As discussed throughout my yesterday's session commentary: "Quick update: Gold is Trading within Neutral waters and it is question now which side will prevail. I am in excellent position currently, Highly satisfied with my Profits without urge to Risk more on ranging market. Either #2,892.80 - #2,900.80 gets tested, or #2,852.80 benchmark. If Resistance zone rejects the Price-action, I will Sell Gold there on spot Targeting #2,852.80 benchmark once again. If however #2,900.80 gets invalidated, Short-term Bullish bias is restored."
Technical analysis: Gold is currently being rejected just above the Higher High’s Upper zone trendline of the Hourly 4 chart’s Ascending Channel that started with the February #28 local Low's. Within that Channel, the Price-action (Xau-Usd Spot) always tested the Higher High's extension zone after strong local Bottom rejection, so assuming no further Fundamental news breakout (and DX doesn't make a new Low or Bond Yields (near #5-Month High’s) continue the rejection towards new Support break), I don't see why this Hourly 4 chart’s fractal won't get repeated. #2,922.80 - #2,927.80 would be a fair estimate and those who Bought Gold should start taking Profits there. If however #2,927.80 gets invalidated, that would be a Bull break-out call towards the #2,952.80 benchmark (small chances for Selling configuration then to develop subsequently). Gold is having Bullish sentiment due Trump's Tariff declaration where DX is taking strong hits with every Hourly candle and Gold benefits on the other side posing as an well known safe-haven asset. Regardless, I am expecting #3,000.80 benchmark extension on the Medium-term run, and market closing above #2,900.80 benchmark restores Short-term Bullish trend as I mentioned throughout my yesterday's session commentary. Do not expect any meaningful pullback and do not Sell Gold at all costs as long as DX is Trading on such disappointing numbers.
My position: My #2,902.80 pending Buying order got triggered and is currently running in decent Profit.
Technical analysis: Gold is currently being rejected just above the Higher High’s Upper zone trendline of the Hourly 4 chart’s Ascending Channel that started with the February #28 local Low's. Within that Channel, the Price-action (Xau-Usd Spot) always tested the Higher High's extension zone after strong local Bottom rejection, so assuming no further Fundamental news breakout (and DX doesn't make a new Low or Bond Yields (near #5-Month High’s) continue the rejection towards new Support break), I don't see why this Hourly 4 chart’s fractal won't get repeated. #2,922.80 - #2,927.80 would be a fair estimate and those who Bought Gold should start taking Profits there. If however #2,927.80 gets invalidated, that would be a Bull break-out call towards the #2,952.80 benchmark (small chances for Selling configuration then to develop subsequently). Gold is having Bullish sentiment due Trump's Tariff declaration where DX is taking strong hits with every Hourly candle and Gold benefits on the other side posing as an well known safe-haven asset. Regardless, I am expecting #3,000.80 benchmark extension on the Medium-term run, and market closing above #2,900.80 benchmark restores Short-term Bullish trend as I mentioned throughout my yesterday's session commentary. Do not expect any meaningful pullback and do not Sell Gold at all costs as long as DX is Trading on such disappointing numbers.
My position: My #2,902.80 pending Buying order got triggered and is currently running in decent Profit.
- 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.