Gold Heading For 1276.61

[Caseynotes]

The plummet continues, gold currently at 1286.94 and heading for the weekly support level 1276.61.

Daily and Hourly chart;

[Caseynotes]

yeh @TrendFollower,  that's the most obvious support level on the chart and so that's where buyers can be expected to band together and try to rally. Though the news re; trade talks continues to be good though guarded I think the big news last week was the 2.6% US GDP beating the forecast 2.2%. Match that with US PMIs consistently in the 55s-60s shows the US economy is stronger than thought.

[Caseynotes]

This was supposed to be just a throwaway thread but Gold just got a big boost from the very poor China exports data.

H4 chart;

  

[Caseynotes]

Actually @TrendFollower I'd forgotten you had already mentioned this move in another thread earlier this morning.

[Caseynotes]

Didn't think I would be using this thread more than once or twice but, gold has the prior low of 1280.6 in it's sights.

[phillo]

1276.5   target seems to make sense

[Caseynotes]

Agreed @elle, with trade talks in Beijing today and reports yesterday they were down to line by line fine tuning Gold needs to find solid support.

[Caseynotes]

Gold bears continuing their attack today on this strong support level having been beaten off yesterday. This 1280 looks to be in serious trouble.

As the article below points out, the fact that retail are scrambling to take on longs is probably the kiss of death for gold.

https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/top_fx_headlines/2019/04/15/Gold-Prices-Approach-April-Low-Hold-at-Symmetrial-Triangle-Support.html

[phillo]

[phillo]

target reached  

[Caseynotes]

9 minutes ago, elle said:

target reached  

yeah, just saw that, a determined push as well.

[phillo]

13 minutes ago, elle said:

target reached  

you may notice the "fib" I have on that chart   - sub 1270 target now

[Caseynotes]

The big push through may well have been more of a big pull through as the 76.9% retail net longs had their stops taken out. (From the article linked above in this mornings post)

"Spot Gold: Retail trader data shows 76.9% of traders are net-long with the ratio of traders long to short at 3.33 to 1. The number of traders net-long is 4.3% higher than yesterday and 9.0% higher from last week, while the number of traders net-short is 0.4% higher than yesterday and 4.5% higher from last week."

[Caseynotes]

Gold looking to test 1280 from the under side, if 1280 becomes resistance gold will have no choice but to look lower for support.

[phillo]

On ‎16‎/‎04‎/‎2019 at 14:30, elle said:

you may notice the "fib" I have on that chart   - sub 1270 target now

done

[Caseynotes]

Not much standing in the way of 1250 now;

[Caseynotes]

Gold move down related to today's dollar move up, DXY looking looking to break up out of 6 month consolidation, watch out dollar fx pairs.

Daily DXY chart;

 

[WallStFoxy]

3 hours ago, elle said:

done

Nice one elle

[WallStFoxy]

Gold has bounced back above $1271. Are the Bulls buying a bargain?

[phillo]

thank you @FOXY

[Caseynotes]

Gold ready for another leg down? 1 hour;

[Caseynotes]

Gold made a strong attempt to get back above 1280 but beaten back, interesting given the current strength of the USD and Oil.

 

[Caseynotes]

Gold slides back up through 1280.65 to 1286.30. A close above 1280 could lead to further gains next week.

Interesting 1:00 pm hourly candle where the US GDP beat sent price straight down to 1273 but was then bought back up again just as quick.

[phillo]

generally an upward trend 

[Caseynotes]

1 hour ago, elle said:

generally an upward trend 

Interesting point, always going to be very subjective as the description will always depend on what you are using to view the object with and how you are going to interpret what you are seeing. For instance the chart below is using a triangular moving average with atr bands and though looks similar to your BBands shows a very different picture, neither is right or wrong, just different. You pays your money and takes your choice, price is not obliged in any way to respect either of them.

To go a step further, having such a large selection of tools available and personal choice as to which to use at any particular time one of the most important but difficult lessons to learn is being able to discern when to completely ignore what any of them might be telling us. 

 

[Caseynotes]

Gold drops back to 1280.

[dmedin]

Reuters article claims gold will be heading to 1322 this year and 1369 next.

https://uk.reuters.com/article/uk-metals-precious-gold-poll/gold-poised-for-gains-as-global-markets-brace-for-turmoil-reuters-poll-idUKKCN1S80UV

Why?

Does anyone actually think that if the international economic system collapses, they will be able to visit the gold vaults and cash in their bits of paper for real gold?  Not a chance.

[Caseynotes]

Worth updating the daily chart and gold retested 1266 yesterday and got a bounce but the hourly inset doesn't look so convincing.

[phillo]

On ‎27‎/‎04‎/‎2019 at 16:08, elle said:

generally an upward trend 

hanging on to that channel ( just! )

[Caseynotes]

Got a good bounce off the NFP mixed data batch while USD took a dive;