My Target of #1,975.80 reached (ATH levels are nearby)
Gold's general commentary: The Price-action is currently Trading way above the Hourly 4 chart’s #1,975.80 Resistance (#13-Month peak) gaining momentum as the DX is still on aggressive uptrend which haven’t got intention to stop. Gold is approaching again the Higher High’s Upper zone trendline, above the Daily chart’s Neutral Rectangle, slightly below the #2,000.80 barrier which represents Selling accumulation point since late July #27, #2020 (ATH's). It would be best for Short-term Traders though to wait for the confirmation. Absence of High impact news will most likely push Gold back to Higher levels once the correction is priced in, and as discussed, unless market invalidates #2,000.80 and closes the session above it.
Technical analysis: Technically this is a duel between the Short-term Bearish trend of the Hourly 4 chart’s Overbought oscillation and the critically Bullish Fundamentals. Friday's U.S. session Top’s were made exactly on the Higher High’s trendline of the Daily chart’s Buying zone, which shouldn’t allow any more room for uptrend (Intra-day( from this point. If however the Price-action invalidate last week’s Low’s, the Buying formation is invalidated regarding both Short and Medium-term as the next pullback should represent a Selling opportunity, since DX is still Trading on Monthly High’s. It will all depend on how the DX fares on today's session (since Gold is subsequently rising along with DX, indicating elemental Volatile trend). Technically a break above #2,000.80 is a Short-term Buying opportunity towards #2,021.20. Regarding NFP announcement, configuration went according to my commentary that NFP will most likely be ignored (have less or no impact on Gold), which contained no significance to the current Price-action.
My position: As Gold soared throughout Asian session, current Price-action confirmed my thesis that Selling Gold in Fundamentally Bullish times (awaiting for correction on possible Resistance zones) is dangerous decision to make as Gold will continue soaring with every Hourly candle as long as Fundamental Buying pressure is arriving and showcasing strong durability of safe-haven assets on High demand currently (Gold on top of the list). I am expecting correction here, and if #1,988.80 breaks, #1,975.80 may be filled Intra-day. I will sit out today's session and observe from sidelines, as I don't see any opportunity worth taking at the moment. Market closing above #2,000.80 barrier will arise Buyers once again where #2,022.80 will be most viable Target (approaching ATH levels). However, according to my Technicals, if #1,988.80 breaks throughout tomorrow's session, I will pursue #1,975.80 and #1,942.80 with my set of Selling orders as Gold is approaching critically Overbought conditions almost on all charts. As discussed, today's session is best to be avoided as I chosen not to Trade this. Market closing on main stage.
Technical analysis: Technically this is a duel between the Short-term Bearish trend of the Hourly 4 chart’s Overbought oscillation and the critically Bullish Fundamentals. Friday's U.S. session Top’s were made exactly on the Higher High’s trendline of the Daily chart’s Buying zone, which shouldn’t allow any more room for uptrend (Intra-day( from this point. If however the Price-action invalidate last week’s Low’s, the Buying formation is invalidated regarding both Short and Medium-term as the next pullback should represent a Selling opportunity, since DX is still Trading on Monthly High’s. It will all depend on how the DX fares on today's session (since Gold is subsequently rising along with DX, indicating elemental Volatile trend). Technically a break above #2,000.80 is a Short-term Buying opportunity towards #2,021.20. Regarding NFP announcement, configuration went according to my commentary that NFP will most likely be ignored (have less or no impact on Gold), which contained no significance to the current Price-action.
My position: As Gold soared throughout Asian session, current Price-action confirmed my thesis that Selling Gold in Fundamentally Bullish times (awaiting for correction on possible Resistance zones) is dangerous decision to make as Gold will continue soaring with every Hourly candle as long as Fundamental Buying pressure is arriving and showcasing strong durability of safe-haven assets on High demand currently (Gold on top of the list). I am expecting correction here, and if #1,988.80 breaks, #1,975.80 may be filled Intra-day. I will sit out today's session and observe from sidelines, as I don't see any opportunity worth taking at the moment. Market closing above #2,000.80 barrier will arise Buyers once again where #2,022.80 will be most viable Target (approaching ATH levels). However, according to my Technicals, if #1,988.80 breaks throughout tomorrow's session, I will pursue #1,975.80 and #1,942.80 with my set of Selling orders as Gold is approaching critically Overbought conditions almost on all charts. As discussed, today's session is best to be avoided as I chosen not to Trade this. Market closing on main stage.
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- 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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