Gold Back above $1335

Gold jumped above $1335 today following the weakened US dollar amid growing woes on possible US government shutdown. During last three sessions the XAU/USD was trading lower but the downside movement was limited by the support line at $1325. Bulls quited this correction area to resume the up-move towards the 4-month high, that was marked at the beginning of the week. But to get back there, first should conquer the resistance at $1344, then the doors are opened for the $1350 area. On the flip side $1333-32 region supports the immediate downside (flat 20da- SMA), which if broken might drag the XAU/USD pair back around $1325. In the short term this scenario is not favored given the indicators on the four hour time frame supporting the uptrend.

Gold on risk-on mode

The precious metal erased last week’s gains against the greenback losing 1% or more than $12 for the day. XAU/USD is currently trading around $1272.70, having marked daily low at $1267 (38.2% Fibonacci retarcement of latest $1251to $1292 upleg).

The US upbeat data today supported the greenback and the US Dollar Index is seen so higher, even reaching two weeks high at 94.01. So the safe heaven demand was set on risk-on mode. Technically speaking the four-hour time frame is showing bearish signs.
The price is moving well below its 20-day SMA, while the 100-day SMA is diving a good support coinciding with the 61.8% of same Fibonacci retarcement at $1267. 
RSI and stochastic had retreated from the oversold areas but yet are far below their mid-lines. And this comes to tell that bears might enjoy their  time until breaking the Fibo 38.2% at $1276 that would bring back bulls in the game. 

The Glowing Dawn Went Down

In the middle of April Gold run above the $1295 level due to the fact that the post-March rate hike rally extended further. But since then the price started to move to downwards along with the upcoming FOMC rate decision on Wednesday. The relevance of Fed’s rate hike is quite meaningful, considering that during the the past six months we witnessed the two rate hikes which fuelled markets and set the bullish tone in the wake of the policy’s tightening.

Today XAU/USD came under huge selling pressure and fell to lowest level since mid-April at $1254 and the current market price is $1255. 

The four-hour time frame is showing that price has moved below the 38.2% Fibonacci retracement of latest March to April upleg at $1257, which was acting as a strong support line. Technical indicators are located within extreme overbought territory. RSI has lost directional strength, while stochastic is displaying strong bearish momentum. 

Major resistance is seen at $1271 (23.6% of above mentioned Fibonacci retracement), which is a very important level to consider, as being former support and April 26th’s  high. A decisive break below $1249 would drag Gold price towards  $1239 (March 5th’s low).  

Gold: Flirting with 200-day SMA

Gold was caught in a tight range during the last four weeks and tried to make decisive move.The final push occurred in the last day of March, when XAU/USD rised to $1250.57, slightly above the important 200-day SMA. Bulls couldn’t find enough strength to hold this level and the price retreated to close the week at $1248.45.

On the daily chart the 20-day SMA is starting to turn north and the technical indicators are showing overbought conditions. RSI is currently being at 58 and is displaying bullish momentum. Stochastic is still within extreme area, although has retreated to 80.A sustained weakness is seen below $1240 level, where gold is provoked to accelerate its slide towards $1235 - $1225 area. Looking to the upside, if the hesitation around the weekly close at $1248-49 zone could get flighted, next bulls target is seen at $1255. Above this point, XAU/USD is likely to aim back towards and clear the very important 200-day SMA handle at $1261.

Gold finds support at 23.6% Fibonacci retracement

The US dollar is seen generally stronger amid the rising expectations for the upcoming rates hike and the bulls are retreating from the buck-denominated precious metals. Today Gold prices marked a fresh new low at $1215 and bullishness is fading away in the short term.

Currently Gold is finding support at $1214 (23.6% Fibonacci retracement of latest November to February up leg). The four-hour time frame is showing bearish 20-day SMA, while the 100-day SMA has lost direction and is acting as a resistance at $1238. RSI and stochastic are heading south and are displaying extreme oversold conditions. Thus situated according to the technical readings, it appears likely that the precious metal is poised to extend the downward slope towards $1210 level and even may drop to test the key support at $1200. 

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Dawn Light Shines Bright

The Trump factor mirrored in Gold weakness and during the last six weeks we witnessed strong bearishness. Prices were driven lower with around $200. Market conditions were within extreme oversold area.

Now the setup has changed into bullish mode in the short-term. Since late December 2016 Gold is moving up and formed bullish channel as shown on the hourly chart and prices are seen higher with around $50. Today a fresh new daily high was marked at $1185. Well, the surge of the price is due to the continuation of the of the latest bullish trend, but is also supported by the US dollar’s current weakness. And this is an important point that should be considered. The greenback is now exposed to large sell-off and Gold is not moving up without motivation.

Technical indicators are recovering from overbought territory, but still are located at north area. Both RSI and Stochastic are slightly turning to south on the hourly chart, but if we look at the H4 they are still confirming the bullish trend.

Support now is seen at 23.6% Fibonacci retracement at $1173 (latest decline from Presidential elections high at $1336 to December 15th low at $1122). Strong resistance is located at $1188 (December 2nd high). Should the price cross to above this level, then bullishness in longer term could be possible.

Silver: The Force Awakens

Since the beginning of July Silver prices are sliding downwards within a bearish channel. It is seen on the daily chart that Silver is quite avoiding to get close with the down side of the channel and during the last week is behaving rather bullish.

Meanwhile the 20-day, 50-day and 100-day EMAs are indicating sure bearish bias. But RSI is slowly turning from bearish to bullish mode and now is placed around the mid-lines. Stochastic surged from extreme oversold conditions and is aiming north now. Both indicators support the silver bulls and are fuelling up the rally.

The strong support at 17,00 (June and October lows) has turned into resistance, which since yesterday is conquered by the bulls. Observing the short-term bullishness is clearly seen and Silver most probably will test the top of the channel.

The combination of the indications of the technicals is significant and worth attention. The force awakens and bulls are heading towards 17.20. Whether will continue to the upside of the channel is quite early to say. One thing is sure – strong fundamentals are needed to stir the market and set clear direction.

Gold higher

During the past three weeks Gold was trading lower, but few days ago started to move to the upside. Bulls have found enough strength to conquer the strong resistance located at $1280 (Fibo 38.2%, formed by September 22th high at $1343 and October 7th low at $1241). Gold even extended its strong bullish movement and bulls attacked the Fibo 61.8% at $1304 to currently trade at $1305, which is an almost one month high.

Considering the fact that the US dollar is suffering now and is vulnerable by Fed’s decisions on monetary policy and also by the upcoming elections in the United States, market participants turned eyes to the safe heaven precious metal. 

RSI is placed now at the oversold area, pointing north and confirm the bullish trend. Stochastic is showing extreme an overbought market and is displaying lack of momentum.

In case of closing above $1292, the strong upward movement will be confirmed. Next resistance is located at $1307. Looking to downside first support is seen at $1287 and second at $1287.

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Gold is slightly down by NFP data, but marking higher lows

Last Friday pushed XAU/USD down with around 1.7%. Of course main reason is the unexpectedly nice US Non-Farm Payroll data, which fueled US dollar’s strenght.

Even so, the news didn’t bring down the yellow metal, as prices are marking higher lows, which should indicate market participants not to sell yet.
Strong resistance is situated around $1,340 area, matching with the 200-day MA.

Currently the main support is located at $1,332 level along with 61.8$ Fibo retracement, drawn form July’s low at $1,310 to August’s high at $1,3670. In the afternoon hours gold bounced off that level to currently trade around $1,335 zone. 

If breaking above $1,346 (38.2% Fibo), next target is seen arounf $1,365 area. 

If XAU/USD is likely to close below $1,331, bears will drag prices to $1,320 area. 

Silver will try just a little for a few dollars more

Bears have occupied today’s trading mood of XAG/USD. In the early trading hours silver broke the resistance at $20.65 and pushed higher to mark intraday high at $20.703. Then direction turned to downside and currently is hovering around $20.40 area.

If closing above $20.65, bulls will try just a little for a few dollars more. Next resistance levels are seen at $20.80 and $21.12.

On the other hand, if closing below $20.35, XAG/USD pair would be dragged to support levels at $20.05, $19.94 and $19.16.

Meanwhile the 20, 30 and 55 day EMAs are streaming upwards noisier to underline the bullish sound. So the current downward blue mood should be considered only as a short-term correction.

Gold: On the street of dreams or A tale that wasn't right

Yesterday gold was fascinating shiny and moved above the resistance at $1,337, where 100-day moving average is placed. Of course the major market mover was the FOMC statement release, offering fresh numbers pointing out improvement in US economy. The news was running trough the golden track and dragged gold to daily high at $1,344.

Today the precious metal was seen in smooth mood, trying to break another brick in the resistance wall at $1,338, where 21-day moving average is located.

Eyes catched must be around $1,325, where the 200-day moving average is hypnotizing on downwards and possibly could jack gold further to $1,312 area.

Do you remember gold on the street of dreams, running from the memories of $1,375 highs form the beginning of July? Should the bulls be spellbound of  $1,338 resistance level, further moving on up will take place, heading up to  $1,355 area.

Silver slightly uplifted

During the last two weeks silver has been seen in choppy trading, forming many fleeting chart patterns, that couldn’t indicate any reasonable movement and developed to nowhere.

Since the marked high from 10th July at $20.661, silver prices formed a channel with prevailing bearish sentiment. The intraday frames were coloured with lower lows and lower highs, that couldn’t accelerate further on.

During today’s session the intraday low was marked at $19.270 and the high at $19.905, which is showing a bounce form the bottom side of the channel and meanwhile braking the support at $19.466. In the daily chart is clearly seen that the 20-day, 30-day and 55-day EMA steer to upwards and confirm the bulls run. 

Looking from the short-term perspective, silver is stuck between strong support and tilt resistance zone, drawing downside movements.  

A possible close over $20.15 area will lead XAG/USD to resistances locates at $20.45, $20.66 and $21.09. On the other hand, closing below $19.20 will drag the prices to supports levels at $19.15, $19.5 and $18.63.

Silver in bullish intraday bias

Today XAG/USD was trading higher and posted an intraday high at $20.34 and low at $19.62. The intraday sentiment remained bullish, confirmed my the  20-day, 30-day and 55-day EMA, as shown on the daily chart.

MACD and RSI are showing overbought market, so as expected a slight downward correction was seen slightly below the daily support zone at $19.834.

Last week we witnessed an intermediate-term higher trending facing to the long-term resistance zone. Since then silver is hovering around $19 level. Meanwhile the highs marked on 1st and 4th of July and the powerful move in the short-term left buyers exhausted. In case the market skip some additional selling, a short consolidation period is about to push the price towards $21 level. One thing is sure – the recent highs are yet to be digested with a possible extended pull back period. 

Currently we should pay particular attention to the behaviour against Monday’s highs. If trading higher, the resistance at $21.56 (July 2014 high) should be set on focus. On the other side, closing below $19.83 will drag silver towards supports at $19 zone or even $18.50. 

Gold at 3-week high

Amid the overall economic instability gold shines with its safe haven status. The disappointing NFP data set the US dollar under pressure and this naturally influenced the growth of the yellow metal. 

Gold finished the week elevated after reaching a 3-week high. The test of the resistance at 1305 seemed to be inevitable, but  the market always reserves the right to surprise us.

Futures for gold climbed higher today to trade at $1,277.30 per troy ounce, as earlier marked intraday high at 1280.80, which is the highest level since 18 May.

As long as the key support located at $1,255 retains, gold bulls are steady.Currently gold hovers around $1,277 and eventual close above this level will target bulls to the resistance at $1,285.

Gold above $ 1200 handle

During the past two weeks gold suffered from the rising expectations that Fed could soon increase interest rates and the stronger US dollar. Yesterday the closing price settled to three and a half month low at $ 1207 and is on track to mark the largest monthly decline since November 2015. Yesterdays also was hit the lowest level since February 17 at $ 1199.60.

Today gold is slightly relieved because of the Asian markets fluctuation. In the morning the yellow metal conquered the psychological $ 1200 handle and reached $1214.60.

Bulls might be flashed in case of breaking above $ 1218 level, where is located the major resistance, which is acting as 100-day EMA. Looking downwards key support is seen at $ 1190 (55-day EMA).

Gold, pressure, adrenalina

Since the beginning of the year we witnessed a brilliant golden performance. Up ahead in the distance a shimmering light embraced first quarter and shined through the amazing 15.8% increase.

Last December gold was knocked down, reaching $1050, but quickly recovered and pinned new highs at $1282 in February and $1305 in April.

From technical viewpoint the February rally significantly pushed the price up and set bears calm, as they have been at large for the last two and a half years.

But the fundamental aspect caught traders in a landslide, facing a silhouette of bewilderment, as US economy strongly blows the wind of change. Fed’s rate hike definitely sube la adrenalina.

The sense of a suspense shivered and shadowed. So now gold walks the empty street on the boulevard of broken dreams. The restless stream is now caught up within the sound of silence.

Currently gold prices are under huge selling pressure during the last six sessions.  

The strong support located at the 55-day EMA was conquered and gold split the doubts that for shortly could move up, even hit intraday high at $1234.30. In elevated perspective, the resistance is planted in $1250.00 level and a vision of softly creeping breakout could lead the price towards $1265.00. A step back is very likely to support-turned-resistance at $1243.00.The short term rally could bring some small profits, but gold will loudly break the sound of silence in the long term run.

Silver runs out for short

Silver prices dragged slightly down as encountered bears creeping and conquering the key support at $16.31.

Latest peak marked by silver on April 19 at $16.90 was followed by a lower high of $16.63 and since then the short term sentiment turned to bearish.

Currently XAG/USD is trading around $16.255, 1,02% lower, hitting intraday high at 16.455 and low at 16.215.

Key resistance is located around $16.40 and support levels to watch are $16.21 and $16.09.

We witness perfectly incomplete performance, as silver suffers for short. A correction is taking a shape, which is seen by 20- and 55-day EMAs.

Golden Fed minutes

Gold is chasing third highest monthly level today, supported by the US equities crumble and the creeping US dollar.

Gold hiked 0.50% and reached and intraday height at 1283.80. Still the psychological mark $1.300 from 2nd of May stands tall even though during the past sessions we witnessed a strong objection on the highway to never. Last week gold faced some slight losses, but emerged above $1.260.

Main engine to set golden direction lately is the US dollar and both assets run to opposite corners. Currently the greenback is shivering upon the skyfall of Fed minutes tomorrow.