Gold in a tight range
Technical analysis: Gold bounced back well enough on the #2,682.80 - #2,686.80 strong Resistance level (which is posing aswell as Daily chart’s Resistance zone as well) however Price-action got rejected and filled aggressively #2,662.80 Support extension. On the Hourly 4 chart, Gold is using the #2,652.80 mark as a Support also (see how it makes local Low’s on it), so that may build up a new uptrend potential in case of a reversal. I am expecting symmetrical retrace to the October #11 Low’s, #2,652.80 first and #2,642.80 in extension (also due to the currently Overbought Hourly 4 chart) either from #2,686.80 Triple Top's rejection or eventual break and #2,700.80 benchmark reversal. Also see how the RSI on Daily chart has reached its Short-term Resistance and remains on a Descending Channel since the September #26 High’s. Gold is still on the Higher levels (relative to the circumstances) of the recent aggressive uptrend despite DX reaching it’s #5-Week Resistance zone (on a series of Bullish candles), however mostly Bond Yields market delivered an (# -8.27%) slide in comparison of the September #1 - #18 aggressive gains. See how Gold is basically consolidating isolated within Short-term Resistance and Support zones on the Hourly 4 chart, which is normal Price-action fluctuation ahead of this week’s High-impact Fundamental announcements which I will have more on as tomorrow’s E.U. session approaches, since it is a sole reason why Gold is ranged and not soaring anymore. The fact that Gold has kept it’s Bullish momentum on the Daily chart despite the extremely Bearish Technicals still without meaningful correction, reveals Bullish underlying Medium-term trend.
My position: Gold is Trading under Buying pressure / Buying every dip however Triple Top's is formed on Hourly 1 chart which is limiting Gold's advances and Buyers intent. Safest order so far would be re-Selling Gold as close as #2,686.80 Resistance line and in case of a break-out, Buying on spot towards #2,700.80 benchmark.
My position: Gold is Trading under Buying pressure / Buying every dip however Triple Top's is formed on Hourly 1 chart which is limiting Gold's advances and Buyers intent. Safest order so far would be re-Selling Gold as close as #2,686.80 Resistance line and in case of a break-out, Buying on spot towards #2,700.80 benchmark.
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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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