Gold Daily Analysis

[DollarBull]

a quick thought:
GOLD became very overbought in the recent days/weeks, and my charts suggest a bigger correction or pullback from this level, expect it to be about 30-50$ or more.
IF you look the RSI values, they all line up nicely on the larger TFs, all pointing toward this correction.

It is true XAU is at overbought levels but it also implies a strong upward momentum. There is a big sentiment in the markets sending gold higher. Gold is the real money these days, as confidence gets shattered in fiat currencies. It is priced in US dollar and there is no sign that USD has any future. I suggest not to treat gold the same way as other currencies for Technical games. Gold is driven much more strongly by fundamentals.

The other way to play technical would be to wait for a pullback and enter LONG so that both TA and Fundamentals are in the same direction.

[blissreel]

It is true XAU is at overbought levels but it also implies a strong upward momentum. There is a big sentiment in the markets sending gold higher. Gold is the real money these days, as confidence gets shattered in fiat currencies. It is priced in US dollar and there is no sign that USD has any future. I suggest not to treat gold the same way as other currencies for Technical games. Gold is driven much more strongly by fundamentals.

The other way to play technical would be to wait for a pullback and enter LONG so that both TA and Fundamentals are in the same direction.

I think gold is heading for 1250 in next 3 months

[blissreel]

I think gold is heading for 1250 in next 3 months

I think I am not going to wait till next year

[RahmanSL]

Gold did go completely "nuts' and hit 1246.70 and then dropped to hover around 1179 range.

Anybody got any idea where Gold is heading next, and why??

Thanks.

[yuventius bhasyudewo se]

Gold successfully make new low slightly after dropp sharply from 1762.72 to lowest level 1712 and make small correction at midle between under lower barrier level 1716.25 so I think better put sell limit in near lower barrier

[joyooi]

what would you all think about the price of Gold, it would be above the level of 2000.00?

[yuventius bhasyudewo se]

Gold became bearish but at level above 1708 too difficult to be broken it below, it mean may be this bearish not too strong for gold because this level difficult to be broken following down trend so better put sell stop below this level as strong confirmation

[yuventius bhasyudewo se]

Gold make trying break down trend direction above 1750 and not so strong and finally follow down trend line , I think gold still too strong to dropp because it should break strong barrier level at 1710 that had been tested twice but fail to be broken so better sell stop below here

[yuventius bhasyudewo se]

Gold broke several times make new high above upper barrier level at 1750.50 it mean gold try to make bullish trend continuing after fail break below lower barrier level at 1716.16 so better to put sell stop below this level to anticipate bullish failure became bearish moment

[yuventius bhasyudewo se]

Gold actually not so strong to dropp down it looks from reversal level 1764 as critical point that became starting bullish continue, so first step confirmation gold broke green trend line and still need once more step confirmation to ensure that gold really make strong bullish to break above 1740.64 as higher barrier level so better buy stop here

[yuventius bhasyudewo se]

Gold now still try critical point level after step by step increase but several days ago gold make deep correction like to try became bearish trend but failed because strong drive still dominate this pair to move up and make several times new high before deep correction, I think better to put buy stop at the new high level 1722

[yuventius bhasyudewo se]

Gold make step by step make bullish trend after touched new low at 1706.40 and this poin became reversal point to make bullish starting and both of strong confirmation had been done after gold break above trend line and break above higher barrier level so better to put buy stop above higher barrier level at 1736.42

[yuventius bhasyudewo se]

the higher barrier level 1740.64 was not yet broken by this pair to passed confirmation steps to ensure that pair really make bullish trend so pair can make possibility became bullish starting or bearish continuing so better to put pending order buy stop above the barrier level

[yuventius bhasyudewo se]

Gold still flat trend movement and move between strong barriers, 1740.64 as higher barrier level and 1703.54 as lower barrier level and if pair success break above higher barrier level it became strong bullish trend continuing so buy stop here or if pair successfull break below barrier level it becam strong bearish trend so sell stop here

[yuventius bhasyudewo se]

Gold successfully broke above higher barrier level 1736.69 as critical point level to determine that pair really make bullish movement so better to put pending order buy limit below this higher barrier level to prepare bullish continuing