Sell order activated / DX on recovery candles limiting uptrend
Gold's general commentary: Gold was under Buying pressure for #4-straight sessions, but still on much Lower levels than expected considering the Low’s Gold reached when DX was Trading on miraculous uptrend. Macro-economic / Fundamentals are once again distorting the Technicals, as these sessions are Fundamentally driven. However, #1,858.80 - #1,862.80 is very strong Resistance zone and I see slim chances of Gold testing nor breaking it once again if #1,848.80 gets tested and invalidated on one hit, as Investors, after #4th in a row report announcement missing their estimates and used Gold as a safe-haven (asset in High demand), I doubt Gold has more potential to go Higher, at least for the session. The current Selling accumulation pattern on Hourly 4 chart is now on total Neutrality but attempting to break towards yesterday's Lower High’s Upper zone aswell as the Bond Yields are taking strong hits. This rise on Gold goes proportionally with the continuous Low’s on Usd-Jpy, showing again that the underlying Short-term trend on Gold should be Bullish, but Gold shows no apparent signs for additional uptrend. Gold has potential to dip more than #55 point so ideal Selling opportunity is now on current fractal, since Investors will be looking to book their Profits on their Long orders and Gold’s Bullish leg is near completion (showing exhaustion signs). It is late to contemplate Buying the market, since Gold is Overbought despite the nearly #55 point rise since last week’s Low’s, indicating the Inflated levels Gold is Trading on.
Technical analysis: This was textbook Buying opportunity however, I needed to be extra careful with my next order as DX engaged almost # -1.00% decline which had less or no impact on Gold. Gold closed the session above the Resistance zone but with mixed signals on the Short-term once again, I am not confident with Buying. Only vicinity I will Buy Gold from is priced in at #1,872.80 and only then I will be contemplating Buying the market, otherwise I will look to Sell as long as mentioned Resistance is preserved. It is worth to mention once again that the last rejection on current level caused Gold drop to #1,180.80 (June #2013 and December #2013). No surprises so far, Technically the Ascending Channel has an downside Weekly Low’s limit on #1,852.80 - #1,848.80, and if that zone gets invalidated, Gold may test #1,800.80 barrier within current week's time. If however #1,872.80 breaks first, I expect an aggressive uptrend towards the #1,880’s level. The Hourly 4 chart’s Support rests at #1,852.80 and is where the Weekly chart’s #1,848.80 should Support again the Short-term Bullish cyclical potential within the new Short-term Bullish cycle due Oversold DX Trading on spiral downtrend. However if Support breaks on the other hand (decent chances comparing to previous #4 sessions), I am expecting aggressive takedown towards #1,831.80 first then #1,827.80 in extension. Note that early week's pullback on Bond Yields assisted Gold's attempt to invalidate recent High’s peak price but early today, Price-action appeared to be reversing. DX extended the Selling sequence which aswell interfered and added further Bullish pressure on Gold. As mentioned many times, I believe the market will present the dominant move after Powell and it is lees likely that candle will close above my re-Sell zone, which means I have almost confirmed downtrend and opportunity to Sell Gold on my hands.
My position: I have used Selling opportunity for Intra-day decline and engaged my order with #1,857.80 as an entry point, my Target is #1,831.80 Selling extension. It is important for Sellers to monitor #1,848.80 level as it may reject the Price-action.
Technical analysis: This was textbook Buying opportunity however, I needed to be extra careful with my next order as DX engaged almost # -1.00% decline which had less or no impact on Gold. Gold closed the session above the Resistance zone but with mixed signals on the Short-term once again, I am not confident with Buying. Only vicinity I will Buy Gold from is priced in at #1,872.80 and only then I will be contemplating Buying the market, otherwise I will look to Sell as long as mentioned Resistance is preserved. It is worth to mention once again that the last rejection on current level caused Gold drop to #1,180.80 (June #2013 and December #2013). No surprises so far, Technically the Ascending Channel has an downside Weekly Low’s limit on #1,852.80 - #1,848.80, and if that zone gets invalidated, Gold may test #1,800.80 barrier within current week's time. If however #1,872.80 breaks first, I expect an aggressive uptrend towards the #1,880’s level. The Hourly 4 chart’s Support rests at #1,852.80 and is where the Weekly chart’s #1,848.80 should Support again the Short-term Bullish cyclical potential within the new Short-term Bullish cycle due Oversold DX Trading on spiral downtrend. However if Support breaks on the other hand (decent chances comparing to previous #4 sessions), I am expecting aggressive takedown towards #1,831.80 first then #1,827.80 in extension. Note that early week's pullback on Bond Yields assisted Gold's attempt to invalidate recent High’s peak price but early today, Price-action appeared to be reversing. DX extended the Selling sequence which aswell interfered and added further Bullish pressure on Gold. As mentioned many times, I believe the market will present the dominant move after Powell and it is lees likely that candle will close above my re-Sell zone, which means I have almost confirmed downtrend and opportunity to Sell Gold on my hands.
My position: I have used Selling opportunity for Intra-day decline and engaged my order with #1,857.80 as an entry point, my Target is #1,831.80 Selling extension. It is important for Sellers to monitor #1,848.80 level as it may reject the Price-action.
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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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