As discussed throughout my yesterday's session commentary: "My position: Even though Gold was ready for small correction within #2,815.80 - #2,822.80 before rally continuation and more gains on Gold, Gold ignored such Technical development and invalidated my #2,831.80 Resistance zone where I Bought Gold and still hold my orders. #2,882.80 - #2,892.80 is my ideal Target zone before stagnation zone."
I have closed both of my runners engaged on #2,831.80, first one on #2,870.80 and second one on #2,877.80 in extension on U.S. session opening which brought excellent Profit and extended my #3-week winning range. Well done for Traders who followed!
Technical / Fundamental analysis: Gold eventually honored the Fundamental side (Tariff's speculations) and was isolated within Bullish pattern on the healthy Ascending Channel. Now this is largely uncharted territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend continuation, marking a Bottom and turning Bullish on Short-term even though that Weekly chart delivered interesting development that #MA50 is more than #300-points away from current Price-action. However the larger time-frame of Weekly chart remains Bearish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. Gold was Technically Bearish however Fundamental side prevailed and the result is those Bullish candles which are visible on the charts. Strong Resistance is seen at #2,872.80 - #2,882.80 while first major Support is priced at #2,852.80 benchmark, which means as long as Support is intact, there are more probabilities for the uptrend. It is important to note that below #2,852.80 benchmark, there is only #2,827.80 to hold Gold from testing #2,800.80 benchmark but again I need to keep in mind that on these Fundamentally driven sessions, Gold can go as far as pressure pushes it so I will not try to Sell current Buying bias, only if strong Support gets invalidated. If #2,852.80 gets invalidated before any of the above happens, I have a Bearish break-out as DX found Support for the fractal and started reversing again on the Short-term which might represent Bearish development for Gold Short-term. This uptrend is directly related to the decline on DX as theoretically it makes Investors take capital off of riskier assets and place it in safe-haven assets such as Gold.
My position: #2,866.80 is the Price of now and it is not worth entering. Gold can still turn both ways however if #2,852.80 benchmark gets invalidated and DX continues the Bull run, I will Sell Gold on Spot and pursue #2,827.80 Support in extension. I will continue Buying Gold only if market closes above #2,852.80 benchmark.
I have closed both of my runners engaged on #2,831.80, first one on #2,870.80 and second one on #2,877.80 in extension on U.S. session opening which brought excellent Profit and extended my #3-week winning range. Well done for Traders who followed!
Technical / Fundamental analysis: Gold eventually honored the Fundamental side (Tariff's speculations) and was isolated within Bullish pattern on the healthy Ascending Channel. Now this is largely uncharted territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend continuation, marking a Bottom and turning Bullish on Short-term even though that Weekly chart delivered interesting development that #MA50 is more than #300-points away from current Price-action. However the larger time-frame of Weekly chart remains Bearish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. Gold was Technically Bearish however Fundamental side prevailed and the result is those Bullish candles which are visible on the charts. Strong Resistance is seen at #2,872.80 - #2,882.80 while first major Support is priced at #2,852.80 benchmark, which means as long as Support is intact, there are more probabilities for the uptrend. It is important to note that below #2,852.80 benchmark, there is only #2,827.80 to hold Gold from testing #2,800.80 benchmark but again I need to keep in mind that on these Fundamentally driven sessions, Gold can go as far as pressure pushes it so I will not try to Sell current Buying bias, only if strong Support gets invalidated. If #2,852.80 gets invalidated before any of the above happens, I have a Bearish break-out as DX found Support for the fractal and started reversing again on the Short-term which might represent Bearish development for Gold Short-term. This uptrend is directly related to the decline on DX as theoretically it makes Investors take capital off of riskier assets and place it in safe-haven assets such as Gold.
My position: #2,866.80 is the Price of now and it is not worth entering. Gold can still turn both ways however if #2,852.80 benchmark gets invalidated and DX continues the Bull run, I will Sell Gold on Spot and pursue #2,827.80 Support in extension. I will continue Buying Gold only if market closes above #2,852.80 benchmark.
- 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'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
- 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'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.