Sell order activated / Gold remains under heavy pressure
Gold's general commentary: Gold so far isn't capitalizing on today’s candlestick pattern on Hourly 4 chart as the minor dip on DX (at # +0.09% notably) still keeping Gold ranged on Hourly scale. DX is aggressively Bullish, and such pace should practice heavy Selling pressure on Gold. As mentioned before on my remarks, current recovery is the Natural consolidation process after an Oversold run, limited to #1,712.80 - #1,715.80 (strong Resistance belt not including aggressive spike throughout yesterday's session). The confirmation of Bullish reversal on DX is what the market awaits. I am waiting for more significant dip on Gold to utilize the Bearish potential to it’s maximum. Daily chart rejected the Price-action strongly as I had no reason to make a strategy shift so far. It should be no surprise that Gold is Trading around its #1,700’s Support ahead of the upcoming end of the week sessions. Gold is still still above the Hourly 4 chart's Support Zone and the upside potential remains less possible (very limited). All developments didn’t invalidated Gold’s underlying Bearish trend and If the Higher Low's Lower zone breaks however, I will be looking at the very real possibility of a new #1,678.80 test, and by my estimation, there are decent chances for that outlook to develop. Gold had certain upswing, but it always respects the underlying trend (which is Bearish) - In other words; or choose Scalping range, or engage Medium-term Position (which I did). For now, only asset which keeps Gold ranged is DX as I expect more Bearish Price-action as U.S. session approaches and #1,678.80 (downside extension for now) within #3 sessions (including today's one).
Technical analysis: Technically, there is only #1 session left before the symmetry of the Hourly 4 chart's cycle catches up as the sequence mimics the previous one. Subsequently, every decline since August #12 resulted as an Short-term relief rally which suddenly reversed in even more steeper decline (check August #22, August #29, September #1 and September #7). If fractal is yet to be repeated, I should expect Price-action to show stagnation and stall the downtrend, then kick-start aggressive takedown towards #1,678.80 configuration where I will be ready with my piercing Selling orders. However there are new Fundamentals involved as last week's Fed results made the Bond Yields spike aggressively above the Daily chart's Resistance belt aswell. This should be Bearish for Gold's Medium-term if it continues to be the case, as Bond Yields are negatively correlated with Gold (Bond rival assets which on top of their Low risk, offer Yields). The downside potential Gap ahead is significant and extends all the way towards the #1,678.80 extension (I have announced possibility of #1,678.80 test throughout current week on my last week's commentary). If market closes below #1,678.80 once it breaks, #1,588.80 is optimal Target for Medium-term Sellers.
My position: As I have been using every opportunity to re-Sell Gold (my recent #3-Week strategy which is delivering excellent results) near every Top, I Sold the Price-action on #1,712.80 near yesterday's session market closing and altered my order near #1,700.80 psychological mark. In addition, taking Profits there made me without any kind of order this morning where I have re-Sold (#1,700.80 as an key entry point), Targeting #1,678.80 Selling extension. Buying potential is strongly limited so use every chance to Sell Gold is my recommendation.
Technical analysis: Technically, there is only #1 session left before the symmetry of the Hourly 4 chart's cycle catches up as the sequence mimics the previous one. Subsequently, every decline since August #12 resulted as an Short-term relief rally which suddenly reversed in even more steeper decline (check August #22, August #29, September #1 and September #7). If fractal is yet to be repeated, I should expect Price-action to show stagnation and stall the downtrend, then kick-start aggressive takedown towards #1,678.80 configuration where I will be ready with my piercing Selling orders. However there are new Fundamentals involved as last week's Fed results made the Bond Yields spike aggressively above the Daily chart's Resistance belt aswell. This should be Bearish for Gold's Medium-term if it continues to be the case, as Bond Yields are negatively correlated with Gold (Bond rival assets which on top of their Low risk, offer Yields). The downside potential Gap ahead is significant and extends all the way towards the #1,678.80 extension (I have announced possibility of #1,678.80 test throughout current week on my last week's commentary). If market closes below #1,678.80 once it breaks, #1,588.80 is optimal Target for Medium-term Sellers.
My position: As I have been using every opportunity to re-Sell Gold (my recent #3-Week strategy which is delivering excellent results) near every Top, I Sold the Price-action on #1,712.80 near yesterday's session market closing and altered my order near #1,700.80 psychological mark. In addition, taking Profits there made me without any kind of order this morning where I have re-Sold (#1,700.80 as an key entry point), Targeting #1,678.80 Selling extension. Buying potential is strongly limited so use every chance to Sell Gold is my recommendation.
- 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'.
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