As discussed throughout my Friday's session commentary: "Since Buying is strongly limited, I don't have any interests in Buying Gold on both Short and Medium-term, so I will await the chance to re-Sell Gold towards #1,892.80 configuration. Most likely, such opportunity will not arise throughout today's session as I will take early weekend break, Highly satisfied with my Trading results for current cycle."
Gold's general commentary: Gold well respected my reversal values and is now Trading under Selling pressure which I mentioned on my remarks throughout last week. Gold continues to consolidate near the Hourly 4 chart's Support Intra-day, while being unable to extend the candle below #1,877.80 variance. This time however the Hourly 1 chart’s configuration is coming strong from below to offer potential support at #1,877.80 - #1,882.80. If the market closes above it, then more than likely the Daily chart’s Top’s formation will potentially be tested within tomorrow's session (currently Trading at #1,892.80 - #1,897.80). A break above it paves the way for #1,906.80 barrier test in extension, while a Daily market closing below the Hourly 4 chart’s #1,886.80 (former multi-Month Resistance zone) opens the way for #1,852.80 - #1,861.80. It is important (since the Bond Yields remain Bullish on Hourly 4 chart) to keep an eye on DX which came too close to its Daily chart’s rejection pressure point and now is on parabolic uptrend. I give more probabilities to the downside, #1,886.80 or below once again, anyway’s it is still too early for me to speculate the depth of current Selling sequence (with Selling pressure coming from both correlating assets).
Technical analysis: The Price-action remains within the #1,880.80 - #1,890.80 range, way above of the December #28 - January #16 High Volatility zone and is consolidating as mentioned on my Friday’s session remarks. I treat this as an already formed Three Drives pattern so the formation should be fairly symmetrical. The January #26 Low’s was at #1,852.80 so I can't exclude a similar symmetrical Low’s test this time around, and if Price-action invalidates #1,877.80 sequence, then doors are open to #1,852.80 and #1,800.80 psychological barrier test. The Daily chart is currently on negative gradient as it was close to complete the Ascending Channel’s Ultimate Top zone (near #1,917.80 - #1,927.80 possible zone, after previous July #17, July #29 and September #29 Triple Top formation) for the first time since April #18 decline. If the current pattern is symmetrical to the November - January Inverted Head & Shoulders, then the Selling sequence that took place on February #16, #2021 and delivered the #1,678.80 market bottom of March #8, could be the directly symmetrical sequence and Medium (to Long-term) Selling projection, which offers great value for Gold’s Sellers. That suggests that if Gold breaks below the current High Volatility zone (#1,886.80 - #1,892.80), the first Target on the cards should be the Lower High’s Lower zone (around #1,852.80 - #1,855.80, representing stabilization zone) and then a Lower Low’s extension should follow below #1,827.80 configuration.
My position: As Gold reached my Selling entry values, my Selling order was triggered on #1,886.80 Support break (entry point) where I am ready to pursue #1,861.80 vicinity and #1,852.80 with my activated Selling order. I firmly believe that this time Gold will extend the decline and test Lower zone of Higher Low's belt.
I will use this chance to congratulate Bayram to all Muslims, Eid Mubarak!
Thanks You know what you are doing Why listen to other traders Listen to the expert trading Gold Nice profit today Keep it up I follow you very closely Danie
goldenBear88
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@DanielLubbe, Always a pleasure Daniel! So glad that my analysis provided results to you!
Tradersweekly
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Thanks for sharing. I also watch that level. Here is my view.