As discussed throughout my Thursday's session commentary: Technical analysis / quick update: Productive session only for Scalpers as they are getting most of the returns out of current Price-action. Lagging upswing attempt on Hourly 4 chart got stalled near #2,782.80 Resistance zone (break-out point still not compromised), Gold made it to #2,742.80 almost (might be Stop-loss hunt) however clear Profit taking on recent Bull run. The Bullish reaction is due to DX testing the Lower High’s Lower zone trendline that started with last week’s local High’s zone. I would re-Buy Gold right away with #2,800.80 benchmark / record High's Target however DX is Trading on sideways numbers which could extend the sideways sequence / I will monitor Price-action fluctuation from sidelines however Bullish bias is here to stay.
Technical analysis: As announced on early week phase, Bullish bias is here to stay. Despite the strong Bullish candle sequence on DX, Gold remains Neutral-Bullish and above my Support for the session as the U.S. session is approaching. However, #2,782.80 - #2,792.80 is new / old former Resistance now turned to Support zone made by the Hourly 4 chart’s candlestick configuration. Gold is still not pulling back again after it failed to break above it’s Higher High’s Upper zone peak on the Hourly 4 chart. Still I haven’t got confirmation for Short-term Selling opportunity (Selling such Bull bias is Highly dangerous) and it is still not worth entering the market without tight Risk management (all correction attempts are rejected due Fundamental Buying pressure). Gold is extending Intra-day sideways action, following the continuation of the former Hourly 1 chart’s Ascending Channel which is normal taking in consideration that #2,800.80 benchmark is very serious level / current environment is Gold friendly (recession fears, safe-havens such as Gold are in High demand, dovish Fed stance). Spot how Gold's strong Selling level is far from fair symmetrical manner with disastrous side Swings on Bond Yields and DX as my strongest correlation so far, but currently both assets are on Short-term uptrend while Gold is as well soaring, fractal that was seen many times last Year, messenger of strong unprecedented Volatility and very Low Selling opportunities. I am Highly sceptical, and having strong reservations of current Gold’s reversal, as I don’t believe that Sellers will see continuation of it.
My position: All my Buying orders are closed now as I await #2,800.80 benchmark break-out to continue Buying from there. I will not Sell Gold, at least for current session. As stated above, Bullish bias is here to stay.
Technical analysis: As announced on early week phase, Bullish bias is here to stay. Despite the strong Bullish candle sequence on DX, Gold remains Neutral-Bullish and above my Support for the session as the U.S. session is approaching. However, #2,782.80 - #2,792.80 is new / old former Resistance now turned to Support zone made by the Hourly 4 chart’s candlestick configuration. Gold is still not pulling back again after it failed to break above it’s Higher High’s Upper zone peak on the Hourly 4 chart. Still I haven’t got confirmation for Short-term Selling opportunity (Selling such Bull bias is Highly dangerous) and it is still not worth entering the market without tight Risk management (all correction attempts are rejected due Fundamental Buying pressure). Gold is extending Intra-day sideways action, following the continuation of the former Hourly 1 chart’s Ascending Channel which is normal taking in consideration that #2,800.80 benchmark is very serious level / current environment is Gold friendly (recession fears, safe-havens such as Gold are in High demand, dovish Fed stance). Spot how Gold's strong Selling level is far from fair symmetrical manner with disastrous side Swings on Bond Yields and DX as my strongest correlation so far, but currently both assets are on Short-term uptrend while Gold is as well soaring, fractal that was seen many times last Year, messenger of strong unprecedented Volatility and very Low Selling opportunities. I am Highly sceptical, and having strong reservations of current Gold’s reversal, as I don’t believe that Sellers will see continuation of it.
My position: All my Buying orders are closed now as I await #2,800.80 benchmark break-out to continue Buying from there. I will not Sell Gold, at least for current session. As stated above, Bullish bias is here to stay.
- 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.