As discussed throughout my yesterday's session commentary: "My position: I have engaged another re-Sell order with #2,636.80 entry point (optimal Target remains #2,622.80 Support in extension. If #2,627.80 gets invalidated Gold will extend the Selling sequence, if however #2,627.80 rejects the Price-action, I will close my order there and remain on sidelines."
I have closed my second Selling order with Target hit (#2,636.80 - #2,622.80) on a fine #14-point run extending my results range to #109 Profits and #21 Stop-loss hits regarding December #2023 - January #2024.
Technical analysis: Gold has made an important Bearish step towards full scale Hourly 4 chart’s reversal as it almost tested the #2,608.80 pressure point. That makes Hourly 4 chart practically Bearish side, however well Supported at #2,600’s, which has held and rejected the downside attempts on multiple occasions. Hourly 4 is still Neutral as said, however invalidated Ascending Channel on Hourly 1 chart has expanded giving me Selling signs that Gold may test #2,600.80 benchmark even before positive NFP numbers (if debacle happens again, Gold can engage aggressive uptrend towards #2,662.80 strong Resistance in extension).
Fundamental analysis: Gold was mainly correlated with DX during last #6 Months of the Year and probability that January will also be DX Month is (#91%) since Bond Yields were on uptrend and invalidated wall of Resistances, and Gold was also on Short-term recovery which confirms my Gold - DX correlation on January opening, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on DX and Trade accordingly. Only when DX Trade on Daily and Weekly chart’s (#1W) Lower High's I will be able to note with a higher degree of certainty that the Bearish reversal on Gold is sustainable. Since #2,600's held as a Support zone, Gold Naturally found Buyers.
My position: Gold is Neutral Rectangle and keep #2,652.80 as your reversal zone and ideal re-Sell entry point. If #2,627.80 Support gets invalidated, I will pursue #2,600.80 benchmark in extension. I will Trade the break-out.
I have closed my second Selling order with Target hit (#2,636.80 - #2,622.80) on a fine #14-point run extending my results range to #109 Profits and #21 Stop-loss hits regarding December #2023 - January #2024.
Technical analysis: Gold has made an important Bearish step towards full scale Hourly 4 chart’s reversal as it almost tested the #2,608.80 pressure point. That makes Hourly 4 chart practically Bearish side, however well Supported at #2,600’s, which has held and rejected the downside attempts on multiple occasions. Hourly 4 is still Neutral as said, however invalidated Ascending Channel on Hourly 1 chart has expanded giving me Selling signs that Gold may test #2,600.80 benchmark even before positive NFP numbers (if debacle happens again, Gold can engage aggressive uptrend towards #2,662.80 strong Resistance in extension).
Fundamental analysis: Gold was mainly correlated with DX during last #6 Months of the Year and probability that January will also be DX Month is (#91%) since Bond Yields were on uptrend and invalidated wall of Resistances, and Gold was also on Short-term recovery which confirms my Gold - DX correlation on January opening, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on DX and Trade accordingly. Only when DX Trade on Daily and Weekly chart’s (#1W) Lower High's I will be able to note with a higher degree of certainty that the Bearish reversal on Gold is sustainable. Since #2,600's held as a Support zone, Gold Naturally found Buyers.
My position: Gold is Neutral Rectangle and keep #2,652.80 as your reversal zone and ideal re-Sell entry point. If #2,627.80 Support gets invalidated, I will pursue #2,600.80 benchmark in extension. I will Trade the break-out.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.