Attachments: XAU/USD & XAG/USD - Gold & Silver Traders Thread

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Post #55,221
Quote
Jan 9, 2021 5:49pm Jan 9, 2021 5:49pm

tush1822
Joined Sep 2018 | Status: Member | 561 Posts

Quoting tush1822

Disliked

{quote} update 2, still no fate in dollar recovery. the reaction zone is still intact 1865-1891. Still no clear direction. I think it will be clear only in the first week of Jan 2021. Not sure what fundamental thing will trigger the dollar upside or continuation of the slide. Technically the dollar is evolving the reversal pattern to turn bullish in near term. {image}

Ignored

update.

Theme: Decisive next week , how dollar performs.
Fundamental: Those who are shocked by the gold fall despite the bad NFP data (as generally touted). The most important component in NFP which affects the inflation is - average hourly earnings which is much better than prediction. This gave push to the Dollar.
Technical: at various levels the support system looks fragile. 1840 is still a relevant

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Post #55,222
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Jan 10, 2021 3:21pm Jan 10, 2021 3:21pm

KeenPips
Joined Dec 2015 | Status: Member | 6,299 Posts

If you are tracking XAUUSD this week, consider this technical perspective from a swing trader. The XAUUSD market is operationally sideways. On the daily time frame, price action is sideways but the technical prints in the last three days have been significantly bearish. Presently, price action is near the 1831.10 lower boundary of the horizontal channel (magenta) where the market has been operating for weeks. It will require a significant breakdown of the area for further bearish drive. Technically, we may see some bearish move in the early part of this week, at least to retest the 1831.10 lower boundary of the horizontal channel. This may be followed by some sideways of price action before any directional momentum. The 1796.50 area (sandybrown) is the next horizontal support.

I may be wrong. Trade safe and prosper.

KP

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