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XAUUSD DAILY CHART
Since setting a record high 9 days ago, XAUUSD has traded either side of 2650 in the following 8 days.
This is clearly the pivotal level, especially if you view the current range at 2600-2700.
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GOLD has been aa disappointment in that it is not benefiting from safe haven flows but it remains to be seen if it is just biding its time, In any case, 2650 will eventually dictate whether the current move is just a pause or the start of a retracement,XAUUSD – Gold Daily
Supports : 2630.00 , 2620.00 & 2600.00
Resistances : 2675.00 , 2685.00 & 2710.00
As long as 2630.00 support holds, we can see aggressive move Up towards 2800.00 area.
If 2620.00 lost, we’ll be watching deeper correction.
Above mentioned Resistances are projections based on previous Upticks and Bullish angle.
XAUUSD 4 HOUR CHART
Consolidating between 2650-2570 (record high) for 2 days… given the strength of this move, there are not likely to see a lot of stops above the high bid… keeps a bid as long a 2650 trade.
Risk on/risk off does not seem to influence gold so watch to see if can extend its record high… if not then it would need to break below 2650 to suggest anything more than a pause.
BTC 4 HOUR CHART – GLASS HALF FULL OR EMPTY?
Those trading BTC are likely frustrated watching GOLD trade to new record highs while this crypto strugglres to build momentum..
While technicals are tilted more to the upside, to suggest a shift in target to 70K it would have to solidly take out 65-66k
Otherwise, expect more chop while it stays within 60-65K.
Gold – XAUUSD Daily
Supports : 2575.00 , 2560.00 & 2530.00
Resistances : 2600.00 , 2610.00 , 2620.00 & 2640.00
This might look to you as a perfect pattern for next move Up, but I have to warn you that it is NOT.
It is at best 50-50 chance
I am not saying Gold won’t continue up in coming days, but that I wouldn’t expect it to happen tomorrow.
Plus there is something off with it – so let’s see how it develops…
Nasdaq – NDX
Nasdaq composite: Once again, it’s make-or-break for breadth
Dow futures up slightly, S&P 500 slip, Nasdaq 100 off ~0.5%Sep NY Fed Manufacturing index 11.5 vs -4.75 estimate
Euro STOXX 600 index off ~0.1%
Dollar down; bitcoin off ~2; gold edges up; crude up >1%
U.S. 10-Year Treasury yield ~flat at ~3.66%
NASDAQ COMPOSITE: ONCE AGAIN, IT’S MAKE-OR-BREAK FOR BREADTH
The Nasdaq composite IXIC is still down more than 5% from its record highs. That said, the tech-laden index is on a five day win streak, and just posted its biggest weekly rise since early-November 2023.
