Sell order activated / Gold near local High's
Gold's general commentary: Poor Fundamental numbers pushed Gold’s Price-action back to opening Price, as Gold was Trading below the Hourly 4 chart's Resistance zone. If the Price-action manages to break it from above, it is excellent Selling opportunity once again for a re-Sell towards #1,831.80 first Support. DX is Trading was Trading near strong Support priced at #104.400 which was broken on one try / hit, adding strong Buying pressure on Gold.
Technical analysis: According to my calculations October #29 - November #9 fractal should work in Sellers favor as Gold always repeats it’s cycles. Yesterday’s session configuration most likely concluded final Bullish Target on current Buying Price-action leg. Gold’s rise was a clear product of one of the strongest Intra-day declines on DX (almost # -1.50%) on the Fed aftermath, which came as a huge surprise at least to me as I miscalculated strength of DX on Intra-day basis and didn’t counted on possibility of such full scale decline. Since on a Monthly basis the Price-action remains on the mix of straight Bearish candles, it is more than likely regarding the Medium-term for Price to test the December #2 High’s (priced at #1,812.80 or below #1,806.80 Medium-term Support) before I consider more serious correction towards upper values.
Fundamental analysis: Monitoring few currency pairs, I can state with certainty that Usd-Jpy is back in correlating pairs regarding Gold. As long as Gold is fully connected to DX, expect side swings on DX to be instantly replicated on Gold within moments. My Target was modeled partly also on a #1,843.80 Technical rejection (#MA200) / as soon as Price-action continue to Trade below it, it will be a sign that Gold is should alter the uptrend and could engage the decline soon enough. Personally as upside was strongly limited, only such DX decline could engage this kind of movement on Gold. If market closes above #1,842.80, there is strong possibility of #1,872.80 extension test. Only a break of #1,842.80 Support (former Resistance) can attract Sellers and reverse Short-term trend to Bearish. As long as Gold is tied to DX, expect side swings and spikes on both sides on Intra-day basis. I am expecting market to return to normal market conditions early next week, where DX should engage relief rally and add significant Selling pressure on Gold.
My position: As both Technically and Fundamentally Gold is equipped for a downtrend, I engaged my Selling order with #1,850.80 as an entry point. Optimal Target of this Selling potential is #1,817.80 ahead of #1,806.80 extension. #1,842.80 Support (former Resistance) can reverse Gold's Intra-day trend, so look for pointers there and protect your capital. I am expecting more Price-action as Powell's speech approaches.
Technical analysis: According to my calculations October #29 - November #9 fractal should work in Sellers favor as Gold always repeats it’s cycles. Yesterday’s session configuration most likely concluded final Bullish Target on current Buying Price-action leg. Gold’s rise was a clear product of one of the strongest Intra-day declines on DX (almost # -1.50%) on the Fed aftermath, which came as a huge surprise at least to me as I miscalculated strength of DX on Intra-day basis and didn’t counted on possibility of such full scale decline. Since on a Monthly basis the Price-action remains on the mix of straight Bearish candles, it is more than likely regarding the Medium-term for Price to test the December #2 High’s (priced at #1,812.80 or below #1,806.80 Medium-term Support) before I consider more serious correction towards upper values.
Fundamental analysis: Monitoring few currency pairs, I can state with certainty that Usd-Jpy is back in correlating pairs regarding Gold. As long as Gold is fully connected to DX, expect side swings on DX to be instantly replicated on Gold within moments. My Target was modeled partly also on a #1,843.80 Technical rejection (#MA200) / as soon as Price-action continue to Trade below it, it will be a sign that Gold is should alter the uptrend and could engage the decline soon enough. Personally as upside was strongly limited, only such DX decline could engage this kind of movement on Gold. If market closes above #1,842.80, there is strong possibility of #1,872.80 extension test. Only a break of #1,842.80 Support (former Resistance) can attract Sellers and reverse Short-term trend to Bearish. As long as Gold is tied to DX, expect side swings and spikes on both sides on Intra-day basis. I am expecting market to return to normal market conditions early next week, where DX should engage relief rally and add significant Selling pressure on Gold.
My position: As both Technically and Fundamentally Gold is equipped for a downtrend, I engaged my Selling order with #1,850.80 as an entry point. Optimal Target of this Selling potential is #1,817.80 ahead of #1,806.80 extension. #1,842.80 Support (former Resistance) can reverse Gold's Intra-day trend, so look for pointers there and protect your capital. I am expecting more Price-action as Powell's speech approaches.
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- 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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