Gold is Targeting #1,952.80 benchmark / dip Buying strategy
Gold's general commentary: Gold remains Bullish on the Hourly 4 chart, well Supported at #1,908.80 - #1,910.80 Support zone and Resisted at #1,935.80. Notice how, even though the Hourly 4 chart’s strong Support zone got tested already throughout early week's phase, Price-action didn't close an Hourly 4 candle below, so no Selling signals there. On the contrary, the Hourly 4 chart clearly shows how the Ascending Channel has rejected any upside attempts #4 times already since #8-Trading sessions. Keep an eye on the Bond Yields market, which I believe is the driver these days (along with DX); a break for Gold above #1,935.80 could push and expose the Daily chart’s Higher High's extension (above #1,942.80), which is currently seen Trading near #1,952.80 psychological benchmark. My estimations are showing that Bullish scenario is even extending the Price-action above #1,952.80 (towards #1,962.80 configuration), engaging aggressive takedown (total Selling domination) on the aftermath where I will be ready to pierce #1,900.80 structure with #2 piercing Medium-term Selling orders. I am expecting #1,935.80 test within #6-Hour horizon.
Technical analysis: Gold has formed #2 aggressive Ascending Channels on the Hourly 4 and Daily chart. Since Price-action broke above the #1,927.80 with force (and comfortably Trading above it), the Hourly 4 chart’s reversal crossed into a Bullish territory, and with Bond Yields on a downtrend (struggling to make Bullish comeback for more than #2-session horizon), Buyers re-appeared as Gold entered the Bullish formation, with #1,952.80 - #1,962.80 as an ultimate Top zone. On the other hand, Buying response was expected regardless as Price-action broken the upper Bollinger bands line (last time such scenario occurred is on the September #23 fractal). As such any pullback towards the #1,900.80 - #1,910.80 and apparent rejection remains an additional Buying opportunity (so far dip Buying strategy is delivering excellent Trading results). Unless the strong Support zone breaks, Bullish sentiment remains intact. Engaging a Selling order is tempting but it is Highly dangerous to Sell on a such Buying (Fundamental) bias. Further upwards, the previous Month local High's (February #2) could be challenged, way above my first Short-term Target (#1,952.80). A breach of the #1,900.80 key Support could trigger a sharp takedown towards #1,800.80 psychological benchmark, than June #2020 Low’s of around #1,722.80, on Medium to Long-term.
My position: First order engaged on #1,920.80 (re-Buy point) delivered excellent results as Gold retraced towards yesterday's session Low's, where I re-Bought Gold once again on #1,920.80 re-Buy point as my position is running in Profits nicely. My Target is #1,952.80 benchmark as I will keep Buying the dips until Fundamental (Bullish for Gold) environment lasts.
Technical analysis: Gold has formed #2 aggressive Ascending Channels on the Hourly 4 and Daily chart. Since Price-action broke above the #1,927.80 with force (and comfortably Trading above it), the Hourly 4 chart’s reversal crossed into a Bullish territory, and with Bond Yields on a downtrend (struggling to make Bullish comeback for more than #2-session horizon), Buyers re-appeared as Gold entered the Bullish formation, with #1,952.80 - #1,962.80 as an ultimate Top zone. On the other hand, Buying response was expected regardless as Price-action broken the upper Bollinger bands line (last time such scenario occurred is on the September #23 fractal). As such any pullback towards the #1,900.80 - #1,910.80 and apparent rejection remains an additional Buying opportunity (so far dip Buying strategy is delivering excellent Trading results). Unless the strong Support zone breaks, Bullish sentiment remains intact. Engaging a Selling order is tempting but it is Highly dangerous to Sell on a such Buying (Fundamental) bias. Further upwards, the previous Month local High's (February #2) could be challenged, way above my first Short-term Target (#1,952.80). A breach of the #1,900.80 key Support could trigger a sharp takedown towards #1,800.80 psychological benchmark, than June #2020 Low’s of around #1,722.80, on Medium to Long-term.
My position: First order engaged on #1,920.80 (re-Buy point) delivered excellent results as Gold retraced towards yesterday's session Low's, where I re-Bought Gold once again on #1,920.80 re-Buy point as my position is running in Profits nicely. My Target is #1,952.80 benchmark as I will keep Buying the dips until Fundamental (Bullish for Gold) environment lasts.
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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.
