Gold's general overview: Classic #1,800.80 - #1,810.80 Bollinger bands Trading session (Xau-Usd as always on my commentary) worked quite well throughout today the Hourly 4 chart as the DX paused the downtrend. Price-action continue to be under heavy Volatility in an attempt to find a Support and the Resistance. I see no alternative besides this range Intra-day. Above #1,811.80 is Bullish continuation, below #1,803.80 Support aggressive Selling sequence. The downside is significant and can extend at least to #1,782.80 (symmetrical support from the January High) on the Short-term. If U.S. session today delivers Bearish spike near Support and DX break the Resistance, I may see quiet a Bearish session. By my estimations regarding Long-term, Gold is set for an Selling continuation.
Technical analysis: #1,811.80 continues to offer Resistance (as it can represent Daily High) and in the meantime made a Higher Low zone with the #1,805.80 - #1,809.80. The Lower Low zone extension is at #1,790.80 (on Xau-Usd) and as long as it Supports, the Price-action will be Bullish (Short-term) above the Higher Low trendline of the Hourly 4 chart Channel Up. There is strong #1,782.80 test probability today, while DX broken the Support, but generally the Daily chart timeframe is on a steady rise (see the RSI). I am still expecting #1,782.80, probably though after today’s session or when the markets resumes on Wednesday.
My position: I am still on sidelines without firm pattern to Trade by. Price-action is still not giving me any conclusions, as Gold can continue on both ways. If #1,814.80 breaks, Gold may spike up towards #1,827.80 extension while if #1,803.80 - #1,800.80 Support zone breaks, Gold can easily Target the #1,782.80, which I won't hesitate to use.
Technical analysis: #1,811.80 continues to offer Resistance (as it can represent Daily High) and in the meantime made a Higher Low zone with the #1,805.80 - #1,809.80. The Lower Low zone extension is at #1,790.80 (on Xau-Usd) and as long as it Supports, the Price-action will be Bullish (Short-term) above the Higher Low trendline of the Hourly 4 chart Channel Up. There is strong #1,782.80 test probability today, while DX broken the Support, but generally the Daily chart timeframe is on a steady rise (see the RSI). I am still expecting #1,782.80, probably though after today’s session or when the markets resumes on Wednesday.
My position: I am still on sidelines without firm pattern to Trade by. Price-action is still not giving me any conclusions, as Gold can continue on both ways. If #1,814.80 breaks, Gold may spike up towards #1,827.80 extension while if #1,803.80 - #1,800.80 Support zone breaks, Gold can easily Target the #1,782.80, which I won't hesitate to use.
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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.
