Gold Price Forecast: XAU/USD stays on the way to $1,960, NATO, yields eyed

• Gold prices stay above short-term key resistance, now support, despite retreating from weekly top.
• Yields underpin USD rebound but all depends upon today’s NATO summit, US data.
• Intraday bears may take entries below $1,937 but $1,930 holds the key for further weakness.

Gold (XAU/USD) bulls faced rejection around $1,949 heading into Thursday’s European session, having cheered the pullback in US Treasury yields with the biggest daily jump in two weeks the previous day.

That said, the yellow metal’s pullback could be linked to the firmer US dollar and a rebound in the T-bond yields, which in turn take clues from hawkish Fedspeak and fears of an escalation in the Ukraine-Russia war.

Also underpinning the US dollar’s safe-haven demand is the covid resurgence in China and Europe, as well as market’s anxiety ahead of the US preliminary PMIs for March and Durable Goods Orders for February.

Additionally, risk-negative headlines ahead of US President Biden’s meeting with the North Atlantic Treaty Organization (NATO) allies in Europe also challenge gold prices of late.

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Gold comment on September 20, 2021

 Ending the last trading week precious metal Gold had 1 week of decline from 1808 to 1744 ($ 64) closing the week session with a bearish candle around 1754. With precious metal, Gold showed  The downward pressure is quite good on the weekly time frame, so at the beginning of this week's session, I think it is likely that Gold will continue its downward trend.

Switching to the daily time frame, we can see that Gold is currently facing resistance around 1746-1750.  Here, the buying power may appear to the first resistance area around 1760, if it can overcome this price zone, it can head to the price level of 1775-1780.  This is quite a strong resistance area for precious metal Gold and if Gold recovers to this price zone we can establish a short position with the target that Gold fell last week at 1745.

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Overview on XAUUSD by Money Life Research

 The market price plunged by 500 pips within a day after the market made a break at the lowest price and the decline continued until the market closed.

 The current market price that opened today made a retracement as well as testing at the price of 1765.00 which is seen to have a downtrend setup because at the timeframe M15 made a third test at the resistance level as well as the trendline.

 Nevertheless, on the last H1 timeframe the price tested last night has reached at the support area of ​​1750.00 and I see the possibility for the long term the gold market is able to make a rebound after this impending decline.

 In a sense, movement on a small timeframe will move downtrend and test on yesterday’s support area.  At that point, we can see whether the market is just testing or a breakout at 1750.00

 In my opinion, the price will only retest at 1750.00.  So short -term trading at 1765.00 is allowed, as well as as a precaution we will see at 1750.00 what will happen tonight.

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Overview on XAUUSD by Money Life Research

 The price which is still in a flat state is not able to break on the large support and resistance areas, only being at the level of 50 pips from 1785.00 to 1795.00

 From this movement the short -term trading potential is seen to be the focus as this expectation will continue to occur if the market price is only in the horizontal zone now.  Meanwhile, the levels of 1795.00, 1790.00 and 1785.00 will be the nearest support and resistance levels at this time.

 In doing short -term trading, the first aspect that needs to be emphasized is the key level where the candlestick does a rejection at that level because this trading opportunity can be seen clearly at this key level.

 In my opinion, in a trade like this, confluence is needed to see the potential movement from the technical policy because, at present there is no sentiment that can push the moving market for a larger movement.

 I see, from the broad overview of this gold chart, the downtrend is still dominating the current market price.  If trading is to be done, looking for selling potential is better at this point until the target is at yesterday’s low.

 This short-term trading risk can take between 1: 1-1: 2 with a minimum lot size and the use of risk of 1% of the equity available on the trading account, because the potential to buy and sell at this point will be seen.

 Finally, if tonight the US opens stronger, most likely the 1785.00 price could be broken from the support level to the resistance.

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Comment on Gold on September 13, 2021

At the end of the last session, precious metal Gold had a strong decline week from 1830 to 1780 ($50) and closed the week session with a bearish press around the threshold of 1787 with an overwhelming bearish force compared to the previous session.  with the previous week and my personal opinion in the early trading of this week precious metal Gold will continue to be under downward pressure.

- Switching to the daily chart time frame, precious metal Gold in the last 3 trading days, Gold still fluctuates below the threshold of 1805 and in my opinion, the 1783 support area is unlikely to stand if there is another falling session.  more points so in today's session we are waiting for a sell-off with precious metal Gold is at the nearest resistance around 1794-1797 with a safe target around 1783 and beyond 1775.

(Specific and intraday strategies will be updated - Gold price is currently being analyzed)

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USDCAD loses steam above SMAs sellers step up

 USDCAD, currently at the red Tenkan-sen line at 1.2624, is surrendering ground from the 1.2761 high after its recently made headways, resulting from a bounce off the 200-day simple moving average (SMA). The longer-term 100- and 200-day SMAs are validating a more neutral tone in the pair. That said, the bullish crossover of the 200-day SMA by the 50-day SMA has yet to confirm that sellers are now taking the lead.

The somewhat static Ichimoku lines are indicating a pause in downward forces since the price retreated from the 1.2948 high, while the short-term oscillators are negatively skewed. The MACD, in the positive zone, is being capped by its red trigger line, while the downward facing RSI is flirting with the 50 threshold. The negative charge in the stochastic oscillator is promoting additional bearish price action.

If sellers stay in the driver’s seat, initial downside friction could arise at the 50-day SMA at 1.2573 ahead of the support belt of 1.2488-1.2521. Diving beneath the 200-day SMA, the pair may target the support barricade of 1.2380-1.2425, which encompasses the Ichimoku cloud’s floor as well. From here, a deeper decline could then encounter its next obstruction around the 1.2251-1.2308 barrier.

If buying interest increases, the first region to try and mute upside forces may reside between 1.2707 and 1.2761. However, conquering it could catapult the price to challenge the tough resistance section of 1.2880-1.2955. Passing this reinforced boundary, the pair may then meet the 1.3030 barrier, while another push higher could face the 1.3112 and 1.3172 highs from mid-November 2020.

Summarizing, USDCAD seems to lack convincing upside power and is somewhat adopting a sideways pattern. A clearer price direction could evolve either with a break above 1.2761 or below 1.2488.

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Today AUDCAD Sureshot Signals by Money Life Research

 

Sell ​​AUDCAD Current Price 0.9328

 SL: 0.9378

 TP: 0.9291-0.9248

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Gold comment on September 8, 2021

 In yesterday's trading session, precious metal Gold had a strong drop from 1827 to 1791 ($36) to close the day session around 1794. Once again precious metal Gold moved below  threshold 1800.

 Overall on the daily chart time frame, Gold, after touching the resistance area of ​​1833, has dropped to the support area of ​​179x, this support area is also relatively strong and in my opinion around the support price zone.  With this support, it is likely that the precious metal will have recovery spans around 1802-1808.  Here is the possibility that the precious metal Gold will decrease and go down further, then I will continue to update more.

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Aussie dollar weakens slightly on Monday and epidemic data raises investor concerns

   - The Australian Dollar underperformed all other G-10 currencies on Monday, down 0.44% to 0.7427, driven by a high number of new crown cases in Australia, reducing the land's central bank  water and soon began to downsize.

 - Asian traders said that after bad outbreak data was released over the weekend in Australia, investors closed their remaining long positions in the Australian dollar against the established US dollar.  was established last Friday due to weak US jobs data.  Australia's most populous state of New South Wales reported 1281 new crown cases on Monday, while the number of new cases in a single day rose to a record 1533 over the weekend.  The New Zealand dollar, which rose last Friday, also fell 0.3%.

 - Kengo Suzuki, foreign exchange strategist at Mizuho Securities, said: “The increase in the number of infections in the country will certainly worry the Reserve Bank of Australia.  "After the weak US jobs report sparked last Friday's rally, the Australian and New Zealand dollars are facing corrective selling."

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Comment on Gold on September 6, 2021

  Ending last week, precious metal Gold had another gaining week when it increased from 1801 to 1833, closing the week at around 1827. This is also the 4th consecutive week of increasing points of precious metal Gold, with momentum.  The current good increase, in my opinion, the possibility that in the near future, the precious metal Gold will have a rise to higher milestones.

 On the current daily chart Gold is facing a resistance around 183x.  Here it is likely that Gold will correct for the next breakout.  At the beginning of today's trading session, I expect Gold to correct around 1819. Here we liquidate sell orders and establish a buy position with a safe target around 1830 and expect further.  is 1840.

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Comment on Gold on September 2, 2021

 In yesterday's trading session, precious metal Gold mainly moved sideways in the range 1808-1820.  Closed with an unknown doji candle.  With Gold moving sideways like this, in my opinion we will continue to trade within the sideways range of this precious metal.

 The resistance area pushes the price of precious metal Gold down around 1817-1820 and the support price of Gold around 1808, we can wait to trade in this range.

(Specific and intraday strategies will be updated - Gold price is currently analyzed at 1814$/oz)

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Check out the news that happened in the last 24 hours

 1️⃣ Yesterday's main news

 - New York Federal Reserve: Some institutions may apply to become partners in perpetual repurchase agreements.

 - The US government intends to increase the supply of affordable housing.

 - European Central Bank Regulatory Commission: plans to end the purchase of anti-epidemic emergency bonds in March next year.

 - OPEC: The oil supply gap is expected to close to 400,000 bpd in December of this year.

 An oil tanker is stuck off the coast of Louisiana, USA.

 - South Korea's National Assembly passed the "Anti-Google Act", the first law against the payment hegemony of tech giants.

 2️⃣ Today's Financial Facts and Data

 - the number of ADP jobs in the United States for August. The forecast value is an increase of 625,000 and the previous value is an increase of 330,000.

 - the OPEC and non-OPEC ministerial meeting will be held for the 20th time. Kazakhstan said it plans to discuss the parameters of the OPEC+ oil production agreement at the OPEC+ meeting.

 - EIA crude oil inventories in the United States for the week to August 27 will be released, the previous value decreased by 2.98 million barrels.

 - the FOMC voting committee and Fed President in Atlanta, Bostic will give a speech on the theme "Achieving an Inclusive Economy".

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📕 Comment on Gold on August 31, 2021:

 After surging to the price range of 1822 precious metals Gold fell slightly to 1807, closing the day session with a bearish candle around 1809. However, in my personal opinion, this drop is is necessary for the precious metal Gold to bounce back.  This correction is a good price area for us to establish a buy position.

Switching to the shorter-term timeframe H4 we can see the support of the precious metal Gold in today's session around 1802-1808.  Here, in my opinion, we can establish a buy position with the safe target around 1820 and the expectation of the "old peak" area of ​​1830.

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Comment on Gold on August 27, 2021

 In yesterday's trading session after a sharp drop to 1779 precious metals Gold bounced back to 1798 closing the day's trading session with a bullish candle around 1792. In my personal opinion in  At the beginning of today's session, the uptrend will continue to dominate and the price of this precious metal is heading around the 1803-1806 zone.

 - Switching to the H1 time frame, the nearest support area of ​​the precious metal Gold is around 1790, where we can establish a long position with the precious metal Gold with a safe target around 1797 and  beyond 1803-1806.

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Comment on XAUUSD by Money Life Research

 

 The current gold situation is more indicative of a downtrend reaction after the price in the last few days failed to pass the resistance on the H4 timeframe.  And this has been going on for 3 days in a row without any retracement.

 From the market price trend showing a downtrend reaction, what is the potential that could happen today.  Will the market make a retracement?  Or even continue the decline at a lower level?  Or a horizontal movement will occur.

 Through the current chart, the decline is still dominating the market price.  I see from this chart there are some 3 possible probabilities.  First, the price continued to decline after the rejection price at 1790.00 and there was no retracement until the market was active later.

 Second, the price made a horizontal move to yesterday’s lowest price before a clear setup is seen and a potential downside will occur later in the night.

 Third, the price performs a retracement in the lowest price area yesterday, or higher before a larger decline can occur.

 All three of these probabilities can occur during the morning and evening sessions as at this point the market is seen to be still inactive but the trend is seen now.  Trading like this can be accompanied by a good risk reward between 1: 1.5 / 1: 2 to generate long -term profits.

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Comment on Gold on August 20, 2021

In yesterday's trading session, precious metal Gold was still in a sideways range (1793-1773).  The gold price has not had a strong breakout yet and is still fluctuating within this range.  So in my personal opinion in today's session, we still continue to buy and sell in these 2 bands.

Establish a buy position if Gold touches the 1770-1775 price zone and sell when it rises to the 179x resistance area.

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Comment on Gold on August 18, 2021

  - In yesterday's trading session, Gold bounced up to the right price zone of 1795 and dropped beautifully to 1780. Closing the day session with a bearish candle, this is the first day of decline after 4 days of rising.  quite strong.  With precious metal Gold starting to show signs of correction, in my opinion, there is a high probability that in today's trading session, precious metal Gold will continue yesterday's downtrend.

 - Moving to a shorter time frame, the nearest resistance area for Gold is around the 1787-1790 price range, here in my opinion we can continue to establish a short position with the precious metal Gold.  with a safety target around 1775 and an expectation of 1768.

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Overview on XAUUSD by Money Life Research

  The recent strong price increase puts the current price of gold at the resistance level last Monday.  Is gold able to make the price increase or decrease?

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 For analysis, looking from this situation, the potential for the increase is still there but needs to manage to pass the highest price of 1755.00 to get comfortable space for the movement.

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 But since at 1755.00 resistance is referred to as resistance and also there is a trendline that has been tested a few hours ago.  The upside potential is likely to stop so far, and the price is likely to go down if it really happens

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 The horizontal movement early this morning only tested the zone and is still below the highest price

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 Through this probability, the potential risk and reward can reach 1: 2 to 1: 5 so that there is a downward momentum and risk setting above the highest needle in the past day.

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📕 Comment on Gold on August 13, 2021

 

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 - In yesterday's trading session, precious metal Gold didn't change much when it fell from 1758 to 1741 then bounced back.  Closed with a bullish candle but this uptrend was only a sideways span during the day.  So in today's trading session, my personal opinion has not changed compared to yesterday's session.

 - The resistance zone of 1760-1765 is still the area where we wait to establish a short position in precious metal Gold with a safe target around 1740. And if 1740 is broken today then 1725  will be the next level this metal is heading towards.