Gold's general commentary: As discussed, Gold’s collapse throughout Friday’s session was attributed to the random movements and general Volatility on the market (as Fed is clearly manipulating every asset class and quietly evades further tapering talks / transitory Inflation (currently on ATH) and such) as yet again - Bond Yields (main correlation I have regarding Gold at the moment) was loosing with every Hourly candle and Gold aswell suffered losses, pointing again on the strong Volatility market is Trading under since early July. Technicals are showing strong Bearish continuation ahead, as I shifted my strategy from Bullish to Bearish, as I have no other option since lately, trend shifts on Daily basis (certain sessions on Hourly basis). Most appropriate action chart is the Hourly 4 where my analysis suggest that Gold is still isolated inside the #1,803.80 - #1,818.80 variance potentially eyeing #1,800.80 psychological barrier and #1,796.80 extension. Bullish reversal is confirmed only if #1,820.80 is invalidated which is far away, as Gold is looking really weak to sustain the uptrend. Strong number on ISM announcement throughout yesterday's session could add Buying pressure on DX and engage Selling rally on Gold, but the report missed the estimate as I had to close my Selling order on Breakeven. I will certainly continue operating with extreme caution, waiting for fair Technical trend on Gold again. These are the most Volatile times since #2012. Year, along with #2019 mid-Year Volatility.
Technical analysis: Regarding today’s session, I expect mini-Buying action, and as U.S. session approaches another Technical collapse (taking place in Neutral Rectangle at the moment). Taking yesterday’s session uptrend (ISM aftermath) in consideration, chances for Bullish sustainability on Gold (Short-term) are really Low, almost equal to zero. Gold erased #2 sessions of gains, but I don’t consider current Price-action as fair value of Gold. With strict Risk/Reward ratio - I expect Gold to consolidate within today’s session and engage one final push towards (or below) #1,800.80. ISM forecasts which didn’t met their Targets, as Traders witnessed full Bond Yields Bearish confirmation which Naturally added Buying pressure on Gold. What is worth noting is that Buyers dominated the market completely, but that doesn’t change the fact that I’ll treat current Buying leap as an oscillation from Oversold to Neutral Williams% levels, since my Technicals are showing strong Bearish takedown ahead, especially on Hourly 4 chart (my main point of interest). Most appropriate action chart, as said is the Hourly 4 where my analysis suggest that Gold is still isolated inside the #1,803.80 - #1,818.80 variance pointing to my first take Profit zone below #1,800.80 barrier. Bullish trend is confirmed only if #1,820.80 is printed which is far away and with DX finding the Support, I don’t see why Gold should rise more.
My position: I will not take any action for today's session as consolidation all the way towards market closing wouldn't surprise me at all. I will Trade the Selling breakout (if configuration allows) and engage my Selling order only if #1,803.80 breaks (towards #1,787.80, Selling on every High). I am not interested in Buying Gold on Short and Medium-term, as I am highly satisfied with my capital preservation plan throughout one of the most Volatile times on Gold in #8 Years, with Volatility Index skyrocketing on Daily basis, as Fed is adding strong uncertainty on the markets and Global economy in general aswell.
Technical analysis: Regarding today’s session, I expect mini-Buying action, and as U.S. session approaches another Technical collapse (taking place in Neutral Rectangle at the moment). Taking yesterday’s session uptrend (ISM aftermath) in consideration, chances for Bullish sustainability on Gold (Short-term) are really Low, almost equal to zero. Gold erased #2 sessions of gains, but I don’t consider current Price-action as fair value of Gold. With strict Risk/Reward ratio - I expect Gold to consolidate within today’s session and engage one final push towards (or below) #1,800.80. ISM forecasts which didn’t met their Targets, as Traders witnessed full Bond Yields Bearish confirmation which Naturally added Buying pressure on Gold. What is worth noting is that Buyers dominated the market completely, but that doesn’t change the fact that I’ll treat current Buying leap as an oscillation from Oversold to Neutral Williams% levels, since my Technicals are showing strong Bearish takedown ahead, especially on Hourly 4 chart (my main point of interest). Most appropriate action chart, as said is the Hourly 4 where my analysis suggest that Gold is still isolated inside the #1,803.80 - #1,818.80 variance pointing to my first take Profit zone below #1,800.80 barrier. Bullish trend is confirmed only if #1,820.80 is printed which is far away and with DX finding the Support, I don’t see why Gold should rise more.
My position: I will not take any action for today's session as consolidation all the way towards market closing wouldn't surprise me at all. I will Trade the Selling breakout (if configuration allows) and engage my Selling order only if #1,803.80 breaks (towards #1,787.80, Selling on every High). I am not interested in Buying Gold on Short and Medium-term, as I am highly satisfied with my capital preservation plan throughout one of the most Volatile times on Gold in #8 Years, with Volatility Index skyrocketing on Daily basis, as Fed is adding strong uncertainty on the markets and Global economy in general aswell.
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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.
