goldenBear88

Gold on Neutral candles / violent Volatility on Hourly basis

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold's general commentary: Interesting turn of events on the Short-term as Gold crossed the Resistance of #1,800.80 (and was Trading #2 points above it currently) on the Hourly 1 chart and crossed aswell #1 session High, which may result as an traditional Selling back the gains, offering no viable patterns to Trade by. This is an additional Short-term Selling signal similar to February #2 - #5 #2020. parabolic rise, which ended as an correction. The Daily chart needed consolidation (current dip Buying) and is again leaning on Bullish side than Neutral, as Gold is still ignoring the strong trend on DX, following mostly losses on Bond Yields (taking strong hits) as Global Geopolitics dust rises, and as long those guide the market sentiment, further uncertainty on Gold is inevitable. Interesting fractal yet to be repeated on Bond Yields, with much similarities with the Price-action: Trading on impulse and reached the Top (March #11 - #18), engaged the Selling sequence, the again (March #25 - #30), engaged the recovery, while cycle is repeated and Bond Yields are currently on spiral downtrend. If cycle is to be repeated, Bond Yields should be Trading on aggressive impulse towards the Short-term Resistance, which can add enormous Selling pressure on Gold. It is dangerous to Buy Gold at the moment on any point since Bond Yields can skyrocket anytime and break Buyer’s intent and hit their Stop-losses. If Short-term Support gives away, Trading at #1,792.80, Gold can give one more downturn opportunity towards #1,7778.80. Other than that, with U.S. announcements speculations (announcing the #3-Month Plan policy Bill) I see no reason to make any kind of order. I have nothing to add to my previous discussion except Volatility on a rampage (surely visible how the Fundamental statistics were mixed giving Gold Selling pressure on Hourly horizon) and only if Monthly Support at #1,761.80 is broken, Gold can give one more downturn opportunity towards #1,722.80. Other than that, with U.S. announcements speculations (as discussed announcing the #3-Month Plan policy Bill, as October is the Month of the new Fiscal Year in U.S.) I see no reason to Trade on current violent Volatility. I am currently stopping all Trading activity until #1st of November. Updates will (as normal) follow throughout the session, but will no more be part of such unusual side Swings (sessions without rules). Periods like this, when U.S. government is ready to pass new stimulus Bill (doing the same things over and over, historically, not solving the issue, just postponing it), markets are going wild as Investors are still unsure how to position themselves, and how market will digest new stimulus Bill. I won't miss much if I stay out of the market.

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