Engaging my Sell order / free Monthly chart explanation
Gold's general outlook: The outlook remains the same, Gold (Xau-Usd numbers in my focus) is consolidating below the #MA50 on Daily chart with the RSI on a similar pattern as the week of August #20 - #27. The critical test of the Daily chart #MA50 was showing idle movements, as I do not give much significance to it at the moment, as Gold’s bias is Neutral / just at it was during the last couple of tests on March #31 and June #5. Note that in both cases a strong rally followed. So Gold is a Sell option either when #MA200 on Hourly 4 chart, or #1,835.80 Support the gets tested and completes one red candle below it (keep also in mind Death Cross on Hourly 4 chart). I will Buy towards #1,900.80 psychological barrier only if #1,874.80 breaks.
Technical analysis: Nothing irregular at the moment on the Short-term as Gold (Xau-Usd as always on my commentary) continues to Trade sideways within #1,850’s zone with clear Resistance point, and Support levels / ready to deliver the breakout I am expecting. The underlying Short-term trend is still Neutral, so if the Intra-day Low breaks on tomorrow’s session, then I expect another run towards the #1,820.80 (July #16) Lower Low and possible #1,805.80 extension. One important difference though: the Hourly 1 Moving Average #50 broke and for the first time in #3 sessions Gold is testing it from below as a Resistance (this needs to break again to comfort Buyers). However, if (November #4 - #9) / (January #1 - #6) (January #20 - #25) variance is yet to be repeated, Gold finished the same pattern (Trading on such configuration) and now should engage the aggressive decline. Ultimately everything comes down to drawdown in equities and DX, how market will digest it, but I can't ignore the fact that Gold remains on Low (relative to January #7 peak) levels despite the aggressive Gap fill on DX and as Usd-Jpy Bought back the dip. Personally, Gold is Bearish on Short-term and my estimations shows #1,820.80 within #2 sessions.
My position: I engaged my Sell order on #1,857.80 configuration, calling for #1,835.80 Support test / if broken, I will re-Sell Gold towards #1,805.80.
Technical analysis: Nothing irregular at the moment on the Short-term as Gold (Xau-Usd as always on my commentary) continues to Trade sideways within #1,850’s zone with clear Resistance point, and Support levels / ready to deliver the breakout I am expecting. The underlying Short-term trend is still Neutral, so if the Intra-day Low breaks on tomorrow’s session, then I expect another run towards the #1,820.80 (July #16) Lower Low and possible #1,805.80 extension. One important difference though: the Hourly 1 Moving Average #50 broke and for the first time in #3 sessions Gold is testing it from below as a Resistance (this needs to break again to comfort Buyers). However, if (November #4 - #9) / (January #1 - #6) (January #20 - #25) variance is yet to be repeated, Gold finished the same pattern (Trading on such configuration) and now should engage the aggressive decline. Ultimately everything comes down to drawdown in equities and DX, how market will digest it, but I can't ignore the fact that Gold remains on Low (relative to January #7 peak) levels despite the aggressive Gap fill on DX and as Usd-Jpy Bought back the dip. Personally, Gold is Bearish on Short-term and my estimations shows #1,820.80 within #2 sessions.
My position: I engaged my Sell order on #1,857.80 configuration, calling for #1,835.80 Support test / if broken, I will re-Sell Gold towards #1,805.80.
- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
