Gold's general overview: Gold is Trading on #3 session row of gains for the first time since January #27. This rally isn't just Technical but is also due to the very Bullish (for extending the Lower interest rates) Stimulus results. Technically, Gold is within an Rectangle, and if #1,853.80 breaks extend (add one more Buy order) as High as #1,869.80. Overall on the Short-term Gold is very Bullish due to the anticipating new Stimulus package and every such dip is a Buying opportunity. Bullish breakout came as discussed but wasn't so strong as I expected to be as second Resistance rejected the Price-action.
Technical analysis: Ranged Price-action came as no Technical surprise as Price-action remains in Rectangle on a combination of Fundamental pressure and Technical necessity for a Higher Low extension. It is closely related to currency Volatility on DX, the Price-action in near equilibrium with Stock markets also on Weekly scale and even if the pair completes it's January #4 variance, Gold should not Technically dip below #1,832.80. On the Short-term side there was an clear Bullish flag pattern and Technically Gold should be above #1,869.80 already. Hourly 4 chart points that Higher Low is near and clear Support at #1,832.80 which makes it an healthy Channel Up pattern - typical Target of this includes #1,869.80 on Short-term. In extension - I will advance with extreme care ahead of the most significant macroeconomic events of the next week. However, if #1,832.80 breaks, #1,817.80 can be next extension since there is no Supports in between (less likely). I expect #1,869.80 next as Dx is on center stage throughout today's session.
My position: I have closed portion of my Buy orders on yesterday's Bullish Gap fill, but still hold some of my orders as Profit wasn't enough for me to close it comfortably with decent Profits. #1,832.80 is my Stop-loss and #1,869.80 maximum extension. As discussed, these are Fundamentally driven sessions and fake breakouts and side Swings are expected / as trend can reverse anytime.
Technical analysis: Ranged Price-action came as no Technical surprise as Price-action remains in Rectangle on a combination of Fundamental pressure and Technical necessity for a Higher Low extension. It is closely related to currency Volatility on DX, the Price-action in near equilibrium with Stock markets also on Weekly scale and even if the pair completes it's January #4 variance, Gold should not Technically dip below #1,832.80. On the Short-term side there was an clear Bullish flag pattern and Technically Gold should be above #1,869.80 already. Hourly 4 chart points that Higher Low is near and clear Support at #1,832.80 which makes it an healthy Channel Up pattern - typical Target of this includes #1,869.80 on Short-term. In extension - I will advance with extreme care ahead of the most significant macroeconomic events of the next week. However, if #1,832.80 breaks, #1,817.80 can be next extension since there is no Supports in between (less likely). I expect #1,869.80 next as Dx is on center stage throughout today's session.
My position: I have closed portion of my Buy orders on yesterday's Bullish Gap fill, but still hold some of my orders as Profit wasn't enough for me to close it comfortably with decent Profits. #1,832.80 is my Stop-loss and #1,869.80 maximum extension. As discussed, these are Fundamentally driven sessions and fake breakouts and side Swings are expected / as trend can reverse anytime.
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- 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.
