Fundamental events: Trading structure (tight range) isolated within roughly the #2,014.80 - #2,038.80 zone was one of the tightest and strongest in recent Month (the Daily chart’s Volatility was very High fuelled by a Buying pressure from Bond Yields near #5-Month Low’s (Gold as a safe-haven) mixed values on DX representing my main correlating instrument for the fractal. This is of course the outcome of the Fed related uncertainty and sharp Resistance break (due to the Global economy negative outlook on the quickness of the recovery), as Investors are caught in the middle of Buying because of Gold's safe-haven status (but not sole asset as a hedge) when riskier assets decline and due to yesterday's strong slide on DX currently on #4-session Support levels. All those Bullish developments (Fundamentally) had to be delivered on chart aswell, as I knew that CPI will also add strength to an gradual uptrend Price-action is isolated within. I have mentioned my case on the DX, that normally it prevails as the main safe-haven (as it happened in March #2020) in times of Bond Yields markets crashes - which engages correction with Gold that both assets (Gold and DX) rises and Bond Yields markets decline, as it is the case at the moment. Current market sentiment adds significant Buying pressure on Gold.
Technical analysis: Personally, Gold is still Trading below the Top of #2,052.80 as I see that #2,020.80 first Support is so far holding and is the level I am focusing at. The Fundamental side down-played the quick Technical necessity for more serious correction which Gold Short and Medium-term Sellers had, especially since late April - early May phase and the sharp DX Sell-off benefited Gold as a safe-haven, trend which is new fashion as an every more serious DX slide is Buying opportunity worth taking on Gold. Price-action is on critical crossroads as I have been mentioning the past few sessions that Gold has regained its diagonal correlations with DX. Adding to that the fact that DX is on a uptrend (Short-term) since May #5, I quickly understand why Gold is still on Lower levels even though the Daily chart is still on Lower High’s Upper zone with no signs of a Selling correction / sustainability. Current Short-term bias and cycle I mentioned on my Wednesday’s session comments point to more gains on Gold, however the more Gold Trades on recent High’s, the steeper the decline / correction will be. One of the many distinguished Intra-day Trading opportunities once again utilized where I had closed my Buying order near #2,052.80 benchmark which is line of utmost importance on my charts. Gold loses value very hard while Bullish spikes are easily delivered are indicating underlying Bullish Short and Medium-term trend on Gold. Short-term Buyers are here to stay for a while (#14 days symmetry with the cycle).
My position: I assume no new orders for the fractal, well preserving my re-Buy area.
Technical analysis: Personally, Gold is still Trading below the Top of #2,052.80 as I see that #2,020.80 first Support is so far holding and is the level I am focusing at. The Fundamental side down-played the quick Technical necessity for more serious correction which Gold Short and Medium-term Sellers had, especially since late April - early May phase and the sharp DX Sell-off benefited Gold as a safe-haven, trend which is new fashion as an every more serious DX slide is Buying opportunity worth taking on Gold. Price-action is on critical crossroads as I have been mentioning the past few sessions that Gold has regained its diagonal correlations with DX. Adding to that the fact that DX is on a uptrend (Short-term) since May #5, I quickly understand why Gold is still on Lower levels even though the Daily chart is still on Lower High’s Upper zone with no signs of a Selling correction / sustainability. Current Short-term bias and cycle I mentioned on my Wednesday’s session comments point to more gains on Gold, however the more Gold Trades on recent High’s, the steeper the decline / correction will be. One of the many distinguished Intra-day Trading opportunities once again utilized where I had closed my Buying order near #2,052.80 benchmark which is line of utmost importance on my charts. Gold loses value very hard while Bullish spikes are easily delivered are indicating underlying Bullish Short and Medium-term trend on Gold. Short-term Buyers are here to stay for a while (#14 days symmetry with the cycle).
My position: I assume no new orders for the fractal, well preserving my re-Buy area.
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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.