Sell order active / #1,952.80 benchmark on the cards
Gold's general commentary: As expected the Price-action was rejected upon hitting #1,982.80 Support throughout past #2-session horizon for #2 reasons speculated on my remarks: #1) #1,982.80 being distinguished as major Support fractal on Hourly 4 chart, #2) Oversold Technicals and Bullish Fundamentals due Fed rate hike rumours which stalled further slide on Gold which had potential to negate all Buying bias regarding the Short-term. Daily chart was still an healthy Ascending Channel which I am surprised is not Overbought already as RSI was pointed near the middle of the indicator. This suggest that there was still moderate upside potential while Hourly 4 chart still holds some Bearish bias which formed Bearish Wedge (#1,991.80 was still seen Trading as a Support since it was recovered within the same session, also #1,982.80 fractal). This displayed very Bearish Intra-day picture on Gold.
Technical analysis: Gold has started pulling downwards on Hourly 4 chart as Bond Yields (near #3-Month High’s) began to recover a big portion of last week's losses, development which is constantly applying Selling pressure on Gold. DX just went above its Head and Shoulders pattern / right Shoulder (#101.60 was posing as an first Resistance) but Gold is still below (not surprisingly) it’s Hourly #4 chart’s Support for the fractal. This is expected as Gold is always lagging on similar situations when Bond Yields recover and Gold’s parked capital is Invested back into the equity markets. Because of this lag, I expect a (# -2.00%) Daily chart’s candle in the coming sessions as long as #2,000.80 benchmark is holding as a firm Resistance. With current Technical and Fundamental configuration, Gold should not stay as High as current values, as it is Natural to expect further slide towards #1,952.80 benchmark. I need to mention again that the Bond Yields Price-action movement should always be considered and such imbalances between correlating instruments should always be taken advantage of. Gold was acting as a safe-haven these last few Months represented fantastic Buying opportunities which I was utilizing to its maximum, but yet again, Bond Yields are preventing full Bullish oscillation on Gold since late last week, Selling back every High’s turning the movement into a rally towards Higher High local Low's.
My position: As long as #1,991.80 Support now turned in Resistance holds, going back to the Hourly 4 chart’s Support fractal (which is now at #1,952.80 - #1,962.80) is the most expected outcome. Needless to mention, everything depends upon the catalyst’s of the week, whose speculation is leading Bond Yields Higher but Gold isn't following as aggressively as it should (quite possibly due to the inverse correlation). My Selling order has #1,978.80 as an entry point with #1,952.80 benchmark as optimal Target.
Technical analysis: Gold has started pulling downwards on Hourly 4 chart as Bond Yields (near #3-Month High’s) began to recover a big portion of last week's losses, development which is constantly applying Selling pressure on Gold. DX just went above its Head and Shoulders pattern / right Shoulder (#101.60 was posing as an first Resistance) but Gold is still below (not surprisingly) it’s Hourly #4 chart’s Support for the fractal. This is expected as Gold is always lagging on similar situations when Bond Yields recover and Gold’s parked capital is Invested back into the equity markets. Because of this lag, I expect a (# -2.00%) Daily chart’s candle in the coming sessions as long as #2,000.80 benchmark is holding as a firm Resistance. With current Technical and Fundamental configuration, Gold should not stay as High as current values, as it is Natural to expect further slide towards #1,952.80 benchmark. I need to mention again that the Bond Yields Price-action movement should always be considered and such imbalances between correlating instruments should always be taken advantage of. Gold was acting as a safe-haven these last few Months represented fantastic Buying opportunities which I was utilizing to its maximum, but yet again, Bond Yields are preventing full Bullish oscillation on Gold since late last week, Selling back every High’s turning the movement into a rally towards Higher High local Low's.
My position: As long as #1,991.80 Support now turned in Resistance holds, going back to the Hourly 4 chart’s Support fractal (which is now at #1,952.80 - #1,962.80) is the most expected outcome. Needless to mention, everything depends upon the catalyst’s of the week, whose speculation is leading Bond Yields Higher but Gold isn't following as aggressively as it should (quite possibly due to the inverse correlation). My Selling order has #1,978.80 as an entry point with #1,952.80 benchmark as optimal Target.
Trade closed manually:
Re-Bought near #1,969.80.
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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.