Sell order active / Hourly 4 chart under full Bearish status
Gold's general commentary: Mixed signals regarding the Intra-day direction on Gold where Price-action entered Neutral belt of #1,982.80 - #2,010.80 on Hourly 4 chart where the sequence Technically leans more to the Selling side, while Weekly (#1W) and Monthly charts remains critically Bullish. Yesterday's session Bearish motion was rejected near #1,982.80 - #1,985.80 Support zone belt with DX on relief rally (due GDP numbers) which confirmed once again how significant mentioned zone is, swell gives me a hint that Investors are not interested in placing any significant bets ahead PCE numbers, on another hand, market speculators may push Gold Higher in order to achieve most optimal entry point for their Short positions and mentioned phenomenon alone adds violent Volatility on Gold market. However, I am expecting slow pace Rectangle Trading to continue without any meaningful patterns to Trade by as current Price- action could be more or less stationary until the news, even though DX is Trading comfortably near local High's. Selling order intact as PCE is announced in #27 minutes.
Technical analysis: As expected late E.U. session Sell-off worked perfectly throughout yesterday's session with much expected Support break (#1,991.80) as Gold almost hit the #1,971.80 Support in extension and in the same configuration values near my Medium-term Target, and almost triggered today's session Lower Bollinger band on Daily chart. Much of this move had to do with the Overbought fractal and #2,000.80 - #2,014.80 Resistance zone rejecting every upside attempt and being untouched since April #17. Fundamental side (GDP in particular) was Naturally giving boost to DX (expected after such numbers) but not enough to engage more serious decline (sustainable). It is important to note that multiple Selling takedowns recently are sign that Buying pressure is slowly easing as Hourly 4 chart is slowly turning critically Bearish again under such Volatile setting Sellers are finding their way and as long as my indicators are delivering Selling opportunities, I am following the simple plan of only committing Short-term distinguished breakouts. As I mentioned on my remarks, cross-checking DX in between is my Short-term instrument to monitor along with the Bond Yields. It is important to note that today’s session slide was Bought back instantly (March #17 trendline rejected the Price-action delivering #5th rejection so far) and Daily chart’s healthy Descending Channel got well preserved, provided me with additional steady Selling opportunity early on today’s E.U. session. I will have more with early U.S. session set of candles.
Cyclical activity: As I am well known Medium-term Trader, finding patterns with historical resemblance, interesting cycle caught my attention and calculations are pointing on similar sequence which was delivered on June #10 - July #20, #2022 fractal. Price-action delivered aggressive takedown which was corrected in same manner with June #17 peak. Another aggressive takedown was delivered where Price-action delivered (# -9.58%) decline in #40 days. Similar sequence is seemingly reproducing (April #14 Top’s) aggressive takedown which is corrected within #3 - #5 sessions then steep slide in continuation (which Price-action is already Trading within) so assuming no new Fundamental shocks, this is #15th day of the cycle and there are plenty more to go (#25 more days for cycle to be reproduced / enough time) and Selling sequence is only on (# -2.56%) slide. If cycle is respected, Long-term Target to monitor is #1,852.80 psychological benchmark. On more Short-term, Hourly 4 chart is showcasing underlying Bearish presence and #1,952.80 benchmark is inevitable zone to be tested.
My position: Even though it is Friday's session (last for the week) and I am more than satisfied with my Trading results, due Hourly 4 chart's Bearish trend shift / there is one more downturn opportunity. I have activated my Selling order with #1,984.80 as my entry point where #1,962.80 remains optimal Target for the fractal. I do expect weaker PCE numbers which may not go in my favor (might initiate Selling spike on DX) however I will take the risk and preserve my Selling order. Overall, I will not go on weekend break with engaged order, regardless of the outcome as I can afford the risk.
Technical analysis: As expected late E.U. session Sell-off worked perfectly throughout yesterday's session with much expected Support break (#1,991.80) as Gold almost hit the #1,971.80 Support in extension and in the same configuration values near my Medium-term Target, and almost triggered today's session Lower Bollinger band on Daily chart. Much of this move had to do with the Overbought fractal and #2,000.80 - #2,014.80 Resistance zone rejecting every upside attempt and being untouched since April #17. Fundamental side (GDP in particular) was Naturally giving boost to DX (expected after such numbers) but not enough to engage more serious decline (sustainable). It is important to note that multiple Selling takedowns recently are sign that Buying pressure is slowly easing as Hourly 4 chart is slowly turning critically Bearish again under such Volatile setting Sellers are finding their way and as long as my indicators are delivering Selling opportunities, I am following the simple plan of only committing Short-term distinguished breakouts. As I mentioned on my remarks, cross-checking DX in between is my Short-term instrument to monitor along with the Bond Yields. It is important to note that today’s session slide was Bought back instantly (March #17 trendline rejected the Price-action delivering #5th rejection so far) and Daily chart’s healthy Descending Channel got well preserved, provided me with additional steady Selling opportunity early on today’s E.U. session. I will have more with early U.S. session set of candles.
Cyclical activity: As I am well known Medium-term Trader, finding patterns with historical resemblance, interesting cycle caught my attention and calculations are pointing on similar sequence which was delivered on June #10 - July #20, #2022 fractal. Price-action delivered aggressive takedown which was corrected in same manner with June #17 peak. Another aggressive takedown was delivered where Price-action delivered (# -9.58%) decline in #40 days. Similar sequence is seemingly reproducing (April #14 Top’s) aggressive takedown which is corrected within #3 - #5 sessions then steep slide in continuation (which Price-action is already Trading within) so assuming no new Fundamental shocks, this is #15th day of the cycle and there are plenty more to go (#25 more days for cycle to be reproduced / enough time) and Selling sequence is only on (# -2.56%) slide. If cycle is respected, Long-term Target to monitor is #1,852.80 psychological benchmark. On more Short-term, Hourly 4 chart is showcasing underlying Bearish presence and #1,952.80 benchmark is inevitable zone to be tested.
My position: Even though it is Friday's session (last for the week) and I am more than satisfied with my Trading results, due Hourly 4 chart's Bearish trend shift / there is one more downturn opportunity. I have activated my Selling order with #1,984.80 as my entry point where #1,962.80 remains optimal Target for the fractal. I do expect weaker PCE numbers which may not go in my favor (might initiate Selling spike on DX) however I will take the risk and preserve my Selling order. Overall, I will not go on weekend break with engaged order, regardless of the outcome as I can afford the risk.
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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.