Gold Swing Trading 12/7/2023 | FXstreet.cz

Gold Swing Trading 12/7/2023 | FXstreet.cz
Gold Swing Trading 12/7/2023 | FXstreet.cz
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Gold (XAU/USD): The commodity is on the 1-hour chart in a rising trend channel valid after five bounces since October 11.

Current situation: The price is testing the lower line of the channel and could bounce upwards.

Possible scenario: Now we could wait for a bounce from the lower channel line where we could consider a long position with a target at the upper channel line.

Gold swing trading 2/28/2017

The price of gold (XAU/USD, GOLD) is trading near the key resistance of 1262 and if it is broken, the rally may continue towards the resistance of 1306.

Gold swing trading 1/29/2018

The price of gold (XAU/USD, GOLD) is trading in a sideways trend between the support of 1340 and the resistance of 1363. As the continuation of the rising trend, we can consider overcoming the resistance of 1363, then the growth can continue towards the resistance level of 1394.

Gold swing trading 3/29/2017

We will consider the breaking of the 1258.50 resistance as a signal of the start of an uptrend, and the growth will probably continue towards the 1285 resistance.

Gold swing trading 12/4/2023

Gold (XAU/USD): The commodity is on the 1-hour chart in a rising trend channel valid after five bounces since November 10.

Gold swing trading 12/5/2023

Gold (XAU/USD): This commodity is moving sideways on the 1-hour chart today. Support is at the level of 2008. Resistances are at the levels of 2034, 2050 and 2120. In case of a rebound from the resistance, we could consider a short position with the goal at the nearest support. If the resistance is broken, we can consider a long position.

Gold swing trading 2/5/2018

The price of gold (XAU/USD, GOLD) is trading in a sideways trend between the support of 1321 and the resistance of 1365. As the continuation of the rising trend, we can consider the overcoming of the resistance of 1365, the growth can then continue towards the resistance level of 1394.

Gold swing trading 11/6/2017

We can consider the beginning of a downward trend as the breaking of the 1266 support, the decline can then continue towards the 1241 support level.

Gold swing trading 12/6/2023

Gold (XAU/USD): The commodity is on the 1-hour chart in a rising trend channel valid after five bounces since October 11.

Gold swing trading 2/6/2018

As long as the price of gold (XAU/USD, GOLD) trades above the 1338 support, we can expect growth towards the 1350 resistance level.

Gold swing trading 3/6/2017

We will consider trading above the support area of ​​1223 – 1229 as the continuation of the growing trend, and the growth will probably continue towards the resistance of 1258.

Gold swing trading 2/7/2017

As long as the price of gold (XAU/USD, GOLD) trades above the 1215 support, a rally towards the 1251 level is likely.

Gold swing trading 2/7/2018

We can consider the continuation of the rising trend as the overcoming of the resistance level of 1330, the growth can then continue towards the resistance level of 1339.50.

Gold swing trading 09/07/2017

The price of gold (XAU/USD, GOLD) is trading in an uptrend. As the continuation of the rising trend, we can consider overcoming the resistance of 1339, then the growth can continue towards the resistance level of 1349.

Gold swing trading 3/8/2017

We will consider breaking the 1217 resistance as the start of an uptrend, then the growth will probably continue towards the 1227 resistance.

Gold swing trading 10/9/2017

The price of gold (XAU/USD, GOLD) is trading in a sideways trend between the support of 1268 and the resistance of 1287. As the beginning of an uptrend, we can consider the overcoming of the resistance of 1287 or a rebound from the support of 1268, then the growth can continue towards the resistance of 1315 – 1320.

Swing trading: AUD/NZD is inside a channel

The AUD/NZD currency pair is trading inside a descending trend channel on the 1-hour chart and is currently near its lower boundary, which is around the 1.0370 level. However, he clearly hasn’t been able to overcome it yet. If AUD/NZD were to rebound from this line upwards again, we could wait for a test of the upper limit of the trend channel around the level of 1.0410, and if it is broken, then also a test of the SMA 200 moving average, which lies at the level of 1.0448.

Swing trading: Will EUR/AUD weaken?

The EUR/AUD currency pair managed to break the downward support around the 1.3800 level this week and subsequently formed a swing low around 1.3700. However, it rebounded upwards from this area and, as part of the correction, headed back (pullback) to the already broken support, which now forms resistance. At the same time, the 38.2% and 50% Fibonacci retracement levels correspond to this S/R zone. The Stochastic indicator is in overbought territory and is heading down, so we could see another weakening of this currency pair.

Swing trading: Double bottom on EUR/CAD

Looking at the 4-hour chart, the EUR/CAD currency pair has not yet been able to clearly break the downward support around the psychological level of 1.3900, and it has also formed a double bottom here. For the formation to be valid, the currency pair would have to clearly break the neckline line upwards, which corresponds to the psychological level of 1.4300. At the same time, however, the Stochastic indicator has exited the overbought area and is heading downwards, which now indicates a possible predominance of bears. Which way will EUR/CAD eventually go?

Swing trading: Double top on CAD/JPY

The currency pair CAD/JPY formed a double top formation on the 4-hour chart, which indicates a possible exhaustion of the bulls and thus a downward turn. However, for the formation to be valid, CAD/JPY must break below the neckline, which corresponds to the psychological level of 86.00. Will we see a neckline break and further decline?

Swing trading: EUR/NZD is in a rising channel

The EUR/NZD currency pair was able to rebound from its long-term low in December and subsequently strengthened upwards. Looking at the 1-hour chart, this currency pair is currently trading in a rising trend channel. If EUR/NZD continues its growth, it could first test the resistance of the trend channel around 1.5160 and, in the event of its breakthrough, continue to grow further. On the contrary, in the case of a decline in the currency pair, we could expect to first test the support of the trend channel around 1.5110 and, after a possible breakthrough of the support, also test the SMA 200 moving average at the level of 1.5093.

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