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

#GOLD / H4
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XAUUSD price action on the daily time frame is in a bearish mode within a bearish technical structure. Any bullish move would be corrective in nature, which may be a good opportunity for a bearish fading trade.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Quoting KeenPips
XAUUSD price action on the daily time frame is in a bearish mode within a bearish technical structure. Any bullish move would be corrective in nature, which may be a good opportunity for a bearish fading trade. I may be wrong. Trade safe and prosper. KP {image}
I have two bearish targets. First one is 1723 and extended target is 1705. I believe that this is another attempt or correction downwards. There will be rebound from the area of 1696-1703. Once rebound is confirmed then my bullish target is 1796.

I LIKE YOUR SIGNATURE LINE.
Love for all; Hatred for none.
Upcoming Jackson Hole, any possibility that we see a rally of Gold? After all, no one can predict what can happen there, buying Gold can be an option. Most of the volume last week was pegged at the price range of 177X, which could be where Gold settles for the month, in my opinion. $30 gains can be made buying from here and TP-ing at 1771. This is a possible trade plan I am looking at.

I think Silver may attempt a rally back to $20 in the near future.
XAUUSD technical structure on the daily time frame is bearish but price action is in a corrective mode as it rechallenges a recent horizontal support around the 1725.17 area (blue). A bearish breakdown may initially target the 1705.00 area.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
#SILVER / Daily
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Gold Time Frame Daily forming DragonXD Bullilsh
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XAUSD price action on the daily time frame has turned sideways as it revisits the 1725.17/1682.35 horizontal support zone (green) seen on the monthly time frame. Recent candlestick prints give an edge to bears and we may still see further southward move in the early part of this week.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Weekly appears, after holding support, to be aiming to get wave c of A or 1 underway soon:
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XAUSD price action on the daily time frame is sideways, indicating a decline in bearish drive after a bearish retest of the 1725.17/1682.35 long-term horizontal support zone (green) seen on the weekly time frame. Presently, only an intra-day trading set-up within the zone may be considered, perhaps in the context of an H4 technical structure. Personally, I don’t trade on Mondays, so I will re-assess the market after Monday close.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Gold to D point
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Re-did EW Count but on a daily chart. Look like a Wave 5 has completed, or will shortly. Time, price, pattern and momentum all look good. There is a lower fib zone as well, 40 points lower, but that seems out of reach under current conditions. If this plays out it would only be a correction in a continuing downtrend. Watching of course day by day.
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XAUUSD market operation retained its bearish mode after dipping further into the 1683.15/1652.14 long-term horizontal support zone (green) last week. Meanwhile, on the daily time frame,
XAUUSD price action made a bullish pushback on Friday after the bearish surge into the 1683.15/1652.14 zone. But we may not see much northward move before a southward rotation.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
Quoting SunTrader
Re-did EW Count but on a daily chart. Look like a Wave 5 has completed, or will shortly. Time, price, pattern and momentum all look good. There is a lower fib zone as well, 40 points lower, but that seems out of reach under current conditions. If this plays out it would only be a correction in a continuing downtrend. Watching of course day by day. {image}
Well upper fib zone held all week ... until it no longer could today. Next stop lower fib zone?
1605 or 1695? Which comes first?

I am expecting 1605 within next month.
WARNING: This post warps space and time in its vicinity.
Trade What I See Return This Month: 153.1%
Quoting WizardTrade
1605 or 1695? Which comes first? I am expecting 1605 within next month.
In my opinion, I will wait for Powell speech on Sep 28 because there may be down movement to 1616 or may be 1645 support hold the price then it will go up gradually to 1676-1683 area. Normally demand of Gold increase during this period until November 15
Love for all; Hatred for none.
XAUUSD price action on the daily time frame is bearish. On Friday, it broke below the 1683.15/1652.14 major horizontal support zone (green) which had been in place since April 2020. However, it is about 110 pips to the next significant horizontal support at the 1634.20/1614.60 zone (blue). This may mean either a brief bearish surge towards the zone before a pullback or a bullish retest of the 1683.15/1652.14 previous horizontal support zone (green), which may flip it as resistance followed by a southward rotation. At any rate, what price action does by Monday close would interest me as the XAUUSD is the pair I trade mainly on an intra-day basis, but I don’t trade on Monday as a matter of principle.

I may be wrong. Trade safe and prosper.

KP

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