Gold within stagnation zone due Elections
Technical analysis: Trading continues on very Low rate and Volatility on most levels is easing. Since #2,752.80 benchmark I mentioned many times on my remarks got invalidated and Gold is unable to stage recovery attempt above it, Bearish pattern on Hourly 4 chart reversed the Price-action towards #2,722.80 Support extension (Monthly Low's) and besides Sellung pressure evident throughout yesterday's and today's session, that was maximum for Buyers (at least for for current fractal). Daily chart is even more Bearish than its Moving Averages suggest (and break of former Ascending Chanel and trendline) so another candle is required to cross in Bearish values and reveal true Nature of the future trend which will restore the Selling bias according to my estimations. I am still looking for a complete frame fill at #2,700.80 benchmark first then #2,652.80 benchmark in extension if post-Election candles arrive and global economy feels significant relief which will add confidence into all asset classes and safe-havens such as Gold may lose (Investors losing interest).
My position: As it was the case many times before, pre-Election candles carry thin Volume usually so I will monitor the Price-action from sidelines.
My position: As it was the case many times before, pre-Election candles carry thin Volume usually so I will monitor the Price-action from sidelines.
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- 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'.
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