#1,700.80 got hit, engaging new Selling order, #1,678.80 is next
Gold's general commentary: Volatile Price-action towards the U.S. session opening Bell (Hourly 1 chart Bearish Gap fill) as in the absence of high impact macroeconomic reports (besides situation in U.S.), Gold is inside a range on the last three Hourly 4 candles. Notice how this is taking place exactly below the Hourly 4 chart Support. As long as Gold stays below #1,710.80 - #1,715.80, the Short-term bias is Bearish towards the Hourly 4 #1,678.80 Lower Low first extension. If however #1,720.80 breaks, I will most likely have a Bullish break-out signal towards #1,735.80. I will Trade accordingly as I will not take excessive risks as the best solution at the moment is engaging a Selling order and waiting for market closing below #1,700.80 psychological barrier, which should be messenger for further decline.
Technical analysis: As expected U.S. session Sell-off worked perfectly on the #1,722.80 (Spot prices as always on my focus) much expected Support as Gold hit the #1,700.80 psychological barrier and in the same configuration my Target (even though that I closed my position a bit earlier (#1,707.80) since I was in from #1,730.80 variance), and almost triggered throughout today's session Lower Bollinger bands on the Daily chart. Much of this move had to do with the RSI near the Resistance and as discussed, much needed Technical correction of Lower High extension on Bond notes. Fundamental side was giving boost to DX, but not enough to engage more serious recovery. As a result Hourly 4 turned again marginally Bearish and highly Volatile, and as long as the Daily chart remains Bearish, I am following the simple plan of only committing Medium-term on breakouts (Buy above #1,720.80 and Sell below #1,700.80). Like I mentioned on the previous post, the Bollinger Bands in between is my Short-term instrument to monitor along with the Bond notes. It is important to note that yesterday’s session strong decline was Bought back instantly and Daily chart Channel Down got well preserved, and provided me with additional steady Selling order early on E.U. session. I will have more information with U.S. opening Bell Hourly 4 set of candles and will update if Price-action does something different.
My position: After yesterday's Profits, I engaged additional Selling order on #1,700.80 psychological barrier break / calling for #1,678.80, my main point of interest and configuration which I have been mentioning for #2 weeks. On current environment, Gold should not rise more than my Resistance zone, and fractal points to a #1,678.80 Lower Low extension test.
Technical analysis: As expected U.S. session Sell-off worked perfectly on the #1,722.80 (Spot prices as always on my focus) much expected Support as Gold hit the #1,700.80 psychological barrier and in the same configuration my Target (even though that I closed my position a bit earlier (#1,707.80) since I was in from #1,730.80 variance), and almost triggered throughout today's session Lower Bollinger bands on the Daily chart. Much of this move had to do with the RSI near the Resistance and as discussed, much needed Technical correction of Lower High extension on Bond notes. Fundamental side was giving boost to DX, but not enough to engage more serious recovery. As a result Hourly 4 turned again marginally Bearish and highly Volatile, and as long as the Daily chart remains Bearish, I am following the simple plan of only committing Medium-term on breakouts (Buy above #1,720.80 and Sell below #1,700.80). Like I mentioned on the previous post, the Bollinger Bands in between is my Short-term instrument to monitor along with the Bond notes. It is important to note that yesterday’s session strong decline was Bought back instantly and Daily chart Channel Down got well preserved, and provided me with additional steady Selling order early on E.U. session. I will have more information with U.S. opening Bell Hourly 4 set of candles and will update if Price-action does something different.
My position: After yesterday's Profits, I engaged additional Selling order on #1,700.80 psychological barrier break / calling for #1,678.80, my main point of interest and configuration which I have been mentioning for #2 weeks. On current environment, Gold should not rise more than my Resistance zone, and fractal points to a #1,678.80 Lower Low extension test.
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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.
