Technical analysis: Excellent Selling opportunity once again utilized as DX was under heavy speculation mode for #3rd straight session and capital is leaving Gold's safe-haven (Investors losing interest after such NFP numbers) towards riskier markets (such as Bond Yields (# +2.93%) with U.S. futures close to their Annual High's again). See how Gold's strong Selling level near #2,000.80 benchmark was fairly symmetrical with the Resistance zone test on DX (#101.560) confirming fine diagonal correlation between the two. Regarding Short-term fractal, the Support zone was also where the #MA50 - #MA200 rests on Hourly 4 chart, which detects that Gold haven't mixed Moving Averages since March #15 (delivering Golden Cross then) pointing out for an historic decline towards #1,952.80 or even #1,900.80 benchmark on Medium-term once the Fundamentals leave the stage. Bull structure is valid as long as #2,000.80 benchmark holds, Gold is more likely to push towards #2,040's for an Higher High's Lower zone test once again keeping the Ascending Channel on Daily chart well preserved. The Short-term Price-action has turned Neutral just over Hourly 4 chart's final Support threshold of #2,000.80. It is interesting to mention that even the Hourly 4 and Daily chart is to a certain extent Neutral / Bullish under strong influence of NFP aftermath.
Fundamental analysis: Everything depends how DX fares into coming sessions (and to a lesser extent Bond Yields), so I can't make any Short-term recommendations other than to Trade the Bullish breakout. See also how Xau-Usd (Spot price) and GC (Futures price) are finally closing the Gap and getting into tight range again. Most likely Gold is going towards #2,040's to test the first Resistance fractal and then if Price-action gets rejected, then Hourly 4 chart's former Support now turned into a Resistance of #2,027.80 should be the contact point - and potentially stay Neutral for a few sessions in a symmetrical manner as April #14 - April #16 last Year. My estimates for maximum advance point were successful and what I did is - I tried to exploit key Daily chart's Supports (pressure points). The crossing of #2,027.80 level signals the breaking of the next retracement point of the sequence. This made the Short-term Neutral but Price-action was on attempt to price in a Bottom (temporary or not) again under the heavy Selling pressure. Gold was in progress to reverse the Monthly candle which was on (# -0.22%) and if no shock event takes place, will close on a positive note, resuming the Monthly (#1M) Bullish candles, I am still aiming for #2,052.80 - #2,062.80 distinguished Medium-term Resistance zone, in decision to follow the more Longer-term / wider charts.
My position: I am expecting #2,042.80 extension test as Selling remains very limited, however I still haven't got confirmation but my re-Buy zone is very near.
Fundamental analysis: Everything depends how DX fares into coming sessions (and to a lesser extent Bond Yields), so I can't make any Short-term recommendations other than to Trade the Bullish breakout. See also how Xau-Usd (Spot price) and GC (Futures price) are finally closing the Gap and getting into tight range again. Most likely Gold is going towards #2,040's to test the first Resistance fractal and then if Price-action gets rejected, then Hourly 4 chart's former Support now turned into a Resistance of #2,027.80 should be the contact point - and potentially stay Neutral for a few sessions in a symmetrical manner as April #14 - April #16 last Year. My estimates for maximum advance point were successful and what I did is - I tried to exploit key Daily chart's Supports (pressure points). The crossing of #2,027.80 level signals the breaking of the next retracement point of the sequence. This made the Short-term Neutral but Price-action was on attempt to price in a Bottom (temporary or not) again under the heavy Selling pressure. Gold was in progress to reverse the Monthly candle which was on (# -0.22%) and if no shock event takes place, will close on a positive note, resuming the Monthly (#1M) Bullish candles, I am still aiming for #2,052.80 - #2,062.80 distinguished Medium-term Resistance zone, in decision to follow the more Longer-term / wider charts.
My position: I am expecting #2,042.80 extension test as Selling remains very limited, however I still haven't got confirmation but my re-Buy zone is very near.
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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.