Gold is on a tight range and can turn both ways
Gold's general outlook: Gold maintains the Buying trend from January #20 session Daily chart #MA50 break but the pace has slowed down. The Hourly 4 MACD is about to make a Bearish signal and I believe I should start preparing myself for a slight pullback (Medium-term trend stays Bullish though especially after the elections and with the DX still Bearish, Bond notes in Neutral zone). #1,865.80 break restores the Buying momentum, while Support break (priced at #1,856.80 can extend the decline towards #1,847.80, and #1,840.80 in continuation. Technical Higher Low zone is priced at #1,883,80 / break of it might extend the recovery towards #1,895.80.
Technical analysis: Gold remains Bullish on a Hourly 1 basis and will continue to do so as long as the Daily chart #MA50 is holding (is not broken by more than #4 points). The Higher Low zone since January #11 is about to break for the first time if Gold close a full Daily chart candle above it (or typically break Wedneday's #1,872.80 High). I Technically see the potential for an Channel Upl extension on Hourly 4 chart as sustainable and calling for #1,885.80 configuration, as market is waiting for a catalyst. As discussed, if #1,856.80 breaks however, it could engage solid Selling sequence, but Selling on current Bullish bias is not advisable.
My position: Even though that Selling is dangerous on current Buying bias (strong Fundamental Buying pressure), I might close my Buy order on breakeven and Sell the market since Gold's uptrend seems pretty limited as Price-action Selling every High. Since Weekend break is ahead and current Week didn't offered anything worth mentioning (side Swings only), I will be very careful regarding my next move since there are both possibilities on the cards. Current Price-action can turn in Buying or Selling rally very easily, as I won't approach without strict Risk management.
Technical analysis: Gold remains Bullish on a Hourly 1 basis and will continue to do so as long as the Daily chart #MA50 is holding (is not broken by more than #4 points). The Higher Low zone since January #11 is about to break for the first time if Gold close a full Daily chart candle above it (or typically break Wedneday's #1,872.80 High). I Technically see the potential for an Channel Upl extension on Hourly 4 chart as sustainable and calling for #1,885.80 configuration, as market is waiting for a catalyst. As discussed, if #1,856.80 breaks however, it could engage solid Selling sequence, but Selling on current Bullish bias is not advisable.
My position: Even though that Selling is dangerous on current Buying bias (strong Fundamental Buying pressure), I might close my Buy order on breakeven and Sell the market since Gold's uptrend seems pretty limited as Price-action Selling every High. Since Weekend break is ahead and current Week didn't offered anything worth mentioning (side Swings only), I will be very careful regarding my next move since there are both possibilities on the cards. Current Price-action can turn in Buying or Selling rally very easily, as I won't approach without strict Risk management.
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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.
