Gold on semi correction but within Bearish territory
Gold's general commentary: No surprises so far on the rejection near #1,852.80 barrier level (Xau-Usd numbers) which is a big psychological benchmark for the cycle. This is a technical pullback to cool down Long-term Overbought levels and may precisely test the #1,852.80 barrier or #1,848.80 - #1,852.80 pivot point, practicing strong durability and being unbroken since February #16. Gold continues to be tied to DX more than any other asset and soon though the two will form perfect diagonal correlation, which last time brought the December #15, #2021 Lower Low’s teat near #1,752.80. The Price-action has altered and reversed the downtrend near the Daily chart’s Support cluster as discussed throughout my commentary, with current #1,872.80 - #1,875.80 configuration representing strong Resistance zone. As long as Resistance zone holds, there are Higher probabilities to reach the Hourly 4 chart's Higher Low's zone (which is right now priced below #1,852.80 benchmark on Spot prices but touch will be done Lower depending on the aggression of the variance).
Technical analysis: Hourly 4 chart is still marginally Bearish an RSI around #32.000 - #37.000 makes much more sense to Selling. I am expecting #1,852.80 to be invalidated on one hit within #1 session, unless #1,886.80 Lower High’s breaks, in which case I will await another Selling opportunity. Not much to add a few Hours before the U.S. session opens. The Hourly 4 chart continues to provide strong Resistance near #1,886.80, and the longer it does, the more Bearish Gold becomes towards the Hourly 4 chart’s at #1,831.80. Price-action is way outside the Daily chart’s Neutral Rectangle so I still view the Medium-term as slightly more Bearish than Bullish towards the Lower Low’s area. Also note that the Bond Yields have been rising towards Higher High’s peak and Gold seems to disregard this following more closely the DX movements. I will continue to operate with piercing Selling orders, Selling every High that Gold delivers. After all, on the Daily chart's timeframe (aswell on Hourly charts), the pattern is an solid Descending Channel which lately almost touched the Higher Low's trendline and has a limit just over #1,852.80, my main point of interests (depending on the aggression of the wave started late last Trading week). Below the #1852.80, Short-term Bullish pattern / along with recovery candles is invalidated and the Selling may be accelerated towards the Daily chart’s Lower Low's zone seen Trading near #1,831.80 - #1,827.80 values.
My position: Since current recovery can be extended within Intra-day level, I am not interested in Buying Gold, and on the contrary, it is still too early to Sell. All this above points to a "no call" decision for me. I will await another Selling opportunity where #1,852.80 break represents ideal entry, where I will be ready to Sell Gold on spot towards #1,831.80 extension. I don't mind if that chance does not arise throughout today's session.
Technical analysis: Hourly 4 chart is still marginally Bearish an RSI around #32.000 - #37.000 makes much more sense to Selling. I am expecting #1,852.80 to be invalidated on one hit within #1 session, unless #1,886.80 Lower High’s breaks, in which case I will await another Selling opportunity. Not much to add a few Hours before the U.S. session opens. The Hourly 4 chart continues to provide strong Resistance near #1,886.80, and the longer it does, the more Bearish Gold becomes towards the Hourly 4 chart’s at #1,831.80. Price-action is way outside the Daily chart’s Neutral Rectangle so I still view the Medium-term as slightly more Bearish than Bullish towards the Lower Low’s area. Also note that the Bond Yields have been rising towards Higher High’s peak and Gold seems to disregard this following more closely the DX movements. I will continue to operate with piercing Selling orders, Selling every High that Gold delivers. After all, on the Daily chart's timeframe (aswell on Hourly charts), the pattern is an solid Descending Channel which lately almost touched the Higher Low's trendline and has a limit just over #1,852.80, my main point of interests (depending on the aggression of the wave started late last Trading week). Below the #1852.80, Short-term Bullish pattern / along with recovery candles is invalidated and the Selling may be accelerated towards the Daily chart’s Lower Low's zone seen Trading near #1,831.80 - #1,827.80 values.
My position: Since current recovery can be extended within Intra-day level, I am not interested in Buying Gold, and on the contrary, it is still too early to Sell. All this above points to a "no call" decision for me. I will await another Selling opportunity where #1,852.80 break represents ideal entry, where I will be ready to Sell Gold on spot towards #1,831.80 extension. I don't mind if that chance does not arise throughout today's session.
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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.
