As discussed throughout my yesterday's session commentary: "My position: I am still holding my Selling order engaged on #1,932.80, Targeting #1,900.80 extension. Even if Price-action breaks Bullish threshold, I do expect Bullish reversal to remain short-lived. All eyes on CPI today which may deliver both numbers due dovish stance from Fed chair. Do not Trade the news without protecting your capital."
My #1,932.80 pre-CPI Sell triggered #10 point Stop-loss immediately after CPI numbers as I did a re-Sell at #1,951.80 which was running nicely with Stop on my entry. However, DX continued to plummet and unfortunately I haven't closed my order near #1,941.80 once again expecting more red candles ahead however Gold reversed and hit my Breakeven Stop on my second Selling order which left me without covering my #10-point Stop-loss from my first pre-CPE order.
Technical analysis: Gold has gone into #2-session Buying rally and having been slightly disconnected on it’s Technical background with the charts, DX however (sole reason why Gold is not losing more) invalidated (#1W) Weekly chart's Support zone and remains on almost (# -2.52%) decline which is adding enormous Buying pressure on Gold's Price-action. Regardless, Buyers have previously underestimated the Bearish potential of the recent Selling leg as Gold’s Price-action was isolated within healthy Descending Channel's on most of the charts. As long as aggressive Volatility lasts and DX on Selling sequence, and the probability of doing so is High as July is projected to be Bearish Month regarding DX, Gold will be without firm correction at least for today's session. If by some intervention DX start trending upwards, uptrend will be stalled and #1,942.80 Resistance now turned to Support should probably be next Gold’s most viable Target if DX don't deliver new full bodied negative candle. Daily chart’s curve for holds Selling bias and usually this Technical setup points to new Selling breakout.
My position: As I have strong reservations regarding further Buying and I am well known Seller of the market, I will not Buy Gold, at least for current fractal. I am still rest assured that #1,900.80 benchmark will be re-tested once DX starts reversing and only factor which is keeping Gold on local peak, aggressive takedown will be inevitable. I assume no new orders.
My #1,932.80 pre-CPI Sell triggered #10 point Stop-loss immediately after CPI numbers as I did a re-Sell at #1,951.80 which was running nicely with Stop on my entry. However, DX continued to plummet and unfortunately I haven't closed my order near #1,941.80 once again expecting more red candles ahead however Gold reversed and hit my Breakeven Stop on my second Selling order which left me without covering my #10-point Stop-loss from my first pre-CPE order.
Technical analysis: Gold has gone into #2-session Buying rally and having been slightly disconnected on it’s Technical background with the charts, DX however (sole reason why Gold is not losing more) invalidated (#1W) Weekly chart's Support zone and remains on almost (# -2.52%) decline which is adding enormous Buying pressure on Gold's Price-action. Regardless, Buyers have previously underestimated the Bearish potential of the recent Selling leg as Gold’s Price-action was isolated within healthy Descending Channel's on most of the charts. As long as aggressive Volatility lasts and DX on Selling sequence, and the probability of doing so is High as July is projected to be Bearish Month regarding DX, Gold will be without firm correction at least for today's session. If by some intervention DX start trending upwards, uptrend will be stalled and #1,942.80 Resistance now turned to Support should probably be next Gold’s most viable Target if DX don't deliver new full bodied negative candle. Daily chart’s curve for holds Selling bias and usually this Technical setup points to new Selling breakout.
My position: As I have strong reservations regarding further Buying and I am well known Seller of the market, I will not Buy Gold, at least for current fractal. I am still rest assured that #1,900.80 benchmark will be re-tested once DX starts reversing and only factor which is keeping Gold on local peak, aggressive takedown will be inevitable. I assume no new orders.
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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.