Gold Swing Trading 5/7/2024 | FXstreet.cz

Gold (XAU/USD): This commodity is in a downtrend today on the 1-hour chart. Support is at the level of 2004. Resistance is at the level of 2030 and 2062. In the event of a rebound from the resistance, we could consider a short position with the aim at the nearest support. In case of a clear breaking of the resistance, we could consider a long position. Upcoming fundamental news could affect the development of this market.

Gold (XAU/USD): This commodity is moving sideways on the 1-hour chart. Support is at the level of 2266 and 2210. Resistance is at the level of 2305. In the event of a rebound from the resistance, we could consider a short position with the goal at the nearest support. In case of a clear breaking of the resistance, we could consider a long position. The upcoming fundamental news should not affect the development of this market. Some traders may close their positions on Friday, which could put this currency pair under pressure.

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

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

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

Gold (XAU/USD): This commodity is moving sideways on the 1-hour chart today. Support is at the level of 2087 and 2030. Resistance is at the level of 2133. In the event of a rebound from the resistance, we could consider a short position with the goal at the nearest support. In case of a clear breaking of the resistance, we could consider a long position. The upcoming fundamental news should not affect the development of this market.

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

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

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.

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 (XAU/USD): The commodity is on the 1-hour chart in a rising trend channel that has been valid after six bounces since December 4th.

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

Gold (XAU/USD): This commodity is in an uptrend on the 1-hour chart. Support is at the level of 2305 and 2266. Resistance is at the level of 2350. In the event of a rebound from the resistance, we could consider a short position with the goal at the nearest support. In case of a clear breaking of the resistance, we could consider a long position. The upcoming fundamental news should not affect the development of this market.

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.

Gold (XAU/USD): The commodity is on the 1-hour chart in a rising trend channel, valid after eight bounces since January 4th.

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.

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.

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 upwards the neckline, 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?

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?