As discussed throughout my yesterday's session commentary: "My position: I have engaged Selling order with #2,250.80 entry point, optimal Target remains #2,200.80 psychological benchmark and the only line which stands in between is #2,236.80 Support in extension. Gold is bound to give back some gains with aggressive correction ahead."
I have closed my Selling order throughout yesterday's session (#2,234.80 - #2,250.80) on a fine #16-point run extending my results range to #31 Profits row and #5 Stop hits regarding December - April fractal. I will use this chance to congratulate Traders which followed my call and had patience to hold the order throughout the news, well done!
Technical analysis: In general, this is a duel between overall Bullish trend (still Gold recovering miraculously without any catalyst or viable explanation which lasts since mid-October) and many Selling / Bearish developments, starting with Inflation skyrocketing, DX on Medium-term recovery (relief rally), all main charts critically Overbought levels and Technical necessity for more serious correction on Gold. Hourly 4 chart was on Overbought condition almost entire March and the critically Bearish Daily and Weekly chart's (both indicating that Gold’s Medium and Long-term trends remain fully Bearish). Keep in mind that every Overbought condition on Daily chart delivered #50 - #150 decline on the aftermath but current non-stop Bullish sequence on Gold is manually preventing more serious decline on Gold (outside factor). It is important to note that session Top’s were made exactly on the Higher High’s trendline of the Daily chart’s Selling accumulation zone, which shouldn’t allow any more room for uptrend from this point. If however the Price-action invalidate recent High's, the Selling formation is once again invalidated regarding Medium-term and only the next pullback should represent a Selling opportunity (since Gold is subsequently rising along with DX). Technically a break above #2,266.80 - #2,272.80 is a Short-term Buying opportunity towards #2,300.80 benchmark.
Fundamental analysis: Gold is rising for the #6-consecutive sessions while delivering many record High's break attempts lately. Gold ignores strongly DX on Medium-term uptrend (currently on #5-Month High's) as recent U.S. numbers and comments from Fed suggest a delay in the Rate cuts. With also Inflation skyrocketing, current environment is far from Gold friendly and such Fundamental mix traditionally initiates reversal on Gold (however Gold ignores all those developments and is rising aggressively).
My position: This (Double Top's) sequence represents ideal re-Sell zone towards #2,236.80 strong Support however I will wait more before engaging my Sell order.
I have closed my Selling order throughout yesterday's session (#2,234.80 - #2,250.80) on a fine #16-point run extending my results range to #31 Profits row and #5 Stop hits regarding December - April fractal. I will use this chance to congratulate Traders which followed my call and had patience to hold the order throughout the news, well done!
Technical analysis: In general, this is a duel between overall Bullish trend (still Gold recovering miraculously without any catalyst or viable explanation which lasts since mid-October) and many Selling / Bearish developments, starting with Inflation skyrocketing, DX on Medium-term recovery (relief rally), all main charts critically Overbought levels and Technical necessity for more serious correction on Gold. Hourly 4 chart was on Overbought condition almost entire March and the critically Bearish Daily and Weekly chart's (both indicating that Gold’s Medium and Long-term trends remain fully Bearish). Keep in mind that every Overbought condition on Daily chart delivered #50 - #150 decline on the aftermath but current non-stop Bullish sequence on Gold is manually preventing more serious decline on Gold (outside factor). It is important to note that session Top’s were made exactly on the Higher High’s trendline of the Daily chart’s Selling accumulation zone, which shouldn’t allow any more room for uptrend from this point. If however the Price-action invalidate recent High's, the Selling formation is once again invalidated regarding Medium-term and only the next pullback should represent a Selling opportunity (since Gold is subsequently rising along with DX). Technically a break above #2,266.80 - #2,272.80 is a Short-term Buying opportunity towards #2,300.80 benchmark.
Fundamental analysis: Gold is rising for the #6-consecutive sessions while delivering many record High's break attempts lately. Gold ignores strongly DX on Medium-term uptrend (currently on #5-Month High's) as recent U.S. numbers and comments from Fed suggest a delay in the Rate cuts. With also Inflation skyrocketing, current environment is far from Gold friendly and such Fundamental mix traditionally initiates reversal on Gold (however Gold ignores all those developments and is rising aggressively).
My position: This (Double Top's) sequence represents ideal re-Sell zone towards #2,236.80 strong Support however I will wait more before engaging my Sell order.
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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.