Sell order activated / Gold remains under heavy pressure
Technical analysis: Important Trading session for Gold ahead as the traditional Volatility is visible on the markets (for more than #14 sessions sharp) as Fed (doing the same manoeuvre over and over again to postpone, but not to prevent the final crash) is Repurchase agreements scheme and inventing such thing as “Federal Debt ceiling”, as discussed above is traditional movement of the Fed as they want to pass another huge Bill (which will be released shortly) and their main aim is to remove the public’s attention from huge disastrous Bill they are about to pass, and shift it towards Debt ceiling issue. This is Inflation data and always keep in mind Gold's use as a counter to Inflation, but with current hyperinflation growing on Daily basis, I do not see Gold as sustainable sole asset as hedge against it. From #20 - #30 sessions aspect and point of view, if chart is consulted (observing September #3 High’s and September #30 Low’s), it is obvious why the Price-action is caught in middle of Neutral Rectangle (but leans more to the Bearish side Technically as Price-action is comfortably Trading above the #1,752.80 barrier). No surprise then why Hourly 1 chart is Neutral, unless #1,752.80 or #1,782.80 breaks. An break to the upside sets Target for the #1,800.80 belt (Quadruple possible rejection regarding Daily chart’s configuration) while a break to the downside back to the #1,732.80 - #1,727.80 Low’s. Gold still is product of High speculation mode, and Volatility narrative is still present on the market, where today’s session developments on DX (which should be and are Bearish for Gold) had less or no impact at all (Price-action should be significantly Lower). I will continue to operate with strict Risk management, until market returns to normal condition.
My position: Fed's hawkish tone is adding Buying pressure on DX, directly affecting Gold's Price-action. Since Fundamental pressure was not enough to spike up the Price-action towards #1,800.80 psychological benchmark, Sellers prevailed and right not configuration points to more losses / aggressive correction on Gold. I have engaged my Selling order with #1,767.80 as my key entry point (optimal Target remains #1,745.80 extension).
My position: Fed's hawkish tone is adding Buying pressure on DX, directly affecting Gold's Price-action. Since Fundamental pressure was not enough to spike up the Price-action towards #1,800.80 psychological benchmark, Sellers prevailed and right not configuration points to more losses / aggressive correction on Gold. I have engaged my Selling order with #1,767.80 as my key entry point (optimal Target remains #1,745.80 extension).
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- 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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