Technical analysis: Gold continues to Trade within healthy Hourly 4 chart’s Ascending Channel, holding tightly the #3,242.80 - #3,252.80 pressure point as an Resistance zone (see how it held throughout today’s session on the exact spot, aswell holding and untouched in #10-session base). Assuming that the Buying pattern continues, then the current market sentiment represent an additional solid Buying opportunity towards the #3,262.80 extension (taken from June - July Annual High’s), however recession sentiment is off the markets (at least for Short-term) so safe-haven assets such as Gold (which were on High-demand) should suffer as Investors are slowly losing interest which should add strong Buying pressure on Bond Yields and DX (my strongest correlation at the moment). There are only two Resistance lines left towards #3,262.80, which are currently Trading on #3,244.80 and #3,252.80 configuration. I’ve been highlighting the #3,252.80 potential, and I assume with current market overview, Gold may test it within current session. However keep in mind that rejection here can extend the Selling sequence below #3,227.80 Support in extension.
My position: Gold is Trading near hard Resistance zone and under Buying pressure due DX taking strong Intra-day hits. I will Trade the break-out, either #3,244.80 Resistance towards #3,252.80 benchmark and above or await will #3,227.80 Support reject every downside attempt. All depends on how DX fares into coming sessions.
My position: Gold is Trading near hard Resistance zone and under Buying pressure due DX taking strong Intra-day hits. I will Trade the break-out, either #3,244.80 Resistance towards #3,252.80 benchmark and above or await will #3,227.80 Support reject every downside attempt. All depends on how DX fares into coming sessions.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.