Gold again on ATH's
Technical analysis: Monitoring the market closing throughout yesterday’s session, Hourly 1 chart’s mini Descending Channel was strongly invalidated as Price-action is now close to my projected #2,912.80 Higher High’s sequence (which represents also the Higher High’s observing from the above regarding Medium-term Neutral zone on Spot prices) and if the pattern holds, I should get a extension subsequently towards the #2,950’s consolidation zone ahead. However, in case of the #2,892.80 Support break, then Hourly 4 chart’s Selling extension (priced at #2,872.80) can be easily tested Intra-day, negating Bullish bias (less likely). If #2,912.80 first Resistance gives away, next Technical stop should be #2,952.80 - #2,962.80 Higher High’s Upper extension. Gold invalidated the #1-Month High’s and didn’t failed to maintain those Inflated prices, however configuration should be rejected with almost #50 point dip near #2,900.80 benchmark variance if Resistance belt reverses the Price-action. Remember, when you are unsure of the Medium or Long-term direction on Gold, always look for clues on correlating assets and Trade accordingly. Only when DX prints an Daily chart’s Lower Low’s, I will be able to say with a Higher degree of certainty that the Bullish reversal on Gold is sustainable. Until then Gold is a Buy option but anytime, if DX continue the dump (Trading near Weekly Low’s), Gold may constantly Buy back the dip and reverse on Bullish note regarding Weekly (#1W) scale. However, observing the market closing, Price-action got back on levels which can be promising structure for another Buying opportunity as I might not wait for validation of DX to engage my Buying model. Downside potential seems strongly limited as Gold has underlying Buying momentum which I’ve been mentioning and referring to almost on my every recent post.
My position: Buy every dip on Gold and stay away from Selling. Even if Price-action delivers Intra-day decline, it is only to rise later on even more.
My position: Buy every dip on Gold and stay away from Selling. Even if Price-action delivers Intra-day decline, it is only to rise later on even more.
- 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.