Buy order engaged / #2,052.80 Target for the fractal
Gold's general commentary: Gold has invalidated the #2,000.80 - #2,005.80 Profit Taking zone, which is the first one on this renewed Buying sequence as it would be optimal for Short-term Traders to have booked Profits until #2,010.80 and re-engage only after it eventually rejects the possible correction. With the (#1W) Weekly chart invalidating #8-Month High's and haven’t been rejected at on the previous candle, current Buying sequence (as long as fractal lasts), resembles more and more the last strong rebound of November #24 - November #27 sequence, Selling rebound pulled back to test the Lower Low extension of #1,764.80 #4-consecutive times before more serious recovery / so I couldn't ignore this possibility before Price-action eventually invalidated the Resistance on aggressive manner (witnessed throughout late U.S. session yesterday). Gold is under total Bullish trend as I cannot rule out #2,027.80 Resistance test and #2,052.80 psychological barrier extension.
Technical analysis: On bigger charts, current development brings attention back to September #21 scenario, where the market pierced thru the Support, touched Lower Low's without meaningful recovery (which replicates the current cycle where Gold is rising without any meaningful correction, even on Intra-day basis). Price-action could set in motion #2,027.80 Resistance, and possible test-and-break will be calling again for Short-term Buying sustainability towards #2,052.80 psychological benchmark (I calculate this as an decent chance to reach ATH's levels within #10-session horizon if #2,010.80 Support not gives away. With recession fears and Inflation getting hot and numbers rising miraculously, Gold is bound to test it's own High's. Today’s Bullish Hourly 4 chart's Price-action should typically work in favor of Buyers, keeping the range intact. Historical candle regressions on Weekly chart show a resemblance of the current candle series with the June #6 - August #8, #2020 cohesion, replicating the cycle and revealing huge Bullish potential on Gold. This is of course vastly speculative with all the current Technicals and Fundamentals involved, but as long as Fundamental pressure is there, Gold will continue the rally and soar on Weekly basis.
My position: Taking my calculated Risk / Reward ratio in consideration and both Technical / Fundamental side (plus my current Trading results hitting #5-successive Targets), I didn't left anything to a chance as I engaged new Buying order with #2,023.80 as my key entry point. Optimal Target remains #2,052.80 benchmark which I do expect to be realized within #2-session horizon.
Technical analysis: On bigger charts, current development brings attention back to September #21 scenario, where the market pierced thru the Support, touched Lower Low's without meaningful recovery (which replicates the current cycle where Gold is rising without any meaningful correction, even on Intra-day basis). Price-action could set in motion #2,027.80 Resistance, and possible test-and-break will be calling again for Short-term Buying sustainability towards #2,052.80 psychological benchmark (I calculate this as an decent chance to reach ATH's levels within #10-session horizon if #2,010.80 Support not gives away. With recession fears and Inflation getting hot and numbers rising miraculously, Gold is bound to test it's own High's. Today’s Bullish Hourly 4 chart's Price-action should typically work in favor of Buyers, keeping the range intact. Historical candle regressions on Weekly chart show a resemblance of the current candle series with the June #6 - August #8, #2020 cohesion, replicating the cycle and revealing huge Bullish potential on Gold. This is of course vastly speculative with all the current Technicals and Fundamentals involved, but as long as Fundamental pressure is there, Gold will continue the rally and soar on Weekly basis.
My position: Taking my calculated Risk / Reward ratio in consideration and both Technical / Fundamental side (plus my current Trading results hitting #5-successive Targets), I didn't left anything to a chance as I engaged new Buying order with #2,023.80 as my key entry point. Optimal Target remains #2,052.80 benchmark which I do expect to be realized within #2-session horizon.
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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.
