Gold under Selling pressure / re-Sell order engaged
Gold's general commentary: I spotted increased Resistance level seen Trading at #1,991.80 - #1,995.80 configuration and as Shooting Star reversal candle was delivered (Hourly 4 chart), it is possible to extend the Selling sequence below #1,952.80 psychological benchmark as Buying pressure is easing as Fundamentals are not affecting Gold market as before. Volume remains relatively Low so these upside attempts should remain very limited. I have now updated the main correlation shift from Bond Yields to DX, so take that into consideration prior to positioning. Only reason why Gold stays ranged and not losing more is DX on spiral downtrend, testing it's Daily chart's Support zone which is applying Buying pressure on Gold. Keep in mind that previous Selling attempts were rejected however current configuration points that if Short-term switch occurs (Bearish), Selling potential will be here to stay. I will continue operating with Selling orders as long as #2,000.80 benchmark is intact.
Technical analysis: Gold reversed on Intra-day basis (even though DX is Trading near multi-session Low’s, from now on / main correlation for the fractal) as Price-action remains isolated within Neutral Rectangle which started on April #14 (April #17 Highest and April #19 Lowest point of the Rectangle). As I've mentioned before, current slide was nothing more but an continuation of Descending Channel on bigger charts (started on April #14, Daily chart’s sequence). Daily chart’s timeframe should turn red any minute now and as long as Price-action meets strong Resistance near #2,000.80 psychological benchmark which is showcasing strong rejection point, I expect test-and-break of the Support zone which can extend the Selling sequence widely below #1,952.80 psychological benchmark, invalidating trendline on Hourly 4 chart which is Supporting the uptrend and rejecting every downside attempt since March #17. It is worth noting that if #1,995.80 - #2,000.80 Short-term Resistance zone rejects current recovery attempt (market closing will confirm), #3rd Top on April #13 trendline which is guarding the upside will be formed as Gold will be isolated within #2 strong trendlines until one of the levels break and delivers major move on the aftermath. Inflation report that surpassed the forecast is of course showcasing a key role on this Price-action as it weakens Gold and adds Volume to DX and Yield subsequently, both of which are diagonally correlated with Gold and if there wasn’t parallel Buying pressure from DX near local Low’s, Gold would be significantly Lower (#1,962.80 Support extension would be fair estimate). Previous Bearish spikes were just Short-term correction process however currently Selling sequence has decent potential to be extended towards #1,952.80 benchmark which will negate Buying bias on both Short and Medium-term. #2,000.80 - #2,010.80 should be Hourly 4 chart’s Ultimate Top and rejection point.
My position: My yesterday's session Selling order triggered my Stop-loss however it was worth a risk since Gold could extend the Selling sequence if there wasn't Buying pressure from DX on eminent downtrend. I have engaged another Selling position with #1,997.80 as my entry point (optimal Target remains #1,971.80 extension).
Technical analysis: Gold reversed on Intra-day basis (even though DX is Trading near multi-session Low’s, from now on / main correlation for the fractal) as Price-action remains isolated within Neutral Rectangle which started on April #14 (April #17 Highest and April #19 Lowest point of the Rectangle). As I've mentioned before, current slide was nothing more but an continuation of Descending Channel on bigger charts (started on April #14, Daily chart’s sequence). Daily chart’s timeframe should turn red any minute now and as long as Price-action meets strong Resistance near #2,000.80 psychological benchmark which is showcasing strong rejection point, I expect test-and-break of the Support zone which can extend the Selling sequence widely below #1,952.80 psychological benchmark, invalidating trendline on Hourly 4 chart which is Supporting the uptrend and rejecting every downside attempt since March #17. It is worth noting that if #1,995.80 - #2,000.80 Short-term Resistance zone rejects current recovery attempt (market closing will confirm), #3rd Top on April #13 trendline which is guarding the upside will be formed as Gold will be isolated within #2 strong trendlines until one of the levels break and delivers major move on the aftermath. Inflation report that surpassed the forecast is of course showcasing a key role on this Price-action as it weakens Gold and adds Volume to DX and Yield subsequently, both of which are diagonally correlated with Gold and if there wasn’t parallel Buying pressure from DX near local Low’s, Gold would be significantly Lower (#1,962.80 Support extension would be fair estimate). Previous Bearish spikes were just Short-term correction process however currently Selling sequence has decent potential to be extended towards #1,952.80 benchmark which will negate Buying bias on both Short and Medium-term. #2,000.80 - #2,010.80 should be Hourly 4 chart’s Ultimate Top and rejection point.
My position: My yesterday's session Selling order triggered my Stop-loss however it was worth a risk since Gold could extend the Selling sequence if there wasn't Buying pressure from DX on eminent downtrend. I have engaged another Selling position with #1,997.80 as my entry point (optimal Target remains #1,971.80 extension).
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.