As discussed throughout my Friday's session commentary: "My position: As I stated multiple times on my remarks, I will not engage unless #1,840.80 Support breaks which will trigger my pending Selling order towards #1,806.80 Selling extension. Market closing below #1,840.80 adds strong credence to Sellers."
I have successfully closed my pending Selling order (#1,840.80 - #1,828.80) with a fine #12 point Profit run, extending my row to #16 Profits and #2 Stop-loss hits regarding April - May - June cycle. I am more than satisfied how I handled such uncertainty on Gold and will use this chance to congratulate Traders who followed my call and had patience to Trade this violent Volatility on Gold.
Gold's general commentary: Even though the Price-action broke the Higher Low’s (Hourly 4 chart’s) Ascending Triangle trendline, it failed to test the #1,817.80 - #1,822.80 first Medium-term Support zone and June #2020 Low (former Resistance), so Technically, Gold is is still near Lower High’s extension, and if Price-action closes the session above #1,870.80 Resistance zone, Gold will be Targeting #1,892.80 fractal on yet another Buying sequence (very slim chances so far). If however #1,858.80 - #1,862.80 first Short-term Support breaks again, then the Hourly 1 chart’s variance of #1,840.80 should be tested, in case of Bearish sequence below, Price-action will be calling for #1,825.80 final line of the defence and as discussed, possible stabilization zone ahead of #1,800.80 psychological barrier benchmark.
Technical analysis: Subsequently, previous Hourly 4 chart’s Support of #1,840.80 was firmly broken and current configuration points out to a new bigger proportion downtrend, where Fundamentals are confirming the aswell the speculative downtrend in continuation (I am expected Fed to raise the rate within . Gold remains relatively High under the circumstances and best thing to do at the moment is Trade within the Hourly 4 chart’s Bollinger Bands. Anything outside this range is led by macro-economic forces that are difficult to handle with such uncertainty. Since Fundamentals proven being stronger Trend-changer and distorted Technical Trends strongly many times before, I haven’t got viable explanation and reasoning regarding current aggressive Bullish spike on Gold (throughout Friday's session).
My position: I have engaged new Selling order (with #1,858.80 as an entry point) Targeting #1,840.80 Support zone first, and then #1,831.80 extension in addition (Weekly Low's). If #1,848.80 showcases strong durability, I might close my order there. Keep implementing strict Risk management if you decide to Trade this.