#1,833.80 possible, then #1,752.80 extension on the cards
Gold's general commentary: Despite holding the #1,822.80 - #1,827.80 Resistance zone and rebounding, Gold is seen on the current Hourly 4 candle, Trading on Buying pressure yet again (as Powell’s speeches traditionally are attracting Buyers on the aftermath). However, if #1,787.80 and #1,778.80 Support lines can't contain takedown which is ahead, it is possible to see Xau-Usd Spot prices test it’s Daily chart’s Medium-term Lower Low extension, which is currently Trading at #1,752.80 (but testing can be made closer to #1,761.80 - #1,767.80). No matter the perspective, it is the DX that is making capital that was 'parked' on the riskier assets, now flee to Gold as an well known safe-haven that it represents. Since February #27, #2019 though, every Daily chart's Channel Down has held the Resistance that was made when then MACD indicator had already rolled over, and then initiated a very aggressive rally (exception March). This actually means that on a #1-Month horizon, Gold is close to the most optimal Selling entry for a #1,727.80 test. My estimations show that #1,727.80 configuration will be tested within last #2 Weeks of September, while I expect #1,678.80 or less throughout October - November fractal. Strong rejection on the #1,782.80 Support zone following Powell’s speech aftermath.
Technical analysis: The rejection has so far delivered a pullback on both Hourly 1 chart’s and Hourly 4 chart’s Higher Low extension again, zone that in my view plays the role of the Pivot within the Support and Resistance structure. As long as DX is vulnerable, the Hourly 4 chart’s #1,808.80 on Gold is coming strong from below to offer stiff Support (and rebound point) as it has done so since early Q2. Fundamentally the market's eyes are on the indecisive Fed’s chair, aswell in anticipation of a further tapering that will continue to Support the economy in the same fashion those since March have done (spectacular news for Gold Traders, current market structure reveals that ahead, there will be no further Fundamental shocks, so I will have nothing but High reliability signals and end the #2021 Year with Profit which will be hard to ignore).
My position: I am expecting #1,833.80 test ahead, and on the aftermath aggressive takedown towards #1,752.80. I will gradually execute my orders (one by one if variance allows) and continue my #8 Profits run. I will not engage any orders throughout today's session as I will comfortably remain on sidelines. If market closes below #1,808.80, my pattern is invalidated and Gold will extend the downtrend towards #1,778.80 straight away, however on the other hand, if market closes above #1,808.80, I will Buy on spot calling for #1,833.80 extension within #2 sessions.
Technical analysis: The rejection has so far delivered a pullback on both Hourly 1 chart’s and Hourly 4 chart’s Higher Low extension again, zone that in my view plays the role of the Pivot within the Support and Resistance structure. As long as DX is vulnerable, the Hourly 4 chart’s #1,808.80 on Gold is coming strong from below to offer stiff Support (and rebound point) as it has done so since early Q2. Fundamentally the market's eyes are on the indecisive Fed’s chair, aswell in anticipation of a further tapering that will continue to Support the economy in the same fashion those since March have done (spectacular news for Gold Traders, current market structure reveals that ahead, there will be no further Fundamental shocks, so I will have nothing but High reliability signals and end the #2021 Year with Profit which will be hard to ignore).
My position: I am expecting #1,833.80 test ahead, and on the aftermath aggressive takedown towards #1,752.80. I will gradually execute my orders (one by one if variance allows) and continue my #8 Profits run. I will not engage any orders throughout today's session as I will comfortably remain on sidelines. If market closes below #1,808.80, my pattern is invalidated and Gold will extend the downtrend towards #1,778.80 straight away, however on the other hand, if market closes above #1,808.80, I will Buy on spot calling for #1,833.80 extension within #2 sessions.
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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.
