No big surprises as Gold should continue Trading towards #1,820
Gold's overview: Excellent sideways Price-action extension on the Hourly 4 chart (regarding yesterday's session) as the consolidation patterns providing the safest framework for dip Buying strategy. As Gold was critically Oversold, it was totally Natural to expect Buyers to arise and extend the Hourly 4 #MA50 break towards my Resistance. The Hourly 4 Resistance has been rejected twice already which gives a updated Targets with a potential extension towards #1,874.80. Only if #1,874.80 break, I will contemplate Buying the market as at the moment / Hourly 1 configuration is not worth entering the market. I don't expect today’s reports to be relevant, as I await #1,800.80 Selling extension.
Technical analysis: The Hourly 4 Channel Up got rejected on it’s Higher Low trendline (not counting the abnormal wick of August #27) on a wide fakeout, and is now in the process of pricing it’s real Higher Low. The Price-action made a valid breakout, invalidated the Resistance, and since Buying was strongly limited, Gold Sold back the Top and is now Trading on fair Technical price. My plan is to wait for the #1,835.80 variance, and if broken, pursue #1,800.80 configuration within the current (will then be) session since Weekend break is ahead, not risking my capital by keeping the position over the break. Be alerted that the markets (especially the DX) are on High speculation mode ahead of the Fundamental events as Gold could Trade on strong Volatility index.
My position: It is crucial to mention that Gold always repeat it's cycles, as every strong decline was followed by a rebound since August #7 which delivered Bullish relief, then another Lower Low extension (which could be the case at the moment). Gold engaged the decline on January #6, which was gradually Bought back, and on January #21 my sequence was engaged as I await for #1,820.80 (July #20 Low) or less. I will engage my set of Selling orders if #1,835.80 break, Targeting #1,800.80 psychological barrier.
Technical analysis: The Hourly 4 Channel Up got rejected on it’s Higher Low trendline (not counting the abnormal wick of August #27) on a wide fakeout, and is now in the process of pricing it’s real Higher Low. The Price-action made a valid breakout, invalidated the Resistance, and since Buying was strongly limited, Gold Sold back the Top and is now Trading on fair Technical price. My plan is to wait for the #1,835.80 variance, and if broken, pursue #1,800.80 configuration within the current (will then be) session since Weekend break is ahead, not risking my capital by keeping the position over the break. Be alerted that the markets (especially the DX) are on High speculation mode ahead of the Fundamental events as Gold could Trade on strong Volatility index.
My position: It is crucial to mention that Gold always repeat it's cycles, as every strong decline was followed by a rebound since August #7 which delivered Bullish relief, then another Lower Low extension (which could be the case at the moment). Gold engaged the decline on January #6, which was gradually Bought back, and on January #21 my sequence was engaged as I await for #1,820.80 (July #20 Low) or less. I will engage my set of Selling orders if #1,835.80 break, Targeting #1,800.80 psychological barrier.
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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.
