Gold's general commentary: The current Hourly 4 candle is already too Neutral to deliver continuation of Intra-day Buying sentiment and with Hourly 1 chart’s switch from Bullish to Neutral on Short-term, Price-action limited the uptrend (even though Gold should be Higher, relative to circumstances and debacle on U.S. announcements), as Investors may start taking Profits on their Buying orders and find value within the #1,742.80 - #1,752.80 again (confirms U.S. sessions decline on unprecedented Volatility on Gold’s Price-action). The key is the Hourly 4 chart’s Resistance zone priced at #1,760.80 - #1,762.80 which rejected the Price-action twice (current Month) and has already done so throughout this week. This is the key and if that configuration breaks, Short-term Buyers should take it to #1,782.80 impulse in extension. Otherwise, the #1,742.80 Support should be re-tested for a potential Double Bottom as in late September.
Technical analysis: The DX though got rejected on it’s Hourly 4 chart’s Resistance and it is due to the weak Bond Yields market that Gold isn't near #1,733.80 already, and it became obvious that market speculators were manually preventing the meltdown I have been mentioning, knowing that U.S. announcement will revive Buyers as in late June. I chose not to Trade this Volatility and most viable plan at the moment is to Trade the Neutral Rectangle. Surprising market reaction on faster rate hikes and Bond Yields Buying acceleration program (U.S. Senate agreed for lifting debt ceiling even further) and for this kind of Price-action sentiment I have only one explanation from Technical side, strong rejection came from Oversold levels and RSI was rejected and Head and Shoulders neckline. In the same manner regarding the Daily chart, Gold is Trading near Resistance cluster of #1,762.80 and by breaking it, Gold will confirm Triangle pattern and evident switch to semi-Bullish bias. Technically, MACD on Daily chart already indicates that Buying is near exhaustion, as regarding my outlook, all depends on correlating assets (DX, Yields) currently Trading on losses as I will keep an eye on both charts. Personally, after such Fed’s announcement, Gold should be significantly Lower under the circumstances. #1,742.80 was broken on #1 try / hit, but spike was recovered instantly and engaged the #2-session consecutive rise. Since all this is going on near the Short-term Resistance zone, market speculators are preventing the full scale oscillation towards #3rd Higher High's extension (remember my #3 Lower Low's rule).
My position: Even though the Price-action is Trading near #1,762.80 Resistance zone, I will not Trade the breakout and will await market closing to have full trend confirmation. Gold could easily get rejected and remain isolated within Neutral Rectangle, as I see no Profitable pattern to Trade by at the moment.
Technical analysis: The DX though got rejected on it’s Hourly 4 chart’s Resistance and it is due to the weak Bond Yields market that Gold isn't near #1,733.80 already, and it became obvious that market speculators were manually preventing the meltdown I have been mentioning, knowing that U.S. announcement will revive Buyers as in late June. I chose not to Trade this Volatility and most viable plan at the moment is to Trade the Neutral Rectangle. Surprising market reaction on faster rate hikes and Bond Yields Buying acceleration program (U.S. Senate agreed for lifting debt ceiling even further) and for this kind of Price-action sentiment I have only one explanation from Technical side, strong rejection came from Oversold levels and RSI was rejected and Head and Shoulders neckline. In the same manner regarding the Daily chart, Gold is Trading near Resistance cluster of #1,762.80 and by breaking it, Gold will confirm Triangle pattern and evident switch to semi-Bullish bias. Technically, MACD on Daily chart already indicates that Buying is near exhaustion, as regarding my outlook, all depends on correlating assets (DX, Yields) currently Trading on losses as I will keep an eye on both charts. Personally, after such Fed’s announcement, Gold should be significantly Lower under the circumstances. #1,742.80 was broken on #1 try / hit, but spike was recovered instantly and engaged the #2-session consecutive rise. Since all this is going on near the Short-term Resistance zone, market speculators are preventing the full scale oscillation towards #3rd Higher High's extension (remember my #3 Lower Low's rule).
My position: Even though the Price-action is Trading near #1,762.80 Resistance zone, I will not Trade the breakout and will await market closing to have full trend confirmation. Gold could easily get rejected and remain isolated within Neutral Rectangle, as I see no Profitable pattern to Trade by at the moment.
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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.
