After a one-day Thanksgiving rest, back in action again with Gold making what looks like a strong rejection on the 4H MA50 (1,756.11).
Notice that despite breaking above it, no 4H candle has yet closed above it, indicating that the market is treating it as a Resistance and short-term traders book their profits.
1D remains on bullish technicals (RSI # 59.637,...
Flat price action for Gold exactly after it hit the top of the former 1,735 - 1,729.50 Resistance Zone, which is now being tested as Support.
If it holds its ground today, then this consolidation will most likely be a bottom formation as 1D remains marginally bullish (RSI # 57.686, MACD # 20.930, ADX # 31.342) .
Failure to break above the 4H MA50 (1,759.20),...
As mentioned yesterday, Gold made first test of the former 1,735 - 1,729.50 Resistance Zone as Support and from today's green candle, looks like it will respect the symmetry and rebound.
Unless we break above the 1D MA200 (1,801.06), this rebound will be short-lived and won't be able to sustain a long-term bullish trend.
The 1D time-frame remains bullish (RSI...
As mentioned yesterday, Gold made first test of the former 1,735 - 1,729.50 Resistance Zone as Support and from today's green candle, looks like it will respect the symmetry and rebound.
Unless we break above the 1D MA200 (1,801.06), this rebound will be short-lived and won't be able to sustain a long-term bullish trend.
The 1D time-frame remains bullish (RSI...
Solid confirmation of my medium-term bearish perspective.
As discussed on Friday, the pattern formed was a Head and Shoulders, which is technically a top formation pattern.
As the 4H MA50 broke (1,754.58), Gold dived more and is approaching the former Resistance Zone of 1,735 - 1,729.50, which will be tested as a Support for the first time.
The 1D technicals...
Mild rebound since yesterday's 1,754.20 Low as the 4H MA50 is coming strongly from below to support (1,749.49 currently).
However the short-term pattern looks like a Head and Shoulders formation, that is typically a pattern found on market bottom.
As a result if 1,752.40 (current Support) breaks, it is more likely for Gold to seek the 1D MA50 (1,681.32 and...
As you see, the market couldn't stay that high on an overbought 1D RSI (broke above 70.000 on November 11th) and is having its technical pull-back as we discussed, with short-term traders taking their profits on the November run.
The 1D technicals are harmonized but still very high (RSI # 67.239, MACD # 28.990, ADX # 39.870).
As mentioned, I will buy next on...
The price recovered yesterday's losses intra day and made a new High today, showing that despite the overbought technicals (RSI # 71.428, MACD # 22.400, ADX # 49.175), buyers still dominate the market in the absence of high impact news reports this week.
Fundamentally this rally continues to capitalize last week's decreasing inflation news.
Technically, it...
Great run last week for Gold with the 1D RSI turning overbought and hitting 70.000 for the first time since March 8th (1D technicals now: RSI # 66.429, MACD # 22.770, ADX # 37.696).
Profit taking is very possible now and it should be no surprise that the 1D RSI got rejected just as it turned overbought.
The rise since November 3rd broke above the 2022 Channel...
As mentioned yesterday, it was obvious that the Gold market was still dominated by buyers and with such drop on the U.S. CPI, the price not only hit my 1,729.50 target but as the 1,735 Resistance broke, it activated my bullish break-out buy, which is targeting the 1D MA200 (currently at 1,803.86).
Technically, the 1D time-frame is approaching the overbought zone...
Despite trading sideways since Tuesday's rapid rise, the short-term 4H time-frame remains bullish (RSI # 63.077, MACD # 14.640, ADX # 23.437).
Showcasing that buyers are still dominant on the market as not only Gold broke above the 1D MA100 (1,714.67) yesterday for the first times since May 9th but also a 4H Golden Cross has been formed (MA50 crossed above the...
Great achievement yesterday as the massive rebound broke above 1,715 and is approaching my target of the 1,729.50 - 1,735 Resistance Zone, with the 4H MA200 (1,661.70) supporting.
The current pull-back can be a technical bull flag but as it hit exactly the 1D MA100 (1,715.86) and yesterday's fundamentals subside, I don't want to take the risk and lose...
Natural pull-back yesterday, propelled by profit taking, following the break above both the 1D MA50 and the March Lower Highs trend-line.
So far it looks like a Bull Flag (as 1D remains neutral on RSI # 52.952, MACD # -1.830, ADX # 14.581) with the 4H MA200 (1,660.69) supporting.
As long as it does, the trade is a buy, targeting the 1,729.50 - 1,735 Resistance...
Major bullish break-out for Gold, as the price finally closed above our expected Resistance level (4H MA200) that we have been talking about in the last two weeks, and even broke above the 1D MA50 and the Lower Highs trend-line that started all the way from the March 08 Market Top.
Even though it is premature and only marginal, this 8-month Channel Down pattern,...
The 1,620 short-term eventually got hit (though I had my sell closed earlier) and as you see the rebound near 1,610 happened (1,615.50 on XAUUSD) and the rise was so strong and fast that we are already above the 4H MA50 again (1,648.41).
With the 1D technicals neutral (RSI # 48.141, MACD # -9.250, ADX # 21.576) the pattern remains a Channel Down since October 11...
The 0.75% Fed Rate Hike caused Gold to initially rise and break above the 4H MA200, but as I explained yesterday it was the candle closing that counts, and as you see the price immediately reversed and closed below the 4H MA200, just like it did when it tested it on October 26-28.
The pattern is the same, a Channel Down has emerged, 1D remains bearish...
The price reversed at 1,630 yesterday on the closing candle, without hitting my 1,620 TP.
That is a strong bullish reversal on the 4H time-frame, which turned bullish again (RSI # 55.377, MACD # -0.490, ADX # 40.179) as the price broke above the 4H MA50 (1,648.70).
Once again, the 4H MA200 (1,662.77) is the Resistance level to beat, which failed on Oct 26 -...
My sell condition was confirmed as Gold closed below the 4H MA50 (1,647.59 on XAUUSD), so I continue selling with 1,620 as my TP.
Needless to say, the price action this week evolves around Wednesday's Fed Rate Decision, with the markets taking a 'sell first, ask questions later approach', since buyers were unable to break above the 4H MA200 (1,664.76) as we...
