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Gold 2024 Commodity BOOM! (ECM) 🚀


CGETrading

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  • 3 weeks later...
  • 4 weeks later...

Bureau of Labor Statistics (BLS) once again released FALSE numbers (on NFP), to no surprise, as the US government constantly lies about everything.

You can read more about the BLS false reports here:
https://www.armstrongeconomics.com/armstrongeconomics101/economics/bureau-of-labor-statistics-fabricated-one-third-of-newly-created-jobs-in-2023/

Regardless of the NFP/BLS BS reports, gold has droped to major support, which currently lies at 2029: highlighted by the lowest MIDAS Curve in the picture. This is the level price need to break before going any lower. This is also a good buying opportunity!
image.thumb.png.47791eb2f93309ed984b53026d4e1670.png

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4 hours ago, CGE_Trading said:

Today is NFP

Thanks for sharing @CGE_Trading

US Dollar Jumps After NFPs Smash Estimates, Gold Slumps
Feb 2, 2024 3:56 PM +02:00 | Nick Cawley, Senior Strategist

The latest US NFP release showed the US jobs market in rude health with 353k new jobs created in January compared to forecasts of 180k. Last month’s headline figure was also revised higher to 333k from 216k. The closely watched unemployment rate remained steady at 3.7%.

image.png

The US dollar was on the backfoot going into the Jobs Report as recent demand for US Treasuries sent their yields tumbling. Renewed US regional banking fears – shares in New York Community Bancorp slumped by around 40% on Wednesday – drove haven demand, leaving the greenback vulnerable to the downside.

NEW YORK COMMUNITY BANCORP DAILY PRICE

image2.png

The US dollar index jumped around 50 ticks after the release hit the screens, reversing all of today’s earlier losses. The greenback remains rangebound, for now, but may soon test the 103.83/85 double highs seen over the last couple of weeks. US rate cut expectations pared post-release with less than a 20% chance now seen of a cut in March – from 35% before the release – while May expectations are now 77% compared to a high 80s earlier.

US DOLLAR INDEX DAILY CHART

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Gold’s recent grind higher was quickly reversed after the 13:30 release. Gold tagged $2,065/oz. yesterday, before paring gains. Gold currently trades at $2,033/oz. and is sitting on a prior level of horizontal support and both the 20- and 5-day simple moving averages. A break below here bring $2,009/oz. back into play.

GOLD DAILY PRICE CHART

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What is your view on Gold – bullish or bearish?

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  • 1 month later...

We are approaching a possible temporary high tomorrow 03/12.

The trade cycle composite is highlighting 03/12 for an ideal high, and only 11% fuel remains in the uptrend.

Lets see if these two align! :) 
 

GOLD H4 Chart.png

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On 11/03/2024 at 11:26, CGETrading said:

We are approaching a possible temporary high tomorrow 03/12.

The trade cycle composite is highlighting 03/12 for an ideal high, and only 11% fuel remains in the uptrend.

Lets see if these two align! :) 
 

GOLD H4 Chart.png

Potential drop in 7 min...

image.thumb.png.42424de657e462510714dc1536529597.png

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Posted (edited)
On 11/03/2024 at 11:26, CGETrading said:

We are approaching a possible temporary high tomorrow 03/12.

The trade cycle composite is highlighting 03/12 for an ideal high, and only 11% fuel remains in the uptrend.

Lets see if these two align! :) 
 


GOLD H4 Chart.png

Easy money! :D MIDAS Top-Finder accurately predicted the high.

BTW, all my tools will be available for purchase (only $30) on MQL5.com next month!

XAUUSDH4.png

Edited by CGETrading
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  • 4 weeks later...

Examining the monthly timeframe of gold, I observe that the price is nearing cyclical resistance. Currently, the price is also positioned above the breakline, and a close above this level by the end of the month will likely challenge the resistance level in the following month. 🚀

XAUUSD M Update.png

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