Gold's general commentary: Gold bounced back well enough on the #2,027.80 - #2,030.80 first Resistance level (which is posing aswell as Weekly chart’s Resistance zone) however Price-action got rejected and filled aggressively #2,010.80 Support extension. On the Hourly 4 chart, Gold is using the #2,010.80 mark as a Support also (see how it makes local Low’s on it), so that may build up a new uptrend potential. I am expecting symmetrical retrace to the April #4 Low’s, #1,991.80 first and #1,982.80 (also due to the currently Overbought Hourly 4 chart) if #2,000.80 psychological benchmark gives away.
Fundamental analysis: Also see how the RSI on Daily chart has reached its Short-term Resistance and remains on a Descending Channel since the March #17 High’s. Gold is still on the Higher levels (relative to the circumstances) of the recent aggressive uptrend despite DX reaching it’s early March Resistance (on a series of Bullish candles), however mostly Bond Yields market delivered an (# -8.27%) slide in comparison of the September #1 - #18 aggressive gains. See how Gold is basically consolidating isolated within Short-term Resistance and Support zones on the Hourly 4 chart, which is normal Price-action fluctuation ahead of this week’s High-impact Fundamental announcements which I will have more on as today's U.S. session approaches, since it is a sole reason why Gold is ranged and not soaring anymore. The fact that Gold has kept it’s Bullish momentum on the Daily chart despite the extremely Bearish Technicals still without meaningful correction, reveals Bullish underlying Medium-term trend. Since many Medium-term Buying orders were closed within #2,020’s, it is totally Natural to see Buying sequence stalled in absence of Short and Medium-term Buyers, however there isn’t enough Selling pressure on the other side to test-and-break #2,000.80 - #2,010.80 Support zone on the other so and that’s why Traders are witnessing #2 tight sessions so far.
Technical analysis: Gold remains isolated within consolidation area of #2,000.80 - #2,027.80 on Hourly 4 chart as I believe that best way to utilize current sequence is to Trade the breakout and wait for a next Daily chart’s candle. If market closes below #2,010.80 Support, then most possibly I will have a downtrend confirmation / opening towards #2,000.80 benchmark first then #1,991.80 Support in extension. If however #2,027.80 gets invalidated and market closes full Hourly 4 chart’s candle above (only with assistance and Buying pressure on today’s NFP), then most likely Price-action should soon connect with #2,042.80 first pressure point. Constant efforts of Gold to defend Lower levels was not sufficient as Selling pressure was evident, however Price-action should reach out and deliver #7 point slide in continuation towards #2,000.80 psychological benchmark, marginally Volatility and Lower Low’s extension on Yields and Selling pressure Yields are Trading under is the sole reason why Gold isn’t Trading below #2,000.80 already. If Support belt is broken (#2,000.80 - #2,010.80) Gold will be calling for #1,991.80 extension as Price-action might pursue #1,952.80 mark much earlier than expected. The narrow U.S. session yesterday and market closing had Neutral effect as Investors will probably focus on today’s announcement. My focus is on Bond Yields which will simply validate the Bearish reversal as this is far from fair Technical Price-action of Gold. Expect extreme Volatility in the following sessions and strong side Swings.
My position: Even though I don't expect much from today's session, I am expecting rise on NFP numbers, however Gold's reaction should be slightly weaker since Low Volume due holidays.
Fundamental analysis: Also see how the RSI on Daily chart has reached its Short-term Resistance and remains on a Descending Channel since the March #17 High’s. Gold is still on the Higher levels (relative to the circumstances) of the recent aggressive uptrend despite DX reaching it’s early March Resistance (on a series of Bullish candles), however mostly Bond Yields market delivered an (# -8.27%) slide in comparison of the September #1 - #18 aggressive gains. See how Gold is basically consolidating isolated within Short-term Resistance and Support zones on the Hourly 4 chart, which is normal Price-action fluctuation ahead of this week’s High-impact Fundamental announcements which I will have more on as today's U.S. session approaches, since it is a sole reason why Gold is ranged and not soaring anymore. The fact that Gold has kept it’s Bullish momentum on the Daily chart despite the extremely Bearish Technicals still without meaningful correction, reveals Bullish underlying Medium-term trend. Since many Medium-term Buying orders were closed within #2,020’s, it is totally Natural to see Buying sequence stalled in absence of Short and Medium-term Buyers, however there isn’t enough Selling pressure on the other side to test-and-break #2,000.80 - #2,010.80 Support zone on the other so and that’s why Traders are witnessing #2 tight sessions so far.
Technical analysis: Gold remains isolated within consolidation area of #2,000.80 - #2,027.80 on Hourly 4 chart as I believe that best way to utilize current sequence is to Trade the breakout and wait for a next Daily chart’s candle. If market closes below #2,010.80 Support, then most possibly I will have a downtrend confirmation / opening towards #2,000.80 benchmark first then #1,991.80 Support in extension. If however #2,027.80 gets invalidated and market closes full Hourly 4 chart’s candle above (only with assistance and Buying pressure on today’s NFP), then most likely Price-action should soon connect with #2,042.80 first pressure point. Constant efforts of Gold to defend Lower levels was not sufficient as Selling pressure was evident, however Price-action should reach out and deliver #7 point slide in continuation towards #2,000.80 psychological benchmark, marginally Volatility and Lower Low’s extension on Yields and Selling pressure Yields are Trading under is the sole reason why Gold isn’t Trading below #2,000.80 already. If Support belt is broken (#2,000.80 - #2,010.80) Gold will be calling for #1,991.80 extension as Price-action might pursue #1,952.80 mark much earlier than expected. The narrow U.S. session yesterday and market closing had Neutral effect as Investors will probably focus on today’s announcement. My focus is on Bond Yields which will simply validate the Bearish reversal as this is far from fair Technical Price-action of Gold. Expect extreme Volatility in the following sessions and strong side Swings.
My position: Even though I don't expect much from today's session, I am expecting rise on NFP numbers, however Gold's reaction should be slightly weaker since Low Volume due holidays.
- 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.
