#2,000.80 remains strong Medium-term Support
Technical analysis: Choppy Trading session as the Price-action managed to close above the Daily chart's Support zone, still giving decent chance to Buyers and so far (throughout today's session) Gold is Trading above the Support fractal (#2,000.80 - #2,005.80). Hourly 4 chart delivered Double Bottom structure and Technical setting became strongly Oversold as the sequence needs to recover the Hourly 4 chart's #2,020.80 - #2,025.80 Resistance zone as soon as possible in order to revive Buyer's intent to get back into Bullish phase (Bullish Short-term). However, there is an possibility for aggressive takedown if #2,000.80 benchmark gives away, however that outlook remains less possible as current Bottom is formed and the Price-action is getting rejected twice in a row on #MA200 on Hourly 4 chart (both times delivering relief rally). Hourly 4 chart almost delivered strong Bearish formation (breaking of trendline which was Supporting the uptrend) however current sequence got rejected as I am ready to pursue values above the current Price-action.
Fundamental analysis: Gold is going after the #2,020.80 - #2,025.80 configuration again, which as I mentioned represents this week’s strong Resistance zone. It is negative for Sellers that #2,000.80 level held throughout last week's Trading fractal (besides all Bearish developments) as it maintains the Hourly 4 chart's healthy and newly formed Ascending Channel and currently Hourly 4 chart points to more gains on Intra-week basis (variance which is Trading near Annual High's), and if Resistance zone breaks once again, I may have quite Bullish development on my hands, aswel fuelled by Intra-day pullback on DX which was necessary confirmation on Gold. As long as the Price-action doesn't break the #2,000.80 benchmark or less, I can't be sure of a sustainable decline in continuation. Especially ahead of the Volatility on correlating assets which can shift momentum easily (sequence seen many times throughout last week).
My position: I was ready to utilize trendline break on Hourly 4 chart (which was neckline of the upswing), delivering Selling signal which I used, however #2,000.80 benchmark rejected the sequence with force and made me turn to Buying. I have engaged #2 Buying order which I held over the weekend break, on #2,010.80 (closed on #2,020.80 with #10-point Profit) and another one with #2,014.80 representing my entry point. Optimal Target remains #2,042.80 fractal.
Fundamental analysis: Gold is going after the #2,020.80 - #2,025.80 configuration again, which as I mentioned represents this week’s strong Resistance zone. It is negative for Sellers that #2,000.80 level held throughout last week's Trading fractal (besides all Bearish developments) as it maintains the Hourly 4 chart's healthy and newly formed Ascending Channel and currently Hourly 4 chart points to more gains on Intra-week basis (variance which is Trading near Annual High's), and if Resistance zone breaks once again, I may have quite Bullish development on my hands, aswel fuelled by Intra-day pullback on DX which was necessary confirmation on Gold. As long as the Price-action doesn't break the #2,000.80 benchmark or less, I can't be sure of a sustainable decline in continuation. Especially ahead of the Volatility on correlating assets which can shift momentum easily (sequence seen many times throughout last week).
My position: I was ready to utilize trendline break on Hourly 4 chart (which was neckline of the upswing), delivering Selling signal which I used, however #2,000.80 benchmark rejected the sequence with force and made me turn to Buying. I have engaged #2 Buying order which I held over the weekend break, on #2,010.80 (closed on #2,020.80 with #10-point Profit) and another one with #2,014.80 representing my entry point. Optimal Target remains #2,042.80 fractal.
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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.