Fundamental analysis: The DX did approach the #104.000 Support (psychological benchmark) zone but Gold remained more or less stationary on Hourly 4 chart, highlighting heavy Buying pressure it is under. Besides strong Selling Intra-day impulse (Selling remains with relatively Low Volume), Gold found Buyers near #2,300's many times which represents Higher High’s Upper zone extension where Institutional capital flew from DX and Investors offloaded their Short-term Buying orders (as I announced many times), pushing Price-action once again towards #2,400.80 psychological benchmark. Constant Hourly 4 chart’s Bullish spikes and Bullish move in general had no further room to go sessions ago, however Gold is on non-stop abnormal rise as I don't expect this consolidation to continue for more than #2 sessions. My focus shifts to the GDP numbers and Fed repurchase agreement negotiations which are in final phase, as well to the ties of Gold with Bond Yields and DX (correlating instruments) where Gold is attempting to find a equilibrium between the two.
Technical analysis: This indeed is not a good sign for those who want to Sell this market (most of Traders will) as the more prominent area for Sellers to arise is likely around Hourly 4 chart’s #2,327.80 - #2,352.80 on the contrary which is crucial re-Buy zone to rely on, having seen how well it held Price-action Lower or Higher in the past few sessions (current fractal). This is a cautious market at the moment. As Buying seems limited Technically, I am still waiting for Selling confirmation (once again). Once Gold stabilizes, #2,300.80 - #2,310.80 can be used as an re-Sell area towards #2,200’s and if invalidated, #2,100.80 psychological benchmark (#2,000’s became new #1,900’s since Price-action was strolling around #1,900’s for couple of Months). However if #2,352.80 benchmark breaks on the other side and market closes above, Buyers can expect a contact with #2,400.80 benchmark (former Bullish pressure point). In light of the analysis above, keeping my Stop-loss wide on the next order may be the better path to take at the moment and sustain current Stop-loss hunts by Institutional Traders.
My position: I still remain without an order.
Technical analysis: This indeed is not a good sign for those who want to Sell this market (most of Traders will) as the more prominent area for Sellers to arise is likely around Hourly 4 chart’s #2,327.80 - #2,352.80 on the contrary which is crucial re-Buy zone to rely on, having seen how well it held Price-action Lower or Higher in the past few sessions (current fractal). This is a cautious market at the moment. As Buying seems limited Technically, I am still waiting for Selling confirmation (once again). Once Gold stabilizes, #2,300.80 - #2,310.80 can be used as an re-Sell area towards #2,200’s and if invalidated, #2,100.80 psychological benchmark (#2,000’s became new #1,900’s since Price-action was strolling around #1,900’s for couple of Months). However if #2,352.80 benchmark breaks on the other side and market closes above, Buyers can expect a contact with #2,400.80 benchmark (former Bullish pressure point). In light of the analysis above, keeping my Stop-loss wide on the next order may be the better path to take at the moment and sustain current Stop-loss hunts by Institutional Traders.
My position: I still remain without an order.
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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.