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Gold Wave Analysis and Outlook

Gold OANDA:XAUUSD

teconlab

Hi Traders,

My technical analysis of XAUUSD suggests we are currently in a corrective wave 2 pattern. This correction could take gold to the 1800-1780 region, likely around October 2023.

After wave 2 finishes, wave 3 has potential to break above 2000 and resume the larger bullish trend.
However, we need to see the correction play out first, so I don't anticipate a sustained upside move until after wave 2 completes.

For now, I'm cautious on new long positions in gold until we see signs of wave 2 bottoming out around 1780-1800. Once the correction finishes, I will look to go long for the next leg up towards 2000 (around 2300).
Let me know if you have any other opinion!

Originally posted here: https://ift.tt/1NhsHD6

Forex Today: Market stance remains cautious ahead of key US data - FXStreet

Forex Today: Market stance remains cautious ahead of key US data  FXStreet

source https://news.google.com/rss/articles/CBMiamh0dHBzOi8vd3d3LmZ4c3RyZWV0LmNvbS9uZXdzL2ZvcmV4LXRvZGF5LW1hcmtldC1zdGFuY2UtcmVtYWlucy1jYXV0aW91cy1haGVhZC1vZi1rZXktdXMtZGF0YS0yMDIzMDgxNTA2MjXSAW5odHRwczovL3d3dy5meHN0cmVldC5jb20vYW1wL25ld3MvZm9yZXgtdG9kYXktbWFya2V0LXN0YW5jZS1yZW1haW5zLWNhdXRpb3VzLWFoZWFkLW9mLWtleS11cy1kYXRhLTIwMjMwODE1MDYyNQ?oc=5

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Possible area to Sell XAUUSD

Gold OANDA:XAUUSD

Warikh_D_Ace

XAUUSD

Sell Area for Day trade
The Idea area to sell XAUUSD as current Impulsive are the temporary move


*confirmation : Engulf, ABC structure

Originally posted here: https://ift.tt/eSLhpHC

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How does gold perform in the new week?

Gold/U.S. Dollar FX:XAUUSD

HL-TradingFX

On the world gold market, spot gold price closed today up 1.3 USD to 1,913.1 USD/ounce.

Gold futures for December delivery on the Comex New York exchange fell slightly by 2.3 USD, or 0.12%, to 1,946.6 USD/ounce.

Gold has seen its second consecutive week of sharp declines and gold futures for December delivery have fallen 1.5% from Friday, August 4.

The most prominent event risks next week for the precious metal are US July retail sales on Tuesday morning and the release of the latest FOMC meeting minutes on Wednesday afternoon, which should help the market. The market knows how consumers are feeling and how the Federal Reserve feels about the economy.

“The long-term interest in gold is there but this is going to be a tough environment. Gold will struggle until we see a market risk event"

Originally posted here: https://ift.tt/9PRMfNX