Gold Price Online

Gold Price Online | Gold Futures ChartHow much does gold cost on the exchange - an online chart of the price of gold in dollars per 1 troy ounce, as well as on the COMEX commodity exchange. Price forecast and features of gold futures. The gold price chart (XAU/USD) for today also shows the history of prices for the entire period. The online chart shows gold quotes against the US dollar. Gold is the most popular metal among stock traders. It is of particular interest during crises, when some investors try to keep their capital in it. For this reason, the price of gold depends not only on the volume of its production, but also on the economic situation in the world as a whole.

Technical Analysis Gold Futures

GOLD for Investor

On the COMEX New York Mercantile Exchange, gold futures trade under the ticker symbol GC.

The Chicago Mercantile Exchange (CME) provides a futures contract with the similar ticker GC.

On the London Metal Exchange (LME) - LME Gold.

The Intercontinental Exchange (ICE) has the gold futures ticker ZG.

The gold quote is displayed in US dollars. The volume of the contract may vary, but on most key exchanges it is 100 troy ounces.

The types of futures also differ on different exchanges. For example, delivery contracts are traded on the Chicago Stock Exchange and ICE, implying the physical purchase or sale of gold.

There is also a spot market for gold. Its basis is the LBMA Gold Price electronic auctions, which in 2015 replaced the usual gold fixings. Twice-daily auctions determine the price of gold, which is the global benchmark for physical gold trading.

Moreover, you can invest in gold in many banks, not only by purchasing bullion, but also by opening an OMC - an impersonal metal account.

So you can invest in gold the amount equivalent to one gram of it (and sometimes less), without having to spend money on storing it and overpay for the physical form.

At the same time, the cost of gold at the OMC is close to its stock quotes. This type of investment is well suited for long-term investments.

Gold replaced money for a long time, after which it served as collateral for many currencies. However, even after the abandonment of the gold standard, some currencies have not lost touch with the yellow metal and show correlations with its price.

The largest gold producing states include China, which accounts for more than 10% of global production, Australia, the USA, Canada, Peru, Indonesia and South Africa.

In total, these countries produce more than half of all gold per year.

The largest gold mining and processing companies in the world:
  • Newmont Goldcorp (TSX:NGT, NYSE:NEM)
  • Barrick Gold (TSX:ABX, NYSE:GOLD)
  • AngloGold Ashanti (ASX:AGG, NYSE:AU, OTC:AULGF)
  • Kinross Gold (TSX:K, NYSE:KGC)
  • Newcrest Mining (ASX:NCM, OTC:NCMGF)
  • Goldcorp (TSX: G)
  • Freeport-McMoRan (NYSE:FCX)
  • Polyus Gold International (LSE:PGIL)
  • Gold Fields (NYSE:GFI, JSE:GFI)
  • Randgold Resources (OTC:RNDXF)
  • Yamana Gold (TSX: YRI)
  • Eldorado Gold (TSX: ELD, NYSE: EGO)
Gold is one of the noble metals - it is weakly affected by aggressive environments, practically does not enter into chemical reactions.

The high value for the industry of gold betrays the fact that it is not subject to oxidation. In addition, it has a low melting point of 1064 degrees, and is easily amenable to physical impact.

There are two main types of gold: bank gold, which is available in 999 fineness and traded on financial markets, and jewelry with fineness below 750, which contains impurities to give it strength and durability.

Over 50% of the world's gold is used for jewelry. About 10% of the total volume of gold is industrial products: it is used in the creation of electronics, weapons, in the medical field, as well as in nuclear fusion and the space industry. 40% of the mined gold is used for investment purposes and 10% remains in the foreign exchange reserves of states.

How to Invest in Gold?

he easiest and most profitable way to invest in gold, of course, is to buy gold assets on commodity exchanges. To invest in gold, it is not even necessary to leave your home, as the exchanges work only online and all transactions are made through a computer and the Internet.

Since the exchange does not work directly with clients, there are special intermediaries - brokers. You only need to register with a broker, replenish your personal account and open a deal to buy gold.

To open a deal, it is enough to register, replenish an account, open a trading terminal, where you can select the desired asset and indicate the volume of the transaction (lot), and then indicate the direction of the transaction - Buy (Purchase) or Sell (Sale).

How much can you earn trading gold?
There is no clear answer to this question, since everything is individual and depends on the way you invest in precious metals. One thing is for sure - gold has been steadily holding an uptrend for several decades. And this trend will continue further, as every year the amount of metal dries up on the ground, making it limited and more expensive. Here the law of supply and demand works 100%. Even if demand remains at the same level, the supply on the market is declining every year. Which leads to an increase in the price of 1 unit of gold.

Need to invest in gold?
According to the forecasts of analysts and experts, sharp jumps in gold prices are not expected in the near future. Unless a global catastrophe occurs.

But given the peculiarities of the gold market, quotes for its assets will grow at a moderate pace over time. This means that investing in gold is a kind of win-win profitable option. But only in the very long term. Therefore, the investor needs to be patient.

Buy gold should be during economic crises. It is during this period that up to 50% of all purchases occur.

Advantages and disadvantages of investing in gold
Gold almost does not depreciate. But despite this, its price range can reach large sizes. For this reason, in the short term, investing in gold can lead to large losses due to price spikes. But in the long term, they smooth out and are the usual market noise in the main uptrend.

Another significant drawback is the large spread. When buying gold coins, there is a significant plus - the absence of commissions for the purchase. Investing in gold bars and jewelry carries the risk of theft. But in OMC, you do not need to pay taxes for the purchase of physical ingots, while there is no risk of theft.

But it is not in vain that investors do not seek to invest all their capital in gold, although this is a win-win investment. For them, gold is a kind of dead asset. And after the same 10 years, the profit from it can be “eaten up” by inflation. And you will not receive any dividends for owning gold bars.

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Gold Elliott Wave Forecast Impulse Move Near Complete

Short term cycle from 11.23.2022 low remains in progress as a 5 waves impulse Elliott Wave. Up from 11.23.2022 low, wave ((i)) ended at 1833.29 and pullback in wave ((ii)) ended at 1795.90. The metal then rallies higher again in wave ((iii)). Internal subdivision of wave ((iii)) is unfolding as another 5 waves impulse in lesser degree. Up from wave ((ii)), wave i ended at 1825.21, and pullback in wave ii ended at 1813.30. Wave iii ended at 1850.15, pullback in wave iv ended at 1829.90, and final leg wave v ended at 1865.15 which completed wave (i). The metal then pullback in wave (ii) towards 1824.

The metal extends higher again in wave (iii) towards 1881.59, and wave (iv) ended at 1871.10. Final leg wave (v) is in progress to end wave ((iii)). Afterwards, Gold should pullback in wave ((iv)) to correct cycle from 12.28.2022 low before it resumes higher again in wave ((v)) of 1. Afterwards, it should end cycle from 11.23.2022 low and the metal should pullback to correct that cycle before the rally resumes again. Near term, as far as pivot at 1796.6 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

Gold 45 Minutes Elliott Wave Chart

Gold Elliott Wave Forecast Impulse Move Near Complete

Gold: Elliott Wave Forecasting The Next Move After 5 Waves Decline

In this technical blog we’re going to take a look at some Elliott wave charts of yellow metal (Gold). Gold formed a high on October 4, 2022 (1729.46) and started declining. Decline took the form of an impulse, we will explain the internals of this impulsive decline, the bounce which we expected and current forecast.

Gold: 21, October 2022: 1 Hour Elliott Wave Analysis

In the chart below we can see Gold is an impulsive 5 waves decline from October 4, 2022 (1729.46) high. Wave (i) ended at $1700, wave (ii) ended at $1725.55, wave i of (iii) ended at $1706, wave ii of (iii) ended at $1715.16, strongest part of the impulse i.e. wave iii of (iii) ended at $1660.30, wave iv of (iii) ended at $1683.94, wave v of (iii) took the form of an Ending Diagonal and ended at $1639.30, wave (iv) ended at $1668.42. We can already see 3 swings down from blue (iv) peak so expecting another low to complete wave (v) and cycle from October 4, 2022 peak before a bounce.

Gold: Elliott Wave Forecasting The Next Move After 5 Waves Decline

Gold: 22 October, 2022: 1 Hour Elliott Wave Analysis

As per Elliott Wave Theory, after a 5 waves decline, there should be a recovery in minimum 3 waves. In the chart below, we can see Gold made a new low to complete wave (v) at $1616.80 on October 21, 2022 and bounced strongly. First leg of the bounce is close to ending, after which we expect a pull back and one more leg higher to complete three waves bounce before the decline resumes.

Gold: Elliott Wave Forecasting The Next Move After 5 Waves Decline

Gold: 1 November, 2022: 1 Hour Elliott Wave Analysis

In the chart below, we can see yellow metal completed 3 waves bounce on October 26, 2022 at $1674.94 and has turned lower again. Since decline from October 4, 2022 peak was an impulse, forecast is for XAUUSD to resume the decline and make a new low below October 21, 2022 ($1616.80) low.

Alternate view suggests it can hold the low at October 21 , 2022 for seven swings higher before the decline resumes but as far as October 4, 2022 high remains intact, forecast is for Gold to resume the decline and break below October 21, 2022 low.

Gold: Elliott Wave Forecasting The Next Move After 5 Waves Decline

Elliott Wave Forecast: Gold (XAUUSD) Could Shine A Bit In Coming Days

Short term Elliott Wave view on Gold (XAUUSD) continued with bearish momentum from 10.04.2022 high calling for further downside. Decline from 10.04.2022 high is unfolding in 3 waves to complete a double correction. Down from 10.04.2022 high, wave (i) ended at 1700.00 and rally in wave (ii) ended at 1725.78. Then XAUUSD resumes the drop as wave (iii). Internal subdivision has 5 waves in lesser degree. The 60 minutes chart below shows the internal subdivision of wave (iii).

Down from wave (ii), wave i ended at 1705.81 and correction in wave ii ended at 1715.00. Down from wave ii, wave iii finished at 1660.32 and wave iv bounce completed at 1683.78. Wave (iii) decline ended at 1639.24 and wave (iv) ended at 1668.45. Final leg lower wave (v) of ((a)) is in progress and it should end soon. We are expecting more low to complete wave (v) and wave ((a)). When the impulse has completed, we look for a with the bounce in 3, 7 or 11 swings higher as wave ((b)) that should fail to resume with the downtrend again. A break of 1668.45 should confirm that gold is already in wave ((b)).

GOLD 60 Minutes Elliott Wave Chart

Elliott Wave Forecast: Gold (XAUUSD) Could Shine A Bit In Coming Days

That's cool! Yes!

On Friday, the trade recommendation was 100% profitable!

I buy $100 at the current price of gold futures with a leverage of 1:1000, at a price of $1623 and in 4 hours I sell this contract at a price of 1650, as it was in the forecast.

Profit: 2700 pips = $2700.

Thank you! Watch for new trading signals!

Trading Signal for Gold (XAU/USD) on October 6-7, 2022: buy above 1,718 (7/8 Murray - 200 EMA)

Gold (XAU/USD) is trading at around 1,720, above 7/8 Murray (1,718), above the 200 EMA, and the 21 SMA, providing a strong positive signal. If the metal keeps trading above this area in the next few hours, it could reach the strong resistance of 8/8 Murray located at 1,750.

Yesterday in the American session, XAU/USD came under strong bearish pressure. As a result, it failed to consolidate above the strong resistance of 1,735. We can see that gold found support around the 200 EMA on the 4-hour chart. Around this area is the psychological level of 1,700 which could offer a positive outlook in the coming days.

The US dollar index resumed its bullish cycle on expectations of an aggressive tightening by the FED. Markets are pricing in a 70% chance of an increase of 0.75% in interest rate in November.

Strengthening of the US dollar is benefitting Treasury bond yields which is a situation that means gold could once again come under bearish pressure.

According to the 4-hour chart, Gold reached the top of the uptrend channel. During a technical correction, the price printed a low of 1,700. From that level, XAU/USD rose again and could now gain momentum and reach 1,750.

On the contrary, in case gold falls below the psychological level of 1,700 and consolidates below the 200 EMA and below the 6/8 Murray, it could mean that the bearish pressure has resumed and could be a negative sign. In this case, gold could reach 5/8 Murray at 1,656 and could even drop to the psychological level of 1,600.

A sustained break above strong resistance at 1,735 is needed to challenge the 1,750 level. On the downside, critical support is seen between 1,700-1,687. A break of this level could change the trend and gold could turn bearish.

The strong support at $1,680 will be the last line of defence for the gold bulls. This level is located at 6/8 Murray (1,687). The price could drop towards 1,656 and 1,615 if it closes below this level.

Our trading plan for the next few hours is to buy above 7/8 Murray, with targets at 1,750. On the other hand, to grasp a good opportunity to buy, we should wait for a technical bounce around the 200 EMA located at 1,700, with targets at 1,718 and at 1,750.

The eagle indicator is showing overbought signals. So, if gold fails to stay above 7/8 Murray, it will be a clear signal to sell below 1,718 with targets at 1,697 and 1,685.

Trading Signal for Gold (XAU/USD) on October 6-7, 2022: buy above 1,718 (7/8 Murray - 200 EMA)

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