Gold still inside a Neutral range / cautious market
Gold's general commentary: Yesterday's E.U. session opened with a #12-point Bullish gap fill which put the recovery candles in motion. Gold was Trading near multi-Month (local High’s Triple Top) rejection zone of #1,842.80 - #1,844.80 and if it breaks, Gold may engage aggressive upswing followed with weaker DX and Fundamentally driven Buying pressure caused by additional weakness on U.S. Dollar, which was Trading near Medium-term Support levels of #103.270. Technically, Gold was approaching ideal re-Sell zone, but most likely Fundamentals will override Technicals, and if Support zone rejects the Price-action (by most accounts, it will), #1,820.80 - #1,822.80 might be once again tested and invalidated on one hit / try. Seems like all Bullish developments weren’t enough to continue the Buying sequence towards #1,862.80 Resistance zone.
Fundamental analysis: Volatile Price-action towards the yesterday's market closing (Hourly 1 chart has #1,822.80 and #1,820.80 Support lines ahead) as in the absence of High impact macro-economic reports (besides the ever-growing Inflation on ATH’s and Fed using Reverse Repurchase Agreements from Treasury fund to inject money on U.S. equities and holding the current #103.270 Medium-term Support zone on DX), Gold is inside a range on the last three Hourly 4 chart candles. Notice how this is taking place exactly above the Hourly 4 chart’s Support zone of #1,820.80 - #1,822.80. As long as Gold stays below #1,840.80 - #1,842.80, the Short-term bias is Bearish towards the Hourly 4 chart’s #1,806.80 Selling extension and #1,800.80 psychological barrier. If however #1,820.80 breaks, I will most likely have a Bearish breakout signal towards #1,806.80, Selling opportunity worth taking.
Technical analysis: Gold is slowly switching Bearish regarding Short-term and within the Descending Channel still on Hourly 1 chart where Price-action can extend the motion and Trade towards Higher Low’s zone , configuration which brings more uncertainty as consolidation candles are still visible on the charts for the #2nd session in a row. I will Trade accordingly as I will not take excessive risks as the best solution at the moment is waiting for a market closing (below #1,831.80 points to a Bearish continuation and switch from Neutral to Bearish regarding the Short-term). On the other hand, if correlating assets go in Buyers favor, Gold may experience a rebound with an #20 point uptrend ahead (keep in mind that #1,820.80 - #1,822.80 rejected the Price-action on multiple occasions which is adding credence to Gold’s Buyers). Statistic is there to Support my pattern - last Higher Low’s attempt without apparent rejection, Price-action engaged aggressive decline and extended the takedown on more than #57 points afterwards, so same fractal could be repeated shortly. If Asian session does not recover Intra-day losses on Gold (Gold is falling even though DX is still Trading below the Short-term Support), #1,800.80 may be filled within #2 sessions.
My position: Gold is still Trading within the Neutral Rectangle, and engaging the order now might not bring any meaningful results as Scalpers are getting the most returns out of the current Price-action. However, #1,822.80 Support zone break can initiate #1,806.80 test, so I will await the Support zone to get invalidated and Sell Gold on spot towards #1,806.80 extension first, then #1,792.80 if #1,800.80 barrier breaks.
Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis. If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.
Fundamental analysis: Volatile Price-action towards the yesterday's market closing (Hourly 1 chart has #1,822.80 and #1,820.80 Support lines ahead) as in the absence of High impact macro-economic reports (besides the ever-growing Inflation on ATH’s and Fed using Reverse Repurchase Agreements from Treasury fund to inject money on U.S. equities and holding the current #103.270 Medium-term Support zone on DX), Gold is inside a range on the last three Hourly 4 chart candles. Notice how this is taking place exactly above the Hourly 4 chart’s Support zone of #1,820.80 - #1,822.80. As long as Gold stays below #1,840.80 - #1,842.80, the Short-term bias is Bearish towards the Hourly 4 chart’s #1,806.80 Selling extension and #1,800.80 psychological barrier. If however #1,820.80 breaks, I will most likely have a Bearish breakout signal towards #1,806.80, Selling opportunity worth taking.
Technical analysis: Gold is slowly switching Bearish regarding Short-term and within the Descending Channel still on Hourly 1 chart where Price-action can extend the motion and Trade towards Higher Low’s zone , configuration which brings more uncertainty as consolidation candles are still visible on the charts for the #2nd session in a row. I will Trade accordingly as I will not take excessive risks as the best solution at the moment is waiting for a market closing (below #1,831.80 points to a Bearish continuation and switch from Neutral to Bearish regarding the Short-term). On the other hand, if correlating assets go in Buyers favor, Gold may experience a rebound with an #20 point uptrend ahead (keep in mind that #1,820.80 - #1,822.80 rejected the Price-action on multiple occasions which is adding credence to Gold’s Buyers). Statistic is there to Support my pattern - last Higher Low’s attempt without apparent rejection, Price-action engaged aggressive decline and extended the takedown on more than #57 points afterwards, so same fractal could be repeated shortly. If Asian session does not recover Intra-day losses on Gold (Gold is falling even though DX is still Trading below the Short-term Support), #1,800.80 may be filled within #2 sessions.
My position: Gold is still Trading within the Neutral Rectangle, and engaging the order now might not bring any meaningful results as Scalpers are getting the most returns out of the current Price-action. However, #1,822.80 Support zone break can initiate #1,806.80 test, so I will await the Support zone to get invalidated and Sell Gold on spot towards #1,806.80 extension first, then #1,792.80 if #1,800.80 barrier breaks.
Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis. If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- 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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