Gold approaching #1,600.80 mark as expected
Gold's main correlation: Sellers still haven’t missed their estimate as Gold aggressively invalidated #1,633.80 benchmark on multiple occasions (was posing as an hard Support), due geo-political tensions as a strong catalyst which is putting DX in High demand. Environment and general market sentiment remains not Gold friendly (about to engage Selling rally) due to the Supply-Demand mechanism. DX and Gold are still diagonally correlated, their charts are again on Positive-Negative match which is elemental sign of correlation. This suggests that DX tested its multi-Month Resistance zone, and Gold should touch #1,600.80 extension soon. This doesn't affect my local High’s / Top’s Selling strategy as Gold on Hourly 4 chart, is on a healthy Descending Channel that by my estimations will sustain according to all accounts and there are no signs of a rebound (it is a reversal pattern most of the times). Weekly chart was Trading near strong Support belt which was aggressively corrected Intra-day so I will not make a strategy shift and will trust my Selling model as long as Buying spree on DX lasts. I have to be excessively careful ahead of Powell's speech.
Technical analysis: The Short-term Price-action is Trading within #1,620.80 - #1,633.80 belt. I can spot idle movements on Hourly 4 chart with #1,610.80 Support bounces but regardless, Gold is Trading within my predicted values. Spot though on the Hourly 4 chart how all indicators showing different / mixed values, however Gold is isolated within Descending Channel with detectable Lower Low’s Upper and Lower zone. This is what I described on my commentary as an Bearish Divergence (BD) and is usually a first alert that the trend might be pointing to even stronger takedown. See how the very same divergence has Traded since November - April. On the November #12 Low, the Price-action started rising on an Ascending Channel but only once the structure formed a new Low. Since Support is broken on multiple occasions, Gold should test #1,600.80 late this week since regarding yesterday’s session, I saw no catalyst for further downfall (except traditional Volatility). Then again after mentioned Low’s, Gold started rising until the next Bullish Divergence (which means, after #1,627.80 and #1,600.80 in continuation, Gold engaged parabolic rise and tested #1,670.80 Long-term) - means that Gold already tested Higher High’s on pure Fundamental gradient on last fractal, and everything is set for new Bearish multi-Month cycle which is already taking place.
My position: My Medium-term Selling entry (#1,640.80) worked favourably and is still active, along with my additional Selling order (entry point of #1,620.80), both Targeting #1,600.80 psychological mark. (discussed throughout my yesterday's session commentary: "My position: I have successfully used yesterday's session opportunity to re-Sell Gold near my desired area, will once again utilize the same sequence and Sell either near #1,642.80 (towards #1,600.80) or on #1,633.80 break. Selling every High that Gold delivers is excellent strategy lately which brought me and my Traders brilliant Trading results.")
Technical analysis: The Short-term Price-action is Trading within #1,620.80 - #1,633.80 belt. I can spot idle movements on Hourly 4 chart with #1,610.80 Support bounces but regardless, Gold is Trading within my predicted values. Spot though on the Hourly 4 chart how all indicators showing different / mixed values, however Gold is isolated within Descending Channel with detectable Lower Low’s Upper and Lower zone. This is what I described on my commentary as an Bearish Divergence (BD) and is usually a first alert that the trend might be pointing to even stronger takedown. See how the very same divergence has Traded since November - April. On the November #12 Low, the Price-action started rising on an Ascending Channel but only once the structure formed a new Low. Since Support is broken on multiple occasions, Gold should test #1,600.80 late this week since regarding yesterday’s session, I saw no catalyst for further downfall (except traditional Volatility). Then again after mentioned Low’s, Gold started rising until the next Bullish Divergence (which means, after #1,627.80 and #1,600.80 in continuation, Gold engaged parabolic rise and tested #1,670.80 Long-term) - means that Gold already tested Higher High’s on pure Fundamental gradient on last fractal, and everything is set for new Bearish multi-Month cycle which is already taking place.
My position: My Medium-term Selling entry (#1,640.80) worked favourably and is still active, along with my additional Selling order (entry point of #1,620.80), both Targeting #1,600.80 psychological mark. (discussed throughout my yesterday's session commentary: "My position: I have successfully used yesterday's session opportunity to re-Sell Gold near my desired area, will once again utilize the same sequence and Sell either near #1,642.80 (towards #1,600.80) or on #1,633.80 break. Selling every High that Gold delivers is excellent strategy lately which brought me and my Traders brilliant Trading results.")
- 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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