Gold’s Next Bull Leg In Progress

free commodity gold xauusd daily chart tips

Bull Gateway: 1852
Gold has created three consecutive positive bars in the last 25 trading sessions (36 days) for the first time. And it’s above 200 MA. That’s a good sign for buyers! If gold breaks the parallel channel, my upside targets Continue reading

Will Gold (XAUUSD) Reach $2050 Before December 2022?

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XAUUSD is forming a triangle on the wave ((4)).

This correction has taken more than 17 months, but the triangle is not over yet. Price has completed wave D of the 4th wave triangle, and wave E of wave A is in progress.

After completing the wave sub-wave A, the price will start wave B & then wave C.

The ending point of wave E is the starting point of the impulsive cycle.

Calculation of wave E:

Wave E can end 100% of wave sub-wave A at 1726.

Wave E can end near previous sub-wave B at 1719

Wave E can end at 100% of wave D at 1704.

Traders can wait for the breakout of the B-D trend line. Note that if the price doesn’t break the B-D channel, sideways will be continued.

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Gold Spot (XAUUSD) Time for Consolidation & Lower Volatility

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Click on the chart to enlarge

See the above chart wherein I have used the Gann Angles as support & resistance. As per the rules of All Angles, when the stock price breaks an Angle, it will rotate to the next Angle. Gold Spot is under a downtrend until the breakout of 8/1.

But that’s all about the long-term view. If you see the above Gold Spot’s hourly chart, there are two supports. And if XAUUSD repeats the game of excess & tail, then the downtrend will begin.

Hence, be ready for the levels of $1752 – $1726 – $1680 below.

Gold Spot can hold the downtrend by staying above 4/1. If it happens, then we will see $1830 – $1860 – $1900+ levels.

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Freemium: Gold (XAUUSD) & Mentha oil

free commodity gold (xauusd) tips & daily chart

BEFORE

UPDATE: Gold’s Simplified Trading Strategy

I had written in clear words, “…according to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold’s target price 1782 – 1790+“.

AFTER

free commodity gold xauusd chart, tips, & updates

The first target of gold has come. Will it touch the second target?

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free commodity mcx menthaoil tips chart

BEFORE

UPDATE: Will Mentha Oil Touch 960 Level Again?

I had written in bold words, “MCX Mentha oil can bounce here. It can retest the 960. The intraday & short-term investors should enter around the support trendline for the targets of 926 – 936 – 958“.

AFTER

free commodity menthaoil trading tips chart

Today it has touched the first target.

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Gold: These Two Levels Can Change The XAUUSD Trend

free commodity gold (xauusd) tips & daily chart

Advice For Day Traders:

XAUUSD is not tradable between the range of 1766 to 1745. They are trend changer levels.

Gold’s Simplified Trading Strategy:

According to Elliott Wave theory, it was in a corrective wave. It has completed the ABC, and now gold can start marching for a new impulse phase. Therefore, we can expect the gold’s target price 1782 – 1790+.

In simple language, you should wait for the breakout of 1766 or 1745. Because of that’s a crucial level for XAUUSD traders.

If gold will break down the 1745 level, then the downtrend will begin. And that downtrend can drag it down up to 1730 – 1706 – 1686.

Please note, don’t forget to watch significant releases or events that may affect the movement of gold, silver, and crude oil:Continue reading

FOMC Minutes: A confirmation for an explosive rally in XAUUSD

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Gold has started collapsing nonstop after Nonfarm Payrolls data. And it stopped at my ‘tested many times’ level. XAUUSD has recovered 50% almost in the previous week.

The gold spot needs to break the 1793.6 level to start an uptrend. Afterward, it will go for 1806 – 1826 levels. And these levels can push the gold price up to 1900.

But if gold breaks the strong support again, it will start falling. This time, it won’t stop! Hence, the short-term traders can start selling from there for the targets of 1744 – 1726 – 1684.

MCX Gold Will Have An Explosive Rally This Wednesday

MCX traders should keep their eyes on the 46720 levels. It’s a trend changer.

As per XAUUSD, Indian MCX Gold can raise 47500 – 48260 after a breakout of $1793.6. And if it breaks the strong support of Gold Spot, it will keep falling for targets of 46260 – 45860.

For advance traders, watch significant releases or events that may affect the movement of gold, silver & crude oil. Especially, don’t forget to watch this Wednesday’s events to find out gold upcoming actions.Continue reading