Gold is approaching my #1,927.80 Medium-term Target
Gold's general commentary: Intra-day relief rally was discontinued as there was an attempt on Hourly 4 chart to develop Ascending Channel (which failed in addition). My action plan is intact where I will be Selling every local High's which Gold delivers with Technical Stop within #1,988.80 - #1,991.80 Resistance zone. Consider the Lower Low's on Hourly 4 chart's scale, which remains Neutral however on my key indicators and the Volume remains relatively Low under the circumstances.
Technical analysis: Gold has made a temporary Low’s near psychological benchmark at #1,952.80 with the third straight Daily chart’s red candles (followed with bigger than usual Volume). Both Hourly 4 chart’s breakout points are intact however all MA periods are pointing to aggressive takedown as #H4 and #D1 are in perfect alignment with the respective Selling sequence where the movement neckline is dictating healthy Descending Channel on Daily chart which restricts the Price-action back above #1,988.80 - #1,991.80 Resistance zone (Technical maximum at this point). My strategy remains to Sell every local High’s which Gold delivers, proven to be very safe and is delivering optimal framework pointing to prolonged weakness ahead on Gold. Price-action is seen on moderate rise within yesterday's Intra-day Resistance zone attempt but since the Volume is Low and Investors less interested in Buying, I do believe Buying is not sustainable (as shown historically within current Selling sequence). The #1,968.80 - #1,971.80 local Low was achieved on sequence of #3 Hourly 4 chart’s Bearish candles and this is typically a Selling continuation signal since Price-action is isolated within Descending Channel on Daily chart. On Hourly 4 chart’s terms this should mean that the Descending Channel will gradually extend Lower near #1,952.80 first (already delivered as expected), then #1,927.80 possible extension. I am still fully Bearish observing the wider picture of the Descending Channel, patterns on bigger charts which is pointing to Lower levels. Since late April - early / mid May, such consolidation phases resulted in a significant Bearish leg. On more detailed Technical angle, last time Death Cross was delivered, Price-action delivered around (# -3.15%) slide so if cycle is replicated, #1,927.80 test is fair estimate.
Technical analysis: Gold has made a temporary Low’s near psychological benchmark at #1,952.80 with the third straight Daily chart’s red candles (followed with bigger than usual Volume). Both Hourly 4 chart’s breakout points are intact however all MA periods are pointing to aggressive takedown as #H4 and #D1 are in perfect alignment with the respective Selling sequence where the movement neckline is dictating healthy Descending Channel on Daily chart which restricts the Price-action back above #1,988.80 - #1,991.80 Resistance zone (Technical maximum at this point). My strategy remains to Sell every local High’s which Gold delivers, proven to be very safe and is delivering optimal framework pointing to prolonged weakness ahead on Gold. Price-action is seen on moderate rise within yesterday's Intra-day Resistance zone attempt but since the Volume is Low and Investors less interested in Buying, I do believe Buying is not sustainable (as shown historically within current Selling sequence). The #1,968.80 - #1,971.80 local Low was achieved on sequence of #3 Hourly 4 chart’s Bearish candles and this is typically a Selling continuation signal since Price-action is isolated within Descending Channel on Daily chart. On Hourly 4 chart’s terms this should mean that the Descending Channel will gradually extend Lower near #1,952.80 first (already delivered as expected), then #1,927.80 possible extension. I am still fully Bearish observing the wider picture of the Descending Channel, patterns on bigger charts which is pointing to Lower levels. Since late April - early / mid May, such consolidation phases resulted in a significant Bearish leg. On more detailed Technical angle, last time Death Cross was delivered, Price-action delivered around (# -3.15%) slide so if cycle is replicated, #1,927.80 test is fair estimate.
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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.