The Short-term price action is neutral at best as E.U. opening didn’t delivered what I have been waiting for. I can spot idle movements on Hourly 4 chart with #1,680.80 Support bounces, Gold is trading within my predicted values but it took pause from a downtrend since both correlating assets yesterday were not working favorably to my outlook, since both DX and Stock markets dipped and engaged Bull spike on Gold (Yesterday). Situation today is quietly different, see though on the Hourly 4 chart, all indicators showing Bearish values (Technically Gold’s fair price would be below #1,647.80) and can spot that Gold is on a downward channel with Lower Highs and Lower Lows, but for the moment also Fundamentals are back in the way I was expecting (DX on Yearly highs and Stocks on Bullish Gap fill). See how the very same divergence has traded since November. On the November #12th Higher Low the price started rising on a Channel Up but once the it broken the Resistance, dipped again and formed a new Lower Low, when Fundamentals left the main stage. But since Support is broken on multiple occasions, Gold should test my Targets later this or next week, Initial Jobless claims as an Directional report today. Then again after mentioned Low, Gold started rising until the next Bullish Divergence (which means, after #1,647.80 and #1,610.80 in extension, I expect parabolic rise and #1,800.70 test/Long term). All this price action prints a "no call" for me, since I don’t want to engage new set of Sell yet, which means risking my capital and endanger the weekly Profit. I will keep my already engaged Sells and carefully monitor the market. If I had to take a Short-term guess regarding what is going to happen today, I would note an idle #1,700’s belt trading and if situation improves on Fundamental front, further downfall. 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.