Buying strongly limited / Gold on Buying pressure from Yields
Gold's general commentary: The current Hourly 4 chart candle is too flat to provide Intra-day direction but with Hourly 1 chart and Daily Neutral, Short-term Traders may find value within the #1,808.80 - #1,820.80 range. The key is the Daily chart #MA50 which rejected the Price-action #3 times this Month. #1,820.80 is the next Resistance and if invalidated, is the key and Short-term Buyers should push the Price-action above towards #1,834.80 and #1,845.80 in continuation (less likely, no strong catalysts unless Bond Yields continue the uptrend). Otherwise, the #1,803.80 Support should be re-tested for a potential Double Bottom as in late September (break of #1,795.80 could spike downwards towards #1,771.80). The DX though got rejected on it’s Hourly 4 chart Support and it is due to the weak Bond Yields (trend which lasts for more than #30 sessions) that Gold isn't below #1,792.80 already. Inflation on ATH is adding strong Volatility on the markets and as all correlating assets of Gold are on unprecedented Volatility aswell, I am Bearish on Gold but as you had chance to see on Daily basis, ever-changing trend is not allowing fair Technical moves as I will choose to remain off for current session, not making excessive risks.
Technical analysis: Another strong consolidation on early U.S. session opening, Daily chart candle (# +0.16% so far) is Neutral with Bearish sentiment on Short-term, as I won’t be surprised to see Gold piercing the Higher Low Upper zone around #1,800.80 - #1,796.80 ahead of NFP as an strongest catalyst for the week. I expect Neutral candles before an aggressive Gap fill below #1,803.80 well known Support, if Bond Yields find the Support. Bond Yields are on the #2nd straight Bear candle, applying heavy Buying pressure on Gold, as the most important Bullish (regarding Gold) factor at the moment, and sole reason why Gold ain’t below #1,750.80 psychological barrier at the moment, and is the constant pressure on Global geopolitics (striking news about Fed hiding the real truth about the Inflation and evident Gold futures manipulation) aswell as Cogress being too far away from new Monetary stimulus launch - all those developments are Fundamentally Bullish for Gold on both Short and Medium-term, which cause safe assets (Gold) to gain and Bond Yields to lose as Investors are pursuing safer assets to park their capital. This shows how overpriced Gold currently is due to these Fundamental tensions during this most recent Bullish leg, and after needed correction, should be ready for a new #120 + point decline. The Medium-term Technical trend still didn’t assumed control from the Fundamentals as despite this and last week’s reports missing their estimates, Bond Yields are in disastrous shape and are Trading near the (Triple Bottom) Support zone. The reason Gold is in uptrend lately more than # 2.00% was due to current #127 point decline rejection being too close to the multi Month’s Support Zone on the Daily chart (no reason to expect a Multi-Month Support to break without a cause).
Technical analysis: Another strong consolidation on early U.S. session opening, Daily chart candle (# +0.16% so far) is Neutral with Bearish sentiment on Short-term, as I won’t be surprised to see Gold piercing the Higher Low Upper zone around #1,800.80 - #1,796.80 ahead of NFP as an strongest catalyst for the week. I expect Neutral candles before an aggressive Gap fill below #1,803.80 well known Support, if Bond Yields find the Support. Bond Yields are on the #2nd straight Bear candle, applying heavy Buying pressure on Gold, as the most important Bullish (regarding Gold) factor at the moment, and sole reason why Gold ain’t below #1,750.80 psychological barrier at the moment, and is the constant pressure on Global geopolitics (striking news about Fed hiding the real truth about the Inflation and evident Gold futures manipulation) aswell as Cogress being too far away from new Monetary stimulus launch - all those developments are Fundamentally Bullish for Gold on both Short and Medium-term, which cause safe assets (Gold) to gain and Bond Yields to lose as Investors are pursuing safer assets to park their capital. This shows how overpriced Gold currently is due to these Fundamental tensions during this most recent Bullish leg, and after needed correction, should be ready for a new #120 + point decline. The Medium-term Technical trend still didn’t assumed control from the Fundamentals as despite this and last week’s reports missing their estimates, Bond Yields are in disastrous shape and are Trading near the (Triple Bottom) Support zone. The reason Gold is in uptrend lately more than # 2.00% was due to current #127 point decline rejection being too close to the multi Month’s Support Zone on the Daily chart (no reason to expect a Multi-Month Support to break without a cause).
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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.
