Cha-Zee-ZESA

Gold is only going up for the moment. The channel it is following is now giving little room for significant pullbacks as breach of support lines will trigger some alarm bells against the long bull trend in 2024. So this ascend will take time forming an exponential curve cum parabolic shaping or plateau. Give it a week or 2 for BUYING!

The GOLD price is likely to soon shoot up significantly in record time. Exponential curve forming and now the eye can see. As the regression trends show, a steep incline is likely to follow in the price movement.October XAUUSD options for +3k must soon be strongly in the money.Less significant retracements now. BUY!

With the MACD having just crossed above the signal line on GOLD daily chart, there is little chance of the week starting off with any strong selling direction. I am holding and entering Buy positions.I believe any meaningful retracement this week will be before Tuesday's Core Retail data and the market will look to position itself early in anticipation of major FED activity on Wednesday evening. Support this week >=$2,530Forecasted High of <$2,620Trend to be more sensitive to ascending channel's mean that the support level indicated above.I am very bullish this week.

Once the momentum of the current sell-off wanes around $2500, I see more buyers back in the market to push XAUUSD to >$2530 today as it would have touched the Basis of the Bollinger Bands. Volatile day!- The reversion to mean is done and XAUUSD will be rising now despite the current session's pullback after non-farm payroll induced rise. - momentum will see the price testing the resistance line of the ascending channel moving away from the ascending mean.- soon the sharp fall in the CCI will also sharply reverse as there will not be a sustained selling pressure over the next few hours whilst the RSI is already indicating towards oversold GOLD.

The XAUUSD trade remains bullish but currently faces resistance before the price can go up. The elements include:- potential overpricing-in of the composite driver forces of interest rate cuts, longstanding geopolitical risks and general economic malaise in the major economies.- technical indicators also giving little impetus for further buys at this level of prices. The market might accepts some downwards correction. Why? 1. A regression trend analysis on the daily shows GOLD is currently trading high towards the channel's resistance with flatlining high of about $2,525 in this week we are closing. A week with key economic indicators going against Gold's allure.$2,485 - $2,503 has become the support range (orange rectangle) after having left the long drawn $2,380 - $2,485 range (white rectangle) in the middle of August. 2. Whilst GOLD is trading at highs on the wide Bollinger bands, it seems riskier than a few weeks ago to take new long positions. In the last 7 trading days 3 tests of a mean reversion have occurred and a fourth will likely be successful in the absence of increased upside forces in the macro economic environment. 3. The MACD line is about to cross under the signal line. It has been 3weeks since it crossed over the signal line and is showing it will soon go under - rarely has it touched and sprung up again since April! + the histogram since the crossover has not shown higher buying intensity.4. The RSI near 60 supports the idea of overpricing-in. With the price rise trend since the end of June when the resistance line of the ascending channel was tested, the RSI has failed to stay >70 for a significant period. Can be interpreted the market has already seen some buyers off!5. The Stoch RSI meanwhile suggested GOLD was overbought since last week and no better day has come since 20 August when prices temporarily broke the resistance of a steeper channel that started around 8th August. That steeper channel (white paralle channel) has had its support broken today! The good thing for the Bulls is we are already nearing the Stoch RSI starting to push buyers back into the market.6. The CCI shows Bulls are still in the arena but not causing as much upward havoc. That is where the suggestion for further price ascension come from. 6.

I am trusting the pattern that has emerged on the GOLD price hourly chart in a strong ascending channel indicating a high of $2,570 by Monday night. 3 phases have emerged over the past 2weeks after sustained strong price reversal days (8th and 16th August 2024). The price has been rising into a green phase where it fluctuates over 30-36hrs testing the resistance and support from previous prices before breaking out for a second ascend to breach the next resistance and make the high of the next >72hrs (green flag).The red flag (high of next >72hrs) is near the channel's ascending support line and begins the amber phase which has a slight decline to test an immediate support within the ascend from the green phase. the 1st test rebounds slightly towards the high set at the beginning but certainly lowers back.This starts the red phase towards the 72hrs low which is a target for entry to catch the next rapid +2% rise (green flag). The green flag is occurring without any decent test of the ascending support line for this bullish channel. You will see the pink zone is hardly occupied by any candles (any red ones at that!). If the pattern persists and the next green flag produces the same +2%...$2,550 - $2,570 is a target price for this analysis.With London not really waking up today, signals will be clearer from around midday GMT and post Durable Goods orders report after 1330 GMT. 'London session' already bullish.unexpected consolidation

The lower resistance line of the ascending channel for XAUUSD GOLD has just been breached for the first time since the channel's establishment nearly 4hrs ago. Though still a bull market today,I think the price awaits NY session traders to pull it further upwards. I predicted today's high for Friday in the linked idea but now seems I underestimated the price velocity and momentum this week had. A lot of headroom for buyers today with current 1st resistance at $2,520. $2,550 is doable. NEXT PSYCHOLOGICAL LEVEL/BARRIER IS $2,750.Funny thing is I thought I was mad when I considered September-2024 Gold Call options for $2,650. I confirmed I was mad by ignoring them back then.

Since the 1st of April 2024, GOLD has formed a clear bullish channel with a highly probable eventful price action week to the few hours after FED Chairman Powell's speech on Friday. I believe a suggestion of an emergency FED rate cut outside schedule propels GOLD to between $2,525 and $2,540. This of course is dependent on the size of retracement in the earlier days of this week.12th to 16th August was a bullish week that saw GOLD reach an ATH above a psychological mark of $2,500. In the absence of clear increased and unpriced geopolitical risk(s), I expect some retracement within the accelerated channel from 12th Aug (white channel). The accelerated bullish channel (white) and the longer term bullish channel (pink) provide a great tier of support levels to use as risk indicators against the bullish trade.1. The 1st support level will be $2,483 as it coincides with the high of day's trades for 17th July and coincides with the progressive mean for the accelerated channel for last week's trades on the yellow metal. The yellow dashed line shows the first level a retracement can breach against opposing the long positions this week. This will probably come as early as the Asian trades in a few hours. I will still hold if a position was opened in fear of a huge event over the weekend. I opened a smaller than normal position near Friday's closing bell.2. The slightly more significant area for me will be the $2,464 - $2,472 price range on a daily candle. Any close in this range between Monday and Tuesday together with Volume profile analysis should indicate strong selling pressure (amber range). This will be the last level I would add to my position (but on the small side as the probability to hit $2,525 - $2,540 would need more certainty of an event driving the price's momentum.3. If on the Day candle we hit the red-pink zone, then an event driven momentum could only see us hitting sub $2,530 but for me sellers would have significantly dented my expectations for the week.LET"S GO FOR THE GREEN DOT OR HIGHER. GOOD LUCK 4. Touching $2,429 or under before or Wednesday on any timeframe is significant even for the bullish channel started 1st April. This will be its rising mean and crossing under is some seller strength in the arm wrestle for GOLD.

If we break above $2,500 again we might get to $2,510 before closing bell. There is a clear bullish parallel channel that has formed for nearly 3.5hrs now. Next week will be interesting. I wonder where open orders will be placed amongst you all. Happy weekend GOLD Buyers... and you sellers too.closed at profit near Friday market closing time