Gold repeating Bullish spikes out of nowhere
As discussed throughout yesterday's session commentary: "My position: Current sequence heavily depends on today's GDP numbers, and as I do expect strong upside number on the announcement, I will look to re-Sell Gold as High as possible ahead of the event and pursue #2,300.80 benchmark test."
I have engaged order on #2,329.80 within pre-GDP time however as GDP delivered disappointing numbers, I have closed my order in slight Profit. However, as DX started soaring later on I have engaged another order (#2,326.80 entry point) which I have closed on #2,313.80 Support extension. I engaged no new orders for the session.
Fundamental analysis: Gold (Xau-Usd Spot prices I Trade on) remained well in consolidation phase within #2,340’s heading into Friday's U.S. session, pausing a #4-session consecutive losses as Traders witnessed the key U.S. numbers (GDP) delivering disappointing numbers. With that being said, DX struggles to defend the previous session recovery, backed by upbeat prints of the U.S. Durable Goods Orders for March, within a cautious mood ahead of the first readings of the U.S. first quarter (#Q1) #2024 GDP. Throughout Wednesday’s session, the U.S. Durable Goods Orders for March offered an upside surprise by rising (#2.6%) MoM versus (#2.5%) expected and (#1.3%) prior (revised). Apart from the upbeat U.S. data, the Risk-off mood also kick-started DX’s rebound from a #2-week Low’s. It is important to mention that the Risk-off mood also increases Selling pressure on Gold’s Intra-day basis. While Bullish performance of DX and Bond Yields favor Gold’s Short and Medium-term Sellers, the recent weakness in the equities market and unimpressive U.S. earnings season is challenging for Gold’s Buyers (however overall Bullish trend persists since #2,300.80 psychological benchmark was preserved).
My position: Gold remains ranged / Bullish on Intra-day basis with Daily chart however still Neutral despite last week's Selling sequence. The range is obvious (#2,320.80 - #2,352.80) and is caused by the Hourly 1 chart’s multiple Selling rejections, however Price-action is approaching the end of the pattern and should soon breakout. Constant Bullish spikes without any background are in continuation making Gold very difficult asset to position on for Sellers however I am more than satisfied with my current returns on my set of Selling orders I am operating with. As my goal is achieved, I will call it for the week and monitor the Price-action from sidelines.
I have engaged order on #2,329.80 within pre-GDP time however as GDP delivered disappointing numbers, I have closed my order in slight Profit. However, as DX started soaring later on I have engaged another order (#2,326.80 entry point) which I have closed on #2,313.80 Support extension. I engaged no new orders for the session.
Fundamental analysis: Gold (Xau-Usd Spot prices I Trade on) remained well in consolidation phase within #2,340’s heading into Friday's U.S. session, pausing a #4-session consecutive losses as Traders witnessed the key U.S. numbers (GDP) delivering disappointing numbers. With that being said, DX struggles to defend the previous session recovery, backed by upbeat prints of the U.S. Durable Goods Orders for March, within a cautious mood ahead of the first readings of the U.S. first quarter (#Q1) #2024 GDP. Throughout Wednesday’s session, the U.S. Durable Goods Orders for March offered an upside surprise by rising (#2.6%) MoM versus (#2.5%) expected and (#1.3%) prior (revised). Apart from the upbeat U.S. data, the Risk-off mood also kick-started DX’s rebound from a #2-week Low’s. It is important to mention that the Risk-off mood also increases Selling pressure on Gold’s Intra-day basis. While Bullish performance of DX and Bond Yields favor Gold’s Short and Medium-term Sellers, the recent weakness in the equities market and unimpressive U.S. earnings season is challenging for Gold’s Buyers (however overall Bullish trend persists since #2,300.80 psychological benchmark was preserved).
My position: Gold remains ranged / Bullish on Intra-day basis with Daily chart however still Neutral despite last week's Selling sequence. The range is obvious (#2,320.80 - #2,352.80) and is caused by the Hourly 1 chart’s multiple Selling rejections, however Price-action is approaching the end of the pattern and should soon breakout. Constant Bullish spikes without any background are in continuation making Gold very difficult asset to position on for Sellers however I am more than satisfied with my current returns on my set of Selling orders I am operating with. As my goal is achieved, I will call it for the week and monitor the Price-action from sidelines.
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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.