Sell order activated / DX on recovery candles limiting uptrend
Gold's general commentary: Gold is being kept near the Daily chart’s Support zone despite the yesterday's session decline on DX and continuous Low’s on equities. Besides the Low volume, it is Highly possible that the DX is what's keeping Gold Neutral. Technically, Gold should already be near #1,778.80 final Support, ready to deliver #1,752.80 psychological barrier extension. Regardless of that, keeping the #1,824.80 - #1,827.80 Resistance zone intact is alone a positive development for Sellers ahead of the revelation of major move. Hourly 4 chart remains Trading on the losses below invalidated Ascending Channel (less likely to develop), while it can be counterbalanced by emerging Descending Channel on Hourly 1 chart, which Gold respected more than #8 times out of #9. Gold is ready for a downtrend and being Neutral indicates a Medium-term Selling opportunity towards #1,788.80 (Weekly Low’s).
Technical analysis: Keep an eye on DX (my main marker at the moment) when the U.S. opens throughout today's session, in order to get a grasp of the Intra-day direction. As of now, and with the Three Drives pattern and MACD on Bearish Divergence, I see no reason why Gold shouldn’t respect Technical necessity for a Lower Low’s sequence. My practical suggestion for Short-term Traders is to use the Hourly 1 chart’s Bollinger Bands for Scalping purposes, as Scalpers are getting most returns out of the current Intra-day's movements. As expected my Hourly 4 chart’s Resistance held and Gold got rejected throughout yesterday's session exactly on it (#1,837.80) which reversed the Intra-day direction on Gold. Daily chart remains Bearish aswell but it will all come down to the Fundamentals as the market weights more on DX movements. If unchanged and Usd-Jpy negates current losses, then I expect Gold to continue its correction, which will be suitable for Sellers, awaiting for their entry to be triggered. Additionally even more important than that, is the negative correlation with the DX aswell, which completed its #2nd straight green candle, tied most with pricing the Highest gains in #20 Years, and if it continues that way will make Gold even more Bearish. I am still expecting #1,800.80 barrier test and #1,788.80 in extension.
My position: As I was on sidelines almost all yesterday's U.S. session, closing my order on breakeven due strong Intra-day decline on DX, I was waiting for new Selling opportunity. It presented itself few moments ago where I engaged my Selling order (#1,814.80 as an entry point), Targeting #1,800.80 barrier first then #1,788.80 local Low's in extension.
Technical analysis: Keep an eye on DX (my main marker at the moment) when the U.S. opens throughout today's session, in order to get a grasp of the Intra-day direction. As of now, and with the Three Drives pattern and MACD on Bearish Divergence, I see no reason why Gold shouldn’t respect Technical necessity for a Lower Low’s sequence. My practical suggestion for Short-term Traders is to use the Hourly 1 chart’s Bollinger Bands for Scalping purposes, as Scalpers are getting most returns out of the current Intra-day's movements. As expected my Hourly 4 chart’s Resistance held and Gold got rejected throughout yesterday's session exactly on it (#1,837.80) which reversed the Intra-day direction on Gold. Daily chart remains Bearish aswell but it will all come down to the Fundamentals as the market weights more on DX movements. If unchanged and Usd-Jpy negates current losses, then I expect Gold to continue its correction, which will be suitable for Sellers, awaiting for their entry to be triggered. Additionally even more important than that, is the negative correlation with the DX aswell, which completed its #2nd straight green candle, tied most with pricing the Highest gains in #20 Years, and if it continues that way will make Gold even more Bearish. I am still expecting #1,800.80 barrier test and #1,788.80 in extension.
My position: As I was on sidelines almost all yesterday's U.S. session, closing my order on breakeven due strong Intra-day decline on DX, I was waiting for new Selling opportunity. It presented itself few moments ago where I engaged my Selling order (#1,814.80 as an entry point), Targeting #1,800.80 barrier first then #1,788.80 local Low's in extension.
- 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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