Gold close to the #1,722.80 Resistance / Miraculous recovery
Gold's general commentary: Gold is on a strong rebound after decline from #2 sessions ago as U.S. opening Bell is approaching, movement is still within Bearish territory and even though the Bullish trend was invalidated, I should be cautious with entry and Stop-loss selection on my next position, as Gold can switch to Neutral if Gold breaks few points upwards with an impulse. It appears that Investors await for clear #1,722.80 confirmation later on today’s session for a clear direction, as I discussed regarding revealing major move. Market sentiment is adding to a decline with DX on red candles, which should (and currently is) applying Buying pressure on Gold. However Technically, the Hourly 4 chart’s #1,722.80 is still keeping Gold Bearish on Short-term, which so far hasn't been tested. If DX stays on the same configuration, most likely it spike Gold upwards, but slight Bond notes Bullish Gap fill will provide me additional Selling entry towards #1,700.80 again and even less.
Technical analysis: Gold engaged the recovery, and confirming the impulse towards #1,722.80 Lower Low upper zone, while DX took a hammering and Bond notes are on a spiral downtrend. It was Natural that bigger proportion decline will attract Buyers, as Price-action can’t only Trade in one direction. Seems like Triple Bottom on Hourly 4 chart to confirm Buyers intent as since late September, every serious decline was later Bought, reached the Top and delivered another Lower Low extension on the aftermath. Gold is near basically to the ideal Sell adding zone for the Short-term (#1,715.80 - #1,720.80), but if broken, I will turn to Buying. The lack of a new Lower Low on the Short-term has made me believe that the time is approaching when the market will put this (Long-term) correction behind and call for an mini recovery. But I will need to see the former Lower High to break in order to confirm this Bullish breakout which could restore the Short-term Bullish bias (#1,744.80). Today’s outlook had a clear rising trend and if during the week trendlines break (above #1,722.80), it will be the first sign that the Short-term trend is reversing (Higher). The candles may continue under the Lower Low upper zone but if the RSI breaks it’s Resistance line and makes a new High, then this is known as “Bullish divergence” and is a signal for Buyers. Anyway this is an overview of the current situation, but needless to note, I am expecting #1,678.80 again within #15 sessions. The Volatility is still High however and Gold may look to set a new Resistance zone first before hitting Lower configuration.
My position: Personally, I am a bit surprised that Gold corrected almost #40 points in #2 sessions and is Trading near #1,722.80, and break of / can switch Gold from Bearish to Neutral on Short-term. Even though that Gold is already on (# +1.97$), #33 points up, I will contemplate Buying the market if #1,722.80 breaks, calling for #1,744.80 configuration, of course if Bond notes and DX remain below the Hourly 4 Resistances. If I face the rejection on #1,725.80 or near, I will instantly close my position, not endangering my capital.
Technical analysis: Gold engaged the recovery, and confirming the impulse towards #1,722.80 Lower Low upper zone, while DX took a hammering and Bond notes are on a spiral downtrend. It was Natural that bigger proportion decline will attract Buyers, as Price-action can’t only Trade in one direction. Seems like Triple Bottom on Hourly 4 chart to confirm Buyers intent as since late September, every serious decline was later Bought, reached the Top and delivered another Lower Low extension on the aftermath. Gold is near basically to the ideal Sell adding zone for the Short-term (#1,715.80 - #1,720.80), but if broken, I will turn to Buying. The lack of a new Lower Low on the Short-term has made me believe that the time is approaching when the market will put this (Long-term) correction behind and call for an mini recovery. But I will need to see the former Lower High to break in order to confirm this Bullish breakout which could restore the Short-term Bullish bias (#1,744.80). Today’s outlook had a clear rising trend and if during the week trendlines break (above #1,722.80), it will be the first sign that the Short-term trend is reversing (Higher). The candles may continue under the Lower Low upper zone but if the RSI breaks it’s Resistance line and makes a new High, then this is known as “Bullish divergence” and is a signal for Buyers. Anyway this is an overview of the current situation, but needless to note, I am expecting #1,678.80 again within #15 sessions. The Volatility is still High however and Gold may look to set a new Resistance zone first before hitting Lower configuration.
My position: Personally, I am a bit surprised that Gold corrected almost #40 points in #2 sessions and is Trading near #1,722.80, and break of / can switch Gold from Bearish to Neutral on Short-term. Even though that Gold is already on (# +1.97$), #33 points up, I will contemplate Buying the market if #1,722.80 breaks, calling for #1,744.80 configuration, of course if Bond notes and DX remain below the Hourly 4 Resistances. If I face the rejection on #1,725.80 or near, I will instantly close my position, not endangering my capital.
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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.
