrolls report, due to be released at 1230 GMT. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic
Gold looking for commentary on monetary policy todayFX_IDC:XAUUSD Technical Overview: Pivot: 1202.20 (CMP 1199) Key Resistance: 1200.10 - 1203.45 - 1207.66 - 1210.20 Key Support: 1196.35 - 1193.79 - 1191.55 - 1189.25 Technical Indicator: Moving Average: SMA 55 (1199.66) strong resistance & SMA 100(1194.48) & SMA 200(1195.36) strong support today for Gold. According to high volume moving indicator shows upside bias. RSI: The indicator shows downside momentum, moving around 50 level. Technical Trade Idea: Most Likely Scenario: short positions below 1202.20 with targets at 1194.55 & 1189.25 in extension. Alternative scenario: above 1202.20 look for further upside with 1205.20 & 1208.55 as targets. Overall,Two factors likely contributed to the market’s weakness on Wednesday. Firstly, an easing of tensions between Italy and the European Union encouraged investors to dump their safe-haven long positions. Secondly, a soaring U.S. Dollar pressured foreign demand for dollar-denominated gold. The U.S. Dollar was supported early in the session on Wednesday after the ADP National Employment Report showed private payrolls jumped by 230,000 jobs in September, posting its largest gain since February. Shortly after the release of the jobs data, the greenback extended its gains after the Institute for Supply Management’s (ISM) non-manufacturing activity index jumped 3.1 points to 61.6 last month, the highest reading since August 1997. Fed Chair Jerome Powell also made supportive comments. He added to the bullish tone for the U.S. Dollar when he said on Wednesday that the central bank may raise interest rates above an estimated “neutral” setting as the “remarkably positive” U.S. economy continues to grow. In other news, tensions eased in Europe on Wednesday on reports that Italy plans to reduce its budget deficit over the next three years. While the long-term view remains bearish because of the hawkish Fed, gold does remain vulnerable to short-term upswings if the situation between Italy and the European Union escalates. In the U.S. on Thursday, investors will get the opportunity to react to three more economic reports and a speech from a U.S. FOMC member. FOMC Member Randal Quarles is also scheduled to speak. Investors will be looking for commentary on monetary policy especially his opinion on inflation and the labor market. He may also offer his opinion on the pace of future interest rate hikes. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic
Gold move under $1205.90 will signal the presence of sellersXAUUSD Technical Overview: Pivot: 1201.20 Key Support: 1200.10 - 1198.45 - 1194.89 - 1191.23 Key Resistance: 1205.45 - 1207.55 - 1210.85 - 1214.75 Technical Indicator: RSI: The indicator having bearish divergence. Moving Average: SMA 55(1194.55) SMA 100(1191.75) & SMA 200(1195.78) strong support for Gold today. Technical Trade View: Most Likely Scenario: long @ 1206.10 with targets @ 1211.00 & 1217.00 in extension. Alternative scenario: below 1201.30 look for further downside with 1197.50 & 1194.00 as targets. Overall, Gold prices have been aggressively rallying overnight. Rather odd that the USD is not leading this move that has triggered a significant and very convincing short squeeze. Remember that according to CFTC data GOLD speculative net positioning increased to its highest since December 2001 as prices declined for a sixth straight month in September. Accounts sold an additional 6,804 contracts in the week to September 25, according to the latest CFTC data published last Friday, bringing total net short positions to 17,648, the most since the week of December 11 2001. Gold has moved higher overnight primarily driven by the return of safe-haven appeal, keeping Italy risks in mind. Interesting I was discussing that fact yesterday, that in the past when we were not dealing with a strong USD narrative, Gold would pop $15-20 higher in a heartbeat on EU contagion fears. Sometimes, it’s easy to be blind to the facts, especially when getting so accustomed to positioning gold off the US dollar moves. But with l tightness in Copper markets influencing the base metal complex higher. There’s likely some knock-on effect from that correlation as well; indeed, shorts are being caught out on this one, and weaker near-term stops above $1200 level are probably contributing the flow. But for a specific technical trigger, commodity traders were focusing a Gold cross currency relationship, and it was the break of Gold vs EUR 1030 that triggered the short position carnage. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic
Gold should continue to ride the Fed-driven roller coaster lowerXAUUSD Technical Overview: Pivot: 1187.55 Key Resistance: 1196.45 - 1198.20 - 1200.0 - 1205.23 Key Support: 1191.73 - 1189.66 - 1185.00 - 1181.53 Technical Indicator: Moving Average: SMA 200 (1196.20) strong resistance & SMA 55 (1188.26) strong support for Gold today. RSI: The RSI moving into overbought condition soon, now moving around 68 level in 1H chart. Technical Trade Idea: Most Likely Scenario: long positions above 1187.55 with targets at 1197.75 & 1200.00 in extension. Alternative scenario: below 1187.55 look for further downside with 1184.89 & 1181.53 as targets. Bullish Scenario A sustained move over $1193.90 will indicate the presence of buyers. If this generates enough upside momentum then look for a possible surge into $1200.00 to $1205.90. The market could begin to really take-off if buyers can overcome $1205.90 with conviction. Bearish Scenario A sustained move under $1193.90 will signal the presence of sellers. If the move is accompanied by strong volume then look for the selling to extend into $1187.50, followed by $1184.30. US ISM Manufacturing: Slowdown in September - Wells Fargo Gold should continue to ride the Fed-driven roller coaster lower "Gold should continue to ride the Fed-driven roller coaster lower, after the FOMC raise," rates as expected at the September meeting and kept the dot plots trajectory largely unaltered. Mr. Powell and friends lifted the long-run dot and went to great lengths to say that dropping any reference to "accommodative" in the communique did not mean that they will be straying from their previously announced plan for no," analysts at TD Securities explained. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic
Gold has been in consolidating within the familiar sidewaysXAUUSD Technical Overview: Pivot: 1196.20 Key Resistance: 1200.55 - 1204.25 - 1207.89 - 1212.66 Key Support: 1196.20 - 1193.55 - 1191.89 - 1188.29 Day Trading Range: 1205 - 1188 Technical Indicator: RSI: RSI indicates upside bias with 52 level. Moving Average: SMA 55(1200.54) , SMA 100(1202.22) & SMA 200(1201.43) these all are major resistance for Gold today. Overall, With respect to the Fed fund futures yields, these continued to price 100% chance of a hike this week while the chance of another hike in Dec is priced at 90%. Much will now depend on the Fed's dots and median forecast, but anything uber-dovish could well see a huge unwind in the greenback and gold at these levels will all of a sudden look like good value and it may even take up market's preference for its safe-haven status again which would put it on course for a sizeable reversal. On the other hand, should the FOMC event be taken as more hawkish than expected, the dollar is likely to take back its title on the board of FX and weigh heavily on gold leading to a potential breakout of this extended period of consolidation. Gold has been range bound since mid-August and is likely to remain in this state of flux as long as the Fed doesn’t do something widely unexpected on Wednesday. The U.S. Federal Reserve is widely expected to raise its benchmark interest rate 25 basis points on Wednesday. This event has already been priced into the market. Gold is not likely to move on this news, but traders could react to any news on the path of future rate hikes. For example, a dovish Fed monetary policy statement could put upside pressure on gold, while threatening to trigger a breakout above the key resistance level at $1220.70. The Fed cutting back on the number of rate hikes in 2019 or removing the word “accommodating” from its policy statement would be supportive. Gold could break further if the Fed continues to press for more rate hikes in 2019 in order to gain control of rising inflation, or if it leaves the word “accommodating” in its monetary policy statement. Additionally, gold could fall further if escalating trade tensions between the United States and China drives investors into the safe-haven U.S. Dollar. Today’s Home Price Index (HPI) is expected to show an increase of 0.2%. The S&P/CS Composite-20 HPI is expected to come in at 6.2%. The Conference Board’s Consumer Confidence report is expected to come in at 132.2, slightly below the previously reported 133.4. The Richmond Manufacturing Index is forecast at 22, down from 24. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic
XAUUSD completed Bull Flag, Looking For Rally $1218XAUUSD Technical Overview: Pivot: $1202.25 Key Resistance: $1208.45 - $1212.00 - $1217.89 - $1222.24 Key Support: $1202.25 - $1198.45 - $1195.55 - $1192.00 Technical Indicator: Chart Pattern: Bullish Flag Completed, looking for upside direction. RSI: Indicator shows upside bias. MACD: MacD having upside momentum. Moving Avg: SMA100 ($1199.02) & SMA55 ($1198.27) strong support for Gold. Technical Most Likely Scenario: long positions above 1202.25 with targets at 1208.50 & 1212.50 in extension. Technical Alternative scenario: below 1202.25 look for further downside with 1198.00 & 1192.50 as targets. Fundamental: Gold markets were very noisy during trading on Wednesday, as we continue to see a lot of volatility around the world. The US dollar got a bit of a beating during the day as James Bullard suggested that an inverted yield curve could cause a recession. Everybody on Wall Street knows that, except for currency traders it seems. However, at the end of the day the Gold markets continue to face a lot of selling pressure due to the US dollar strength longer-term. There have been a lot of concern with emerging markets, and that should continue to be the case. I also recognize that we are a bit range bound, although I think there is some upward pressure to be found eventually. If we do break above the $1208 level, that would be a good sign. In the meantime, I think that rallies are selling opportunities on signs of exhaustion, as gold simply can’t seem to get its act together longer-term. Thanks YoCryptoManic
FX_IDC:XAUUSDLong
by yoCryptoManic
6
Yellow Metal Struggling After US Job DataXAUUSD Pivot: 1198.00 Day Trading Range : $1186.45 - $ 1198.89 Key Resistance: $1196.45 - $1198.89 - $1204.00 Key Support: $1189.56 - $1186.45 - $1182.27 Technical Indicator: Moving Avg: SMA1100($1196.60) & SMA200($1204.16) both are strong resistance for yellow metal for the day. MACD: MacD having negative volume for Gold. Most Likely Scenario: short positions below 1198.00 with targets at 1193.25 & 1190.00 in extension. Alternative scenario: above 1198.00 look for further upside with 1203.00 & 1207.00 as targets. Fundamental: Gold futures closed lower last week with the selling pressure attributed to safe-haven buying of the U.S. Dollar and a jump in Treasury yields fueled by stronger-than-expected U.S. Non-Farm Payrolls data. The selling could have been worse, however. Bullish speculators seem to believe that the Fed is moving closer to neutrality, which means the dollar is not likely to strengthen very much. Additionally, safe haven buyers are also taking positions in the Japanese Yen and Swiss Franc. If you trade the relationship between gold and the Dollar Index and your bullish gold, all you’re hoping for is a rally in the Euro. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic
European Session XAUUSD, Fight between Bears & BullsXAUUSD Technical Overview: Day Trading Range: $1186 - $1208 Pivot: 1198.00 (CMP XAUUSD $1199.11) Key Resistance: $1200.00 - $1205.45 - 1212.85 Key Support: $1196.27 - $1192.69 - $1188.55 Most Likely Scenario: long positions above 1198.00 with targets at 1204.00 & 1207.00 in extension. Alternative scenario: below 1198.00 look for further downside with 1196.50 & 1193.00 as targets. Technical Indicators: MACD: MacD lacks with a bullish bias. Moving Avg: SMA200 ($1205.03) strong resistance & SMA100 ($1195.46) strong support for the day. Fundamentals: I think that gold markets are going to continue to struggle at the hands of the US dollar though, and of course the situation that we have seen in the emerging markets. Because of this, it’s likely that we will continue to struggle for longer-term direction overall, and I think that we continue to see the five dollar levels offer both support and resistance. As I record this, the $1205 level looks as if it is trying to offer a bit of support. In general, this is a very messy market so it’s more or less the realm of scalpers. However, I would be willing to buy physical gold and in fact have a couple of times recently as I think longer-term this is going to be thought of as a very cheap level. The jobs number coming out today will of course have a lot of influence on the US dollar, which by extension will have a lot of influence on gold. Thanks YoCyptoManic
FX_IDC:XAUUSDLong
by yoCryptoManic
European Session Gold is Slipping XAUUSD Technical Overview Day Trading Range: $1182 - $1200.45 Key Resistance: $1194.85 - $1196.00 - $1200.45 - $1204.87 Key Support: $1190.35 - $1186.85 - $1183.68 - $1179.20 Pivot: 1196.50 Most Likely Scenario: short positions below 1196.50 with targets at 1189.50 & 1187.00 in extension. Alternative scenario: above 1196.50 look for further upside with 1201.00 & 1204.00 as targets. Technical Indicators: StochRSI: The indicator is mixed with a bearish bias. MACD: MacD shows short term bullish divergence but range is down side bias. Fundamentals: Gold markets are reacting to the US dollar strengthening around the board, and at this point I think that will continue to be the major driver of gold. More with the US dollar climbing based upon higher interest rates and of course the concerns with emerging markets, it makes sense that gold will struggle. Pay attention to the EUR/USD pair if you’re a Forex trader, because of that breaks down below the 1.15 level, it’s likely that the US dollar will strengthen yet again, driving gold to fresh, new lows. If we can turn around and recapture the $1205 level, at that point I would anticipate a move to $1210, followed by $1215. Thanks YoCryptoManic
FX_IDC:XAUUSDShort
by yoCryptoManic