Gold's general commentary: Trendline taken from February #2 local peak is showcasing strong durability as it is pointing Price-action further downwards on a nearly Oversold Technical condition. DX (# +0.27%) corrected recent losses and is testing local Resistance zone and Bond Yields (# +8.54%) are attempting to test-and-break #2-Month Resistance zone / is a mix which should pile additional heavy Selling pressure on Gold. There is evident switch on Daily chart from Neutral to Bearish, however #MA50 is still untouched (full candle closing below is awaited).
Technical analysis: Market closing below Daily chart’s #MA50 is calling for #1,800.80 psychological benchmark test in extension (switching Gold’s Medium-term trend from Bullish to Bearish, sequence which is just few points away seen Trading at #1,857.80). Caution is required near #1,852.80 - #1,855.80 strong Support zone since it represents last Higher Low’s decimal and break of will certainly deliver both extensions of Lower Low’s (Upper and Lower). I am distributing my Targets as such: #1,852.80 benchmark, #1,827.80 (Lower area of #1,827.80 - #1,833.80 Support zone) in extension and #1,800.80 psychological mark as a final sequence ahead of Stabilization zone. Once the first is accomplished, #2 more in addition will be only matter of time. Hourly 4 chart caught my attention where there is evident Death Cross, formation which points to more serious slides on Gold which I will be ready to utilize with my Selling orders. As it was evident on my remarks, Gold broken the semi-Support of #1,860.80 and is comfortably Trading near the configuration which delivered strong Selling impulse and gave credence to Sellers for a final push towards #1,852.80 extension. Gold (Xau-Usd Spot prices) is now ranging as the signs of exhaustion from both the Fed speculations rally and recent mixed values on correlating instruments. Regarding historical resemblance, it evident on my chart that Gold is trending downwards and Trading on renewed multi-Month Selling cyclical downside, similar to August #7, #2020. Since August, Gold always got rejected #3 times near Lower Low extension, than made a final aggressive takedown of more than #200 points. Currently, same fractal is yet to be repeated, where Gold priced in #2 Lower Low extensions, Bought back the losses (recent Top’s), and is ready for final meltdown. Prepare for total Bearish domination and Gold’s slide towards #1,800.80 psychological benchmark. There are lot’s of Medium-term Investor’s pending Buying orders within #1,850’s, so realize the significance of that level which won’t be invalidated easily. However, my analysis filters such events and #1,827.80 and #1,800.80 psychological benchmarks are final Targets to monitor.
My position: I have engaged my Selling order with #1,861.80 as my key entry point. First, and optimal Target remains #1,827.80 Support extension.
@goldenBear88 Sir when ever you are you in the world you may got more success on every occasion of life with Best wishes ❤️❤️ Heartly thanks you Amazing Analysis
G 💕 O 💕 L 💕 D 💕 E 💕 N 💕 B 💕 E 💕 A 💕 R 💕 8 💕 8 💕
goldenBear88
⋅
@Muazzum, Thank you for this wonderful commentary Muazzum!