Technical analysis: Trading continues on very Low rate and Volatility on most levels is easing. Since #1,932.80 got invalidated throughout yesterday's session, Bullish pattern on Hourly 4 chart reversed the Price-action towards #1,938.80 session High’s and besides Buying pressure evident throughout the session, that was maximum for Buyers (at least for today). Daily chart is even more Bearish than its Moving Averages suggest (and break of former Descending Chanel and trendline) so another candle is required to cross in Bearish values and reveal true Nature of the future trend which will restore the Selling bias according to my estimations. I am still looking for a complete oscillation towards #1,918.80 first then #1,900.80 benchmark in extension.
Gold's cyclical activity and Support dynamics: Interesting cycle caught my attention which is very similar to current Price-action, allow me to elaborate. On April #14 - May #2, Gold delivered many uptrend rejections and only on May #2 (after #18 days of Trading) delivered Bullish breakout. I spotted similar cycle from May #18 - June #1 where Price-action delivered similar cyclical activity and after #15 days of Trading, showcased Bearish breakout. #1 more Selling breakouts was delivered on June #2 - June #16 to the downside as well after #14 Trading days of the cycle. Same activity is spotted on Hourly 4 chart where cycle from June #22 still lasts and it is #19th Trading day and it is only matter of time when major move will be delivered. Remember that Gold always delivers #3 aggressive takedowns first and then continue with consolidation candles (mostly they are represented as an Lower Low’s extensions). So it the cycle is yet to be repeated, Gold should give one more downturn opportunity on the Short-term towards #1,900.80 benchmark.
My position: I am still holding my Selling order engaged on #1,932.80, Targeting #1,900.80 extension. Even if Price-action breaks Bullish threshold, I do expect Bullish reversal to remain short-lived. All eyes on CPI today which may deliver both numbers due dovish stance from Fed chair. Do not Trade the news without protecting your capital.
Gold's cyclical activity and Support dynamics: Interesting cycle caught my attention which is very similar to current Price-action, allow me to elaborate. On April #14 - May #2, Gold delivered many uptrend rejections and only on May #2 (after #18 days of Trading) delivered Bullish breakout. I spotted similar cycle from May #18 - June #1 where Price-action delivered similar cyclical activity and after #15 days of Trading, showcased Bearish breakout. #1 more Selling breakouts was delivered on June #2 - June #16 to the downside as well after #14 Trading days of the cycle. Same activity is spotted on Hourly 4 chart where cycle from June #22 still lasts and it is #19th Trading day and it is only matter of time when major move will be delivered. Remember that Gold always delivers #3 aggressive takedowns first and then continue with consolidation candles (mostly they are represented as an Lower Low’s extensions). So it the cycle is yet to be repeated, Gold should give one more downturn opportunity on the Short-term towards #1,900.80 benchmark.
My position: I am still holding my Selling order engaged on #1,932.80, Targeting #1,900.80 extension. Even if Price-action breaks Bullish threshold, I do expect Bullish reversal to remain short-lived. All eyes on CPI today which may deliver both numbers due dovish stance from Fed chair. Do not Trade the news without protecting your capital.
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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.