XAU/USD & XAG/USD - Gold & Silver Traders Thread

According to the picture, to what extent do you think gold will rise and to what extent do we have a fall?

XAUUSD price action on the daily time frame assumed a bearish disposition after a bullish retest of the 1808.250/1770.870 weekly supply zone (purple). However, as the recent bearish prints are insignificant in size and ‘wicky’ at both ends, we may still see some northward market engineering before a southward rotation. But any bullish missteps may incentivize bears to push further southward.

I may be wrong. Trade safe and prosper.

KP

XAUUSD price action on the daily time frame made a bullish push to retest the 1805.430/1767.740 horizontal resistance zone (purple) but a bearish challenge pushed price action about 280 pips below the zone. Presently, price action is sideways after another bullish move. However, technical pattern and recent order flow favour further bullish move, perhaps, before any significant bearish turnaround.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

XAUUSD price action on the daily time frame made a bullish retest of the 1748.110/1796.620 horizontal resistance zone (purple) seen on the monthly time frame but met some bearish challenge. Although the technical impulse is still in favour of bulls, we cannot rule out another bearish challenge before further northward drive.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

XAUUSD price action on the daily time frame is in a bullish mode as it tackles the 1780.30/1834.43 horizontal resistance zone (purple) seen on the weekly time frame. Presently, there is weakness in bullish momentum, and we may have to await how price action handles the zone at Monday’s close.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

#GOLD / H4

XAUUSD price action on the daily time frame has turned sideways after a bullish drive that failed to break into the 1824.950/1873.590 horizontal resistance zone (purple} seen on the weekly time frame. The preceding technical impulse is bullish, and we may still see further northward market engineering before a southward rotation.

I may be wrong. Trade safe and prosper.

KP

XAUUSD price action on the daily time frame turned sideways as the bullish drive towards the 1824.95/1873.59 horizontal resistance zone (purple), seen on the weekly time frame, loses impetus. Presently, the market lacks directional momentum. What price action does by Tuesday close may be a pointer.

I may be wrong. Trade safe and prosper.

KP

In advance happy new year to all the traders.
Well, this wedge pattern has absorbed a great deal of orders and the price is ready to fall sharply regarding the absence of orders on its way in my view. But what I have no idea about is the resistances which lie on its way. Currently the price is on 1822 resistance but also 1833 is not out of range, I'd be happy guys if you share your idea about this issue. Will the price touch 1833? and if yes what is the next level to be touched?

Here is what I see on daily chart basis presently - higher lows look like trend might continue higher for some time:-


And Happy New Year to you as well.

Thank you SunTrader, I agree with you due to the bearish candles of USDX in daily and weekly.

XAUUSD price action on the daily time is making a grinding bullish corrective move towards a confluence of resistance zones. Presently it is at the lower boundary of a monthly horizontal resistance zone, and the technical pattern supports the possibility of further northward move. Such a move may retest the 1876.850/1848.450 daily supply area (red), which is confluence with the prevailing weekly supply. Nevertheless, we should not rule out bearish challenge as there are still some minor barriers to northward progression.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Might have to reconsider bullish outlook:

(The Chart Report)

Today’s Chart of the Day was shared by Ian Culley (@IanCulley). The US Dollar kicked off the new year with its best day in nearly three months today, rising +1.15%. As you probably know, Dollar strength was one of the biggest headwinds for stocks and risk assets last year. After correcting almost 10% from its September peak, Ian points out that it's finding support at the 2016/2020 highs around $103. Seasonality also points to a stronger Dollar in the near term, with January being the best month for $DXY on average over the past four decades. After a three-month correction, this would be a logical place for the Dollar to rebound.

https://twitter.com/IanCulley/status...97444369715200

#PLATINUM / Daily

Well 10yr yield keeps dropping so $DXY strength yesterday likely might have been a one day thing. Which inversely Gold benefitted from so far today.

I can see on the left side that there are breaks in the region 1627, but so there are break in different level too. I could not see why you put so much value at 1627 that you have confidence to trade even 5lots at this point. Why 1627 and not 1627.55 or 1627.17? I would like to hear you opinion on this or could you explain a little bit more what gives you so much confidence, here and more than other break level

XAUUSD price action on the daily time frame is bullish but it is presently tackling the 1848.450/1876.850 horizontal resistance zone (purple). Technicals still favour bulls.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)