Gold within a Triangle as upside pressure seems weak
Gold's general commentary: As expected Gold found Support again on the Hourly 4 chart’s #1,948.80 - #1,952.80 zone and rebounded back near the #1,974.80 first Resistance for the fractal, in the same manner representing final Resistance ahead of #2,000.80 benchmark. This will be the #4th test of #1,975.80 pressure point since March #28 and it is no surprise that mentioned level is of utmost importance.
Fundamental analysis: Even though Bond Yields historically were one of the most important readings / correlations (having direct impact on Gold), I may see movement after today's U.S. session as the Hourly 4 chart’s RSI is relatively idle. The consolidation within roughly the #1,952.80 - #1,970.80 zone is one of the tightest and strongest in recent Month's (the Daily chart’s Volatility is very High fuelled by a Buying pressure (Gold as a safe-haven due recession fears and banking crisis) and Selling pressure equally (Technically Gold was strongly Overbought and was Trading on Inflated Price-action which may be corrected in one hit). Similar sequence was delivered when Hourly 4 chart’s #1,852.80 level which was broken to the upside on November #11 and broken to the downside within few sessions (November #19). Even though the Volatility on Fundamental side ahead of final session of week, another Fundamentally driven spike may disrupt the Short-term Technicals. Gold largely remains within the range of the Hourly 4 chart’s Bollinger Bands, pattern that started on January #7. I am not Trading this anymore until Symmetrical Triangle breaks on Daily chart. That is on the Short-term. On the Medium-term though, as long as the Bond Yields are Bullish Trading above below its Daily chart’s #MA50, Gold's sentiment will be Buy on every local Low's rejection for an end-of-Year Target of #1,700.80 benchmark or below.
Technical analysis: Gold is having a productive sessions for both Buyers and Sellers so far, pushing Lower, ignoring recent weakness on Bond Yields due Hourly 4 chart's Tripe Top rejection on Gold, which is pausing the uptrend extension on Gold. However, I believe the current (Short-term) mixed values on Bond Yields (which is distorting Technical trends) run may be coming to an end as the Daily chart Resistance is priced near and every fractal / whenever the Price-action is stalled in such Rectangles, sequence delivered a major move on the aftermath. On December #2, Gold was inside of above mentioned belt and touched #1,952.80 aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when broken. Currently, the fractal is repeated as Gold retraced from final Resistance break towards Support belt, and now Gold should pick a side and reveal a major move.
My position: I will keep operating with my Buying orders as I caught few #6 - #8 point Profits within last couple of sessions which are excellent addition to my previous results. For the session I will seize all Trading activity and observe the Price-action from sidelines with my capital ready. #1,974.80 Resistance test-and-break will result as #2,000.80 benchmark Gap fill while #1,952.80 barrier is first Support on Hourly 4 chart. Gold is within #2 symmetrical Triangles.
Fundamental analysis: Even though Bond Yields historically were one of the most important readings / correlations (having direct impact on Gold), I may see movement after today's U.S. session as the Hourly 4 chart’s RSI is relatively idle. The consolidation within roughly the #1,952.80 - #1,970.80 zone is one of the tightest and strongest in recent Month's (the Daily chart’s Volatility is very High fuelled by a Buying pressure (Gold as a safe-haven due recession fears and banking crisis) and Selling pressure equally (Technically Gold was strongly Overbought and was Trading on Inflated Price-action which may be corrected in one hit). Similar sequence was delivered when Hourly 4 chart’s #1,852.80 level which was broken to the upside on November #11 and broken to the downside within few sessions (November #19). Even though the Volatility on Fundamental side ahead of final session of week, another Fundamentally driven spike may disrupt the Short-term Technicals. Gold largely remains within the range of the Hourly 4 chart’s Bollinger Bands, pattern that started on January #7. I am not Trading this anymore until Symmetrical Triangle breaks on Daily chart. That is on the Short-term. On the Medium-term though, as long as the Bond Yields are Bullish Trading above below its Daily chart’s #MA50, Gold's sentiment will be Buy on every local Low's rejection for an end-of-Year Target of #1,700.80 benchmark or below.
Technical analysis: Gold is having a productive sessions for both Buyers and Sellers so far, pushing Lower, ignoring recent weakness on Bond Yields due Hourly 4 chart's Tripe Top rejection on Gold, which is pausing the uptrend extension on Gold. However, I believe the current (Short-term) mixed values on Bond Yields (which is distorting Technical trends) run may be coming to an end as the Daily chart Resistance is priced near and every fractal / whenever the Price-action is stalled in such Rectangles, sequence delivered a major move on the aftermath. On December #2, Gold was inside of above mentioned belt and touched #1,952.80 aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when broken. Currently, the fractal is repeated as Gold retraced from final Resistance break towards Support belt, and now Gold should pick a side and reveal a major move.
My position: I will keep operating with my Buying orders as I caught few #6 - #8 point Profits within last couple of sessions which are excellent addition to my previous results. For the session I will seize all Trading activity and observe the Price-action from sidelines with my capital ready. #1,974.80 Resistance test-and-break will result as #2,000.80 benchmark Gap fill while #1,952.80 barrier is first Support on Hourly 4 chart. Gold is within #2 symmetrical Triangles.
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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.
