Buying sequence could be on the cards / engaged my Buy order
Technical analysis: As expected, November #6 - #12 fractal worked in my favor as Gold always repeats it’s cycles. Yesterday’s session configuration concluded my final Bearish Target on this Selling Price-action leg. Gold decline came as no Technical surprise and even reached the middle extension of #1,837.80 formation. On an Intra-day basis DX had a rejection early on, and Wall Street opening Bell delivered just what I was expecting - Hourly 4 #1,863.80 Bulltrap reversal candle near the Daily High. What was the catalyst for current Selling move were Treasury yields near the Resistance (strongest correlation I have) as I patiently closed portions of my Sell orders over the time and booking excellent Profits. Since on a Monthly basis the Price-action remains on the mix of straight Bearish candles, it is more likely on the Medium-term to test the December #2 High (priced at #1,808.80) before I consider a Bullish continuation, if #1,838.80 Support breaks. As long as DX is Neutral and Bond notes Trading near Resistance, then the Selling pressure on Gold will remain strong, but currently I have different configuration. My Target was modeled partly also on a #MA200 rejection / as soon as Price-action were Trading below it, it was an sign that Gold is a Sell option. If market closes below #1,850.80, there is strong possibility of #1,837.80 Support test and #1,818.80 extension.
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 Volatility belt valid as I am keeping #1,864.80 as next Higher Low. I have noted that Gold Traders will witness this Volatility 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 Double Bottom 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.
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 Volatility belt valid as I am keeping #1,864.80 as next Higher Low. I have noted that Gold Traders will witness this Volatility 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 Double Bottom 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.
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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.
- 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.
