Fed fuelled #1,827.80 possible, then #1,752.80 on the cards
Gold's general commentary: The Weekly chart’s (#1W) Support rests at #1,778.80 and is where the Weekly Support zone should offer stiff rejection against the Multi-Month Bearish trend within the new Selling cycle, and if Weekly session’s Low of #1,782.80 breaks along with #1,778.80 configuration, Gold should slide towards #1,752.80 fractal. Continuation recovery on Bond Yields Gold's constant Selling pressure, as it appeared that Price-action seemed to be reversing (trending upwards), but Double Bottom on DX constitutes the downtrend on Gold. As mentioned throughout my commentaries, I believe the market will present the dominant move after Powell’s speech on Jackson Hole symposium, which can devalue DX (my main marker at the moment) and extend the Buying sequence on Gold ahead of Bearish cycle.
Fundamental analysis: Despite the fair Technical value of Gold (Spot prices) around #1,778.80 or less (near #1,752.80), Gold didn’t collapsed cause of the strong Volatility once again distorted Technical trends and postponed my expectations. Gold seemed to once again represent a safe-haven, amongst new virus variant outbreak, pre-market caution ahead of Powell and Kabul bomb attack (mix of those added Buying pressure on Gold and invalidate my order, making Investors once again parking capital in safe-haven assets such as Gold). DX was rejected on Double Top formation as the Price-action strongly bounced back from Resistance levels and tested Higher Low zone, which added huge Buying pressure on Gold which was evident as E.U. session approached. #1,827.80 is maximum out of current Bullish potential.
My position: All in all, I add to my original statement that Powell's speech aftermath always attracts Gold Buyers (rate will remain unchanged, as Powell will most likely discuss about world's trends and happenings, than about further tapering), and as my Selling order is invalidated, I will continue operating with Buying orders, with my #1,752.80 model remains unchanged (if Gold spikes towards #1,827.80 - #1,831.80, I expect aggressive takedown towards #1,752.80). I engaged a Buying order (#1,793.80 as an entry) without a Stop-loss (I will sit tight and patiently monitor Price-action, adding strict Risk management to prevent unexpected scenarios). I expect Buying sequence towards Lower High extension (won't need to wait #1,827.80 as I might close my Buy's earlier), then re-Sell towards #1,752.80 (fair Technical Price) on Monday's session.
Fundamental analysis: Despite the fair Technical value of Gold (Spot prices) around #1,778.80 or less (near #1,752.80), Gold didn’t collapsed cause of the strong Volatility once again distorted Technical trends and postponed my expectations. Gold seemed to once again represent a safe-haven, amongst new virus variant outbreak, pre-market caution ahead of Powell and Kabul bomb attack (mix of those added Buying pressure on Gold and invalidate my order, making Investors once again parking capital in safe-haven assets such as Gold). DX was rejected on Double Top formation as the Price-action strongly bounced back from Resistance levels and tested Higher Low zone, which added huge Buying pressure on Gold which was evident as E.U. session approached. #1,827.80 is maximum out of current Bullish potential.
My position: All in all, I add to my original statement that Powell's speech aftermath always attracts Gold Buyers (rate will remain unchanged, as Powell will most likely discuss about world's trends and happenings, than about further tapering), and as my Selling order is invalidated, I will continue operating with Buying orders, with my #1,752.80 model remains unchanged (if Gold spikes towards #1,827.80 - #1,831.80, I expect aggressive takedown towards #1,752.80). I engaged a Buying order (#1,793.80 as an entry) without a Stop-loss (I will sit tight and patiently monitor Price-action, adding strict Risk management to prevent unexpected scenarios). I expect Buying sequence towards Lower High extension (won't need to wait #1,827.80 as I might close my Buy's earlier), then re-Sell towards #1,752.80 (fair Technical Price) on Monday's session.
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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.
