Gold under violent Volatility on Intra-day basis
Gold's general commentary: Irregular movements at the moment regarding Short-term as Gold continues to be a product of heavy speculations and is Trading sideways within the #1,700.80 - #1,720’s belt / Resistance is invalidated on #2 occasions and #1,700.80 first Support on the Hourly 4 chart, #3 occasions which meant nothing significant regarding the Intra-day trend (Trading against all Technical rules). If I can draw anything positive out of this week’s violent Volatility, is that Gold revealed the underlying Short-term trend switch to - Bearish as Hourly 4 chart is Trading under Buying pressure (out of nowhere #1,700.80 Support rejection, instead of pricing more losses due DX near local High’s, resulted as an #15 point spike upwards), which is nothing more than market speculators manually preventing the downtrend (as it was the case many times before) and sadly there is nothing that retail Traders can do regarding the issue. I expect correction (steeper fall) as tomorrow’s U.S. session opening approaches and aggressive correction towards #1,692.80 pressure point once again. I will only Sell Gold once again if I have green confirmation from DX, since this way Gold will Trade under strong side Swings which are disastrous for my capital, practice which is well known and seen many times where market speculators remove big portion of retail Traders and then a price a major move. Fed is keeping Yields Lower to fight against Inflation which is Buying every dip and adding Bullish candles in succession, wiping Sellers off the markets with extreme Volatility. Needless to mention, Gold’s fair Technical Price would be near #1,652.80 psychological barrier by now taking in consideration recent High's on DX. Since current Price-action (for consecutive #3-consecutive sessions now) is distorting Technical trends, I will seize all Trading activity until fair Technical trend appears.
My position: As my late Tuesday's session Profit was quickly erased with yesterday's Stop-loss hit (#1,700.80 entry point where Stop-loss was #1,712.80), I will remain on sidelines, waiting for Hourly 4 chart's trend on Gold to settle and then make my move. I will surely sit out today's session and await for a new chance to re-Sell Gold as soon as possible where I am confident that Gold is bound to test #1,678.80 configuration in extension.
My position: As my late Tuesday's session Profit was quickly erased with yesterday's Stop-loss hit (#1,700.80 entry point where Stop-loss was #1,712.80), I will remain on sidelines, waiting for Hourly 4 chart's trend on Gold to settle and then make my move. I will surely sit out today's session and await for a new chance to re-Sell Gold as soon as possible where I am confident that Gold is bound to test #1,678.80 configuration in extension.
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- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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