Gold is Trading near Lower Support zone once again
Gold's general commentary: Yet another excellent Selling sequence delivered on Gold where the Price-action invalidated #2 strong Supports on one engulfing Bearish Daily chart’s candle. Biggest success of Sellers was negating all recent gains Gold has priced in and now Monthly candle has decent chances to close in losses. The Daily chart’s timeframe has still not stabilized Technically, and is way below Neutral territory after three successive candle closings below the Daily chart’s #MA50. As long as Gold holds current Low’s, the Price-action is less likely to rebound towards #1,837.80 first then #1,852.80 (former Support zone and psychological barrier) or above, especially if the reports continue to exceed expectations and this is why Nonfarm Payrolls report is now on no-importance list for me. A break and market closing below #1,820.80 extension has a downside risk on the #1,800.80 psychological barrier and eminent Support. It is quite odd that Gold isn't even Lower based on the Bullish patterns on the DX index, as it appears that DX’s strength weighed more and added credence to Gold’s Sellers.
Technical analysis: The Price-action has altered the uptrend just above the Daily chart’s Resistance cluster near #1,852.80 as discussed throughout my commentary, with current #1,800.80 - #1,807 configuration representing strong Support zone. As long as Resistance cluster holds (#1,835.80 - #1,837.80), there are Higher probabilities to reach the Hourly 4 chart's Lower Low's zone (which is right now priced below #1,806.80 on Spot prices but touch will be done Lower depending on the aggression of the variance). Technically, Gold should ease the Oversold levels, as on such Fundamental landscape, it is not wise to Buy the market. After all, on the Daily timeframe (aswell on Hourly charts), the pattern is an solid Descending Channel which lately almost touched the Lower Low's pivot trendline and has a limit just over #1,792.80, my main point of interests (depending on the aggression of the Selling wave started late last Trading week). Below the #1,820.80, Short-term Bullish pattern / recovery is invalidated and the Selling may be accelerated towards the Lower Low's zone near #1,792.80.
My position: Since Friday's session is ahead (what follows is weekend break) and Gold is almost near the bottom of current Selling sequence, I will decrease my Trading activity to very own maximum, protecting my current results. However, if #1,820.80 breaks on full Hourly 1 chart's candle and DX extends the recovery, Gold may fill #1,800.80 barrier Intra-day.
Technical analysis: The Price-action has altered the uptrend just above the Daily chart’s Resistance cluster near #1,852.80 as discussed throughout my commentary, with current #1,800.80 - #1,807 configuration representing strong Support zone. As long as Resistance cluster holds (#1,835.80 - #1,837.80), there are Higher probabilities to reach the Hourly 4 chart's Lower Low's zone (which is right now priced below #1,806.80 on Spot prices but touch will be done Lower depending on the aggression of the variance). Technically, Gold should ease the Oversold levels, as on such Fundamental landscape, it is not wise to Buy the market. After all, on the Daily timeframe (aswell on Hourly charts), the pattern is an solid Descending Channel which lately almost touched the Lower Low's pivot trendline and has a limit just over #1,792.80, my main point of interests (depending on the aggression of the Selling wave started late last Trading week). Below the #1,820.80, Short-term Bullish pattern / recovery is invalidated and the Selling may be accelerated towards the Lower Low's zone near #1,792.80.
My position: Since Friday's session is ahead (what follows is weekend break) and Gold is almost near the bottom of current Selling sequence, I will decrease my Trading activity to very own maximum, protecting my current results. However, if #1,820.80 breaks on full Hourly 1 chart's candle and DX extends the recovery, Gold may fill #1,800.80 barrier Intra-day.
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- 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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