XAU/USD Spot Gold

Gold has extended its setback, removing both the 20-day average at 1377 and former price support at 1373. This leaves the immediate focus now on more important levels at 1352/49 – channel, price and 40-day average support at 1352/46 – which we would expect to support a rebound. Bigger picture, below here and 1337 – 38.2% of the June/August rally – would suggest the broader bear trend is resuming, for 1277/72. Resistance moves to 1400, but above 1415/17 to retarget the 1434 recent high. Above here would Look further strength to tougher resistance at 1463/1488 – channel and a cluster of retracement resistance.

Strategy: Short, stop above 1435. Take profit at 1280.

With the September FOMC coming nearer, Gold prices are witnessing correction, heading towards $1350 again, breaking which $1300 can become next support level to watch.

Gold price will be heavily influenced by Sep 18th FOMC meeting and key event being will FED taper or not.

If taper will be announced then gold could drop down by over $100 so looking at a trading chart for gold now or even use technical indicators to tell you where gold price will go is pretty much useless until after this event is behind us.

We have been bearish on Gold since the start of this year, but flagged in July that we would likely see a better correction unfold. However, recent strength has been viewed as corrective and part of the ongoing bear trend. The reversal beneath 1360/52 has set a small top for $1288 then more important levels at $1277/70. We allow for a bounce here, but below targets the July $1180 low which we would allow to hold at first. Under here would achieve our long held core bear target at $1157/54 – 61.8% of the 2008/11 rally - where we would Trading Look for a basing effort. Overshoot risk is to topping objectives at $1122 then half the 1999/2011 bull run at $1087. Above $1434 is needed to see the recovery resume for $1463/85.

Trade Idea: Sell at 1350, stop above $1434, for $1180. Also sell beneath $1315.

Analyzing fx options and what options traders are doing I'm also seeing rise in implied volatility which in a market like gold usually means increased fear of a price drop.

I wrote about this on my blog yesterday and in my topic here which proved again to be the edge pros use in their trading - in not just options markets but also spot and futures markets.

Somebody yesterday even halted gold futures market for 20 seconds by trying to short gold with 2,000 gold futures contracts.

Hello every body,

its my first post here, i would like to share something about gold, pls let me know is it correct prediction?

H4 D1 charts

wow by your graphs, now I am over 34 pips started at 1316,73 with LONG. thank you!

Gold is correcting the post FED fall and has backed up through the week’s range highs at 1330. This has triggered a move to the 50% retracement barrier at 1340. We allow for this short-term consolidation to run further, but look for 1348/50 to cap for a turn lower. Refill of gap support at 1331/29 would aim at 1306 and beneath it looks to attern and chart support at 1291/88. 1277/70 remains key and must be removed to open up the year’s low at 1180 low. Above 1348/50 aims at 1358/60 and though here is required to aim at the neckline again at 1375/77. Above here and through 1388/95 is needed for a better recovery to 1417.
Strategy: Short, stop moved down above 1377. Take profit at 1280.

Gold ground higher last week in what appears to be a bearish rising wedge pattern. We look for selling interest to continue to show at the top of end of the pattern at 1344/46 and for the falling trendline and 61.8% retracement hurdle at 1348/50 to ideally cap for a turn lower. Removal of 1321/17 would trigger a test of 1291/88 and beneath here needed for a test of key support at 1277/70. A break here remains key to open up a test of the year’s low at 1180 low. Above 1348/50 aims at 1358/60 and though here required to aim at the neckline again at 1375/79. Above here and through 1388/95 is needed for a better recovery to 1417.

Strategy: Short, stop moved down above 1377, add at 1345. Take profit at 1280.

@Tint: Good trade on XAUUSD

Gold could be in danger if 1255 breaks with a gravitational move to 1200 and below.

Lets see how good my technical spies are.

gold down to 1255-1200????? Perhaps after hitting & kissing 1370-1400 first

buying gold and floating, last time floating for 2 months when it hit low in june. hope won't take that long to go up again.

Gold seems more bearish on Daily and 4-Hourly chart indicating a run towards $1200 with $1220 being intermediate support level.

I think, GLD will bounce off at 1200 or next level at 1180...Wait to see what will happen...

What happen to gold?Is there nothing to make them up???

I expect a bull GLD in next year, and the turning point is very close right now...

Yep, y're right, buddy...


and this one, a screaming BUY! double weekly bottom

Following last week’s FOMC decision to mini-taper QE3 by $10 billion, the markets have calmed down this week. Further, the holiday season in the U.S and Europe has curbed down the volatility in the commodities, forex and stock markets. This low volatility is likely to continue in the coming days until New Year’s. On today’s agenda: Minutes of Bank of Japan’s Monetary Policy Meeting and U.S. Jobless Claims.

On the H4 TF, We were observing a reversal after having a harmonic pattern being formed. Currently the price is floating around conversion area as well as downtrend line. A Bullish push will be seen by having the trend line broken around $1220 area.