Gold Break Support and Trendline
MY ORDER IS OPEN FOR SELL TO 1728 AND 1714
Gold's general commentary: Flat E.U. opening with visible Selling pressure on Gold , as DX (my main correlating asset currently) Trading on gains and pierced Medium-term Resistance seen Trading at #107.55 - #107.65, caused by impressively great numbers on U.S. economical parameters (Initial Jobless Claims and partially Philadelphia Fed Manufacturing Index) secondly Bond Yields engaged relief rally and are currently Targeting #3.000 psychological barrier, thirdly, it is important to mention Usd-Jpy pair which is on steady uptrend and partly it's back to my correlation asset list. Currently, Gold is comfortably Trading below one of crucial Support level of #1,752.80 - #1,755.80 and by breaking it, attracted more Sellers and extend Gold’s takedown towards #1,727.80 sequence. There is strong #1,727.80 test probability once #1,744.80 surrenders and if market closes below #1,744.80 mark while DX broken the Hourly 4 chart's Resistance zone am expecting decline to be in continuation under these circumstances. Daily chart is pointing on a steady slide aswell, so Medium-term Buyers should take that into consideration before planning a move. Investors remain cautious and that's why Traders are witnessing Low Volume throughout today's session.
Gold's general commentary: Flat E.U. opening with visible Selling pressure on Gold , as DX (my main correlating asset currently) Trading on gains and pierced Medium-term Resistance seen Trading at #107.55 - #107.65, caused by impressively great numbers on U.S. economical parameters (Initial Jobless Claims and partially Philadelphia Fed Manufacturing Index) secondly Bond Yields engaged relief rally and are currently Targeting #3.000 psychological barrier, thirdly, it is important to mention Usd-Jpy pair which is on steady uptrend and partly it's back to my correlation asset list. Currently, Gold is comfortably Trading below one of crucial Support level of #1,752.80 - #1,755.80 and by breaking it, attracted more Sellers and extend Gold’s takedown towards #1,727.80 sequence. There is strong #1,727.80 test probability once #1,744.80 surrenders and if market closes below #1,744.80 mark while DX broken the Hourly 4 chart's Resistance zone am expecting decline to be in continuation under these circumstances. Daily chart is pointing on a steady slide aswell, so Medium-term Buyers should take that into consideration before planning a move. Investors remain cautious and that's why Traders are witnessing Low Volume throughout today's session.
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.