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

If you are tracking the XAUUSD this week, consider this technical perspective. Recent XAUUSD price action on the daily time frame is consolidating within a triangle (blue). Last week Friday, an inverted hammer print was formed at the confluence of the 1839.00 horizontal support area (green) and the triangle support trendline. Nevertheless, we may expect a breakout from either side of the triangle. A bearish break down of the area may see bears target the next horizontal support around 1816.40 (sandybrown) while a bullish breakout may see a retest of the 1874.15 horizontal resistance (magenta).


I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Here is FPA's analysis: Gold fundamentals are far from bullish and technical picture remains bearish as well. Despite that we have bullish grabber on monthly chart - this is very long term perspective, and it is always needs some fundamental factor or event that makes it to reach the target.

Gold should find support around 1840ish and rally. We would then expect a weaker dollar and eur/usd should rise and I would expect USD/CAD USD/NOK in particular to turn very bearish to reflect the recent oil jump.
Gold back up to around 1860 without much trouble.

In addition to trading forex I should take a look at my stock portfolio more often. Here is the performance of one of my silver stocks yesterday.

#GOLD / H4

If the stock market bubble is going to burst? The Vix suggest it may be soon.
I would give this consideration no matter what you trade.

Here's my take on XAUUSD, from the technical perspective of a swing trader. XAUUSD price action on the daily time frame is operating in a falling wedge (magenta) and presently on a northward mode after teasing the wedge support trendline with a relatively big bearish print on Thursday. The Thursday bearish print was about 80 pips from the 1777.02 horizontal support area (green) seen on the monthly time frame. Should bulls follow up on the northward mode shown by the Friday bullish print, we may see a retest of the high of the Thursday bearish print or the minor horizontal resistance at 1826.30/1839.50 (purple). However, the overall technical impulse favours bears and any such northward move is likely to be short-lived.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Here is FPA's technical analysis for Monday.

pa gold , likely a good bounce before break down, 1800 susceptible test before bounce again. sellers not won yet with breakout / head tilts ! I am in hurry to see it test 1680 though !!take care , fontu

Short gold from $1854
target $1700

Hello Mate, would please explain why you think GOLD will reverse from this point. I know that 1855 is a strong resistance but the CPI data not too promising, also there is chance that FED chair Powel could give hints of bigger asset purchase program which can devalue the USD more. I am just trying to figure out the reasoning, it would be great if you explain.

What about long term target (Gold) 2400 ??

FPA technical analysis: Major action stands by far on daily and intraday charts. Daily situation is tricky as gold has formed two similar patterns but in opposite direction and trading process could become a challenge:

tilting head , waiting for 1700 test ! pa now

#GOLD / H4

Doji close on Thursday. Bullish close on Friday. Will monday be a sucker's trade? Or will we steal the candy from the baby and aim for 1800?

It is more likely for bulls then it is for bears, which is my case for next week. However, overall I am bearish toward 1700.

Hi all.

Theme: Inflation rhetoric is getting stronger.
Fundamentals: US Fed has made clear about their intention of Stimulus support and not worried about the its inflation reaction. As a results Treasuries are dumped, Yields and Dollar index is rising. Stocks are Commodities will face short term selling pressure.
Technical: DXY :is showing reversal at 90.1
Gold: 20-50EMAs crossover on Daily, Bull Flag is still under development, Rejection of 1800 level, Possible retest if 1800-1810 area with heavy rejection, Support of 1765 looks delicate with next target of 1680. ( See the image below)

COT update

Sentiment smart money