Keeping my Selling order / Gold leans more to the Bearish side
Gold's general commentary: Hourly 4 chart has turned semi-Neutral as Gold has completed #4 straight sideways Hourly 1 chart’s candles that may be Supported above the #1,652.80 psychological mark but at the same time failing to close above the Daily chart’s #1,680.80 which is the deciding factor between a Bull and Bear breakout. The FOMC Rate announcement will be this week’s catalyst and even though it's the DX that's mostly correlated with Gold at the moment (lately), I continue to monitor closely aswell the Bond Yield Trading near (#1W) Weekly chart’s local High’s. All this above displays very Bearish picture on Gold regarding both Short and Medium-term. Gold is Trading comfortably below the Double Bottom formation on Daily chart as I see no firm reasons why Selling trend may be altered.
Technical analysis: Despite yesterday’s session strong response to #1,680.80 local peak, Gold so far failed to maintain those High levels and was rejected near the Hourly 4 chart's #1,678.80 - #1,680.80 Resistance zone. Yet, it still found Support on the Daily chart's Lower Low's Lower zone near #1,662.80, sentiment which remains Bearish as Resistance zone has High potential to contain current rebound. If Support is broken and #1,652.80 mark variance is initiated, I expect aggressive takedown and Gap fill on Gold towards #1,633.80 extension. Factors which add credence to Sellers: 1) DX Trading near Higher High's local peak, expected to rise to #111.270 sustaining strong Selling pressure due U.S. Dollar in High demand and 2) Technical necessity for Lower Low's extension, Price-action comfortably Trading below the Annual Low's (aswell below Double Bottom on Daily chart). However the Hourly 4 chart has been Oversold for some time and unless Gold Trades at least sideways for the session, Daily chart will always pressure for Support test with both psychological barriers below as an viable Targets which showcases that current Bullish action has Low sustainability chances.
My position: I am still holding my Selling order (#1,670.80 entry point) and have been holding it since yesterday's E.U. session. Price-action have made #2 attempts for my Stop-loss, but still on current rollercoaster ride / my Stop-loss is still intact. It is important to note that if #1,680.80 breaks and market closes the session above it, Short-term potential is not invalidated but remains postponed and #1,692.80 may be tested next (in that case). If however #1,680.80 manages to reject the Buying sequence / rebound (and DX finds the Short-term Support), my order will deliver decent results as #1,652.80 mark will be on the cards.
Technical analysis: Despite yesterday’s session strong response to #1,680.80 local peak, Gold so far failed to maintain those High levels and was rejected near the Hourly 4 chart's #1,678.80 - #1,680.80 Resistance zone. Yet, it still found Support on the Daily chart's Lower Low's Lower zone near #1,662.80, sentiment which remains Bearish as Resistance zone has High potential to contain current rebound. If Support is broken and #1,652.80 mark variance is initiated, I expect aggressive takedown and Gap fill on Gold towards #1,633.80 extension. Factors which add credence to Sellers: 1) DX Trading near Higher High's local peak, expected to rise to #111.270 sustaining strong Selling pressure due U.S. Dollar in High demand and 2) Technical necessity for Lower Low's extension, Price-action comfortably Trading below the Annual Low's (aswell below Double Bottom on Daily chart). However the Hourly 4 chart has been Oversold for some time and unless Gold Trades at least sideways for the session, Daily chart will always pressure for Support test with both psychological barriers below as an viable Targets which showcases that current Bullish action has Low sustainability chances.
My position: I am still holding my Selling order (#1,670.80 entry point) and have been holding it since yesterday's E.U. session. Price-action have made #2 attempts for my Stop-loss, but still on current rollercoaster ride / my Stop-loss is still intact. It is important to note that if #1,680.80 breaks and market closes the session above it, Short-term potential is not invalidated but remains postponed and #1,692.80 may be tested next (in that case). If however #1,680.80 manages to reject the Buying sequence / rebound (and DX finds the Short-term Support), my order will deliver decent results as #1,652.80 mark will be on the cards.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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