Technical analysis: Gold was currently approaching late February - early March Ultimate Top’s bottom of #2,185.80 - #2,195.80, after almost #3-consecutive break attempts which resulted as an rejection. During past #7-session horizon Price-action failed to break #2,185.80 local Top’s. With #2,152.80 benchmark seen Trading as strong Support which held many times in past #2-Week horizon, Sellers are again on the most optimal Selling entry for the Medium-term. As I have mentioned on my comments, this consolidation on Daily chart (so far Descending Triangle but should soon break again below #2,152.80 mark) serves better to accumulate more Sellers (Gold’s #1st Selling accumulation phase of the Year) until the Daily chart’s #MA50 touches the Price-action. My advice and model I will choose for us is to take a more Medium-term approach here and Sell Gold on more Medium-term.
Fundamental analysis: New session High’s are seen Trading at #2,172.80, above #2,152.80 (also representing strong Short-term Support) is tested on Intra-day basis as Hourly 4 chart is assuming control of the downtrend on a smaller scale with Daily chart (as well almost all main charts) becoming critically Overbought (slowly turning from aggressively Bullish to Neutral). This may suggest that new Descending Channel requires consolidation before it moves Lower with a rejection near #2,170’s twice already forming a Double / Triple Top (many similarities with April #5 - April #12 sequence). In any case, few past previous Daily chart’s candles were so strong that they erased at least (#20%) of the gains / remember my remark about expecting aggressive Daily chart’s candle ahead). This has put Weekly chart (#1W) back on Bearish track and with DX breaking above Resistance once again, I can't see how Gold can protect the #2,152.80 psychological level for much longer, unless DX reverses and extend the further weakness (Highly unlikely). Despite entering back an Hourly 4 chart’s Neutral Rectangle, Gold is purely responding to the Fundamentals and DX; however DX numbers were ignored lately by Gold (as well as all other correlating instruments) and if there are no Bullish surprises, Investors should seek to offload the Medium-term Selling orders. I expect Selling accumulation until the late Hours of the E.U. session (probably around #2,170.80 - #2,185.80 followed by a sharp Bear turn towards #2,152.80 psychological benchmark and Short-term Resistance zone).
My position: I have re-Sold Gold #3-times currently from #2,170's, all #3 orders delivered more than #20-point Profits each as I haven't got intention to stop. I will re-Sell Gold as near as #2,175.80 towards #2,152.80 psychological benchmark. I am Highly satisfied with returns / Profits on all previous Selling orders I have engaged. I am expecting #1,678.80 Long-term projection within Annual fractal.
Fundamental analysis: New session High’s are seen Trading at #2,172.80, above #2,152.80 (also representing strong Short-term Support) is tested on Intra-day basis as Hourly 4 chart is assuming control of the downtrend on a smaller scale with Daily chart (as well almost all main charts) becoming critically Overbought (slowly turning from aggressively Bullish to Neutral). This may suggest that new Descending Channel requires consolidation before it moves Lower with a rejection near #2,170’s twice already forming a Double / Triple Top (many similarities with April #5 - April #12 sequence). In any case, few past previous Daily chart’s candles were so strong that they erased at least (#20%) of the gains / remember my remark about expecting aggressive Daily chart’s candle ahead). This has put Weekly chart (#1W) back on Bearish track and with DX breaking above Resistance once again, I can't see how Gold can protect the #2,152.80 psychological level for much longer, unless DX reverses and extend the further weakness (Highly unlikely). Despite entering back an Hourly 4 chart’s Neutral Rectangle, Gold is purely responding to the Fundamentals and DX; however DX numbers were ignored lately by Gold (as well as all other correlating instruments) and if there are no Bullish surprises, Investors should seek to offload the Medium-term Selling orders. I expect Selling accumulation until the late Hours of the E.U. session (probably around #2,170.80 - #2,185.80 followed by a sharp Bear turn towards #2,152.80 psychological benchmark and Short-term Resistance zone).
My position: I have re-Sold Gold #3-times currently from #2,170's, all #3 orders delivered more than #20-point Profits each as I haven't got intention to stop. I will re-Sell Gold as near as #2,175.80 towards #2,152.80 psychological benchmark. I am Highly satisfied with returns / Profits on all previous Selling orders I have engaged. I am expecting #1,678.80 Long-term projection within Annual fractal.
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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.