Gold is Bearish My Target 1712 and 1700
Gold Sell position my sell order is open
Gold's general commentary: As Gold is Trading within Hourly 1 chart’s Neutral Rectangle , this is very cautious market at the moment. Yet again, I see no firm reason for current Buying bias on Gold , as #1,752.80 - #1,755.80 should price in local Top’s and reversal area. After observing Gold’s Price-action near market closing, #1,700.80 remains an #10-session horizon possibility. As long as the #108. 40 level on DX holds and the Bond Yields continue with their Volatile phase on Weekly chart (#1W), I expect Gold to remain under pressure and continue Trading downwards both on Hourly 1 and Hourly 4 chart. I do expect however the currency speculators to push DX as High as they can ahead of next week in order to secure a more comfortable Short - Selling entry throughout Friday’s late session.
Gold's general commentary: As Gold is Trading within Hourly 1 chart’s Neutral Rectangle , this is very cautious market at the moment. Yet again, I see no firm reason for current Buying bias on Gold , as #1,752.80 - #1,755.80 should price in local Top’s and reversal area. After observing Gold’s Price-action near market closing, #1,700.80 remains an #10-session horizon possibility. As long as the #108. 40 level on DX holds and the Bond Yields continue with their Volatile phase on Weekly chart (#1W), I expect Gold to remain under pressure and continue Trading downwards both on Hourly 1 and Hourly 4 chart. I do expect however the currency speculators to push DX as High as they can ahead of next week in order to secure a more comfortable Short - Selling entry throughout Friday’s late session.
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.