Gold on the route towards #2,000.80 / War news escalation
Gold's general commentary: Gold was giving mixed signals following the Russia - Ukraine crisis where Daily chart was about to turn Overbought (Williams%) near #1,900’s which was far below my Targets. Similar outlook happened in late June to mid July #2018 (within #1,440.80 - #1,380.80) I expect to be repeated once the Top is near of the current Price-action, and once peak is priced in, Gold would deliver Medium-term Selling opportunity (which is now out of question). Gold rebounded so far near the #1,887.80 throughout yesterday's Trading session pressure point on an Hourly 4 chart’s Engulfing Bullish candle that set the all Moving Averages back to Neutral state (which is also a Bullish sign). This move was caused by a Low’s on Yields after the GDP release, a Volatility reaction on Hourly 1 Chart which should soon normalize where expected Short-term correction might be yet again postponed due war escalation news. Gold is currently on a diagonal correlation with the Yields and as long as the, Fed fuelled, DX Buy-off lasts, Gold will have evident Buying pressure and should Trade under it.
Fundamental analysis and my position: Until now I have successfully utilized Buying momentum as current developments wiped out Traders who had intention to Sell Gold from the market. My practical suggestion would be to Buy every dip that Gold makes and if #1,952.80 breaks, (#13-Month High's) to pursue #1,982.80 in extension. Selling such Fundamentally Bullish bias is Highly dangerous.
Fundamental analysis and my position: Until now I have successfully utilized Buying momentum as current developments wiped out Traders who had intention to Sell Gold from the market. My practical suggestion would be to Buy every dip that Gold makes and if #1,952.80 breaks, (#13-Month High's) to pursue #1,982.80 in extension. Selling such Fundamentally Bullish bias is Highly dangerous.
- My official and only Telegram Channel: t.me/goldenBear88
- 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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