Gold is Bearish on Short-term
Another High on the emerging Hourly 4 Channel Up which was testing the #1,650.70 mark quickly entered the Overbought territory. It is more than obvious that Gold is spiked up by Fed Rate announcement and confirmed the Bullish aggressive Daily Gap fill. On the World’s political uncertainty as both correlating markets are moving on a much slower pace (yesterday's price action DX # -0.27%, Stocks -3.28%). It is natural to expect a pullback if the political matters aren’t resolved, but as long as DX is not pressured by disappointing numbers I expect a smooth downfall and call for #1,600.70 test. Especially since Daily chart is about to turn Bearish again. Since Gold was rejected instantly on #MA50 #1,632.70, I will treat that as an Top, with the next technical stop on the #1,600.70 zone. I remain Bearish targeting #1,600.70 first and #1,590.70 in extension Selling on every high. At this point I would like to share a key landmark on the monthly scale - Gold been finally harmonized with DX. Bullish reversal is only sustainable if #1,650.70 is broken, but by my calculations that won't happen, or if it does - I will instantly shift my strategy. Of course, in these times of Fed, anything is possible, but Gold has to lose value to level up Overbought Williams% and RSI is showing strong Bearish divergence. I will approach the market with extreme caution with a call for #1,600.70
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- 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'.
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