Technical analysis: Even though DX (# +1.07%) is Trading on gains for #2-consecutive sessions (pricing in Higher High's extension), I in the same time have the Buying pressure visible on most charts regarding Gold, along of Trade wars soaring. Current configuration should last at least as High as #2,800.80 - #2,822.80 record High's (my personal Intra-day maximum). If #2,800.80 mark gets invalidated and market closes above, I add more Buying orders on mentioned levels aiming at #2,818.80 (slightly below #2,822.80 Resistance line). As expected, Buying accumulation I discussed throughout the session started and the Technical reason behind it was the Ascending Channel configuration which was adding confidence to Buyers, and attracted Short-term Investors, triggered their pending Buying orders (spike towards #2,800.80 benchmark from #2,772.80 Higher High's Lower zone few Hours ago confirms the above). Hourly 1 chart remains an Ascending Channel (ready to break above the Neutral Rectangle on Hourly 4 chart), so I will be keeping an eye on the Daily chart’s #2,822.80 for Medium-term Resistance attempts and the Hourly 4 chart’s #2,800.80 benchmark for Short-term Resistance. Technically the Hourly 4 chart’s Resistance has been unbroken for a while now and rejected the Price-action on multiple occasions, so you realize the significance of this level. I doubt that nearby Resistance cluster will break without strong catalyst, however on the other side, Selling reversal is strongly limited aswell and #2,772.80 local Low's represents the last line of defense for Buying bias to be sustainable.
My position: I have made quick buck on last night's Selling order (#2,784.80 - #2,772.80) as DX is Trading on Bullish spike. However Bullish sustainability on DX has less or no impact on Gold and decline isn't in continuation so expect Buying pressure to remain strong on Intra-day basis as Selling is not advisable on such sessions.
My position: I have made quick buck on last night's Selling order (#2,784.80 - #2,772.80) as DX is Trading on Bullish spike. However Bullish sustainability on DX has less or no impact on Gold and decline isn't in continuation so expect Buying pressure to remain strong on Intra-day basis as Selling is not advisable on such sessions.
- 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.