#1,800.80 on the cards / Full Bearish reversal
Gold's general overview: Gold is forming a Rectangle on the Daily chart which provides mixed picture on the Short-term, without firm pattern to Trade on. The suggested range is #1,808.80 - #1,828.80. That means that as long as the Price-action is within this range, Gold has chances to pierce both Support and Resistance and shift the Short-term trend. Every time Gold is within this range, it perform the exactly same Trades as I will take Profit at my own convenient price. If #1,823.80 breaks, Price-action can extend the recovery towards #1,845.80 Lower High, while #1,813.80 Support break can engage #1,800.80 sequence in motion. With the RSI Neutral, current configuration reveals more space for a decline, but as discussed, these are Fundamentally driven sessions where Volatility and side Swings are expected.
Price-action commentary: Gold almost hit the #1,853.80 level and pulled back, not only due to #1,853.80 being the Resistance (January High) but also due to this week's soaring on the Stock markets (inverse correlation). I have a similar situation to late November. Last week's Daily chart candle pierced the Daily chart #MA50 for the first time since early January, but closed above it, then yesterday's Daily chart candle even though it opened with a new High, again closed below the Support and today's session candle is comfortably Trading on losses with it's Low exactly on the #1,808.80. This sequence resembles the standard Support pricing patterns. Daily chart is broken Channel Up and within Rectangle, so still a valid Buy entry if #1,823.80 breaks. I formulate my Medium-term approach based on the Weekly chart where as I mentioned on November #30 and bought the Bottom, as long as the Weekly chart #MA50 is intact (even though it broke), the Medium-term trend remains Bullish with Short-term target #1,869.80. On the other hand, if you still haven't Profited on the current Selling sequence, you may engage Sell order and await the #1,800.80.
My position: I have managed to take decent Profits on recent Buy orders, and been waiting a model to Sell Gold / while I am operating already with an Selling order since #1,823.80. I will risk (even though that Weekend break is ahead) and keep my Selling order all the way towards #1,800.80. Keep in mind that #1,823.80 semi-Resistance break can restore the Buying outlook. #1,800.80 psychological barrier is surely on the cards.
Price-action commentary: Gold almost hit the #1,853.80 level and pulled back, not only due to #1,853.80 being the Resistance (January High) but also due to this week's soaring on the Stock markets (inverse correlation). I have a similar situation to late November. Last week's Daily chart candle pierced the Daily chart #MA50 for the first time since early January, but closed above it, then yesterday's Daily chart candle even though it opened with a new High, again closed below the Support and today's session candle is comfortably Trading on losses with it's Low exactly on the #1,808.80. This sequence resembles the standard Support pricing patterns. Daily chart is broken Channel Up and within Rectangle, so still a valid Buy entry if #1,823.80 breaks. I formulate my Medium-term approach based on the Weekly chart where as I mentioned on November #30 and bought the Bottom, as long as the Weekly chart #MA50 is intact (even though it broke), the Medium-term trend remains Bullish with Short-term target #1,869.80. On the other hand, if you still haven't Profited on the current Selling sequence, you may engage Sell order and await the #1,800.80.
My position: I have managed to take decent Profits on recent Buy orders, and been waiting a model to Sell Gold / while I am operating already with an Selling order since #1,823.80. I will risk (even though that Weekend break is ahead) and keep my Selling order all the way towards #1,800.80. Keep in mind that #1,823.80 semi-Resistance break can restore the Buying outlook. #1,800.80 psychological barrier is surely on the cards.
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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.
