D1 price is on primary bullish with secondary ranging:
is on primary bearish with trying to break 1306.82 resistance level for the price to be reversed from bearish to the primary bullish market condition on weekly timeframed chart
is on bearish with secondary market rally which was started on open monthly bar:
If D1 price will break 1251.80 support level on close bar so the secondary correction will be started within the primary bullishIf D1 price will break 1306.82 resistance level so the bullish trend will be continuingIf not so the price will be ranging between 1251.80 and 1306.82 levels
UPCOMING EVENTS (high/medium impacted news events which may be affected on XAUUSD price movement for this coming week)
2015-02-02 01:45 GMT (or 03:45 MQ MT5 time) | [CNY - HSBC Manufacturing PMI]
2015-02-02 08:00 GMT (or 10:00 MQ MT5 time) | [EUR - Spanish Unemployment Change]
2015-02-06 13:30 GMT (or 15:30 MQ MT5 time) | [USD - Non-Farm Employment Change]
Please note : some US (and CNY) high/medium impacted news events (incl speeches) are also affected on XAUUSD price movement
SUMMARY : bullishTREND : ranging
I like to use a chart with Ichimoku on it just as a check for significant support and resistance. The weekly chart shows that it might be tough to go a lot higher .
Thanks for these.
Forum on trading, automated trading systems and testing trading strategies
newdigital, 2015.01.31 10:11
Forex Weekly Outlook February 2-6 (based on forexcrunch article)
US ISM Manufacturing PMI, Rate decision in Australian and the
UK, US Trade Balance and important employment data including the big NFP
event. These are forex market movers for this week. Check out these
events on our weekly outlook
newdigital, 2015.01.31 14:43
Gold forecast for the week of February 2, 2015, Technical Analysis
The gold markets
fell during most of the week, but found the $1250 level to be
supportive enough to turn things back around and form a hammer. That
being the case, it looks like the market is fairly well supported and as
a result should continue to go higher over the longer term. Because of
that we are buyers of gold for longer-term moves, and believe that it’s
only a matter of time before we break out to the upside and perhaps head
as high as $1400 going forward.
newdigital, 2015.02.02 08:56
Gold To Trade Flat, Palladium To Outperform In 2015 (adapted from kitco article)
The London Bullion Market Association (LBMA) rounded up a panel of
experts to forecast precious metal prices in 2015 -and while prospects
may be neutral for gold they are bullish for silver, platinum and
he panel, made up of analysts from various banks and research firms
worldwide, is predicting that the gold price will remain broadly flat
for the year, with an average forecast of $1,211 an ounce. Ross Norman
of Sharps Pixley is the most bullish analyst with a gold forecast of
$1,321 and Adam Myers of Crédit Agricole, London was the most bearish
However, the market experts are forecasting
silver to have an average price of $16.76/oz., platinum $1,294/oz. and
palladium at $838.40 for the year. This marks a 2.1% increase for
silver from last year’s price projections, a 5.6% increase for platinum
and a 5.3% hike for palladium.
The reasons cited by the experts for the
restrained gold price were the possible strengthening in the U.S.
dollar, interest rate hikes by the Federal Reserve in the second half of
2015, quantitative easing in Europe and a weak oil price reducing
gold’s attraction as a hedge against inflation.
newdigital, 2015.02.01 19:22
Forex - Weekly outlook: February 2 - 6 (based on investing.com article)
The U.S. dollar was mostly lower against its major counterparts on
Friday, as investors reacted to data showing the U.S. economy grew less
than expected in the fourth quarter.The Commerce Department said
in a report that the economy expanded 2.6% in the final three months of
2014, below expectations for a 3.0% gain and slowing sharply from
growth of 5.0% in the three months to September. The U.S. dollar index,
which measures the greenback’s strength against a trade-weighted basket
of six major currencies, ended the week at 95.00, down 0.01% for the
day and 0.33% lower on the week.The dollar slid lower against the safe haven yen, with USD/JPY down 0.69% to 117.50 in late trade, amid weakness in U.S. equities following the lackluster GDP data.The Dow Jones fell 251.90 points, or 1.45%, while the S&P 500 declined 26.26 points, or 1.3%.Meanwhile, the euro
was under pressure after data showed that deflation in the single
currency bloc deepened in January and amid growing concerns over
Greece's future in the euro zone.Eurostat said that the annual
rate of euro zone inflation fell by 0.6% in January, after a 0.2% slip
in December. Economists had expected an annual decline of 0.5%.Greece’s
new government said it will not cooperate with the International
Monetary Fund and the European Union and will not seek an extension to
its bailout program, underlining fears over a clash with its
international creditors.The Canadian dollar
was also hard-hit after Statistics Canada said the country's gross
domestic product fell 0.2% in November, compared to expectations for a
0.1% downtick and after a 0.3% gain in October. The Australian dollar
weakened to a five-and-a-half year low against the greenback amid
growing expectations for an interest rate cut in Australia next week. Elsewhere,
the Swiss franc strengthened against the other major currencies on
Friday, amid heightened expectations for further intervention by the
Swiss National Bank in the currency market (USD/CHF, EUR/CHF).Meanwhile, the dollar rallied 1.74% against the Russian rouble
to end at 70.05 after Russia's central bank unexpectedly cut its
benchmark interest rate to 15.0%, one month after surprising markets by
hiking rates to 17.0%.In the commodities market, oil prices
scored their biggest one-day gain since June 2012 amid indication that
U.S. producers may be pulling back on new production in response to low
prices.Nymex oil futures surged $3.71, or 8.33%, to $48.24 a barrel, while London-traded Brent prices soared $3.86, or 7.86%, to $52.99.Gold
was also well-supported, with prices tacking on $23.30, or 1.86%, to
close at $1,279.20 following the release of weaker than expected U.S.
GDP data. In the week ahead, investors will be turning their
attention to Friday’s U.S. nonfarm payrolls report for further
indications on the strength of the recovery in the labor market.Central bank policy meetings in the U.K. and Australia will also be in focus.Monday, February 2
Tuesday, February 3
Wednesday, February 4
Thursday, February 5
Friday, February 6
newdigital, 2015.02.02 18:55
Gold Slips as Crude Oil Prices Rebound (based on wsj article)
Gold futures eased Monday as higher oil prices tempered investor appetite for haven assets.
most actively traded gold contract, for April delivery, was recently
down $4.50, or 0.4%, at $1,274.70 a troy ounce on the Comex division of
the New York Mercantile Exchange.
Gold has drawn support from
tumbling crude-oil prices in recent weeks, as concerns about the impact
on the wider energy market sent investors in search of ways to protect
their wealth. Some traders view gold as a haven from political and
economic turbulence, believing it will keep its value better than other
On Monday, oil prices rebounded, with the U.S. benchmark
recently trading up 36 cents, or 0.8%, at $48.60 a barrel on the Nymex.
“The rally in oil took some of the pressure off the reasons to
buy gold,” said Ira Epstein, a broker with the Linn Group in Chicago.
Epstein added that the recent surge in gold prices, which took futures
up 8% in January, made the market vulnerable to correct lower as
investors move to lock in profits.
“This is a necessary pullback, but it’s not showing any signs that the rally is over,” he said.
gold’s slide was limited by weaker U.S. economic data. The ISM
manufacturing purchasing managers’ index fell to 53.5 in January from
55.1 in December, and missed forecasts of 54.3. A reading above 50
points to expansion in factory activity, while a print below that level
The data underscore the uneven nature of
the U.S. economic recovery, which has struggled to fire on all cylinders
since the 2008 financial crisis.
newdigital, 2015.02.03 05:46
Chinese banks to join new gold fix from March (based on ft article)
replacement for the near-century-old London gold fix will start in
March, with the hope of attracting at least 11 members, including
Chinese banks for the first time.
UK financial authorities are undertaking an
assessment of financial benchmarks in the wake of a series of scandals,
including over the gold fix.
The presence of Chinese banks would give the world’s second-largest consumer of the precious metal a greater say in the global gold price. Participants in the fix aggregate orders from clients on to a platform to determine the price.
“Interest has been very positive and creates a more diverse pool of
participants, which includes Chinese banks,” said Ruth Crowell, chief
executive of the London Bullion Market Association, a trade body for
London’s gold and silver markets.
newdigital, 2015.02.03 10:15
Gold Price Forecast Based on Algorithms: An Average Return Of 1.23% In 14 Days (based on gold-prediction article)
newdigital, 2015.02.04 06:53
Gold Miners Are Off To A Hot Start In 2015 -- But That's Just The Beginning (based on forbes article)
The story has a lot less to do with the printing of money and money
supply that traditionally drives gold and gold miners and more with the
fact that the mineral in and of itself has not been found despite all
the billions of dollars that have been put into discovery of gold over
the last ten years.
In fact, the number of working mines is down to almost zero from 20
to 25 in 1995. So the real story is the fact that you’re not finding any
new supply. Cash costs are high now, because you’re trying to extract
the greatest grades. The industry in and of itself has done an
extraordinarily poor job of asset allocation over the years with
misallocation of capital and losing money on mines.
They seem to buy high, sell low and dilute their shareholders. They
hedge at the wrong times. For all those reasons, these companies have
been put at massive discounts to what I think is any kind of rational
value. So the net sum of those dynamics that I just described leads me
to believe that the question an investor needs to ask is, “How is a gold
miner going to replenish their reserves?”
newdigital, 2015.02.05 05:41
Gold Price Today Sees Modest Gains – Higher Move on the Horizon (based on moneymorning article)
The gold price
jumped $10, or 0.80% to $1,271 an ounce in morning trading. The gains
came despite typical headwinds for the yellow metal: a stronger dollar
and slipping oil prices.
The yellow metal gave back some of those gains in the afternoon
session. Just before 1 p.m., gold was hanging on to a $2.70 rise at
This follows gold's sharp decline on Tuesday. Gold slumped $18.80, or
1.3%, yesterday as investors' appetite for riskier assets, including
stocks, increased. The Dow Jones Industrial Average added $305.36, or 1.8%, Tuesday as oil continued to march over $50 a barrel
There were three factors boosting gold prices: