GOLD, XAU/USD

All updates posted here are NOT real time and have a time-lag up to few hours to days depending on the bandwidth available with us to post here and on twitter. The updates are meant for information only. For the purpose of trading, real time updates are critical and mandatory. 

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Original post to Members -  08th Sep 2020

Posted here - 11th Sep 2020

[Gold December Futures, XAU Update] Gold remains in a correction (retracement) mode within a larger degree bullish set up as long as it operates below the key resistance at 2023-2046 (XAU=2015-2039). 

At a micro-level, Gold has been repeatedly oscillating between the key support at 1902-1916 (XAU=1896-1910) & the key resistance at 1971-1988 (XAU=1965-1982).

As you might have noticed, Gold has been negotiating this resistance region for the last few trading sessions. Any sustained break here shall set up a test of the next key resistance at 1999-2010 (XAU=1992-2003).

Failure to break these resistances shall expose the key support at 1902-1916 (XAU=1896-1910) again.

Original post to Members -  02nd Sep 2020

Posted here - 04th Sep 2020

[Gold December Futures, XAU Update] Gold continues to remain in a correction (retracement) mode within a larger degree bullish set up as long as it operates below the key resistance at 2023-2046 (XAU=2015-2039). 

At a micro-level, Gold has receded exactly from the key resistance at 1999-2010 (XAU=1992-2003) in line with the previous update. It is currently attempting a bounce off the local support at 1956-1960 (XAU=1950-1954). 

That said, unless Gold gathers sufficient traction here to again challenge the immediate key resistance, a retest of the local support remains on the table. A sustained break of this local level shall expose the next key support at 1902-1916 (XAU=1896-1910)

 

 

Original post to Members -  31st Aug 2020

Posted here - 3rd Sep 2020

[Gold December Futures, XAU Update] Gold remains in a correction (retracement) mode within a larger degree bullish set up as long as it operates below the key resistance at 2023-2046 (XAU=2015-2039). 

At a micro-level, Gold has been repeatedly oscillating between the key support at 1902-1916 (XAU=1896-1910) & the key resistance at 1971-1988 (XAU=1965-1982).

As you might have noticed, Gold has been negotiating this resistance region for the last few trading sessions. Any sustained break here shall set up a test of the next key resistance at 1999-2010 (XAU=1992-2003).

Failure to break these resistances shall expose the key support at 1902-1916 (XAU=1896-1910) again.

Original post to Members -  24th Aug 2020

Posted here - 29th Aug 2020

[Gold December Futures, XAU Update] Most of the update from last week applies fully except for a small calibration of a key level

While Gold has attempted a bounce off the nano-level key support at 1902-1916 (XAU=1896-1910) last week, it will need to surpass the key resistances at 1971-1988 followed by 2021-2045 (XAU=2015-2039) to pull itself out of the larger degree correction.

In other words, as long as these key resistances hold, the macro-level key supports listed below remain exposed.

1891-1893 (XAU=1885-1887) 
1861-1867 (XAU=1855-1861) 
1810-1834 (XAU=1804-1828)

Original post to Members -  20th Aug 2020

Posted here - 23rd Aug 2020

[Gold December Futures, XAU Update]

In the previous updates, we had mentioned that Gold is not out of the woods & the larger degree key supports shall remain exposed until it manages to surpass the micro-level key resistance at 2021-2045 (XAU=2015-2039). 

Gold began retracing as soon as it hit this key resistance & is now trading almost $80 lower. 

As long as the above key resistances hold, the key support at 1902-1916 (XAU=1896-1910) remains exposed. A break of this support shall set up a retest of the larger degree key support at 1868-1873 (XAU=1862-1867) followed by 1812-1834 (XAU=1806-1828).

Original post to Members -  18th Aug 2020

Posted here - 23rd Aug 2020

[Gold December Futures, XAU Update] Gold continues to maintain larger degree key supports at 1868-1873 (XAU=1858-1863) followed by 1812-1834 (XAU=1802-1824). 

It has bounced off the first key support last week and is now approaching an important micro-level key resistance at 2021-2045 (XAU=2012-2035.

Surpassing this micro-level resistance shall build a good foundation for the next wave up in Gold. However, inability to break through this region opens up the potential for a correction. The nearest key support is at 1902-1916 (XAU=1892-1906).

 

 

Original post to Members -  12th Aug 2020

Posted here - 16th Aug 2020

[Gold December Futures, XAU Update] Like Silver, Gold has also receded strongly from its larger degree key resistance at 2090 (XAU=2080).

Inability to gain sufficient traction in this bounce shall extend the correction further to the larger degree key support at 1868-1894 (XAU=1858-1884). 

The immediate key resistance continues to remain at 2021-2031 (XAU=2012-2022). Newer micro-level resistances shall form with more price action.

 

 

Original post to Members -  11th Aug 2020

Posted here - 14th Aug 2020

 

[Gold December Futures, XAU Update] Gold is continuing with the technical correction triggered by the larger degree key resistance at 2090 (XAU=2082) and has broken the nearest key support. 

Based on the current micro-level pattern, the next critical key support has been calibrated to 1921-1937 (XAU=1912-1928). Kindly note this change.

The nearest key resistance has formed at 2021-2031 (XAU=2012-2022).

 

 

 

Original post to Members -  5th Aug 2020

Posted here - 8th Aug 2020

[Gold December Futures, XAU Update] At a macro-level, Gold continues to remain in a larger degree bullish set up as articulated in the previous updates. 

At a micro-level, Gold has formed a key support at 1999-2007 (XAU=1984-1992) followed by 1948-1952 (XAU=1933-1937). As long as these hold, Gold can continue on its bullish path towards the next key resistance at 2073-2079 (XAU=2058-2064) followed by 2120-2127 (XAU=2105-2112).

Only a sustained break of the nearest key support will require a re-evaluation of the micro-scenario.

 

Original post to Members -  31st July 2020

Posted here - 31st July 2020

 

[Gold December Futures, XAU Update] 

Last month, in the larger degree updates on Gold (tagged), we had articulated that a sustained break of 1823 shall open the gates to 2000 in Gold. This has played out in line with the previous macro-level analysis.

It is time to review the Gold technical map again, in greater detail, with both larger & smaller degree parameters:

At a macro-level, Gold is now approaching a zone of congestion between 1998-2046 (XAU=1985-2031). This area has multiple resistances and Gold shall have to figure out a way to surpass this zone if it intends to target 2200+ levels in the weeks to come.

Original post to Members -  30th July 2020

Posted here - 31st July 2020

[Gold December Futures, XAU Update] Please note the change in contract from August to December. The symbol for December is GCZ2020. Also note the difference in spreads between Gold December & XAU/USD, which is constantly changing. Please refer to the updated XAU levels below.

Gold has now formed a key resistance at 1998 (XAU=1985). Only a sustained break of this level shall provide continued bullishness towards the next key resistance at 2038-2047 (XAU=2025-2034).

 

Original post to Members -  27th July 2020

Posted here - 28th July 2020

[Gold August Futures, XAU Update] Kindly note the difference in spreads between Gold August & XAU/USD, which is constantly changing. Please refer to the updated XAU levels below.

Firstly, needless to repeat, Gold remains in a bullish set up in both the larger & smaller degree. Trading against the trend should be strictly avoided until there is a meaningful signal of a short term correction or a top

In the previous update (tagged), we had outlined the potential of Gold reaching the mid-1900s. Gold did approach this area earlier today.

At a macro-level, Gold has now formed a key support at 1868-1875 (XAU=1874-1881). As long as this holds, Gold continues to remain in a bullish set up. In other words, only a sustained break below 1868 (XAU=1874) shall be an early sign of a potential larger degree correction or retracement. At a micro-level too, Gold has formed a new layer of key support at 1895-1898 (XAU=1901-1904).

Immediate key resistance which is stalling the progress is at 1942-1946 (XAU=1948-1952), a break of which has the potential to target the next key resistance at 1969-1970 (XAU=1975-1976) followed by 1988-2006 (XAU=1994-2012).

FOMC event in the next 48-72 hours may bring substantial volatility in Gold. Kindly operate with the best trading discipline during this window.

Original post to Members -  23rd July 2020

Posted here - 28th July 2020

[Gold August Futures, XAU Update] Kindly note that both XAU & Gold August Futures are trading at approximately the same levels.

Clearly, like Silver, Gold has decided to over-extend in wave(v) of (1) & the first over-extension shall be the key resistance at 1898-1907. Beyond this, the price action can get extended to mid-1900s. 

The immediate key support continues to remain at 1821-1823.

Gold remains in a bullish set up in both the larger & smaller degree. Trading against the trend should be strictly avoided until there is a meaningful signal of a short term correction or a top

What are over-extensions?     
For technical enthusiasts

In wave terminology, extensions are more common in wave(iii) & (v) where market players who missed the opportunity in the previous bullish wave make a late entry with the hope that there shall be similar price action again. On the other hand, market players who participated actively in the previous big rally are preparing to book at least partial gains. 

This continuous conflict between these two opposing emotions, the early entrants & the late entrants, is what triggers a move towards the extensions before a correction/retracement begins.

Extensions can be difficult to trade as they can see abrupt whipsaws. For example:- Did you notice the move in Silver in the last 24 hours? After its move to 23+, it is now in a conflict between early entrants booking profits & late entrants seeking more bullish price action. That's also the reason for the frequent narrow range whipsaws in Silver after the big move, earlier this week.

Original post to Members -  21st July 2020

Posted here - 28th July 2020

[Gold August Futures, XAU Update] Kindly note that both XAU & Gold August Futures are trading at approximately the same levels.

Clearly, Silver has taken the leadership baton from gold in the precious metals space. This phenomenon occurs 2-3 times every year for a brief period. It is an opportunity for Silver to shine & make a statement about its potential. 

Gold has been under-performing compared to Silver as a result of the steep correction in the Gold-Silver ratio from ~100 to 80. 

From a technical perspective, Gold has been slowly grinding higher & is now approaching a larger degree critical key resistance at 1868-1875. 

One of the macro-level scenarios points to an ideal completion of a wave around this level & the beginning of a correction. That said, metals are famously known for their ability to over-extend and Silver's recent move is a shining example of this phenomenon.

In an event 1875 sees a sustained break due to over-extended moves in Gold, we shall need to elaborate this scenario to the next key resistances in the 1900+ zone.

The immediate key support continues to remain at 1821-1823.

 

 

Original post to Members -  17th July 2020

Posted here - 20th July 2020

[Gold August Futures, XAU Update] Kindly note the difference in spreads between Gold August & XAU/USD, which is constantly changing. Please refer to the updated XAU levels below.

Let's review the technical scenario in Gold in detail:

At a macro-level, Gold continues to remain in a bullish set up as long it is above the critical key support at 1750-1755 (XAU=1749-1754). Only an impulse break below this level shall SIGNAL an upcoming larger degree correction.

At a micro-level, Gold's further advance was stalled by the key resistance at 1829 (XAU=1828). The key support comes in  at 1768-1782 (XAU=1767-1781).

At a nano-level, Gold has formed a local support at 1793-1795 (XAU=1792-1794). It is important for this support to hold if Gold intends to immediately retest the key resistance at 1828-1829 (XAU=1827-1828).

Only a sustained break of this resistance shall make the case for further bullishness targeting the next key resistance at 1840-1853 (XAU=1839-1852) followed by higher levels.

Original post to Members -  12th July 2020

Posted here - 14th July 2020

[Gold August Futures, XAU Update] Kindly note the difference in spreads between Gold August & XAU, which is constantly changing. Please refer to the updated XAU levels below.

At a micro-level, Gold is attempting a bounce off the key support at 1797-1800 (XAU=1792-1795) shared in the previous update (tagged).

A sustained impulse break below the key support at 1797-1800 (XAU=1792-1795) shall be an INITIAL warning of a potential interim top and may target the next key support at 1772-1779 (XAU=1767-1774).

At a macro-level, Gold shall need to provide a sustained break of the key support at 1750-1755 (XAU=1745-1750) to CONFIRM a meaningful top and create a pattern for a deeper & larger degree correction.

The key resistance continues to remain at 1828-1829 (XAU=1823-1824).

Original post to Members -  10th July 2020

Posted here - 13th July 2020

[Gold August Futures, XAU Update] We had mentioned in the previous updates that "time was running out" for Gold and it had to get through the resistance areas in a hurry for continued bullishness. 

Gold did make a very swift upside move in the last 24 hours to target the critical key resistance zone earlier today. In the process, it also marginally breached the resistance boundary before receding from it. 

When larger degree key levels are approached, a marginal breach can sometimes happen because of stop loss runs of technical traders

On account of this breach, we have now slightly calibrated the key resistance to 1828-1829 (XAU=1818-1820). At a nano-level, if Gold is able to break this resistance, it shall target the next key resistance at 1840-1853 (XAU=1830-1843).

Only a sustained impulse break below the key support at 1797-1800 (XAU=1787-1790) shall provide any initial signs of a top and be a harbinger of a larger degree correction in Gold.

Original post to Members -  2nd July 2020

Posted here - 13th July 2020

[Gold August Futures, XAU Update] Time is running out for Gold. If it dosen't find a way to break through the key resistance at 1808 (XAU=1798) and the nearby larger degree critical key resistance at 1820-1823 (XAU=1809-1812), the probabilities shall begin turning towards a drop to the  critical key support zone at 1750-1757 (XAU=1739-1746).

Original post to Members -  29th June 2020

Posted here - 07th July 2020

[Gold August Futures, XAU Update] In line with the previous update, Gold has bounced off the critical key support zone at 1750-1757 (XAU=1739-1746) on Friday and has again stalled near the key resistance at 1796-1800 (1785-1789). 

Only a sustained break of the key resistance at 1796-1800 (1785-1789) followed by a critical key resistance at 1820-1823 (1809-1812), shall open the gates to 2000+ levels in Gold in the weeks to come. 

Important to note that if Gold breaks 1750 (XAU=1739), then it is a harbinger of an upcoming deeper correction

Know your parameters & plan accordingly

 

Original post to Members -  26th June 2020

Posted here - 28th June 2020

[Gold August Futures, XAU Update] In the last few days, we have navigated through every twist & turn in Gold from the support at 1670-1680 to the resistance zone near 1790. It's time to review the big picture again.

On the larger degree, Gold is now at a key inflection point. If it can surpass the two hurdles, one at the key resistance at 1796-1800 (1785-1789) followed by a critical key resistance at 1820-1823 (1809-1812), then it shall open the gates to 2000+ levels in the weeks to come. 

Gold has the license to attempt the resistances as long as it is above the critical key support zone at 1750-1757 (XAU=1739-1746). 

That said, if Gold breaks 1750 (XAU=1739), then it is a harbinger of an upcoming deeper correction.

Original post to Members -  24th June 2020

Posted here - 28th June 2020

[Gold August Futures, XAU Update]  In line with the previous update (tagged), Gold has hit the target at 1791 (XAU=1779) earlier today which seems to have triggered some profit-taking. 

For continued bullishness, any corrective pullback in Gold should hold above the critical key support zone at 1750-1757 (XAU=1738-1745). A sustained break of this critical level shall be a signal of an upcoming deeper correction.

 

 

Original post to Members -  22nd June 2020

Posted here - 28th June 2020

[Gold August Futures, XAU Update] In line with the previous update (tagged), Gold seems to have set its eyes on the next key resistance at 1789-1791 (XAU=1777-1779).

At a nano-level, Gold has now formed a key support at 1747-1749 (XAU=1735-1737). It will need to hold above this level to continue with immediate bullishness in order to challenge the key resistance. Only a break of 1747 (XAU=1735) will need a re-evaluation of the micro-pattern.

Original post to Members - 19th June 2020

Posted here - 28th June 2020

[Gold August Futures, XAU Update] Let's summarize the previous updates in Gold again.

At a macro-level, Gold continues to remain in a bullish set up. We had previously mentioned that it needed to hold the key support at 1707-1710 (1695-1698) for immediate bullishness which it did. In the last pullback, it bounced off exactly from 1707.

At a micro-level, it has now entered the eleventh battle with the zone of congestion at 1740-1760 (1728-1748) & seems slightly better prepared this time around.

Surpassing the zone of congestion shall open the gates to the next key resistance at 1789-1791 (XAU=1777-1779) followed by 1818-1820 (XAU=1806-1808).

Trading Gold & Silver simultaneously is best avoided from a risk point of view since they tend to tag-along in line with the Gold-Silver ratio.

Original post to Members - 17th June 2020

Posted here - 28th June 2020

[Gold August Futures, XAU Update] Gold has made nine attempts so far in the last few days to take out the zone of congestion at 1740-1760. At the same time, it is worth noting that the recent pullbacks have NOT been able to break the key support at 1706-1710 (XAU=1700-1703). 

At a nano-level, a local support zone has also formed at 1716-1718 (XAU=1709-1711). If Gold can hold above this level, another attempt remains on the cards.

A sustained break through the zone of congestion shall expose the next key resistance at 1789 (XAU=1782) followed by 1818-1820 (XAU=1811-1813).

Critical Key levels >> Key levels >> Local levels (in terms of strength)

Original post to Members - 12th June 2020

Posted here - 28th June 2020

[Gold August Futures, XAU Update] As Gold negotiates with the zone of congestion between 1740-1760 (XAU=1730-1750) repeatedly, let us zoom out the larger degree patterns and look at the big picture.

Firstly, Gold continues to remain in a macro-level bullish set up. For IMMEDIATE continued bullishness to play out, Gold needs to do the following:

1] Operate above the critical key support at 1671-1675 & preferably above the newly formed key support at 1707-1710. In a nutshell, any corrective pullback from the zone of congestion should not violate these levels. A sustained break of 1707 would be a signal of another deeper correction in Gold before it is ready to challenge the recent highs.

 

2] Provide a sustained break of the zone of congestion by taking out the key resistance at 1760-1763 (XAU=1750-1753) in an impulse manner. Gold shall then target the next key resistance at 1789 (XAU=1779) followed by 1818-1820 (XAU=1808-1810).

If Gold manages to take out 1820 (XAU=1810), it shall then open the gates to 2000+ levels in the weeks to come.

At a micro-level, the zone of congestion is keeping Gold busy at this point in time.

Know your parameters & plan accordingly

Original post to Members -  10th June 2020

Posted here - 11th June 2020

[Gold August Futures, XAU Update] Gold bounced off exactly from the critical key support at 1671-1675 (XAU=1663-1667) last week (shared in the update) and has already surpassed a couple of local resistances.

 

Gold shall now begin approaching key resistances at 1726-1728 (XAU=1718-1720) followed by 1743 (XAU=1735) & 1761 (XAU=1753). 

Important to note that 1740-1760 has been a zone of congestion since last many weeks. If Gold can successfully get past this zone, it shall greatly enhance the current macro-level bullish wave pattern & push it to new highs in the days to come.

FOMC/Fed event in the next 36 hours has the potential to introduce significant volatility in Gold.

Original post to Members -  9th June 2020

Posted here - 11th June 2020

[Gold August Futures, XAU Update] In line with the previous update (tagged), Gold bounced off the critical key support at 1671-1675 (XAU=1667-1671). 

This bounce will, however, need to surpass the nearest local resistances at 1708 (XAU=1704) & 1719 (XAU=1715) to show some promise & to challenge the next key resistance zone at 1741-1750 (XAU=1737-1746)

Inability to pass at least the local resistances may set up the retest of the critical key support at 1671-1675 (XAU=1667-1671)

Original post to Members -  5th June 2020

Posted here - 11th June 2020

[Gold August Futures, XAU Update] In line with the previous update (tagged), Gold kissed the key resistance at 1728-1732 (XAU=1728-1732), failed to cross it, made a U-turn and is now getting close to the critical key support at 1671-1675 (XAU=1671-1675).

1671-1675 is an important level. A sustained break here shall open the gates to a couple of bearish scenarios. We shall evaluate & elaborate them in case this support area fails to trigger a meaningful bounce.

Original post to Members -  1st June 2020

Posted here - 11th June 2020

[Gold August Futures, XAU Update] Kindly note the change in contract from June to August

At a macro-level, Gold has formed critical key support at 1668 (XAU=1658) followed by 1694-1701 (XAU=1684-1691), both of which are important levels to maintain the integrity of the larger degree bullish set up.

At a micro-level, Gold has formed a key support at 1734-1736 (XAU=1724-1726). If Gold can hold all pull backs above this support, then it has the potential to target the key resistance at 1764-1766 (XAU=1754-1756) followed by 1781-1789 (XAU=1771-1779).

Any sustained break of 1734 (XAU=1724) shall require re-evaluation of the micro-count.

Original post to Members -  26th May 2020

Posted here - 30th May 2020

[Gold June Futures, XAU Update] Kindly note the difference in spreads between Gold June & XAU, which is constantly changing. Please refer to the updated XAU levels below.

Gold has hit the key support at 1684-1686 (XAU=1693-1695) mentioned in the previous update (tagged) and is currently attempting a bounce off it. For Gold to reverse the current micro-bearish trend & head higher, it will need to clear two immediate hurdles, the first one is the key resistance at 1703-1707 (XAU=1712-1716) followed by another at 1719 (XAU=1728). 

As long as Gold remains below these two hurdles, the key support remains exposed, a break of which shall set up the test of the next key support at 1657 (XAU=1666).

Original post to Members -  23rd May 2020

Posted here - 30th May 2020

[Gold June Futures, XAU Update] Gold has so far failed to surpass the key resistance at 1758-1760 (XAU=1755-1757). The critical key resistance continues to remain at 1776 (XAU=1775). 

Gold did attempt to test the key support (slightly calibrated) at 1728-1730 (XAU=1727-1729) earlier today & has bounced off it. It seems to be getting close to testing it again. 

A sustained break of this level shall target the next key support at 1712 (XAU=1711) followed by 1695-1698 (XAU=1694-1697).

Original post to Members -  20th May 2020

Posted here - 30th May 2020

[Gold June Futures, XAU Update]  At a macro-level, Gold continues to remain in a bullish set up as long as it is trading above the key support at 1676 (XAU=1673) and 1698 (XAU=1695).

At a micro-level, Gold needs to hold above the key support at 1724-1726 (XAU=1721-1723) if it intends to have a go at the key resistance at 1797 (XAU=1794) followed by 1810-1813 (XAU=1807-1810) immediately.

A sustained break of 1724 (XAU=1721) shall open the gates to the lower key supports at 1698 (XAU=1695) & 1676 (XAU=1673).

Original post to Members -  14th May 2020

Posted here - 30th May 2020

[Gold June Futures, XAU Update] Gold is operating in a complex triangular pattern whipsawing in a narrow range between the key support & resistance for the last several days.

It has now formed a new layer of key resistance at 1728-1736 [XAU=1722-1730]. The price action is starting to approach it. In an event Gold manages to provide a sustained break of this level, it shall set up the test of the next key resistance at 1765 [XAU=1759].

The key support continues to remain at 1676 [XAU=1670].

Original post to Members -  11th May 2020

Posted here - 30th May 2020

[Gold June Futures, XAU Update] Gold has been mostly whipsawing in a narrow range for the last many days. A new layer of key resistance has formed at 1736 [XAU=1733] below 1764  [XAU=1761]. 

As long as these hold, another go at the key support at 1658-1665 [XAU=1655-1662] cannot be ruled out.

Gold needs to provide a sustained break above at least 1736 to open up short term bullish scenarios.

Original post -  13th March 2020

Posted here - 15th March 2020

 

[Gold April Futures, XAU Update] Gold has moved exactly in line with the previous update [tagged]. Inability to provide a sustained break above 1595 zone has resulted in the anticipated major reversal. This was classic wave(iii) in action. It is the strongest, longest and the smoothest wave which offers the best risk/reward in super-quick time. 

 

Gold has now reached the target critical key support at 1506 & bounced exactly off it.

 

In an event, this sees a sustained break, the next critical key support is at 1482-1497.

 

We will need a clear preliminary wave pattern to confirm whether this is a corrective bounce that will challenge the critical support levels again OR the formation of the next wave up.

 

It is best not to trade every wave and every penny that market can offer. It never works and will only result in over trading & revenge trading. It is also not prudent to go bottom fishing at these levels. The next micro & macro patterns shall clearly emerge with some more price action and we shall share the same in the next update.

Original post -  12th March 2020

Posted here - 15th March 2020

[Gold April Futures, XAU Update] Gold has seen a massive sell off in the last few hours as a result of investors liquidating gold positions to either move to cash or to use the capital from liquidation to survive margin calls in other assets. 

 

This is a rare phenomenon but occurs when fear & panic grips the market. Such a phenomenon nullifies the 'safe haven' theory for a short duration.

Back to the Technicals

 

Zooming out, on the larger macro-pattern, Gold has now formed a *critical key resistance at 1630.* As long as this holds, Gold remains in a down trend.

 

On the micro-pattern, Gold has formed a key resistance zone at 1584-1595. As long as this holds, Gold has the potential to target the key support at 1545. A sustained break of 1545 can expose the next critical key support at 1506.

 

Please avoid trading Gold aggressively & without stop losses as any steps announced by the US Fed/US government to stabilize the market can overturn the scenario on Gold in a matter of few hours. FOMC meeting next week shall be a volatile event too.

 

Also, do not take positions against the direction of the trend. Operate only near key levels with small positions & stop loss

Original post -  12th March 2020

Posted here - 15th March 2020

[Gold April Futures, XAU Update]  Please note that both Gold April futures and XAU are trading around the same price  

 

Gold has now formed a key resistance at 1672. As long as this holds, Gold has the potential to target the key support zone at 1608-1613.

 

Volatility shall continue to remain extremely high across the board. Kindly operate with small positions & SLs.

Original post -  4th March 2020

Posted here - 15th March 2020

[Gold April Futures Update] Gold witnessed a knee jerk reaction yesterday to the surprise 50 bps cut by the US Fed. 

 

The updated technicals are as follows. Please note the macro-pattern pivot support and resistance levels.

 

Gold has a critical key support zone at 1607-1615 [XAU=1606-1614]. This is a pivot support level. A sustained break of this level has the potential to retest the next critical support at 1564 [XAU=1563].

 

Gold has a critical key resistance zone at 1661-1663 [XAU=1660-1662]. This is a pivot resistance level. A sustained break of this level has the potential to retest the next critical resistance at 1692 [XAU=1691].

Please operate strictly near key levels with small positions and tight SLs.

Original post -  24th Feb 2020

Posted here - 15th March 2020

[Gold April Futures Update]  In the previous updates, we had mentioned that Gold and Silver shall take a *few market sessions to transition* from larger wave patterns to tradable micro-patterns. Today's move has facilitated this transition.

 

In our earlier update today, we had mentioned that a sustained break of the pivot level at 1613 [XAU=1611] would push Gold lower to the 1560-1570 zone which is what played out a few hours ago. Gold got very close to the upper range of this zone.

 

The micro-pattern is below:

1625 [XAU=1623] is now a key resistance. As long as this holds, Gold shall target the key support zone at 1567-1561 [XAU=1565-1559] followed by 1547-1551 [XAU=1545-1549].

Original post - 08 Jan 2020

Posted here - 10th Jan 2020

[Gold February Futures, XAU Update] Major fundamental events have a tendency to super-accelerate technical moves. It is like watching a movie in fast forward mode. That's exactly what has played out in many instruments today.

In our previous updates, we had shared that 1616 [XAU=1614] is a CRITICAL key resistance. We had also mentioned that inability to take out this critical level shall result in a correction in Gold. That's EXACTLY what is playing out.

In the midst of all the fundamental turbulence earlier today, Gold kissed the CRITICAL resistance zone and has reversed exactly from it. 

The bottom line is that until 1616 holds, Gold remains in a correction mode.

1590 [XAU=1588] is now a new key resistance below the CRITICAL key resistance at 1616 [XAU=1614]. As long as these hold, Gold has the potential to correct to 1550 region. This scenario is void above 1616 [XAU=1614]. 

Important to note that any new development from US-Iran or Trump statement later today has the potential to disrupt this scenario. Best to operate only near key technical levels with small positions & tight SLs.