Gold

Most higher timeframe candles have wicks on both ends of the bodies, not all but the vast majority do. Given that the this new 1 hour candle went down immediately on open suggests that in all likelihood, we are seeing the bottom wick forming.

Of course, it may be one of those candles that doesn't have a top wick.

good morning, hope you all have a good weekend. I would like to share my view on gold and it longer than day trade, it based on fundamental things. hope it help

look at the big picture, i see a sideway because of the fed high rate interest (2016-2019) , and now the hike phase is coming to an end

take a closer look after the last hike ( in the middle box ) there is a phase that the price reach and pullback down 12xx and made no lower lows before the rocket come in


and now, look at the chart we also have a big sideway when the rate is high, and now we also have a big sideway at the high rate phase too, and i expect a phase that look like the phase in that box and i think i will jump in right there after the fomc meeting in the september confirm the last hike and we might reach 2200 in a few months

and here my prediction

Make a similar prediction last week

https://www.forexfactory.com/thread/...0#post14509940

This constant creep

can anyone tell me what the PIVOT line for gold is as per todays PA. Is it 1964 or 1953 ?

I have it @1962.54\96

I have it @1963

https://www.investing.com/currencies/xau-usd-technical

1962.7

Date 01-08-2023 XAUUSD

This is more than just a little frustrating.

I don't know how many of you know about the 'Fix'? I was asking ChatGPT about it yesterday:

Mr F
Are you aware of the Tokyo Fix?

ChatGPT

Yes, I'm aware of the term "Tokyo Fix," which is commonly used in the context of financial markets and commodities trading.
The Tokyo Fix refers to the process of determining the benchmark price for certain commodities, particularly gold and silver, in the Asian markets. This fixing process takes place in Tokyo and involves major financial institutions setting the reference price for these precious metals. It's similar to other fixing procedures like the London Fix, which sets the benchmark for gold, silver, platinum, and palladium in the London market.
The Tokyo Fix typically occurs once a day, and it plays a significant role in establishing reference prices for these commodities, which, in turn, can impact pricing decisions and trading activities globally. As with any fixing process, there have been concerns about potential manipulation or inaccuracies in the past, leading to increased scrutiny and regulatory oversight in recent years.
Please note that my knowledge is up to September 2021, and there might have been updates or changes related to the Tokyo Fix beyond that date.


Mr F
I've just watched a video about it and the presenter says that the Tokyo Fix occurs at 00:55. Unfortunately, he doesn't provide a timezone but he does speak with an Australian accent. What time does it occur in UK time?

ChatGPT

To determine the Tokyo Fix time in UK time, we need to consider the time difference between Tokyo and the UK. Tokyo is typically 9 hours ahead of the UK during the winter months and 8 hours ahead during the summer months when daylight saving time is in effect in the UK.
If the Tokyo Fix occurs at 00:55 in Tokyo time, we can convert it to UK time as follows:

1. During the winter months (when there is no daylight saving time in the UK): Tokyo time (UTC+9) - 9 hours = UK time (UTC+0)
   00:55 - 9 hours = 15:55 (3:55 PM) UK time.
2. During the summer months (when there is daylight saving time in the UK): Tokyo time (UTC+9) - 8 hours = UK time (UTC+1)
   00:55 - 8 hours = 16:55 (4:55 PM) UK time.

So, depending on the time of year, the Tokyo Fix would occur at either 3:55 PM (winter) or 4:55 PM (summer) in UK time.


Mr F
Oh sorry he says in the video despription that it occurs as 12:55am UTC. Can you talk aout the London Fix please?

ChatGPT

No problem! If the Tokyo Fix occurs at 12:55 AM UTC, then we can determine the corresponding time in the UK as follows:
London is typically on UTC time during the winter months and UTC+1 during the summer months when daylight saving time is in effect.
If the Tokyo Fix occurs at 12:55 AM UTC, we can convert it to UK time as follows:

1. During the winter months (when there is no daylight saving time in the UK): 12:55 AM UTC = 12:55 AM UK time (UTC+0).
2. During the summer months (when there is daylight saving time in the UK): 12:55 AM UTC = 1:55 AM UK time (UTC+1).

So, depending on the time of year, the Tokyo Fix would occur at either 12:55 AM (winter) or 1:55 AM (summer) in UK time.
Regarding the London Fix:
The London Fix, also known as the LBMA Gold Fix or simply the Fix, is the process of determining the benchmark prices for gold, silver, platinum, and palladium in the London market. It's an important daily event that takes place twice a day – once in the morning and once in the afternoon.
The London Gold Fixing process involves five member banks of the London Bullion Market Association (LBMA) coming together to set the price for gold through a conference call. They consider supply and demand factors as well as geopolitical and economic indicators to establish a benchmark price. The first fixing takes place at 10:30 AM London time, and the second fixing occurs at 3:00 PM London time.
The London Fix provides a reference point for traders, investors, and central banks worldwide and is used as a pricing benchmark for various financial products and contracts related to precious metals. It has been a longstanding and significant part of the global precious metals market, providing transparency and stability to the industry.


Mr F
Are those 10:30 and 15:00 GMt or BST? On my charts, there appears to be a dip in price at about 09:30 UTC+1 which then rallies for the rest of the day

ChatGPT

The London Fix times I mentioned, 10:30 AM and 3:00 PM, are typically in GMT (Greenwich Mean Time) when there is no daylight saving time in effect in London. During the summer months, when daylight saving time is observed, the times would be in BST (British Summer Time), which is GMT+1.
To clarify:

1. During the winter months (when there is no daylight saving time in the UK):
   1. Morning Fix: 10:30 AM GMT
   2. Afternoon Fix: 3:00 PM GMT

   
   

2. During the summer months (when daylight saving time is in effect in the UK):
   1. Morning Fix: 10:30 AM BST (GMT+1)
   2. Afternoon Fix: 3:00 PM BST (GMT+1)

   
   

Please note that the London Fix times can sometimes vary slightly due to factors such as market conditions or holidays. As a result, you might observe price movements around those times as traders and investors react to the Fixing process or other market events.


Mr F
Thank you

ChatGPT

You're welcome! If you have any more questions or need further assistance, feel free to ask. Happy to help!


Mr F
What characterics of the market tend occur during London Fix?

ChatGPT

During the London Fix, which takes place at 10:30 AM and 3:00 PM GMT (or 11:30 AM and 4:00 PM BST during daylight saving time), certain characteristics and market behaviors tend to occur. These characteristics are influenced by the Fixing process itself, as well as various factors that traders and investors take into account during this important event. Some common characteristics include:

1. Increased Trading Activity: There is usually a surge in trading activity during the Fix, as market participants aim to position themselves ahead of or during the price-setting process. This increased activity can lead to higher volatility and larger price swings.
2. Price Reversals: It's not uncommon to witness price reversals or fluctuations during the Fix, especially when there are significant imbalances in buy and sell orders. Traders often try to push the price in their favor during this period, which can cause temporary spikes or drops in prices.
3. Liquidity Concerns: The Fixing process involves the participation of a few major banks, and liquidity can be thinner compared to other times of the day. This limited liquidity may exacerbate price movements and create challenges for traders executing larger orders.
4. Market Impact: The Fix is considered a significant event in the precious metals market, and its outcome can have broader implications for commodity prices, financial products, and contracts related to precious metals.
5. Arbitrage Opportunities: Traders may seek arbitrage opportunities between different markets or exchanges during the Fix, trying to exploit any price discrepancies that arise during the process.
6. Speculative Trading: Given the higher volatility and price movements, speculative traders might be more active during the Fix, attempting to profit from short-term price fluctuations.
7. Price Manipulation Concerns: In the past, there have been allegations of market manipulation during the Fixing process, leading to increased regulatory scrutiny and measures to ensure transparency and fairness.

It's important to note that while these characteristics have been observed during the London Fix, they may not occur during every Fixing session, and market conditions can vary significantly from one day to another. Traders and investors should exercise caution and consider risk management strategies when participating in markets during such events.

Closed my sell position. I'll wait for the data now and then enter accordingly.

Today pivot is at 1953. Yesterday was at 1950

Above 1953 , look for buys. Below, sells....

I maybe wrong. But when it comes to pivot, i know its 1953 today

Whoever said that Gold was volatile, fast and exciting was lying their arse off.

There have been 8 consecutive bearish 2 hour candles. We are due a bullish candle.

we here such comments when people are in the money .
keep it up