Engaging Buying order towards #1,917.80 / Strict Stop-loss
Gold's general commentary: Gold continues to Trade within healthy Daily chart’s Ascending Channel, holding tightly the #1,887.80 pressure point as an Support (see how it held throughout yesterday’s session on the exact spot). Assuming this pattern continues, then the current market sentiment represent an additional solid Buying opportunity towards the #1,917.80 extension (June - July Annual High’s), as crisis sentiment is still on the markets so safe-haven assets such as Gold (on a High demand) should benefit which should add Selling pressure on Bond Yields and DX (my strongest correlation at the moment). There is only one Resistance line left towards #1,917.80, which is currently Trading on #1,904.80 configuration. I’ve been highlighting the #1,900.80 potential, and I assume with current market overview, Gold may test it within #2 sessions. After the Higher High extension, it is anybody’s guess but my estimates show #1,800.80 barrier test on the aftermath.
Technical and Fundamental analysis: Gold has made an important Bearish step towards full scale Hourly 1 chart's reversal as it almost recovered the #1,887.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning to the Bullish side, well Supported at #1,880’s, which has held on multiple occasions. Hourly 4 chart is still Neutral as discussed, while broken Ascending Channel on Hourly 1 chart has expanded giving me Selling signs that Gold may test #1,866.80 on one try if #1,887.80 point gets invalidated. Gold was mainly correlated with Bond Yields during first #2-Months of the Year (January - February) and probability that March will also be Yields Month is #91.82% since DX was on uptrend and broke all Resistances, and Gold was also on Short-term recovery which confirms my Gold - Yields correlation on eventual March 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 and Trade accordingly. Only when Yields Trade on Weekly chart’s Lower High I will be able to note with a higher degree of certainty that the Bearish reversal on Gold is sustainable. Since #1,891.80 held as a Support throughout yesterday's session, Gold Naturally found more Short-term Buyers and Investors may again use Gold as a safe-haven, parking their capital from Equities and Yields towards Gold, but this phenomenon will not last long.
My position: Current Price-action represents solid Buying opportunity (as Gold is Buying every dip for a while now), where I engaged my Buying order (#1,892.80 entry point), Targeting #1,917.80 extension. However, if #1,887.80 breaks it negates Buying potential, where I will close my order and Sell Gold on spot towards #1,866.80 Selling fractal. #1,885.80 will be my entry point then.
Technical and Fundamental analysis: Gold has made an important Bearish step towards full scale Hourly 1 chart's reversal as it almost recovered the #1,887.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning to the Bullish side, well Supported at #1,880’s, which has held on multiple occasions. Hourly 4 chart is still Neutral as discussed, while broken Ascending Channel on Hourly 1 chart has expanded giving me Selling signs that Gold may test #1,866.80 on one try if #1,887.80 point gets invalidated. Gold was mainly correlated with Bond Yields during first #2-Months of the Year (January - February) and probability that March will also be Yields Month is #91.82% since DX was on uptrend and broke all Resistances, and Gold was also on Short-term recovery which confirms my Gold - Yields correlation on eventual March 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 and Trade accordingly. Only when Yields Trade on Weekly chart’s Lower High I will be able to note with a higher degree of certainty that the Bearish reversal on Gold is sustainable. Since #1,891.80 held as a Support throughout yesterday's session, Gold Naturally found more Short-term Buyers and Investors may again use Gold as a safe-haven, parking their capital from Equities and Yields towards Gold, but this phenomenon will not last long.
My position: Current Price-action represents solid Buying opportunity (as Gold is Buying every dip for a while now), where I engaged my Buying order (#1,892.80 entry point), Targeting #1,917.80 extension. However, if #1,887.80 breaks it negates Buying potential, where I will close my order and Sell Gold on spot towards #1,866.80 Selling fractal. #1,885.80 will be my entry point then.
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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.
