Riding the Bullish wave from #1,786.80 with my Buying orders
As discussed on my yesterday's commentary:" However, as discussed above, I will approach with extreme care and breakout points: If #1,786.80, it can pave the way towards #1,797.80 Resistance where I will add more Buying orders if breaks, riding Buying wave already from #1,786.80 with my Buying orders."
Gold's general commentary: Ranged Price-action came as no Technical surprise as Price-action remains in Rectangle on a combination of Fundamental pressure and Technical necessity for a Lower High extension. It is closely related to currency Volatility on DX (and the economy related Yellen’s talks) as the Price-action in near equilibrium with Bond Yields (# -0.91%) also on Weekly scale and even if the pair completes it’s Bearish Flag pattern, Gold should not Technically dip below #1,763.80 (regarding Short-term). On the Short-term side there is an clear Resistance break (confirmation), as market speculators are preventing Gold’s more serious decline for whole April’s and May’s fractal, limiting Sellers advances to it’s maximum. Taking the Technical and Fundamental (Yields) background into consideration, Gold should already be above #1,800.80 psychological barrier. Hourly 4 chart points that Lower High is near and Resisting the Price-action at #1,797.80 which makes it an possible Hourly 1 Ascending Channel variance - typical target of this includes #1,797.80 on Short-term, and if broken #1,817.70 in continuation. In extension - I will advance with extreme care ahead of the most significant macroeconomic events of the week (Friday’s session NFP).
Technical analysis: #1,800.80 barrier is so far holding and is the level I am focusing at since #5 sessions. Yellen’s talks quickly down-played the quick recovery hopes which Bond Yields Investors had, especially since March, and the sharp Yields Sell-off still didn’t benefited Gold as a safe-haven. I am on critical cross-roads, as I have been mentioning the past few sessions, Gold has regained it's correlations with DX and diagonal correlation with Yields. Adding to that the fact that DX is on a gradual uptrend since March #8, quickly understand why Gold is still on Lower levels even though the Hourly 4 chart is on Lower High’s / Higher Low’s since the April #27 - May #4. Main evidence is that Gold Trades within Rectangle movements zone, which configuration on October #29 confirms - Support was broken and Price-action bounced back again, lately (November #8) Price-action broken the Higher High Resistance strongly #1,960.80 then) and bounced back on #1,855.080, which represents that Technical values are no longer valid at the moment.
My position: As noted above, I am keeping my Buying orders I engaged on #1,786.80 Resistance break which are currently Trading on decent Profits (moved the SL on breakeven to prevent unexpected scenarios). I will let it run and will add more Buying orders, Targeting #1,817.80 if #1,798.80 breaks, calling for #3rd consecutive Profit.
Gold's general commentary: Ranged Price-action came as no Technical surprise as Price-action remains in Rectangle on a combination of Fundamental pressure and Technical necessity for a Lower High extension. It is closely related to currency Volatility on DX (and the economy related Yellen’s talks) as the Price-action in near equilibrium with Bond Yields (# -0.91%) also on Weekly scale and even if the pair completes it’s Bearish Flag pattern, Gold should not Technically dip below #1,763.80 (regarding Short-term). On the Short-term side there is an clear Resistance break (confirmation), as market speculators are preventing Gold’s more serious decline for whole April’s and May’s fractal, limiting Sellers advances to it’s maximum. Taking the Technical and Fundamental (Yields) background into consideration, Gold should already be above #1,800.80 psychological barrier. Hourly 4 chart points that Lower High is near and Resisting the Price-action at #1,797.80 which makes it an possible Hourly 1 Ascending Channel variance - typical target of this includes #1,797.80 on Short-term, and if broken #1,817.70 in continuation. In extension - I will advance with extreme care ahead of the most significant macroeconomic events of the week (Friday’s session NFP).
Technical analysis: #1,800.80 barrier is so far holding and is the level I am focusing at since #5 sessions. Yellen’s talks quickly down-played the quick recovery hopes which Bond Yields Investors had, especially since March, and the sharp Yields Sell-off still didn’t benefited Gold as a safe-haven. I am on critical cross-roads, as I have been mentioning the past few sessions, Gold has regained it's correlations with DX and diagonal correlation with Yields. Adding to that the fact that DX is on a gradual uptrend since March #8, quickly understand why Gold is still on Lower levels even though the Hourly 4 chart is on Lower High’s / Higher Low’s since the April #27 - May #4. Main evidence is that Gold Trades within Rectangle movements zone, which configuration on October #29 confirms - Support was broken and Price-action bounced back again, lately (November #8) Price-action broken the Higher High Resistance strongly #1,960.80 then) and bounced back on #1,855.080, which represents that Technical values are no longer valid at the moment.
My position: As noted above, I am keeping my Buying orders I engaged on #1,786.80 Resistance break which are currently Trading on decent Profits (moved the SL on breakeven to prevent unexpected scenarios). I will let it run and will add more Buying orders, Targeting #1,817.80 if #1,798.80 breaks, calling for #3rd consecutive Profit.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
