Sell order activated / Gold is Targeting #1,848.80 extension
Gold's general commentary: Gold Traders were witnessing side Swings throughout late Friday's U.S. session as Sellers only partly used the Selling sequence Gold delivered on Intra-day basis. What I can spot from NFP statistics on the aftermath is that past #4 out of #4 events had less or major impact on Gold (only side swings on both sides) which is now turned into a cycle / I won’t be adding importance to NFP events from now on. The last #2 (including the current one) Hourly 4 chart candles have been within the #1,892.80 - #1,872.80 range with Daily chart turning Bearish few sessions ago. This doesn't offer any meaningful conclusions for today’s E.U. session, not even on a Hourly basis as U.S. session opening Bell is approaching. I mentioned throughout the last week that Gold is Trading within Neutral territory with no apparent trend but one could argue that the Hourly 4 chart’s #1,870.80 extension can be used as an entry as Gold remains Bearish on both Short and Medium-term.
Fundamental analysis: Weekly chart (#1W) turned Bearish and keep in mind that as discussed the trend remains Bearish most likely because the Technical Selling values Daily chart has and in addition since DX should pullback as current week’s candles are approaching which counterbalances the uptrend potential on Gold, currently on equilibrium until one of the two reverses. Personally, I give more probabilities to the downside from this point. #1,871.80 rejected the Price-action and practicing strong durability on multiple occasions, as I don’t think that it will be the shortly at the moment, if #1,868.80 breaks however, Gold will be calling for #1,852.80 contact point. If however #1,892.80 breaks and #1,900.80 barrier gets tested, I will use that as an Selling opportunity towards #1,886.80 extension once again, as Buying bias is strongly limited.
My position: As I stated multiple times on my remarks throughout last week, I am expecting #1,852.80 test, which coincides with my #3-session time where the level should be met. I engaged my Selling order with #1,870.80 as an entry point, Targeting #1,852.80 extension.
Fundamental analysis: Weekly chart (#1W) turned Bearish and keep in mind that as discussed the trend remains Bearish most likely because the Technical Selling values Daily chart has and in addition since DX should pullback as current week’s candles are approaching which counterbalances the uptrend potential on Gold, currently on equilibrium until one of the two reverses. Personally, I give more probabilities to the downside from this point. #1,871.80 rejected the Price-action and practicing strong durability on multiple occasions, as I don’t think that it will be the shortly at the moment, if #1,868.80 breaks however, Gold will be calling for #1,852.80 contact point. If however #1,892.80 breaks and #1,900.80 barrier gets tested, I will use that as an Selling opportunity towards #1,886.80 extension once again, as Buying bias is strongly limited.
My position: As I stated multiple times on my remarks throughout last week, I am expecting #1,852.80 test, which coincides with my #3-session time where the level should be met. I engaged my Selling order with #1,870.80 as an entry point, Targeting #1,852.80 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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