As I expected, the Hourly 4 chart #1,725.80 has worked as a Resistance and as mentioned previously rejected the price (Xau-Usd on my analysis) back below the #1,705.80 Support which triggered my Sell order towards the day's Lower High. This is certainly a Bearish sign and since the U.S. Fundamental reports reported higher readings than the forecast, the DX picked up the Buying sentiment (which is again Bearish for Gold). If it wasn't for the parallel pressure on the Bond market this week, I estimate Gold would have been near #1,650.80 by now at least. Gold is trading within my projected values and #1,610.80 is my next point of interest with #1,580.80 as an final extension on this Bearish leg. Keep in mind that my approach is Swing Trading (Long-term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent.
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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.