Short-term reversal, Targeting #1,678.80 or less
Regarding my yesterday's session position/setup: I engaged Buying order on #1,725.80 break, as Gold reversed near #1,735.80 and engaged the decline, it erased my Profits and my #1,725.80 Stop-loss was hit, leaving me without a position.
Gold's general overview: Gold capitalized throughout Asian session candlestick pattern on Daily chart as miraculous recovery on U.S. Bond notes (# +5.27% notably) still adding huge Selling pressure on Gold regarding Hourly scale. DX is rising aswell on a firm green engulfing candle (# +0.61%), as the Fed aftermath candles (after the rate is unchanged) were positive wise for DX on more than #3 occasions. Bond notes are Trading above the Resistance and continuation there might spike down Gold’s Short-term and such pace should practice strong Selling pressure on Gold. As posted before, this is the Natural consolidation process after an Overbought run, limited to #1,678.80 configuration (strong Support). I doubt the further upswing since both DX and Bond notes (main markers at the moment) are Trading above the Resistances. On the current configuration and both correlating assets on the eminent uptrend, aggressive decline and Selling continuation should come as no Technical surprise. Important fractal took place on August, where Price-action broken the Bollinger bands on (August #7, #13, #26) and always retraced as personally, my estimations show that Price-action should continue Trading below the Hourly 4 Bollinger Bands. Also what is worth noting is that Hourly 1 chart could print the Double Top rejection with inverse Head and Shoulders formation, both giving mixed signals on Gold. It should be no surprise that Gold is Trading around its #1,700.80 Support (with Bond Yields invalidating the uptrend) ahead of the upcoming week, since post Fed candles always have Bearish gradient (last #3 Fed reports, on the aftermath, Volatility kicks in with Bearish gradient, which makes #3 out of #3 times). Gold is still still below the Hourly 1 Resistance Zone but as I stated, the upside potential remains less possible. All previous Bullish developments didn’t invalidated Gold’s underlying Bearish trend. If the Higher Low zone breaks however, I will be looking at the very real possibility of a new #1,744.80 test, and by my estimation, chances are slim for that outlook to develop.
Technical analysis: Gold had certain upswing, but it always respects the underlying trend (which is Bearish) - In other words; or choose Scalping range, or engage Medium-term Position (which I did). For now, only asset which keeps Gold ranged are U.S. Bond notes and constant Buying pressure from Fundamental side, Buying every dip. I expect more Bearish Price-action as U.S. opening Bell approaches, and #1,678.80 (downside extension for now) within #4 sessions. Daily and Weekly chart turned Bearish, which confirms my outlook and is worth waiting for Bearish leg. If Gold recovers #1,725.80 it would be another Buying signal towards #1,735.80 or more, while #1,700.80 Support break can put #1,678.80 Lower Low extension in motion.
My position: Even though that Bearish movement started on late Asian session, I have managed to catch some Profits this morning as I engaged Selling position on #1,712.80 and closed it near #1,700.80 psychological barrier. I will engage again only if I have Selling confirmation, #1,698.80 or below, where I will be ready with my Selling orders to pursue #1,678.80 Lower Low extension. With DX and Bond notes on parabolic uptrend, Bullish reversal is out of the question.
Gold's general overview: Gold capitalized throughout Asian session candlestick pattern on Daily chart as miraculous recovery on U.S. Bond notes (# +5.27% notably) still adding huge Selling pressure on Gold regarding Hourly scale. DX is rising aswell on a firm green engulfing candle (# +0.61%), as the Fed aftermath candles (after the rate is unchanged) were positive wise for DX on more than #3 occasions. Bond notes are Trading above the Resistance and continuation there might spike down Gold’s Short-term and such pace should practice strong Selling pressure on Gold. As posted before, this is the Natural consolidation process after an Overbought run, limited to #1,678.80 configuration (strong Support). I doubt the further upswing since both DX and Bond notes (main markers at the moment) are Trading above the Resistances. On the current configuration and both correlating assets on the eminent uptrend, aggressive decline and Selling continuation should come as no Technical surprise. Important fractal took place on August, where Price-action broken the Bollinger bands on (August #7, #13, #26) and always retraced as personally, my estimations show that Price-action should continue Trading below the Hourly 4 Bollinger Bands. Also what is worth noting is that Hourly 1 chart could print the Double Top rejection with inverse Head and Shoulders formation, both giving mixed signals on Gold. It should be no surprise that Gold is Trading around its #1,700.80 Support (with Bond Yields invalidating the uptrend) ahead of the upcoming week, since post Fed candles always have Bearish gradient (last #3 Fed reports, on the aftermath, Volatility kicks in with Bearish gradient, which makes #3 out of #3 times). Gold is still still below the Hourly 1 Resistance Zone but as I stated, the upside potential remains less possible. All previous Bullish developments didn’t invalidated Gold’s underlying Bearish trend. If the Higher Low zone breaks however, I will be looking at the very real possibility of a new #1,744.80 test, and by my estimation, chances are slim for that outlook to develop.
Technical analysis: Gold had certain upswing, but it always respects the underlying trend (which is Bearish) - In other words; or choose Scalping range, or engage Medium-term Position (which I did). For now, only asset which keeps Gold ranged are U.S. Bond notes and constant Buying pressure from Fundamental side, Buying every dip. I expect more Bearish Price-action as U.S. opening Bell approaches, and #1,678.80 (downside extension for now) within #4 sessions. Daily and Weekly chart turned Bearish, which confirms my outlook and is worth waiting for Bearish leg. If Gold recovers #1,725.80 it would be another Buying signal towards #1,735.80 or more, while #1,700.80 Support break can put #1,678.80 Lower Low extension in motion.
My position: Even though that Bearish movement started on late Asian session, I have managed to catch some Profits this morning as I engaged Selling position on #1,712.80 and closed it near #1,700.80 psychological barrier. I will engage again only if I have Selling confirmation, #1,698.80 or below, where I will be ready with my Selling orders to pursue #1,678.80 Lower Low extension. With DX and Bond notes on parabolic uptrend, Bullish reversal is out of the question.
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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.
- 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.
