Gold within Neutral Rectangle on Hourly 1 chart
Technical analysis: Since #2,900.80 psychological mark held as a Support on multiple occasions (Xau-Usd Spot), Gold Naturally found more Short-term Buyers and should test the #2,917.80 Resistance levels once again with #2,952.80 psychological benchmark representing maximum extension for now. Gold invalidated newly forming Double Top formation which I spotted throughout past Trading week and creating firm ground for Buying sequence in extension. Daily chart should turn Overbought near those levels (Williams% already in deep Overbought territory), many similarities with late June to mid-July. I expect to be repeated once the Top is priced in and Price-action finally finds a Resistance. Correlation works great at the moment as DX is isolated within Neutral Rectangle while Bond Yields are on mild uptrend (# +1.28%).
General advice since I had many inquiries: Being able to spot a new movement before it happens is an important skill to have as an Investor. Adverse earnings and catastrophic events can be difficult to predict, but understanding how to handle it when they do occur is invaluable. The overall economy can throw signals from different angles without warning, so being able to interpret their underlying messages may preserve capital value in general. Technical indicators are plentiful, so understanding which ones can support your directional predictions may equip you for a potential movement and Gold’s Short or Medium-term prediction. While it’s impossible to consistently predict when a movement might occur, it is Highly important to have a thorough understanding of how to analyze certain events if and when they transpire, allowing you to better protect your Trading account. That is why when I do spot mixed picture regarding Technicals and Fundamentals, I tend to remain on sidelines, as no Trade is a Trade as well. Back to Technicals, Gold is on healthy Bullish Technicals even though Overbought levels, however I do expect another correction if #2,917.80 - #2,927.80 first Resistance zone to contain the uptrend.
My position: I have engaged Selling order throughout yesterday's session which delivered no results as Gold was fluctuating almost throughout whole session (closed on breakeven). I have however engaged Buying order on #2,912.80 with tight Stop (optimal Target remains #2,927.80 Resistance in extension.
General advice since I had many inquiries: Being able to spot a new movement before it happens is an important skill to have as an Investor. Adverse earnings and catastrophic events can be difficult to predict, but understanding how to handle it when they do occur is invaluable. The overall economy can throw signals from different angles without warning, so being able to interpret their underlying messages may preserve capital value in general. Technical indicators are plentiful, so understanding which ones can support your directional predictions may equip you for a potential movement and Gold’s Short or Medium-term prediction. While it’s impossible to consistently predict when a movement might occur, it is Highly important to have a thorough understanding of how to analyze certain events if and when they transpire, allowing you to better protect your Trading account. That is why when I do spot mixed picture regarding Technicals and Fundamentals, I tend to remain on sidelines, as no Trade is a Trade as well. Back to Technicals, Gold is on healthy Bullish Technicals even though Overbought levels, however I do expect another correction if #2,917.80 - #2,927.80 first Resistance zone to contain the uptrend.
My position: I have engaged Selling order throughout yesterday's session which delivered no results as Gold was fluctuating almost throughout whole session (closed on breakeven). I have however engaged Buying order on #2,912.80 with tight Stop (optimal Target remains #2,927.80 Resistance in extension.
- 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.