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Despite the strong decline on Stock markets, Gold is extending its ranged candles, showcasing the strong underlying Bullish (Fundamental pressure) trend. With the Bond notes on #10Y and above is big losses and the DX on the Weekly Low’s on E.U. opening, I would like to note that the fact that Gold is consolidating on the Higher High trendline of the Ascending Channel and as you see on the historic aspect, it resembles the last Higher High and ready to turn downwards. This validates it even more. I will update if the Price-action does something different. More specifically with #1,950.80 as the Hourly 4 Resistance, if it breaks I am expecting an aggressive gap fil at #1,962.80 (way ahead of the ATH ) within #5 sessions. The Daily chart turned Bearish days ago and can support the Technical downtrend, but Technical analysis on this enormous Bullish pressure (Fundamental) is less important. This #3 sessions horizon coincides with the release of the U.S. stimulus, so all the parameters support a speculative downtrend on Gold amplified by a strong upswing on Usd-Jpy pair and decline on Stock markets. Personally, after few attempts to find the Resistance, I sold the market in vain taking RSI levels into consideration. Last time, RSI was this high - January #5 - #12 and what followed was extreme decline. I will patiently wait for such situation as my estimations show that #148$ dip is on the cards. Gold is critically Overbought but I cannot speculate how long this will last. Regarding current session: Interesting turn of events on the Medium-term as Gold crossed Weekly Resistance on the Hourly 4 chart and crossed aswell ATH priced at September #2011. This is an additional Short-term Bull signal on February #2 - #June2 Monthly parabolic rise. The Daily chart needed consolidation (current rise) and is again more on the Bullish side than Neutral, and Gold is still ignoring the strong Bearish Technical trend, following mostly Stock markets and especially Fundamentals (Global Geopolitics, Covid-19 toll and Financial recession) and as long those guide the market sentiment, further rising is inevitable. I have nothing to add to my previous analysis (I saw how the Fundamental statistics were right giving Gold Buy Hourly horizon) and only if Monthly Support at #1,900.80 is broken, Gold can give one more downturn opportunity to #1,878.80. Other than that, with Fed report this week (announcing the #5 month Plan policy) I see no reason to enter the market at this kind of uncertainty.
My Telegram channel: https://t.me/goldenBear88
Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.
Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.
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