Keeping my Selling order / #1,727.80 possible within #3 sessions
Gold's general commentary: As expected the only viable Trade regarding the Short-term was #1,763.80 break and this was once more confirmed throughout yesterday’s session within my #1,752.80 - #1,762.80 range (Xau-Usd Spot numbers). On the more Medium-term though it appears as if the #1,774.80 acting as a Resistance, rejecting any upside breakout attempt since mid-August (in fact also rejected the Price-action fractal throughout yesterday’s session). As with the Neutral Hourly 4 chart, Daily chart is isolated within Descending Channel and once Investors pick a side, that will be in my opinion the new trend. I was expecting #1,752.80 to be filled within early E.U. session Hours, and #1,727.80 Higher Low's extension can be tested within #3 sessions, according to my Technicals.
Technical analysis: The #1,752.80 psychological mark continues to offer stiff Support line (as it can represent session Low's) and in the meantime, Price-action made a Lower High's Lower zone with #1,752.80 - #1,755.80 containing the downtrend and practising durability. However the Lower High's Upper zone is #1,772.80 - #1,774.80 (Spot prices) and as long as belt is posing as an Resistance, the Price-action will remain Bearish (Short-term) and will always pressure for Support test above the Higher Low's trendline of the Hourly 4 chart's Descending Channel. There is strong #1,727.80 test probability once #1,752.80 surrenders and if market closes below #1,752.80 psychological mark while DX broken the Hourly 4 chart's Resistance zone, I am expecting decline to be in continuation under these circumstances. Daily chart timeframe is pointing on a steady slide aswell, so Medium-term Buyers should take that into consideration before planning a move. Investors remain cautious and that's why Traders are witnessing Low Volume throughout today's session.
My position: I am firmly keeping my Selling order with #1,763.80 representing my entry point (currently running on excellent Profit) and will continue to hold my order as I see Selling potential as sustainable / where (as stated above throughout my commentary), #1,752.80 mark break can extend the Selling rally towards #1,740.80 first, then #1,727.80 extension.
Technical analysis: The #1,752.80 psychological mark continues to offer stiff Support line (as it can represent session Low's) and in the meantime, Price-action made a Lower High's Lower zone with #1,752.80 - #1,755.80 containing the downtrend and practising durability. However the Lower High's Upper zone is #1,772.80 - #1,774.80 (Spot prices) and as long as belt is posing as an Resistance, the Price-action will remain Bearish (Short-term) and will always pressure for Support test above the Higher Low's trendline of the Hourly 4 chart's Descending Channel. There is strong #1,727.80 test probability once #1,752.80 surrenders and if market closes below #1,752.80 psychological mark while DX broken the Hourly 4 chart's Resistance zone, I am expecting decline to be in continuation under these circumstances. Daily chart timeframe is pointing on a steady slide aswell, so Medium-term Buyers should take that into consideration before planning a move. Investors remain cautious and that's why Traders are witnessing Low Volume throughout today's session.
My position: I am firmly keeping my Selling order with #1,763.80 representing my entry point (currently running on excellent Profit) and will continue to hold my order as I see Selling potential as sustainable / where (as stated above throughout my commentary), #1,752.80 mark break can extend the Selling rally towards #1,740.80 first, then #1,727.80 extension.
- 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'.
Related publications
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.