Holding my Selling order / CPI data on main stage
Gold's general commentary: Important Bearish Gold related Technical developments, however DX is comfortably Trading widely below the Lower High’s Lower zone on Weekly chart (#1W), way below former #20-Year High’s which should cause Gold to continue sideways / ranging trend even more under the circumstances. The Lower High's Upper zone rejection on Bond Yields (# -0.67% notably) is aswell stalling the downtrend on Gold, however I believe that market closing below #MA50 on Gold's Daily chart was the necessary Medium-term Selling confirmation for Gold. I spotted moderate connection of Gold aswell with Usd-Jpy pair which leaves Usd-Jpy totally in Gold correlations assets list (so far the two are diagonally correlated). For now, I see only Bearish developments on all Gold charts, which shifted Gold from Neutral to Bearish regarding both Short and Medium-term, totally ignoring recent Oversold conditions. Gold initiated much needed Technical takedown which was isolated within aggressive Descending Channel, with renewed Selling bias fueled by Death Cross formation (last time seen on #Q4, #2022) on Hourly 4 chart which is giving a hint that multi-Month Bearish cycle might be developing on Gold.
Technical analysis: According to my formula, last #4 times Gold touched the Lower Low’s Upper zone extension and movement got rejected, it resulted as an #27 point recovery, so if Buyers arise and as a result relief rally occurs after hitting #1,827.80 - #1,833.80 Support zone, #1,852.80 (former Support which would turn into a Resistance) is the Resistance to monitor, where Price-action potentially will reverse towards #1,800.80 psychological benchmark. On the contrary if Gold remains heavily pressured (decent chances that it will), I am expecting stabilization within #1,792.80 - #1,800.80 zone, however if that zone gets tested and invalidated on one try (untouched since December #28), then Long-term Sellers may arise and initiate full scale Selling oscillation towards #1,752.80 configuration (November #30 Double Bottom). It is Natural to expect a relief pullback, but as long as DX is not pressured by disappointing numbers I expect smooth diagonal (DX - Gold) Trading fueled by critically Bearish Technicals on Gold. Strong Bid / Ask Volume usually reveals that strong movement session is ahead, and if Gold breaks the #1,852.80 psychological barrier (level of utmost importance currently I mentioned many times on my remarks that will be certainly tested), could easily engage Selling sequence and even more aggressive test of Lower levels on Gold (such as #1,800.80 barrier). Bond Yields are still consolidating instead of rising on hopes of better macro-economic outlook. In essence the one works as counter to the other, hence Gold stays ranged still near the Bottom (even below), visible on Hourly 4 chart's configuration. This gives me the impression that Gold is more tied to the DX index movements at the moment than any other correlating asset, so I will Trade accordingly and take it into consideration.
My position: I am holding my Selling order engaged throughout yesterday's session with #1,861.80 as an key entry point. I am expecting greater numbers than the forecast on today's CPI data, where my statistics are pointing that Gold will react much strongly on Higher than expected number, with less or no impact at all to number smaller than forecasted. In both cases, I am expecting #1.827.80 sequence test and #1,800.80 benchmark in extension, regardless of the CPI outcome sooner or later.
Technical analysis: According to my formula, last #4 times Gold touched the Lower Low’s Upper zone extension and movement got rejected, it resulted as an #27 point recovery, so if Buyers arise and as a result relief rally occurs after hitting #1,827.80 - #1,833.80 Support zone, #1,852.80 (former Support which would turn into a Resistance) is the Resistance to monitor, where Price-action potentially will reverse towards #1,800.80 psychological benchmark. On the contrary if Gold remains heavily pressured (decent chances that it will), I am expecting stabilization within #1,792.80 - #1,800.80 zone, however if that zone gets tested and invalidated on one try (untouched since December #28), then Long-term Sellers may arise and initiate full scale Selling oscillation towards #1,752.80 configuration (November #30 Double Bottom). It is Natural to expect a relief pullback, but as long as DX is not pressured by disappointing numbers I expect smooth diagonal (DX - Gold) Trading fueled by critically Bearish Technicals on Gold. Strong Bid / Ask Volume usually reveals that strong movement session is ahead, and if Gold breaks the #1,852.80 psychological barrier (level of utmost importance currently I mentioned many times on my remarks that will be certainly tested), could easily engage Selling sequence and even more aggressive test of Lower levels on Gold (such as #1,800.80 barrier). Bond Yields are still consolidating instead of rising on hopes of better macro-economic outlook. In essence the one works as counter to the other, hence Gold stays ranged still near the Bottom (even below), visible on Hourly 4 chart's configuration. This gives me the impression that Gold is more tied to the DX index movements at the moment than any other correlating asset, so I will Trade accordingly and take it into consideration.
My position: I am holding my Selling order engaged throughout yesterday's session with #1,861.80 as an key entry point. I am expecting greater numbers than the forecast on today's CPI data, where my statistics are pointing that Gold will react much strongly on Higher than expected number, with less or no impact at all to number smaller than forecasted. In both cases, I am expecting #1.827.80 sequence test and #1,800.80 benchmark in extension, regardless of the CPI outcome sooner or later.
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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.
