GOLD

Roslina

Junior member
24 2
Gold was under strong downward pressure due to the move of US President Joe Biden, who nominated Mr. Jerome Powell to hold the position of chairman of the US Federal Reserve for another term. Lael Brainard, who is said to be another leading candidate for the position, will become the new vice president. President Biden said he believes Powell is the right man to pursue full employment and tackle inflation.

As Powell remains the chair of the Fed, uncertainty has also eased. This also puts gold under a lot of pressure. In addition, Money Markets expect the Fed to raise interest rates by 25 basis points next June (previously scheduled for July) – This also puts pressure on Gold.
 

Roslina

Junior member
24 2
Yesterday after precious metal Gold bounced back and recovered near 1800, fell sharply to 1781, closing the day's session with a bearish candle around 1784. This is the 5th day in a row that Gold can't fall through. passed the support price zone 1775-1785, so in my opinion, Gold will have a recovery span when it returns to this price zone.
Moving to the H4 time frame, we can see that every time Gold reaches this price level, the candle usually reaches the upper support area, withdraws, and bounces back, plus 1 thing is that after the past 2 weeks of decline, today Today is the last trading session of November so there is a possibility that there will be a profit-taking rhythm so there is a possibility that there will be strong movements for Gold in the US session tonight and my point of view is to prioritize the option to buy at the closing level. Safewords are 1800-1805.
 

tomorton

Legendary member
8,434 1,364
I don't trade commodities much - I mostly trade forex and US indices. but occasionally I see powerful trends in one or other which I like to follow periodically.

In this regard I have been spreadbetting BP as a more affordable proxy for Brent Crude.

Is there a similar proxy for gold?
(I have heard in the past that EUR/USD correlates with Gold but from their charts I don't find that idea very convincing.)
Thanks.
 

Roslina

Junior member
24 2
GOLDEN MARKET 01/11

☘️The price of gold in the international market has increased and decreased unpredictably according to the evolution of updated information on the mutation of the Omicron virus.

☘️Investors are insecure because of new information about the Omicron mutation and negative fluctuations in the world financial market.
The CEO of Moderna believes that Omicron reduces the effectiveness of the vaccine. Accordingly, the world will take many months to develop and ship a specific vaccine with the Omicron strain. However, more time is needed to determine exactly how the Omicron variant affects the vaccine's effectiveness.
☘️The USD dropped sharply and world stocks simultaneously dropped, which was the factor that pulled the gold price up.
The new Covid-19 variant was first detected in South Africa and has appeared in more than a dozen countries, prompting many countries to re-enact travel restrictions. The World Health Organization (WHO) classifies Omicron as a variant of concern, on the same level as the Delta variant.

US Federal Reserve Chairman Jerome Powell believes the Omicron variant poses a threat to the Fed's mandate to stabilize prices and maximize employment.

Gold is under pressure from the possibility that the US Federal Reserve (Fed) accelerates the plan to tighten monetary policy to fight inflation.
However, the precious metal commodity is supported by the unpredictable variables of the new virus strain.
Fed Chairman Jerome Powell has just said that the Omicron mutation puts pressure on the US economy and complicates the inflation picture.
 

Roslina

Junior member
24 2
Gold update:

Gold moved narrowly in the Asian session with a slight downtrend. Currently in the short term Gold can be supported slightly higher when the Nonfarm payroll data last Friday was not as expected. Moreover, the Market is still worried about the Omicron virus.

In addition, geopolitical issues in Russia and Ukraine will also support gold prices. Currently, during the day, the support zone around 1780 can be considered for short buying and waiting for selling when it rises to 179x.

Reference strategy:
Buy around current price 1781
Stop-loss 1771
TP 1786 1791
 

Roslina

Junior member
24 2
In yesterday's session after precious metal Gold rose to 1793, the price corrected down to 1779 and rose again to 1786. Closing the day session with a slight bearish candle. However, this downward force was not too strong, closing the daily candle was still at a high level compared to the previous days.
Moving to the H4 time frame, we can see that Gold is currently supported by MA20 around 1782 and in my personal opinion, this uptrend will be maintained in today's session. The safe profit-taking target will be the 1794-1800 price range.
 

Roslina

Junior member
24 2
Maintain a sell signal around 1790 as a strategy and consider buying around 1770. If Gold breaks one of these two price zones, we will wait for a pullback and then follow that trend.
 

DT5

Active member
136 22
Maintain a sell signal around 1790 as a strategy and consider buying around 1770. If Gold breaks one of these two price zones, we will wait for a pullback and then follow that trend.
Sounds like a plan...
 

Roslina

Junior member
24 2
Yesterday's market price trend was dominated by a price pullback after a strong rise on December 15. Also included is a decline from the resistance level of 1815.00 currently between the 61.8 and 50.00 levels on the Fibonacci Retracement.

1790.00 market price opened today after market movement made a pullback from the highest price. Judging from the chart, the decline did not create momentum and stopped at 1790.00 where it was the last support area.

So here is the price of support and resistance that is closest today is at the level:-

R1: 1794.00
R2: 1800.00
R3: 1810.00
------------
S1: 1788.00
S2: 1782.00
S3: 1772.00

Trading is currently encouraged to look at a low timeframe to see the best trading potential to buy or sell. All these trades need to be done using the amount of "initial capital" that is willing to risk.

Finally, to see more active movement it is recommended to wait for trading opportunities in the evening. Have a safe trade.
 
 
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