Gold's general outlook: DX again reversed (# +0.10%) and it's no surprise that this is pushing Gold higher, Buying every dip towards #1,868.80 Resistance. No doubt that Gold is also affected by the effect of DX policy remarks, testing the #90.05 Support and correlation standpoint will be visible from today’s U.S. session. Not surprisingly, yesterday’s DX developments, which were later strongly Sold, had High impact on Gold and pushed it downwards. This tight balance keeps the Hourly 4 chart High belt valid as I am keeping #1,864.80 as next Higher Low. I have noted that Gold Traders will witness this until Stimulus announcement and then, by my analysis I expect further uptrend followed by Higher High test, as Gold already gave #2 additional Lower Low’s and then prints an healthy rebound. My analysis is based on Spot prices and I can say with certainty that those Gold moves that I am witnessing right now are sign how unstable market has become. A decisive Hourly 4 formation could be on the cards (entry/risk levels can be decided according to this breakout candle if the variance allows), aligning with Daily fluctuation pushing Gold upper from noted Supply-Demand zone, and if U.S. session opens with positive fashion, it has #1,868.80 test ahead on the cards (extended from the previous Higher Low). If #1,868.80 breaks, Selling pattern is invalidated, while #1,839.80 remains a strong Support. Gold is looking vulnerable since there is only #2 Supports towards #1,800.80 psychological barrier, while upside has #5 Resistances within #20 points. However, since my Profits were amazing, I am willing to take an early risk.
My position: I am ready with my Buy order to pursue #1,868.80 Target, and if broken, I will re-Buy Gold towards #1,890. I already engaged my Buy order.
Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.