Dear All,
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Knights of Gold
We seem to be getting a few spam messages on the group chat. Please don't click on the links on any of these messages.
Knights of Gold
Gold looks like it wants to test the higher levels, bullish daily candles and a reversal pattern in play.
Resistance:
1888
1894
1900
Support:
1868
1860
1854
The 4H chart is showing support at around 1865-70 which price has attempted earlier. Break and close above 1875 and I think we're in for a bit of a squeeze on the sellers.
If it continues to support around 1865-70 we'll test the Long with a target of around 1890-93, we're not waiting for 1900. If we go straight up, based on successful resistance at the mentioned levels we'll look to go Short with a target of 1860-55
Resistance:
1888
1894
1900
Support:
1868
1860
1854
The 4H chart is showing support at around 1865-70 which price has attempted earlier. Break and close above 1875 and I think we're in for a bit of a squeeze on the sellers.
If it continues to support around 1865-70 we'll test the Long with a target of around 1890-93, we're not waiting for 1900. If we go straight up, based on successful resistance at the mentioned levels we'll look to go Short with a target of 1860-55
Gold (XAU/USD) is eyeing the $1900 mark, having climbed nearly 2% on Wednesday. Expectations of massive stimulus under the 46th US President Joe Biden's administration have boosted the inflation expectations, underpinning gold – the hedge against inflation.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
What we're also noticing on the chart is a reversal pattern at the top which we're monitoring and will update you on. If this pattern forms and confirms, Gold can correct the whole move from yesterday. THIS IS NOT CONFIRMED YET
This is why we don't trade during high impact news, the charts will give you mixed signals with choppy price action.
This is why we don't trade during high impact news, the charts will give you mixed signals with choppy price action.
Forwarded from Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Gold (XAU/USD) is eyeing the $1900 mark, having climbed nearly 2% on Wednesday. Expectations of massive stimulus under the 46th US President Joe Biden's administration have boosted the inflation expectations, underpinning gold – the hedge against inflation.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
Biden proposed a $1.9 trillion stimulus package to counter the economic impact of the coronavirus pandemic. Janet Yellen urged US lawmakers to "act big" on fiscal spending. Stimulus hopes will continue to favor the XAU bulls but for how long? Let’s look at the technical graphs for better understanding.
Gold Price Chart: Key resistances and supports
The Technical Confluences Indicator shows that gold is set to challenge a major resistance at $1877, which is the confluence of the SMA100 four-hour and Fibonacci 23.6% one-month.
The next relevant bet for the buyers is seen at $1884, the pivot point one-week R2.
Acceptance above the latter could open doors towards $1893, where the Fibonacci 161.8% one-week is located.
To the downside, the bulls will need to defend a dense cluster of support levels around $1870, which is the convergence of the previous day high and the previous low on 15-minutes.
Further down, the previous week high at $1864 could test the bears’ commitment.
The Fibonacci 23.6% one-day at $1862 will offer the next support, below which $1857 would be tested. That level is the confluence of the Fibonacci 38.2% one-day and one-month.
This is good analysis. It's not our own but we're posting it for your reference.
❤1
Conclusion
Given the above narratives still playing out, the ECB meeting will likely be a non-event today. However, some pressure on EUR/GBP could still see the euro move around on any quibble that could mess with positioning as the technicals are stretched.
Adding to that, Lagarde may also have to address the Bloomberg report earlier this week on the ECB intervening to limit the yields spread in the bond market. That will perhaps the more interesting issue to look forward to in the press conference later today.
*Source - ForexLive
Given the above narratives still playing out, the ECB meeting will likely be a non-event today. However, some pressure on EUR/GBP could still see the euro move around on any quibble that could mess with positioning as the technicals are stretched.
Adding to that, Lagarde may also have to address the Bloomberg report earlier this week on the ECB intervening to limit the yields spread in the bond market. That will perhaps the more interesting issue to look forward to in the press conference later today.
*Source - ForexLive
Please be sensible with your stop loss if you're following. If you're already in shorts we would suggest you don't add any more entries. Manage the trades you have
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Photo
Modified. Target 1858
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Photo
We're taking 50% profits here with a 25pip (250pip micro) gain. Stop moved to entry so we're risk free
Good evening everyone.
We're switching of for the day. Our entry is still open, we've taken 50% profits and set the stop to entry. You can close it here in profit or let it run with a view that it will likely hit it's stop. If you entered with us you should be safe and in overall profit even if it hits the stop, which is at entry.
Again Gold is playing hardball, choppy price action on smaller timeframes and erratic movement. Seems to have settled until tomorrows open. It's left a couple of concerning price targets, one which is at 1885 and one at 1854. This suggests to us tomorrow will be a day of quite a bit of movement.
As always, please trade safe and manage your trades responsibly.
See you tomorrow,
Knights of Gold
We're switching of for the day. Our entry is still open, we've taken 50% profits and set the stop to entry. You can close it here in profit or let it run with a view that it will likely hit it's stop. If you entered with us you should be safe and in overall profit even if it hits the stop, which is at entry.
Again Gold is playing hardball, choppy price action on smaller timeframes and erratic movement. Seems to have settled until tomorrows open. It's left a couple of concerning price targets, one which is at 1885 and one at 1854. This suggests to us tomorrow will be a day of quite a bit of movement.
As always, please trade safe and manage your trades responsibly.
See you tomorrow,
Knights of Gold
P.s thanks again to everyone who contributes and shares ideas on the group chat. It doesn't go unnoticed 👍🏼
Good Afternoon.
We're not around much today. Our short from yesterday worked well, we banked 50% and made the trade safe. Unfortunately we didn't manage to catch this mornings move down. Wasn't in our plan though so its ok!
This is what we're looking at right now on the 15Min chart, support is at 1838. We're waiting to see if it supports and we may test a long trade towards 1850.
Please wait for the next chart.....
We're not around much today. Our short from yesterday worked well, we banked 50% and made the trade safe. Unfortunately we didn't manage to catch this mornings move down. Wasn't in our plan though so its ok!
This is what we're looking at right now on the 15Min chart, support is at 1838. We're waiting to see if it supports and we may test a long trade towards 1850.
Please wait for the next chart.....