Fundamental analysis: Descending Channel on Hourly 4 chart was discontinued as there is an attempt on the same chart to develop Ascending Channel and extend the #3-session relief rally above #1,991.80 strong Resistance level. My action plan remains intact as I will continue operating with Selling orders as long as #1,991.80 - #2,000.80 Resistance zone holds (so far it hasn't been crossed again) and reversal towards #1,952.80 benchmark if #1,965.80 - #1,975.80 Support zone breaks. Consider the Higher Low's Upper zone test on the Hourly 4 chart’s scale, while Hourly 4 chart should turn Bearish on my key indicators any second now. Unfair sequence throughout the week where yesterday’s session slide on DX added heavy Buying pressure on Gold while Wednesday’s critically Bullish developments on DX (breaking strong Resistance and comfortably Trading above Higher High's peak) had tiny impact than it had on yesterday’s session. Sequence was counterbalanced by Bond Yields plunge which preserved Higher values on Gold where Price-action was unable to extend the optimal #1,955.80 Support break, and Naturally rejection occurred.
My position: I do not have much to add to current week's sequence as market speculators manually prevented the downtrend even though there are many Bearish factors which could easily drag the Price-action widely below #1,900.80 benchmark, however Bearish bias is not negated just postponed. I expect today's session NFP to be a catalyst where positive outcome can revive Short-term Sellers as Gold has become easy to rise and slow to fall. I expect stronger reaction to bigger number on NFP than smaller one, so take that into consideration. Yesterday's #1,969.80 re-Sell position delivered excellent Profit closing the order near #1,952.80 values, as I will look to re-Sell as Higher as I can ahead of NFP once again. I expect Bullish bias to remain Short-lived.
My position: I do not have much to add to current week's sequence as market speculators manually prevented the downtrend even though there are many Bearish factors which could easily drag the Price-action widely below #1,900.80 benchmark, however Bearish bias is not negated just postponed. I expect today's session NFP to be a catalyst where positive outcome can revive Short-term Sellers as Gold has become easy to rise and slow to fall. I expect stronger reaction to bigger number on NFP than smaller one, so take that into consideration. Yesterday's #1,969.80 re-Sell position delivered excellent Profit closing the order near #1,952.80 values, as I will look to re-Sell as Higher as I can ahead of NFP once again. I expect Bullish bias to remain Short-lived.
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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.