Gold's uptrend is strongly limited / DX on main stage
Gold's general commentary: Lagging upswing sequence on Daily chart as the Price-action re-entered the Higher Zone of Daily chart's Ascending Channel, following the break of #1,852.80 first semi-Resistance and extending the Buying sequence. This Bearish perspective is not encouraging for Buyers since all important values are on Bearish side. DX is extending the recovery (# -0.61%) as I am ready to engage my new set of Selling orders as long as Daily chart's #MA50 is not compromised (all the way towards #1,870.80 configuration is a Bearish territory), since I am certain on Gold’s Medium-term trend. As I noted, Gold extended the Buying leg but with signs of exhaustion. Keep #1,858.80 - #1,862.80 as an Resistance zone and very possible re-Sell area. At the moment the Price-action is only consolidating on Hourly 1 chart, as I am not making strategy shift so far. The Price-action has been struggling to get past the #1,858.80 barrier all session long (E.U. opening), as Daily chart's Resistance in addition applies Selling pressure, counterbalancing Bullish pressure from DX. However, with the Fundamental reports reaction staying flat (thus weakening the probability that Monetary stimulus is postponed) and Bond Yields reversing and still very weak - it is possible to break to the #1,842.80 Weekly Low's eventually.
Technical analysis: Best option for the moment is to await rebound on Gold and get the capital ready to utilize Selling sequence once DX finds the Support zone. If however #1,842.80 breaks, then expect Selling sequence to be completed within #1,788.80 (#3-Week Low's) - #1,792.80 belt and only then I’ll revise my Medium-term approach . If not, I expect Price-action again to point out to a new #1,862.80 High's where I will again do a re-approach my formula if the vicinity breaks. Market closing above my re-Sell zone is constituting further gains on Gold and I will only then think about Buying, as for now, I am not Highly interested to do so as current amplifying uptrend is just reaction to DX on Weekly decline. However, the downside offers more potential and I will wait for the rejection again on early U.S. opening. Unless the Trade war escalates down the road, which is a largely unpredictable factor, Gold will face the Resistance durability certainly.
My position: Gold is now ranging as the signs of exhaustion from both the Wall Street Fed stimulus rally and DX’s correction are showing up and practising strong Buying pressure on Gold which is now on #3-session Buying spree. However, Price-action broken the #1,852.80 Resistance (barrier) and immediately stalled back the uptrend as an Buying pressure from DX is easing. Bond Yields soared but within an Hour, filled the Negative Gap and this Bullish action on Gold is an result of it. Under this Volatility best to do is await for a breakout / one of the benchmarks to break. Anything outside Daily chart's Ascending Channel is led by macro-economic forces that are difficult to handle with such uncertainty. I am still without the order, awaiting #1,858.80 - #1,862.80 to reject the Price-action.
Technical analysis: Best option for the moment is to await rebound on Gold and get the capital ready to utilize Selling sequence once DX finds the Support zone. If however #1,842.80 breaks, then expect Selling sequence to be completed within #1,788.80 (#3-Week Low's) - #1,792.80 belt and only then I’ll revise my Medium-term approach . If not, I expect Price-action again to point out to a new #1,862.80 High's where I will again do a re-approach my formula if the vicinity breaks. Market closing above my re-Sell zone is constituting further gains on Gold and I will only then think about Buying, as for now, I am not Highly interested to do so as current amplifying uptrend is just reaction to DX on Weekly decline. However, the downside offers more potential and I will wait for the rejection again on early U.S. opening. Unless the Trade war escalates down the road, which is a largely unpredictable factor, Gold will face the Resistance durability certainly.
My position: Gold is now ranging as the signs of exhaustion from both the Wall Street Fed stimulus rally and DX’s correction are showing up and practising strong Buying pressure on Gold which is now on #3-session Buying spree. However, Price-action broken the #1,852.80 Resistance (barrier) and immediately stalled back the uptrend as an Buying pressure from DX is easing. Bond Yields soared but within an Hour, filled the Negative Gap and this Bullish action on Gold is an result of it. Under this Volatility best to do is await for a breakout / one of the benchmarks to break. Anything outside Daily chart's Ascending Channel is led by macro-economic forces that are difficult to handle with such uncertainty. I am still without the order, awaiting #1,858.80 - #1,862.80 to reject the Price-action.
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- 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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