Engaging my Selling order / #1,792.80 on the cards
Gold's general commentary: As expected, the Lower High's zone has been tested and Daily chart's #1,808.80 semi-Support break should be ready to accumulate Sellers again. Since DX is Trading on Lower High zone (decent recovery), Resistance remains #1,832.80 and well known Support is priced at #1,812.80. If Support of #1,812.80 holds, Price-action may remain Trading within #1,810.80 - #1,823.80 belt, however if Support gets invalidated, I may see quiet a Selling (aggressive) session ahead on the aftermath. Gold should engage aggressive decline potentially testing Lower Low's extension which will switch Gold from Neutral to Bearish on the Short-term. Bond Yields are on a relentless rally and #2-Year High's will be assisting Gold’s Bearish Short-term. #1,800.80 is the next Short-term Target and final defense of Lower Low's extension in continuation. With DX breaking the Resistance, slight Bond Yields upswing may engage aggressive Selling sequence on Gold and kickstart Bearish action as Gold is within #15 point variance for almost #6 sessions.
Technical analysis: The Price-action remains within the #1,812.80 - #1,832.80 range of the December #28 - January #16 High Volatility Zone and is consolidating as mentioned on my last week’s projection. I treat this as an emerging Triangle pattern (ready to be invalidated to the downside) so the formation should be fairly symmetrical. The January #7 Low was at #1,783.80 so I can't exclude a similar symmetrical Low’s this time around, and if Price-action invalidates #1,800.80 barrier, then doors are open to #1,783.80 #2-Week Low’s test. The Daily chart is on positive gradient as was close to complete the Ascending Channel’s Ultimate Top zone (near #1,832.80 / possible Double Top, after previous July #17, July #29 and September #29 Triple Top formation) for the first time since November #22 decline, but chances are slim for the variance to develop with Bond Yields on recent High's. If the current Triangle is the symmetrical pattern of the November - January IH&S, then the Death Cross that took place on February #16, #2021 and delivered the #1,678.80 market bottom of March #8, could be the symmetrical sequence and Medium (to Long-term) Selling projection. That suggests that if Gold break above the current High Volatility zone (#1,812.80 - #1,832.80), the first Target on the cards should be the Lower Low's extension, where Price-action should follow below #1,766.80 Medium-term Support. It is Technically too dangerous to Buy Gold at the moment, where #2 strong Resistances above are showcasing strong durability.
My position: Even though #1,812.80 Support still holds (Price-action is Trading nearby), I engaged my Selling order regardless with #1,813.80 as an entry point. My Target is #1,792.80 extension, while if #1,800.80 barrier rejects the Selling sequence (or practice strong durability), I might close my order there. If #1,808.80 breaks aswell, it adds confidence to Sellers.
Technical analysis: The Price-action remains within the #1,812.80 - #1,832.80 range of the December #28 - January #16 High Volatility Zone and is consolidating as mentioned on my last week’s projection. I treat this as an emerging Triangle pattern (ready to be invalidated to the downside) so the formation should be fairly symmetrical. The January #7 Low was at #1,783.80 so I can't exclude a similar symmetrical Low’s this time around, and if Price-action invalidates #1,800.80 barrier, then doors are open to #1,783.80 #2-Week Low’s test. The Daily chart is on positive gradient as was close to complete the Ascending Channel’s Ultimate Top zone (near #1,832.80 / possible Double Top, after previous July #17, July #29 and September #29 Triple Top formation) for the first time since November #22 decline, but chances are slim for the variance to develop with Bond Yields on recent High's. If the current Triangle is the symmetrical pattern of the November - January IH&S, then the Death Cross that took place on February #16, #2021 and delivered the #1,678.80 market bottom of March #8, could be the symmetrical sequence and Medium (to Long-term) Selling projection. That suggests that if Gold break above the current High Volatility zone (#1,812.80 - #1,832.80), the first Target on the cards should be the Lower Low's extension, where Price-action should follow below #1,766.80 Medium-term Support. It is Technically too dangerous to Buy Gold at the moment, where #2 strong Resistances above are showcasing strong durability.
My position: Even though #1,812.80 Support still holds (Price-action is Trading nearby), I engaged my Selling order regardless with #1,813.80 as an entry point. My Target is #1,792.80 extension, while if #1,800.80 barrier rejects the Selling sequence (or practice strong durability), I might close my order there. If #1,808.80 breaks aswell, it adds confidence to Sellers.
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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.
