Selling order activated / #1,827.80 on Sellers aim
Gold's general commentary: No clues for the moment and as a Selling pressure result, personally I believe the current level of #1,852.80 is a solid new Selling opportunity, as everything depends on today’s session market closing (full candle closing). If my pattern is postponed and Gold breaks the #1,866.80 Resistance, then aggressively I would Sell back the uptrend (as it was the case #2 out of #2 times), then have to wait for potential contact with the #1,852.80 Support, to Sell again regarding the Short-term. Gold has finally entered the #1,837.80 - #1,827.80 barrier Zone which has seasonally been the strongest Selling accumulation point since September #2021. Daily chart should be Naturally stabilized as I shift my focus on Weekly (#1W) and Monthly chart, both of which are calling for a Long-term Bearish sustainability. The Fed loan rate climate (and repurchase agreements) may be the main driver behind current aggressive Volatility and Gold’s sentiment should be Sold immediately when #1,852.80 Short-term Support gets invalidated (thus DX engage the Daily chart (#D1) full scale recovery attempt, which can be identified as an trend switch on Gold). There is always an outside factor that drives the Price-action to the Resistance seasonally (reversal on Bond Yields or DX) but all are Sold there. It is possible to have a #1 more session period Trading within #1,837.89 - #1,861.80 before the Price-action breaks downwards though based on the #2020 / 2021 cycle. If Gold does not recover the #1,866.80 Lower High’s Resistance and restores Bearish Short-term trend within #1 sessions, I can expect #1,792.80 Lower Low's extension. New Bearish outlook on Gold will come as no Technical surprise since other assets should Trade favourably for Gold’s decline. Keep in mind that my approach is swing Trading (Long-term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent.
Fundamental analysis: As expected, strong Buying pressure is surely visible as Gold on the other hand is defending the first Support quiet well. What is keeping Gold above the Support are parallel declines on both DX and Bond Yields, taking strong hits on yesterday's Wall Street opening Bell which are instantly Bought on DX, but not on Bond Yields case. Yesterday’s session violent Bearish candle sequence was calling for #1,837.80 - #1,827.80 Support zone test, since every Higher Low’s test was Sold on the aftermath since February #11. Hourly 4 chart’s Resistance break restores Short-term Bullish trend, below Gold is calling for Selling extension. Remember when you are uncertain of Gold's trend, look for clues at the underlying correlating instruments. As Gold still tries to achieve an equilibrium with DX (throughout yesterday's session on mere # -0.05% DX, and # +0.67% Gold / focus on Daily numbers), Gold still losses more value than DX does. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility candles occur outside of the Technical Channels. At this point it is essential to either choose a range to Scalp or engage Medium-term position (what I will do).
Technical analysis: When the Resistance rejects the trend more than #3 times (which is the case currently) means that Buyers intent is not that strong and bigger proportion Selling leg is possible if Support breaks. I personally remain Bearish on Medium / Long-term under the Daily Bearish action of the past several weeks which suggests that Trading will continue to be performed within the #1,790.80 - #1,810.80 wide zone until Breakout on one side occurs. Gold was having a productive session for both Buyers and Sellers so far, pushing Lower, ignoring the Intra-day mixed weakness on the DX which was stalling the downtrend in continuation on Gold. However, I believe the current (Short-term) mixed values on DX (which is distorting Technical trends) run may be coming to an end as the Daily chart Resistance is priced near and every fractal / whenever the Price-action is stalled within #1,831.80 - #1,852.80 belt, it delivered a major move on the aftermath. On December #2, Gold was inside of above mentioned belt and touched #1,952.80 aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when broken. Currently, the fractal is repeated as Gold retraced from final Resistance break towards #1,850’s belt, and now Gold should pick a side and reveal a major move, as my personal outlook leans heavily to the Selling side. I am willing to take advantage of this since #1,852.80 is invalidated. The Daily chart remains Bearish so no definitive Bullish conclusions on the Medium-term trend can be reached nor Traded. Gold is Trading on undisputed Bearish trend which I won’t hesitate to take advantage of. Critical session yestreday on Gold as the all important U.S. CPI report was released but had less or no impact on the Price-action. This was Inflation data and always keep in mind Gold's use as a counter to Inflation.
My position: I have engaged my Selling order with #1,853.80 as an entry point, Targeting #1,827.80 extension first, then #1,792.80 Lower Low's Bottom on the aftermath. I will close my order near #1,837.80 Support if it arise Buyers and attempts to reverse the Selling sequence.
Fundamental analysis: As expected, strong Buying pressure is surely visible as Gold on the other hand is defending the first Support quiet well. What is keeping Gold above the Support are parallel declines on both DX and Bond Yields, taking strong hits on yesterday's Wall Street opening Bell which are instantly Bought on DX, but not on Bond Yields case. Yesterday’s session violent Bearish candle sequence was calling for #1,837.80 - #1,827.80 Support zone test, since every Higher Low’s test was Sold on the aftermath since February #11. Hourly 4 chart’s Resistance break restores Short-term Bullish trend, below Gold is calling for Selling extension. Remember when you are uncertain of Gold's trend, look for clues at the underlying correlating instruments. As Gold still tries to achieve an equilibrium with DX (throughout yesterday's session on mere # -0.05% DX, and # +0.67% Gold / focus on Daily numbers), Gold still losses more value than DX does. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility candles occur outside of the Technical Channels. At this point it is essential to either choose a range to Scalp or engage Medium-term position (what I will do).
Technical analysis: When the Resistance rejects the trend more than #3 times (which is the case currently) means that Buyers intent is not that strong and bigger proportion Selling leg is possible if Support breaks. I personally remain Bearish on Medium / Long-term under the Daily Bearish action of the past several weeks which suggests that Trading will continue to be performed within the #1,790.80 - #1,810.80 wide zone until Breakout on one side occurs. Gold was having a productive session for both Buyers and Sellers so far, pushing Lower, ignoring the Intra-day mixed weakness on the DX which was stalling the downtrend in continuation on Gold. However, I believe the current (Short-term) mixed values on DX (which is distorting Technical trends) run may be coming to an end as the Daily chart Resistance is priced near and every fractal / whenever the Price-action is stalled within #1,831.80 - #1,852.80 belt, it delivered a major move on the aftermath. On December #2, Gold was inside of above mentioned belt and touched #1,952.80 aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when broken. Currently, the fractal is repeated as Gold retraced from final Resistance break towards #1,850’s belt, and now Gold should pick a side and reveal a major move, as my personal outlook leans heavily to the Selling side. I am willing to take advantage of this since #1,852.80 is invalidated. The Daily chart remains Bearish so no definitive Bullish conclusions on the Medium-term trend can be reached nor Traded. Gold is Trading on undisputed Bearish trend which I won’t hesitate to take advantage of. Critical session yestreday on Gold as the all important U.S. CPI report was released but had less or no impact on the Price-action. This was Inflation data and always keep in mind Gold's use as a counter to Inflation.
My position: I have engaged my Selling order with #1,853.80 as an entry point, Targeting #1,827.80 extension first, then #1,792.80 Lower Low's Bottom on the aftermath. I will close my order near #1,837.80 Support if it arise Buyers and attempts to reverse the Selling sequence.
- 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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