#1,830.80 Support zone near / my Selling orders ready
Gold's general commentary: According to my calculations October #29 - November #9 fractal should work in my favor as Gold always repeats it’s cycles. Today’s session configuration will most likely conclude final Buying pressure session of this Buying Price-action leg. Gold rise on the NFP aftermath came as no surprise and even reached the middle extension of #1,844.80 formation. On an Intra-day basis DX had a rejection early on, and don’t be surprised if you see Selling pressure on Wall Street opening Bell. What was the catalyst for current move is NFP debacle which can extend the Price-action towards the #3-Month Resistance of #1,850.80, and price a Top there, postponing the Selling outlook for few more sessions. Bond Yields Bought back the Lower Low extension (strongest correlation I have) and my next move will be made according to the Yields (Trading near Resistance). Since on a Monthly basis the Price-action remains on the mix of straight Bearish candles, it is more likely on the Medium-term to test the December #2 High (priced at #1,812.80) before I consider a Selling continuation. However, monitoring few currency pairs, I can state with certainty that Usd-Jpy is back in correlating pairs regarding Gold. As long as DX is Neutral, Usd-Jpy on recovery candles and Bond Yields Trading near Resistance, then the Selling pressure on Gold will remain strong. My Target was modeled partly also on a #1,827.80 rejection / as soon as Price-action will continue Trading below it, it will be a sign that Gold is a Selling option. If market closes below #1,830.80, there is strong possibility of #1,805.80 Support test and #1,798.80 extension. Only a break of #1,850.80 Resistance can attract Buyers and reverse Short-term trend to Bullish. I am not interested in Buying on Short and Medium-term, as I will contemplate Selling Gold (expecting a meltdown) once one of my breakout points get compromised.
Yesterday's session commentary: Gold eventually continued the uptrend, giving a false breakout signal, as it did after breaking the Hourly 4 Resistance few sessions ago. Since the pattern remains an Channel Up on both Daily and Hourly 4 charts, I believe there is some more downside to it, probably towards #1,827.80 which was the Resistance and now is acting as Support. However it may not be worth losing a potential new Bearish leg for a few pips, so Buying now Technically is not advisable. I believe that Gold should lose more than #60 points within #3 sessions since all charts are critically Overbought. However, interesting variance on Daily chart’s RSI, which is Trading currently above the Resistance zone of #70.10. Last time Price-action got rejected on similar values (mid-January), Gold delivered the steeper fall of # -4% in less than #8 sessions.
Technical analsys: Price-action went back to the Neutral Rectangle as Higher High extension Resistance hasn't yet been re-tested. If done so, then this will be the first time that the Hourly 4 chart’s #1,855.80 will be tested as a Resistance since February #10. The #1,830.80 is decent Support so Sellers have a good breakout point. The RSI has crossed it’s #30-session Consolidation and in my opinion this is a sign of the big Volatility that is to come. Jumping on new Trade is not an clever idea as best option at the moment is to remain on sidelines, waiting for a firm breakout. The Price-action is consolidating for the past #5 Hourly 1 candles and the market is waiting for this weeks critical news. The wider time frame of Daily chart remains basic Rectangle Trading as well despite the fact that Gold is again recovering the #1,827.80 Resistance. Any Short-term calls are open to a High degree of error before the today’s U.S. session absorbs the news anticipation by Investors. The best for Traders who are not positioned on the market yet is to Trade the breakout of #1,830.80 Support (extension #1,805.80).
My position: As I am not interested in Buying on Short-term, I ruled out every Buying reversal. I will Sell on spot if #1,830.80 breaks, calling for #1,805.80 extension. Since I am more than satisfied with my Yearly Profits, my margin will allow me wider Stop-loss.
Yesterday's session commentary: Gold eventually continued the uptrend, giving a false breakout signal, as it did after breaking the Hourly 4 Resistance few sessions ago. Since the pattern remains an Channel Up on both Daily and Hourly 4 charts, I believe there is some more downside to it, probably towards #1,827.80 which was the Resistance and now is acting as Support. However it may not be worth losing a potential new Bearish leg for a few pips, so Buying now Technically is not advisable. I believe that Gold should lose more than #60 points within #3 sessions since all charts are critically Overbought. However, interesting variance on Daily chart’s RSI, which is Trading currently above the Resistance zone of #70.10. Last time Price-action got rejected on similar values (mid-January), Gold delivered the steeper fall of # -4% in less than #8 sessions.
Technical analsys: Price-action went back to the Neutral Rectangle as Higher High extension Resistance hasn't yet been re-tested. If done so, then this will be the first time that the Hourly 4 chart’s #1,855.80 will be tested as a Resistance since February #10. The #1,830.80 is decent Support so Sellers have a good breakout point. The RSI has crossed it’s #30-session Consolidation and in my opinion this is a sign of the big Volatility that is to come. Jumping on new Trade is not an clever idea as best option at the moment is to remain on sidelines, waiting for a firm breakout. The Price-action is consolidating for the past #5 Hourly 1 candles and the market is waiting for this weeks critical news. The wider time frame of Daily chart remains basic Rectangle Trading as well despite the fact that Gold is again recovering the #1,827.80 Resistance. Any Short-term calls are open to a High degree of error before the today’s U.S. session absorbs the news anticipation by Investors. The best for Traders who are not positioned on the market yet is to Trade the breakout of #1,830.80 Support (extension #1,805.80).
My position: As I am not interested in Buying on Short-term, I ruled out every Buying reversal. I will Sell on spot if #1,830.80 breaks, calling for #1,805.80 extension. Since I am more than satisfied with my Yearly Profits, my margin will allow me wider Stop-loss.
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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.
