Technical analysis: Gold naturally found Buyers as Buying pressure is evident on the charts from DX on Selling sequence. It is important to note that #3,038.80 is next Resistance, which was near Weekly High’s as Price-action could find strong rejection there and deny the Buying response in extension. If invalidated, Price-action will be calling for #3,052.80 psychological benchmark which represents the Ultimate Top for current fractal. I will engage my orders accordingly and wait for suitable entry even though I have closed my order ahead of the final push above the Resistance but had many Profits Buying Low's throughout yesterday's session. However, Gold re-tested and was again rejected on the Hourly 4 chart’s Support keeping the Bullish bias alive. The Engulfing candle Bearish reversal candle on Hourly 1 chart succeeded at rejecting the Price-action and catching already the #32% Fibonacci level. I expect the last Daily chart’s candle to test again the #3,038.80 former Support now turned to Resistance when DX finds the Support zone and engages relief rally. If my last Target on this uptrend of #3,052.80 is not achieved by current Weekly closing, I will alter contemplating Selling orders and will find new suitable entry and plan new set of Selling orders (addition on what I will open), as the current global Fundamentals are still not too fluid to go through the weekend with open positions. Even though Gold is on undisputed Bullish trend and total Buying domination, I do believe that soon enough more serious correction will come.
My position: The current Weekly candle is at (# +3.96%), indicating strong Bullish continuation bias, extending the green Daily candle streak to #5. Symmetrical candle patterns is the sum of an otherwise pale session with the Price-action pivoting around #3,020’s on High Volatility scenario. My formula points that Investors are waiting today's U.S. session to set the (probable Bullish continuation) pace on Gold. Gold might stay consolidating until Fed Rate announcement later on throughout the session as I keep Buying every Low's on Gold. #3,022.80 is my Support for the fractal. Since my Profit is excellent, I will not Trade Fed announcement and will monitor from sidelines. For those who will, I do expect Rate to remain unchanged.
My position: The current Weekly candle is at (# +3.96%), indicating strong Bullish continuation bias, extending the green Daily candle streak to #5. Symmetrical candle patterns is the sum of an otherwise pale session with the Price-action pivoting around #3,020’s on High Volatility scenario. My formula points that Investors are waiting today's U.S. session to set the (probable Bullish continuation) pace on Gold. Gold might stay consolidating until Fed Rate announcement later on throughout the session as I keep Buying every Low's on Gold. #3,022.80 is my Support for the fractal. Since my Profit is excellent, I will not Trade Fed announcement and will monitor from sidelines. For those who will, I do expect Rate to remain unchanged.
- 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.