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

#GOLD / Daily & H4

On the daily time frame, XAUUSD price action broke below the lower part of the 1989.70/1901.50 channel, seen on the monthly time frame several, but failed a follow-through and bulls pushed back the bearish charge. Presently, price action is sideways just above the area. However, the technical structure favours bears more than bulls. Thus, although, we may still see a northward market operation, a southward turnaround is technically supported.

I may be wrong. Trade safe and prosper.

KP

High of the morning 1930.64 ,lets see where today takes us.

Respect for aged day ,in Japan today.

XAUUSD price action on the daily time frame is in consolidation. The technical structure is bearish, but we may still see a northward move for liquidity grab at, e.g., the 1966.34/1958.50 intra-day supply (magenta), before a southward rotation.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Gold price looks set to revisit $1,890 and $1,858 supports but further downside appears difficult. That said, the XAUUSD's recovery needs validation from a two-month-old descending resistance line of around $1,936-37.

IMO short term bottom late today or tomorrow is possible but likely more much downside ahead, with Dollar staying strong.

XAUUSD price action on the daily time frame is bearish. Although bears are technically favoured to maintain market influence, we should expect northward market engineering before a significant bearish drive, which may expose the 1810.84 handle (magenta).

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

#GOLD / H4

Seems likely Spot Gold is in a position to reverse up, at least short term, with my main 3 indicators ( DT Osc, TD Pressure and TD ROC) all at extreme low readings as well as price trading outside BBands making 21 daily bar lows - not shown on chart, obscures candles too much at this resolution:-



Keep in mind NFP release tomorrow @ 830am ET. Maybe that will be the catalyst to cause it to break out of the current range it has been in this week?

A good read for gold traders:
Unwinding the Financial System by Macleod:
https://schiffgold.com/commentaries/...ancial-system/

XAUUSD price action on the daily time frame retested the 1810.84 support area (magenta) on Tuesday but went sideways thereafter. There was a bullish uptake on Friday, and we may still see further northward move before a southward turnaround.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

#GOLD / H1

SpotGold (along with other PM's) had one yuuge of trend day on Friday the 13th! Think it might pull back for a day or two before continuing higher - $2050-2060 or even all time new highs. TWT

XAUUSD price action on the H4 time frame is in a bullish mode. Although the technical impulse favours further northward move, it is better to await a bearish correction before seeking a buy trading opportunity.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

#SILVER / H4

Two NR bars (yest was even an Inside day) and blasting higher today, although pulling back a bit recently.

xauusd --- Some good counter trend trades on the lower time frames today.

Another strong day higher.