Gold's general commentary: Gold went into E.U. market Buying throughout Friday's session, weighed on by Bond Yields following the Monetary stimulus postponement. Consequent to recent Bullish outlook, Weekly Price-action is still near predicted values at #1,800.80, potentially calling for a Resistance test and #1,812.80 extension. However, expected ECB rate decision announcement met their estimate and last time it happened (statistically, #7 out of #7 reports aftermath were Bullish for Gold) Gold engaged early Bullish phase - but traditionally Sold back the gains (even though DX engaged aggressive Buying sequence) and since Weekend break was ahead, there was no reason to engage, especially on current violent Volatility. The Top edge of a Lower High Volatility belt continuing to push Gold sideways as it could be the case aswell throughout current session (don't be surprised if you see thin Volume).
Technical analysis: Nothing new to add as trend switch is visible almost on Hourly basis on “no-rules” Price-action (traditional Volatility as government is preparing new Stimulus bill) as I have been monitoring the Price-action almost all E.U. session. Huge oscillations are visible on the charts, especially since September #30 Double Bottom. #1,800.80 barrier has been untouched so far for the session with the Hourly 4 chart ready to bring Gold one step towards the Support zone (#1,778.80 which rejected the Price-action already once on October #29). Daily chart’s Support that prevents Gold from turning Bearish (holding on Neutral levels on my indicators) is #1,761.80 and provided steady Support on multiple occasions. DX broke above it’s Hourly 4 chart’s Resistance but for now, DX is not engaged to my main plan and point of interest since Gold lost correlation with DX (on Short-term) and now correlates with Bond Yields mostly. Hourly 4 chart being of utmost importance as it will determine Investor sentiment (rejection Lower of break out Higher), as I will wait for #1 or #2 signals to be realized before returning to Trading phase once again. I was ready to Sell the market early on throughout E.U. session as #1,778.80 Support was near, but as it is the case lately (without firm reason), Gold is comfortably Trading on gains which made me remain on sidelines for the session.
Technical analysis: Nothing new to add as trend switch is visible almost on Hourly basis on “no-rules” Price-action (traditional Volatility as government is preparing new Stimulus bill) as I have been monitoring the Price-action almost all E.U. session. Huge oscillations are visible on the charts, especially since September #30 Double Bottom. #1,800.80 barrier has been untouched so far for the session with the Hourly 4 chart ready to bring Gold one step towards the Support zone (#1,778.80 which rejected the Price-action already once on October #29). Daily chart’s Support that prevents Gold from turning Bearish (holding on Neutral levels on my indicators) is #1,761.80 and provided steady Support on multiple occasions. DX broke above it’s Hourly 4 chart’s Resistance but for now, DX is not engaged to my main plan and point of interest since Gold lost correlation with DX (on Short-term) and now correlates with Bond Yields mostly. Hourly 4 chart being of utmost importance as it will determine Investor sentiment (rejection Lower of break out Higher), as I will wait for #1 or #2 signals to be realized before returning to Trading phase once again. I was ready to Sell the market early on throughout E.U. session as #1,778.80 Support was near, but as it is the case lately (without firm reason), Gold is comfortably Trading on gains which made me remain on sidelines for the 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.
