Gold is Buying every dip / #2,027.80 High's on the cards
Gold's general commentary: No surprises so far as rejection on #2,000.80 barrier level which is a big psychological benchmark for the cycle. This is a Technical pullback aswell to cool down Long-term Oversold levels and may precisely test the #1,952.80 benchmark or #1,962.80 - #1,972.80 pivot point, where Lower levels practicing strong durability and being unbroken since February #2. Gold continues to be tied to Bond Yields more than any other asset and soon though the two will form perfect diagonal correlation, which last time brought the December #15, #2021 Lower Low’s test near #1,752.80.
Fundamental analysis: Hourly 4 chart is still marginally Bullish as indicators makes much more sense to Buying (decent Buying potential). I am expecting #2,000.80 benchmark to be invalidated once again on one hit within #2-session horizon, unless #1,962.80 - #1,972.80 Support zone gives away (representing Higher High’s Upper zone), in which case I will await another Buying opportunity near #1,952.80 psychological benchmark. Not much Selling evidence to add a few Hours before U.S. market opens. Hourly 4 chart continues to provide strong Resistance near #2,000.80 - #2,005.80, and the longer it does, the more Neutral Gold becomes (Intra-day) towards the Hourly 4 chart’s first Support zone mentioned above. Price-action is still isolated within healthy Ascending Channel on Daily chart so I still view the Medium-term as slightly more Bullish than Bearish / Neutral towards the Higher High’s local Top’s area. Also note that the DX (# -0.22% Daily values) engaged relief rally towards local High’s and Gold seems to disregard this following more closely the Bond Yields movements. I will continue to operate with Buying orders, Buying every Low’s that Gold delivers. Keep in mind that current Technical structure is fueled by Golden Cross formed on Hourly 4 chart due Fundamental after-effect of multiple bank collapses and recession fears (Gold in High demand). Interesting fact that Credit Suisse, bank which lost #7.8 billion USD last year, is being rescued by bank that lost #143 billion USD last year (Swiss National bank).
Technical analysis: Technically, there are only #2-sessions left before the symmetry of the Buying accumulation and it’s rally towards #2,000.80 psychological mark. However, there are new Fundamentals involded as last week's bank collapse forecast results made the Bond Yields spike aggressively above the Daily chart’s Resistance zone, however Gold holding at the same time its’s Daily chart’s #MA50 widely below, while DX is on #2-session consecutive Selling run. This should be Bullish for Gold regarding Short-term if it continues to be the case, as (like I've mentioned numerous times on my remarks), Bond Yields are diagonally correlated with Gold (DX on the other side remains rival asset which on Top of it’s High risk, offer an opportunity for Investors to buy Gold as Low risks). Technically, as long as #1,952.80 benchmark holds, Gold will more likely test the Daily chart’s Higher High’s peak (#2,000.80 configuration or above, former Resistance) as according to cyclical upside and observing how Price-action behaved in the past, every Fundamental upside tested #2,000.80 psychological benchmark ahead of ATH’s (virus parabola, Russia - Ukraine conflict and now, bank collapse and recession fears arise) . If it fails to Support Bullish structure though, the downside Gap is significant and extends all the way towards #1,852.80 - #1,900.80 Support zone. Personally, it is evident that Gold should extend the Bullish rally, however cyclical upside should test #2,000.80 - #2,027.80 Ultimate Top and then decide where to next.
My position: It is important to note that Gold soared (# +3.64%) for the session delivering #11-Month High's on the aftermath. As banking crisis persists, Gold is a Buy option. I will look to either Buy Gold within my re-Buy zone or Buy within next few Hours ahead towards #2,027.80 local High's extension.
Fundamental analysis: Hourly 4 chart is still marginally Bullish as indicators makes much more sense to Buying (decent Buying potential). I am expecting #2,000.80 benchmark to be invalidated once again on one hit within #2-session horizon, unless #1,962.80 - #1,972.80 Support zone gives away (representing Higher High’s Upper zone), in which case I will await another Buying opportunity near #1,952.80 psychological benchmark. Not much Selling evidence to add a few Hours before U.S. market opens. Hourly 4 chart continues to provide strong Resistance near #2,000.80 - #2,005.80, and the longer it does, the more Neutral Gold becomes (Intra-day) towards the Hourly 4 chart’s first Support zone mentioned above. Price-action is still isolated within healthy Ascending Channel on Daily chart so I still view the Medium-term as slightly more Bullish than Bearish / Neutral towards the Higher High’s local Top’s area. Also note that the DX (# -0.22% Daily values) engaged relief rally towards local High’s and Gold seems to disregard this following more closely the Bond Yields movements. I will continue to operate with Buying orders, Buying every Low’s that Gold delivers. Keep in mind that current Technical structure is fueled by Golden Cross formed on Hourly 4 chart due Fundamental after-effect of multiple bank collapses and recession fears (Gold in High demand). Interesting fact that Credit Suisse, bank which lost #7.8 billion USD last year, is being rescued by bank that lost #143 billion USD last year (Swiss National bank).
Technical analysis: Technically, there are only #2-sessions left before the symmetry of the Buying accumulation and it’s rally towards #2,000.80 psychological mark. However, there are new Fundamentals involded as last week's bank collapse forecast results made the Bond Yields spike aggressively above the Daily chart’s Resistance zone, however Gold holding at the same time its’s Daily chart’s #MA50 widely below, while DX is on #2-session consecutive Selling run. This should be Bullish for Gold regarding Short-term if it continues to be the case, as (like I've mentioned numerous times on my remarks), Bond Yields are diagonally correlated with Gold (DX on the other side remains rival asset which on Top of it’s High risk, offer an opportunity for Investors to buy Gold as Low risks). Technically, as long as #1,952.80 benchmark holds, Gold will more likely test the Daily chart’s Higher High’s peak (#2,000.80 configuration or above, former Resistance) as according to cyclical upside and observing how Price-action behaved in the past, every Fundamental upside tested #2,000.80 psychological benchmark ahead of ATH’s (virus parabola, Russia - Ukraine conflict and now, bank collapse and recession fears arise) . If it fails to Support Bullish structure though, the downside Gap is significant and extends all the way towards #1,852.80 - #1,900.80 Support zone. Personally, it is evident that Gold should extend the Bullish rally, however cyclical upside should test #2,000.80 - #2,027.80 Ultimate Top and then decide where to next.
My position: It is important to note that Gold soared (# +3.64%) for the session delivering #11-Month High's on the aftermath. As banking crisis persists, Gold is a Buy option. I will look to either Buy Gold within my re-Buy zone or Buy within next few Hours ahead towards #2,027.80 local High's extension.
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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.
