Gold's general commentary: Price-action came too close to the #1,817.80 - #1,8327.80 Support zone and the fact that is currently rebounding may not only be Technically attributed to mentioned fractal (representing the February #11 Support) but also to the fact that it just hit the Higher High trendline of the Daily chart’s Channel Up. As long as mentioned zone Supports, I expect Gold to break back above the Hourly 4 Rectangle and pressure for #1,851.80 Higher High. If Gold closes the session above the Support on today’s market closing, expect Buying continuation. If on the other hand #1,827.80 breaks and Gold eventually closes the session below, I expect the High Volatility zone of mid-April - June to be tested (#1,718.80 - #1,678.80).
Fundamental analysis: #1,817.80 first Target concluded already, along with the Hourly 4 Support of #1,827.80 break, Gold was Trading on it’s much anticipated Higher High Lower zone. The Hourly 4 merely rejected the Price-action and since November #24, every marginal break of the #1,827.80 Support was followed with #55 point further decline (calls for #1,778.80) which turned into a rebound on the aftermath. However, if #1,817.80 holds throughout today’s session, expect a possible bounce back towards #1,851.80 Resistance and if broken, #1,862.80 extension, as today’s session market closing is crucial regarding week’s trend continuation. The lower than expected U.S. data should have a negative impact on Bond Yields and positive on Gold but not if the Usd-Jpy markets start falling again (as Gold is much more positively correlated lately to Bond Yields and partly with Usd-Jpy pair). It is vital to understand that with the risks involved on a Weekly scale, only if February #23 High of #1,817.80 is crossed, Selling the market will add to confidence, and re-Buy zone will be invalidated. Daily chart demonstrates that this is a Profit taking favored zone since March #2014 (ADX # low inclination) as I Utilized this Bearish momentum to it’s maximum. I can note with certainty that Medium-term Bearish trend is on a very own beginning. Hourly 4 chart should turn into Channel Down and progressively test Lower High levels, but for now I will remain on sidelines, booking extraordinary Profit.
Technical analysis: Current Trading week has #90.17% chances to be the trend setter and with a major move on the aftermath, pointing me to be extra careful as today's U.S. opening Bell approaches. Strong Bid/Ask Volume usually reveals that strong movement session is ahead, and if Gold breaks the Support, could easily engage Lower High sequence and even deeper test below #1,800.80 psychological barrier. Upper extension remains #1,851.80, as I doubt that Gold will pierce #1,950.80 psychological barrier on Q2. Especially since Daily chart is about to turn Bearish again. Since Gold was rejected instantly below the Resistance on Hourly 4 chart, I will treat this as an Technical Top, with the next Technical stop on the #1,805.80 zone. At this point I would like to share a key landmark on the monthly scale - Gold hasn’t still harmonized with DX. Bullish reversal is only sustainable if #1,851.80 is broken, but by my calculations, chances are slim regarding that outlook as I am not interested in further Buying. I am expecting #1,678.80 within #23 sessions. Bond Yields auction on main stage regarding today’s session.
My position: I am comfortably on sidelines, more than satisfied with #4 consecutive Profits row. I will make my move only if #1,817.80 breaks, calling for #1,798.80 Support (former Resistance) test, with my Selling orders ready to pursue Lower Targets. Everything in between is Neutral area (consolidation Rectangle classic consolidation).
i am not sure how to explain the results regarding your analysis.. which part of it is now in progress
MrCoprider
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@Mahmoud99 it's broken 1818. will go down after playing around 1826 to 1818 region then it fall toward 1805 and extention is 1798. day trading Idea. as per golden bear. 1678 in mid term.
goldenBear88
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@confidentTacos69322, Spot on!
vk030172
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As usual your the only one that is accurate and you are the only one I follow. Everyone else is bullish and I think they are biased where as you take the data and charts and interpret them without bias! Love your analysis!
goldenBear88
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@vk030172, Many thanks for constant support! Much appreciated!
ebrahimkhalil
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Hi
It seems to be the best option for watching.
Good luck