Gold's general commentary: Gold naturally found Buyers as Buying pressure is evident on the charts from DX on Selling sequence. It is important to note that #1,827.80 is next Resistance, which was near Weekly High’s as Price-action could find strong rejection there and deny the Buying response in extension. If broken, Price-action will be calling for #1,852.80 psychological benchmark which represents the Ultimate Top for current fractal. However, Gold re-tested and was again rejected on the Hourly 4 chart’s Support keeping the Bullish bias alive. The Engulfing candle Bearish reversal candle on Hourly 1 chart succeeded at rejecting the Price-action and catching already the #32% Fibonacci level. I expect the last Daily chart’s candle to test again the #1,800.80 former Resistance now turned to Support when DX finds the Support zone and engages relief rally and if current Resistance rejects the Buying motion strongly.
Fundamental analysis: If my last Target on this uptrend of #1,827.80 is not achieved by current Weekly closing, I will alter contemplating Buying orders and will find new suitable entry and plan new set of Selling orders (addition on what I will open), as the current global Fundamentals are still not too fluid to go through the weekend break with engaged positions. The current Weekly candle is at (# +1.27%), indicating strong Bullish continuation bias, extending the green Daily candle streak to #5. Symmetrical candle patterns is the sum of an otherwise pale session with the Price-action pivoting around #1,820’s on High Volatility scenario. My formula points that Investors are waiting today’s U.S. session to set the (probable Bullish continuation near #1,808.80 or below, near #1,800.80 rejection) pace on DX which will directly affect Gold's Price-action. Gold displays clear Bullish signs as it decouples from Bond Yields, but the Volatility on DX can keep Gold on this range for quite a while. Since Gold’s Price-action is under unprecedented Volatility, I will continue with strict Risk management and very cautious Trading mode.
Technical analysis: Despite yesterday’s session strong response to #1,820's peak, Gold failed to maintain those High levels and was rejected near the Hourly 4 chart's Resistance zone. Yet, it still found Support on the Daily chart's Higher High's Lower zone, fractal which remains Bullish and has High potential to contain current pullback and reject every reversal attempt. If however Support seen Trading at #1,800.80 gets broken and Selling variance is activated, I expect aggressive fall and Gap fill on Gold towards #1,782.80 and by every factor, Bullish outlook is invalidated. Do not expect more serious reversal on Gold as long as DX is Trading on disappointing numbers. On the contrary, Bond Yields are Trading near Higher High's local peak as Fed had to skyrocket Yields in order to fight Inflation on ATH currently (but levels are slightly easing). Also the Daily chart has been Overbought for some time and unless Gold Trades at least sideways ahead of end of the Month, Daily chart will always pressure for a Resistance zone as it is on healthy Bullish Technicals. Personally I remain Long on two Targets.
My position: I am Highly satisfied with yesterday's session results as I am awaiting another chance to re-Buy Gold towards #1,827.80 extension. Congratulations for Traders who had patience to hold the order even though DX started reversing upwards, well done!
Fundamental analysis: If my last Target on this uptrend of #1,827.80 is not achieved by current Weekly closing, I will alter contemplating Buying orders and will find new suitable entry and plan new set of Selling orders (addition on what I will open), as the current global Fundamentals are still not too fluid to go through the weekend break with engaged positions. The current Weekly candle is at (# +1.27%), indicating strong Bullish continuation bias, extending the green Daily candle streak to #5. Symmetrical candle patterns is the sum of an otherwise pale session with the Price-action pivoting around #1,820’s on High Volatility scenario. My formula points that Investors are waiting today’s U.S. session to set the (probable Bullish continuation near #1,808.80 or below, near #1,800.80 rejection) pace on DX which will directly affect Gold's Price-action. Gold displays clear Bullish signs as it decouples from Bond Yields, but the Volatility on DX can keep Gold on this range for quite a while. Since Gold’s Price-action is under unprecedented Volatility, I will continue with strict Risk management and very cautious Trading mode.
Technical analysis: Despite yesterday’s session strong response to #1,820's peak, Gold failed to maintain those High levels and was rejected near the Hourly 4 chart's Resistance zone. Yet, it still found Support on the Daily chart's Higher High's Lower zone, fractal which remains Bullish and has High potential to contain current pullback and reject every reversal attempt. If however Support seen Trading at #1,800.80 gets broken and Selling variance is activated, I expect aggressive fall and Gap fill on Gold towards #1,782.80 and by every factor, Bullish outlook is invalidated. Do not expect more serious reversal on Gold as long as DX is Trading on disappointing numbers. On the contrary, Bond Yields are Trading near Higher High's local peak as Fed had to skyrocket Yields in order to fight Inflation on ATH currently (but levels are slightly easing). Also the Daily chart has been Overbought for some time and unless Gold Trades at least sideways ahead of end of the Month, Daily chart will always pressure for a Resistance zone as it is on healthy Bullish Technicals. Personally I remain Long on two Targets.
My position: I am Highly satisfied with yesterday's session results as I am awaiting another chance to re-Buy Gold towards #1,827.80 extension. Congratulations for Traders who had patience to hold the order even though DX started reversing upwards, well done!
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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.
