Gold under heavy Buying pressure
Technical analysis: Gold (Xau-Usd Spot) invalidated the #2,900.80 benchmark with relative ease on the current Daily chart’s candle and (marginally) made a new Weekly local (#1W) High’s which wasn't Sold instantly indicating strong Bullish bias Gold is Trading on. This is yet not enough to continue Selling the market though as confirmation should be completed once the current Hourly 4 chart’s candle break below the (which is now at #2,900.80 benchmark) new / old Support and downward extension. So far though I already have Spinning Top’s (usual indecision candlesticks) on Hourly 4 chart, but wide above the Support which is a Bullish sign (spot how slow Gold to slide has become, and fast to rise). On Top of that the whole Hourly 4 chart is now (marginally) Bullish gradient. Still a long way to go though to the next strong Resistance and the #2,927.80 extension (August #12 fractal seemingly reproducing). Be alert, Gold is still more tightly correlated to the DX at the moment and to a lesser extent, Bond Yields and Usd-Jpy pair. Yet again, Gold got rejected near #2,862.80 - #2,865.80 and provided another opportunity worth Buying as ahead of U.S. session opening Bell, Fundamental Buying pressure once again rescued Buyers and Bought back the Price-action which was fair Technical pullback. According to my estimations, Gold is surely extending the Buying sequence on Medium-term (regardless of decent CPI numbers throughout yesterday's session) and following the breakdown of the former Daily chart’s Descending Channel.
My position: I will re-Sell Gold only if #2,898.80 - #2,900.80 Support zone (contains psychological benchmark within the mini zone) gives away however even if it does, I will continue Buying the dips on Daily basis. For now it is too late to Buy Gold however if #2,922.80 Double Top's gets invalidated, I will Buy Gold on spot. Also #2,900.80 benchmark rejection represents another Buying opportunity. Always in current market structure give advantage to your Buy orders rather than Sell and Trade accordingly.
My position: I will re-Sell Gold only if #2,898.80 - #2,900.80 Support zone (contains psychological benchmark within the mini zone) gives away however even if it does, I will continue Buying the dips on Daily basis. For now it is too late to Buy Gold however if #2,922.80 Double Top's gets invalidated, I will Buy Gold on spot. Also #2,900.80 benchmark rejection represents another Buying opportunity. Always in current market structure give advantage to your Buy orders rather than Sell and Trade accordingly.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.