Gold remains indecisive for more than #14 sessions
Gold's general commentary: I have essentially nothing to add regarding Short-term as Gold almost crossed Short-term Support fractal (#1,838.80 - #1,840.80) on the Hourly 4 chart and crossed aswell #3-session High’s, which as usual should result as an Bearish spike below the #1,852.80 barrier. This is an additional Short-term Selling signal similar to February #2 - #5 #2020 parabolic rise, which ended as an steep correction. The Daily chart’s consolidation (current upswing leans more to the Bearish side rather than Neutral), as Gold is still ignoring Bullish trend on Bond Yields, following mostly Intra-day losses and violent Volatility on DX (taking strong hits) as global Geopolitics dust rises, and as long those guide the market sentiment, further uncertainty on Gold is inevitable (along with the Inflation on record High’s).
Fundamental analysis: There is Fundamentally unfair statistic I spotted regarding today’s and yesterday’s session: this is DX correlation Month and mostly Gold ignored Bond Yields developments (#18 out of #20) numbers, while both sessions where Bond Yields was in the equation were yesterday’s session rise on Gold and once more. This shows that Price-action risen without main cause, Buying every dip and distorting fair Technical trends where I have nothing significant to add regarding my previous analysis (spot how the Fundamental statistics were unfair giving Gold Buying pressure on Hourly horizon) and only if Weekly (#1W) Resistance at #1,872.80 is invalidated on one tru, Gold can give one more upside opportunity towards #1,900.80 barrier. Other than that, with U.S. announcements speculations (announcing the #3-Month Bill passing plan policy), there are no more macro-economic High impact announcements throughout current and next Trading week. Since today’s session will be Low Volumed most likely (ADX on record Low’s), I might need to wait out for Monday’s session to make my move. I am still in search for relevant Trading pattern.
My position: As Gold is currently showcasing strong indecision, I choose to remain on sidelines and await #1,840.80 Support break where I will be ready to Sell Gold on spot towards #1,806.80 sequence.
Fundamental analysis: There is Fundamentally unfair statistic I spotted regarding today’s and yesterday’s session: this is DX correlation Month and mostly Gold ignored Bond Yields developments (#18 out of #20) numbers, while both sessions where Bond Yields was in the equation were yesterday’s session rise on Gold and once more. This shows that Price-action risen without main cause, Buying every dip and distorting fair Technical trends where I have nothing significant to add regarding my previous analysis (spot how the Fundamental statistics were unfair giving Gold Buying pressure on Hourly horizon) and only if Weekly (#1W) Resistance at #1,872.80 is invalidated on one tru, Gold can give one more upside opportunity towards #1,900.80 barrier. Other than that, with U.S. announcements speculations (announcing the #3-Month Bill passing plan policy), there are no more macro-economic High impact announcements throughout current and next Trading week. Since today’s session will be Low Volumed most likely (ADX on record Low’s), I might need to wait out for Monday’s session to make my move. I am still in search for relevant Trading pattern.
My position: As Gold is currently showcasing strong indecision, I choose to remain on sidelines and await #1,840.80 Support break where I will be ready to Sell Gold on spot towards #1,806.80 sequence.
- 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.