Gold still without a major move / No positions
Gold's general commentary: I have essentially nothing to add regarding yesterday's and current flat session with Selling pressure evident on Gold, personally my thoughts are that Buying was and is very limited as give more probabilities for a downside as Gold broke #MA50 on Hourly 4 chart and MACD indicates Bearish reversal (divergence), so regarding Short-term, Gold will most likely kickstart the #1,831.80 Support sequence and if broken, I will have strong confirmation for a downside, aiming for #1,806.80 or less regarding Medium-term.
Technical analysis: Gold already made it's first step towards further decline in form of firm breakout of Support cluster priced in at #1,840.80 - #1,842.80. DX, as, my main correlating asset is Trading on Neutral candles and around Short-term Support at #104.800 which is acting quietly strong, as a result Gold is under Selling pressure with strong Bearish candlestick reversal on Hourly 4 chart. Currently, Buying is strongly limited and market closing Price is on the main stage. If market closes below mentioned Support cluster, I will be ready to Sell Gold on spot early on throughout tomorrow’s E.U. session, with my Selling order ready to pursuit #1,806.80 extension. No Trading outside this range.
My position: As I have mentioned, #1,831.80 Support is still untouched and DX is still Trading around the Higher Low's Support zone, so all this above is a "no call" area for me. I'd Sell right away if I had confirmation, however DX is still without eminent recovery which could alter the downtrend and leave me with order with no result. With that being said, my estimations show that current session haven't got anything good to deliver except side swings and light Trading. I will skip today's session aswell and monitor the Price-action from sidelines. #1,831.80 is main Support so look for pointers there.
Technical analysis: Gold already made it's first step towards further decline in form of firm breakout of Support cluster priced in at #1,840.80 - #1,842.80. DX, as, my main correlating asset is Trading on Neutral candles and around Short-term Support at #104.800 which is acting quietly strong, as a result Gold is under Selling pressure with strong Bearish candlestick reversal on Hourly 4 chart. Currently, Buying is strongly limited and market closing Price is on the main stage. If market closes below mentioned Support cluster, I will be ready to Sell Gold on spot early on throughout tomorrow’s E.U. session, with my Selling order ready to pursuit #1,806.80 extension. No Trading outside this range.
My position: As I have mentioned, #1,831.80 Support is still untouched and DX is still Trading around the Higher Low's Support zone, so all this above is a "no call" area for me. I'd Sell right away if I had confirmation, however DX is still without eminent recovery which could alter the downtrend and leave me with order with no result. With that being said, my estimations show that current session haven't got anything good to deliver except side swings and light Trading. I will skip today's session aswell and monitor the Price-action from sidelines. #1,831.80 is main Support so look for pointers there.
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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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