As expected, Gold reversed and engaged Short-term recovery
Gold's general commentary: Gold showcased decent durability near #1,792.80 second Support throughout last Trading week and Naturally the market reacted with a rejection on early U.S. session opening throughout early E.U. session. The pullback can extend as High as the Resistance in extension (former Resistance now turned to Support) on Daily chart which is currently Trading at #1,800.80 psychological benchmark and if broken, #1,792.80 in extension before new Short-term Buyers appear once again. The real market news are already digested by market and due holiday’s, #1 - #2 sessions horizon may not reveal any clues since rarely post-holiday days rarely offer any Short-term conclusions (New Year following aswell). If #1,792.80 Support fails to hold, #1,782.80 is the next Support to be filled and expect a Lower High’s Upper zone to be met there, Medium-term re-Buy zone if #1,782.80 Double Bottom holds. Many Traders expected #1,752.80 psychological barrier test in extension, but as I stated many times, Gold's Short-term holds some Bullish bias and my estimations were once again spot on.
Fundamental analysis: Sellers still didn’t took control isolated within Rising Wedge on Daily chart, on the contrary Gold is Trading within healthy Ascending Channel regarding Hourly 4 chart, as it has solid potential to extend the upwards movement beyond #1,800.80 psychological benchmark. Gold is extended it’s rebound following the better than expected Fundamental readings throughout the week (except Fed's talk and dovish stance had less or no impact on Gold), breaking the Hourly 4 chart’s #1,800.80 Resistance second time within #5 sessions: The Hourly 4 chart's RSI has turned sideways ahead of the Resistance (Neutral in most cases) barrier, giving me the impression that until I get to the weekly catalysts, the Price-action may consolidate within #1,800.80 - #1,811.80 belt. That is of course unless I get a move on the Bond Yields first, which appear to be turning sideways for the first time since late November (Trading on local High's after hitting Annual High's). Gold recently is quite indecisive regarding the Short-term (remember the consolidation zone of February #15 - June #27).
Technical analysis: Ranged Rectangle movements on Gold as the Daily chart constitutes textbook example of Rising Wedge which can potentially extend as High as the Hourly 4 chart’s Higher High's local peak (#1,827.80 on Spot prices at the moment), while Weekly chart (#1W) of utmost importance, shows potential for a #1,752.80 Support test once High's are priced in, below the November #30 #1,765.80 Low's. With even the Weekly chart turning Bearish marginally (and Fundamentally, since January is projected to be Bearish Month for Gold), it is again all about the DX and Bond Yields, and will the Price-action close the week above or below #1,800.80 Short-term benchmark, to maintain the multi-month Bearish trend which is more likely to develop on the aftermath. Fundamentally, it is the High’s on Bond Yields (on a parabolic uptrend) that is pushing Gold sideways (competitive instruments), as Investors see more value there.
My position: Even though many Traders expected Selling sequence to continue since #1,792.80 was invalidated, my estimations were showing different configuration and my re-Buy zone worked perfectly. My Buying order is delivering excellent result at the moment and I will hold my order since I do believe that #1,825.80 - #1,827.80 Higher High's zone might be tested. My practical suggestion for Short-term Traders is to keep taking advantage of the Volatility.
Important update: This was indeed one of the best Trading Years (regarding results) in my #10-Year career (best results indeed) and Traders which were following my Trades and inputs closely are certainly enjoying excellent results as Profit is too great to be ignored. This is my last post for this Year, as I will be back posting on #3rd of January, taking early New Year break. Wish you all to have good time with your friends and family, and let's start strong early next Year. In regards the above: goldenBear88 and my real name: Namik Mehmedagic
Fundamental analysis: Sellers still didn’t took control isolated within Rising Wedge on Daily chart, on the contrary Gold is Trading within healthy Ascending Channel regarding Hourly 4 chart, as it has solid potential to extend the upwards movement beyond #1,800.80 psychological benchmark. Gold is extended it’s rebound following the better than expected Fundamental readings throughout the week (except Fed's talk and dovish stance had less or no impact on Gold), breaking the Hourly 4 chart’s #1,800.80 Resistance second time within #5 sessions: The Hourly 4 chart's RSI has turned sideways ahead of the Resistance (Neutral in most cases) barrier, giving me the impression that until I get to the weekly catalysts, the Price-action may consolidate within #1,800.80 - #1,811.80 belt. That is of course unless I get a move on the Bond Yields first, which appear to be turning sideways for the first time since late November (Trading on local High's after hitting Annual High's). Gold recently is quite indecisive regarding the Short-term (remember the consolidation zone of February #15 - June #27).
Technical analysis: Ranged Rectangle movements on Gold as the Daily chart constitutes textbook example of Rising Wedge which can potentially extend as High as the Hourly 4 chart’s Higher High's local peak (#1,827.80 on Spot prices at the moment), while Weekly chart (#1W) of utmost importance, shows potential for a #1,752.80 Support test once High's are priced in, below the November #30 #1,765.80 Low's. With even the Weekly chart turning Bearish marginally (and Fundamentally, since January is projected to be Bearish Month for Gold), it is again all about the DX and Bond Yields, and will the Price-action close the week above or below #1,800.80 Short-term benchmark, to maintain the multi-month Bearish trend which is more likely to develop on the aftermath. Fundamentally, it is the High’s on Bond Yields (on a parabolic uptrend) that is pushing Gold sideways (competitive instruments), as Investors see more value there.
My position: Even though many Traders expected Selling sequence to continue since #1,792.80 was invalidated, my estimations were showing different configuration and my re-Buy zone worked perfectly. My Buying order is delivering excellent result at the moment and I will hold my order since I do believe that #1,825.80 - #1,827.80 Higher High's zone might be tested. My practical suggestion for Short-term Traders is to keep taking advantage of the Volatility.
Important update: This was indeed one of the best Trading Years (regarding results) in my #10-Year career (best results indeed) and Traders which were following my Trades and inputs closely are certainly enjoying excellent results as Profit is too great to be ignored. This is my last post for this Year, as I will be back posting on #3rd of January, taking early New Year break. Wish you all to have good time with your friends and family, and let's start strong early next Year. In regards the above: goldenBear88 and my real name: Namik Mehmedagic
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.
