Gold still without a major move / No positions
Gold's general commentary: Despite Bearish candle sequence on DX (breaking the Support zone # -0.43%), not the best responses of Gold regarding both Bearish or Bullish accumulation (Xau-Usd Spot prices) as it was on (# +0.53%) Daily chart’s Price-action currently, answer to an Wednesday’s sessionm decline, as it should be considerably Lower (Technically, below #1,800.80 psychological barrier). Gold is still ignoring skyrocketing Yields and possible Cup and a Handle Medium-term formation, visible on Weekly (#1W) chart. Yesterday E.U. session delivered Higher opening, as the Price-action was pulling back on a steady rate towards the #1,862.80 Resistance. Things will get dangerous for Buyers if #1,852.80 - #1,848.80 level breaks once again, as the #1,827.80 has been untouched for more than #30 sessions. Gold was Trading within Lower High’s belt and practically, Double Bottom on Daily chart (W shaped) was the Support for the aggressive Buying run which is near completion. Again, I don’t see current Bullish bias as sustainable, but aswell on the other hand, Selling bias remains less possible which leaves me with no firm pattern to Trade by.
Technical analysis: These sessions are Fundamentally driven as I will remain on sidelines as engaging any kind of order at the moment is Technically not advisable. Traders are witnessing violent Volatility for #2-Week fractal currently. I will minimize all Trading activity until this Volatility leaves all market classes and reveal a major trend. The Price-action has achieved a temporary equilibrium on Hourly 4 chart, between #1,848.80 and #1,872.80 (roughly Gold is in Overbought waters) as it still un-balances the Technically Bearish dynamics of Short-term and the Bullish Fundamental "fear factor". By my calculations, DX - sole Fundamental driver behind Gold’s potential uptrend in continuation is losing it’s strength (directly affecting Gold markets), if Gold closes the session above #1,872.80 Resistance and does not open with a Bearish Gap fill, I will engage set of Selling orders towards #1,852.80 first, then if broken pursue #1,871.80 Lower High projection (throughout Monday's session). Regarding the NFP, i will stand by my rule that past #4 out of #4 readings had less or no impact on Gold, so from now on I will add no significance to NFP announcement unless it proves me otherwise. My practical suggestion for Short-term Traders is to remain on sidelines as current session will bring nothing but aggressive side swings without a major move, and monitor the market closing (taking action on early Monday's E.U. session).
Technical analysis: These sessions are Fundamentally driven as I will remain on sidelines as engaging any kind of order at the moment is Technically not advisable. Traders are witnessing violent Volatility for #2-Week fractal currently. I will minimize all Trading activity until this Volatility leaves all market classes and reveal a major trend. The Price-action has achieved a temporary equilibrium on Hourly 4 chart, between #1,848.80 and #1,872.80 (roughly Gold is in Overbought waters) as it still un-balances the Technically Bearish dynamics of Short-term and the Bullish Fundamental "fear factor". By my calculations, DX - sole Fundamental driver behind Gold’s potential uptrend in continuation is losing it’s strength (directly affecting Gold markets), if Gold closes the session above #1,872.80 Resistance and does not open with a Bearish Gap fill, I will engage set of Selling orders towards #1,852.80 first, then if broken pursue #1,871.80 Lower High projection (throughout Monday's session). Regarding the NFP, i will stand by my rule that past #4 out of #4 readings had less or no impact on Gold, so from now on I will add no significance to NFP announcement unless it proves me otherwise. My practical suggestion for Short-term Traders is to remain on sidelines as current session will bring nothing but aggressive side swings without a major move, and monitor the market closing (taking action on early Monday's E.U. session).
- 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'.
Related publications
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.