The Gold rebounding the resistances got caught twice
The Gold rebounding the resistances got caught twice in the last week
My last Sundays analysis achieved great success, as I managed to caught two rebounds of resistances throughout last week, which I hugely anticipated to happened.
The first profits were achieved on Mondays early EU session, with total profit of 14 Points. I anticipated the rebounds of "1878, 1887 or 1900 resistance zones" (in my conclusion that could be found in my last idea- Strong 15 points profit on Tuesdays early EU session XAUUSD), so when the last bullish h4 candle failed to close above the 1878, with DX adding selling pressure on Gold, I opened my selling order pursuing the 1950 psychological barrier. I closed my order with 14 Points of profit as Golds Price failed to breach the 1862 h4 support.
The second, even greater position, was opened on Thursdays early EU session, when once again, Golds h4 candle failed to close above the 1886-1889 resistance and yet again I pursued the 1950 TP zone. The same thing happened as of Mondays position, and I closed my order at 1861 with huge profits of app. 28 Points.
Regarding the following week, the Gold is still under inevitable pressure from rising DXY and US10Y. The most important event/report is about to happend is Tuesdays 14:30 CET CPI (MOM) report, which will definitely show that inflation is still running higher than expected and that there is a lot of possibility for the Feds to continue raising interest rates even at higher pace and in larger amount than expected at the last FOMC meeting.
This will definitely switch the DXY medium term trend from bearish to bullish, and hence the Gold is counter correlated to Gold, it will provide even greater bearish pressure on it.
Also, what is worth noting, that rising wedge formed on last weeks hourly 4 chart is broken downwards and it is only a matter of time when Golds price once again tests the 1850 psychological barrier and gains momentum losing another 20-25 points same as it did by the end of Y2022.
As buying the Gold in currently not the option, regarding current market conditions, I will carefully monitor the market and chase yet again the rebounds of previously formed resistances on h4 chart, or engage selling order towards the 1830 and 1800 benchmark, if 1950 psychological barrier gets broken, and if get confirmation from both DXY and US10Y.
My last Sundays analysis achieved great success, as I managed to caught two rebounds of resistances throughout last week, which I hugely anticipated to happened.
The first profits were achieved on Mondays early EU session, with total profit of 14 Points. I anticipated the rebounds of "1878, 1887 or 1900 resistance zones" (in my conclusion that could be found in my last idea- Strong 15 points profit on Tuesdays early EU session XAUUSD), so when the last bullish h4 candle failed to close above the 1878, with DX adding selling pressure on Gold, I opened my selling order pursuing the 1950 psychological barrier. I closed my order with 14 Points of profit as Golds Price failed to breach the 1862 h4 support.
The second, even greater position, was opened on Thursdays early EU session, when once again, Golds h4 candle failed to close above the 1886-1889 resistance and yet again I pursued the 1950 TP zone. The same thing happened as of Mondays position, and I closed my order at 1861 with huge profits of app. 28 Points.
Regarding the following week, the Gold is still under inevitable pressure from rising DXY and US10Y. The most important event/report is about to happend is Tuesdays 14:30 CET CPI (MOM) report, which will definitely show that inflation is still running higher than expected and that there is a lot of possibility for the Feds to continue raising interest rates even at higher pace and in larger amount than expected at the last FOMC meeting.
This will definitely switch the DXY medium term trend from bearish to bullish, and hence the Gold is counter correlated to Gold, it will provide even greater bearish pressure on it.
Also, what is worth noting, that rising wedge formed on last weeks hourly 4 chart is broken downwards and it is only a matter of time when Golds price once again tests the 1850 psychological barrier and gains momentum losing another 20-25 points same as it did by the end of Y2022.
As buying the Gold in currently not the option, regarding current market conditions, I will carefully monitor the market and chase yet again the rebounds of previously formed resistances on h4 chart, or engage selling order towards the 1830 and 1800 benchmark, if 1950 psychological barrier gets broken, and if get confirmation from both DXY and US10Y.
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