Sell order active since yesterday's session / #1,800.80 possible
Gold's general commentary: As expected the #1,820.80 - #1,822.80 Support zone held throughout Monday's Asian session and that development alone gave Gold a strong boost back near the Daily chart’s #1,831.80 (former Support) Resistance, however Gold got rejected near local High's and reversed / formed Descending Channel. Last time Support zone rejected the Price-action, Gold was on a strong uptrend and such structure is visible since very own beginning of Neutral Rectangle forming. The Daily chart is now fully Bearish and the next fair Technical Target is the #1,806.80 Support fractal. This strength of Gold is maintained despite last week's rise on Bond Yields and the (was then) indecisive DX, and every time Price-action gets rejected near the Support zone, Gold will be forced once again towards the Resistance (and vice-versa).
Technical analysis: Since I engaged my Selling order (#1,823.80 as an entry point), I was far from impressed by U.S. session opening, since it didn’t delivered what I was expecting - suitable ground for aggressive takedown. Bearish pressure point of #1,820.80 was broken on multiple occasions (rebounding nicely near the local High’s of the Descending Channel) but didn’t made significant move downwards, and distorted all correlating assets / stalling the downtrend. DX was (and still is) Trading on decent Intra-day gains, forming Cup and a Handle formation (# +0.61%), Bond Yields were on parabolic uptrend, however Gold was following but yet again bounced back on Support zone and is now approaching consolidation Rectangle, visible on Hourly 4 chart. Gold remains heavily pressured for the session and on top of that - both Fundamental reports which should statistically bring the Selling pressure, had little or no effect on the Price-action. Despite the Bearish developments on Technical background regarding all main Gold charts, the driving forces behind this lagging downside sequence remained unknown. However, with the Daily chart regaining full Bearish status a session ago, Medium-term Bearish outlook is preserved and since market closed below the Support fractal, #1,800.80 barrier can be filled on Intra-day basis. Any Buying position on current variance would be a gamble and that’s why I approached the market with key breakout points. Gold should be significantly Lower under the circumstances (#1,806.80 or below would be an fair estimate). I will allowed the risk and kept the order over-night (even though past #4 out of #4 recovery attempts have been priced in throughout Asian session).
My position: As discussed above, I engaged my Selling order throughout yesterday's session (#1,823.80 as an entry point) and my Target is #1,800.80 barrier. Needless to mention, Trade is running nicely at this point.
Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis . If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.
Technical analysis: Since I engaged my Selling order (#1,823.80 as an entry point), I was far from impressed by U.S. session opening, since it didn’t delivered what I was expecting - suitable ground for aggressive takedown. Bearish pressure point of #1,820.80 was broken on multiple occasions (rebounding nicely near the local High’s of the Descending Channel) but didn’t made significant move downwards, and distorted all correlating assets / stalling the downtrend. DX was (and still is) Trading on decent Intra-day gains, forming Cup and a Handle formation (# +0.61%), Bond Yields were on parabolic uptrend, however Gold was following but yet again bounced back on Support zone and is now approaching consolidation Rectangle, visible on Hourly 4 chart. Gold remains heavily pressured for the session and on top of that - both Fundamental reports which should statistically bring the Selling pressure, had little or no effect on the Price-action. Despite the Bearish developments on Technical background regarding all main Gold charts, the driving forces behind this lagging downside sequence remained unknown. However, with the Daily chart regaining full Bearish status a session ago, Medium-term Bearish outlook is preserved and since market closed below the Support fractal, #1,800.80 barrier can be filled on Intra-day basis. Any Buying position on current variance would be a gamble and that’s why I approached the market with key breakout points. Gold should be significantly Lower under the circumstances (#1,806.80 or below would be an fair estimate). I will allowed the risk and kept the order over-night (even though past #4 out of #4 recovery attempts have been priced in throughout Asian session).
My position: As discussed above, I engaged my Selling order throughout yesterday's session (#1,823.80 as an entry point) and my Target is #1,800.80 barrier. Needless to mention, Trade is running nicely at this point.
Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis . If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
