Sell order activated / Gold is Targeting #1,806.80 extension
Gold's general commentary: Despite the mild decline on DX throughout yesterday's session (# -0.19%) and now on recovery candles (# +0.21%), Gold is looking rather weak within the inner layers of the Daily chart’s #1,831.80 - #1,817.80 Higher Low’s extension, mainly because of the rising trend on Bond Yields (Weekly chart’s (#1W) Gap on Bond Yields, very strong impulse which added enormous Selling pressure on Gold, along with the DX within Neutral Rectangle following events missing their forecasted numbers). As the announcements debacle virtually out of the question (no significant market reaction), Buying pressure is not so strong and #1,852.80 psychological barrier test and break should keep the Buying bias alive (small chances for outlook to develop), as Gold is Trading within Bearish presence at the moment.
Technical analysis: Daily chart’s Support is invalidated as I don’t see a valid reason why Gold gradually won’t fall back towards #1,806.80 Support zone as today's U.S. session approaches, which may cause even stronger uptrend on DX (which is expected to make relief rally). With Weekly chart still on a Long-term downtrend, there are no arguments to Support the speculative uptrend on Gold(regarding both Short and Medium-term). Correlating assets are still Neutral to Bearish and should prevent the further uptrend, but as always, these are Fundamentally driven sessions. #1,842.80 - #1,852.80 is the maximum out of current Bullish potential, where I am expecting #1,800.80 barrier test next and #1,750.80 benchmark in extension.
My position: As stated numerous times in my previous #2 commentaries, #1,831.80 is my main Support and line of utmost importance which I was waiting for. Since #1,831.80 got invalidated, it triggered my automatic pending Selling order (#1,831.80 is my entry point) which is Targeting final Medium-term Support ahead of #1,752.80 barrier, #1,806.80 (my optimal Short-term Target). My Trade is running nicely at this point.
Technical analysis: Daily chart’s Support is invalidated as I don’t see a valid reason why Gold gradually won’t fall back towards #1,806.80 Support zone as today's U.S. session approaches, which may cause even stronger uptrend on DX (which is expected to make relief rally). With Weekly chart still on a Long-term downtrend, there are no arguments to Support the speculative uptrend on Gold(regarding both Short and Medium-term). Correlating assets are still Neutral to Bearish and should prevent the further uptrend, but as always, these are Fundamentally driven sessions. #1,842.80 - #1,852.80 is the maximum out of current Bullish potential, where I am expecting #1,800.80 barrier test next and #1,750.80 benchmark in extension.
My position: As stated numerous times in my previous #2 commentaries, #1,831.80 is my main Support and line of utmost importance which I was waiting for. Since #1,831.80 got invalidated, it triggered my automatic pending Selling order (#1,831.80 is my entry point) which is Targeting final Medium-term Support ahead of #1,752.80 barrier, #1,806.80 (my optimal Short-term Target). My Trade is running nicely at this point.
- 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.