Gold may be Targeting #1,900.80 barrier within #2 sessions
Gold's general commentary: Gold has made an important Bearish step towards full scale Hourly 1 chart reversal as it almost recovered the #1,917.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning on the Bearish side, however well Supported within #1,910.80 - #1,920.80 belt, which has held on multiple occasions. As mentioned throughout my remarks, Hourly 4 chart is still Neutral as said, but broken Ascending Channel on Hourly 1 chart has expanded giving me Selling signs that Gold may test #1,900.80 psychological barrier regardless of NFP numbers aftermath (as cycle explains, last #4 out of #4 NFP announcements, it had less or no impact on Gold's Price-action).
Fundamental analysis: Gold was mainly correlated with Bond Yields during first #3 Months of the Year (January-March) and probability that April will also be Yields Month is #91.99% since DX was on downtrend, taking strong hammering and broke all Support zones, and Gold was also on Short-term decline which confirms my Gold - Yields correlation on ##Q2 April’s opening, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on Bond Yields (#10 Year Yield / U.S.) or DX and Trade accordingly. Only when Yields Trade on Weekly chart’s Lower High’s I will be able to note with a Higher degree of certainty that the Bearish reversal on Gold is sustainable. I was expecting greater numbers than expected on NFP announcement as market speculators had to keep the pace with Fed’s rate change. That very own development may add strong Selling pressure on Gold. Personally, I am expecting April to continue Trading within the #1,880.80 - #1,960.80 belt, and then sharp downside extension towards #1,800.80 psychological barrier.
My position: As Gold is still without Short-term conclusions, I am not interested in Buying Gold as I will await Price-action to reach my Selling entry zone and only then make my move. If Gold breaks #1,917.80, it will trigger my set of Selling orders where I will be ready to pursue #1,900.80 barrier configuration and #1,892.80 (Weekly Low's) in extension.
Fundamental analysis: Gold was mainly correlated with Bond Yields during first #3 Months of the Year (January-March) and probability that April will also be Yields Month is #91.99% since DX was on downtrend, taking strong hammering and broke all Support zones, and Gold was also on Short-term decline which confirms my Gold - Yields correlation on ##Q2 April’s opening, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on Bond Yields (#10 Year Yield / U.S.) or DX and Trade accordingly. Only when Yields Trade on Weekly chart’s Lower High’s I will be able to note with a Higher degree of certainty that the Bearish reversal on Gold is sustainable. I was expecting greater numbers than expected on NFP announcement as market speculators had to keep the pace with Fed’s rate change. That very own development may add strong Selling pressure on Gold. Personally, I am expecting April to continue Trading within the #1,880.80 - #1,960.80 belt, and then sharp downside extension towards #1,800.80 psychological barrier.
My position: As Gold is still without Short-term conclusions, I am not interested in Buying Gold as I will await Price-action to reach my Selling entry zone and only then make my move. If Gold breaks #1,917.80, it will trigger my set of Selling orders where I will be ready to pursue #1,900.80 barrier configuration and #1,892.80 (Weekly Low's) in 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.
