Keeping my Selling order / #1,792.80 remains optimal Target
Gold's general commentary: Due Intra-day slide on DX, Buying pressure was surely visible on Gold, however on the other hand, Price-action is defending the first Support quiet well. What is keeping Gold above the Support are parallel declines on both DX and Bond Yields, taking strong hits on Wall Street opening Bell which are instantly Bought on Bond Yields, but not on DX case. Yesterday’s session violent Bullish candle sequence was calling for #1,821.80 - #1,825.80 Resistance zone test, since every Higher Low’s test was Sold on the aftermath since February #11. I cannot speculate what tomorrow’s E.U. session will bring but surely, on Short-term Gold is Bearish (unless Price-action breaks the #1,825.80 on Hourly 4 chart). Hourly 4 chart’s Resistance break restores Short-term Neutral trend, below Gold is calling for Selling extension and sustainability.
Fundamental analysis: Remember when you are uncertain of Gold's trend, look for clues at the underlying correlating instruments. As Gold still tries to achieve an equilibrium with DX (currently on mere # +0.05% DX, and # -0.34% Gold / focus on Daily numbers), Gold still losses more value than DX does. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility candles occur outside of the Technical channels. At this point it is essential to either choose a range to Scalp or engage Medium-term position (what I did, since I am not huge fan of Scalping). When the Resistance rejects the trend more than #3 times (which is the case currently) means that Buyers intent is not that strong and bigger proportion Selling leg is possible if Support breaks. I personally remain Bearish on Medium / Long-term under the Daily Bearish action of the past several weeks which suggests that Trading will continue to be performed within the #1,792.80 - #1,825.80 wide zone until breakout occurs. Gold is having a productive session for both Buyers and Sellers so far, pushing Lower, ignoring the Intra-day mixed weakness on the DX which is stalling the downtrend on Gold. However, I believe the current (Short-term) mixed values on DX (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 within #1,792.80 - #1,825.80 belt, it delivered a major move on the aftermath.
Technical analysis: On December #2, #2020, Gold was inside of Medium-term Resistance zone and touched #1,952.80 benchmark on aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when it got invalidated. Currently, the fractal may be repeated as Gold retraced from final Resistance break towards #1,800’s belt, and now Gold should pick a side and reveal a major move, as my personal outlook leans heavily to the Selling side. I am willing to take advantage of this when #1,805.80 breaks. The Daily chart still holds some Neutral bias so no definitive conclusions on the Medium-term trend. Gold is Trading on undisputed Bearish trend which I am utilizing to it's maximum. Critical session ahead with no U.S. CPI report released, seasonally represents announcement which adds credence to Gold's Buyers. This was Inflation data and always keep in mind Gold's use as a counter to Inflation. From a micro-point of view on the flash slide since the February #2 High’s, if one sets the Fibonacci scale with the start on the February #2 High’s and the end on the February #4 Low’s, then Low’s which were priced on sessions in between was made right on the #0.500 Fibonacci retracement level and the Top on the #0.618. No surprise then why Hourly 1 chart is Neutral currently as I spotted many similarities with current pattern. An break to the upside sets Target for the #1,833.80 Resistance in extension while a break to the downside back to the #1,792.80 Lower Low’s, below #1,805.80 - #1,807.80 Bottom (Monday's session Low's).
My position: I am keeping my Selling order with #1,810.80 as my entry point. Optimal Target remains #1,792.80 Lower Low's Upper zone extension.
Fundamental analysis: Remember when you are uncertain of Gold's trend, look for clues at the underlying correlating instruments. As Gold still tries to achieve an equilibrium with DX (currently on mere # +0.05% DX, and # -0.34% Gold / focus on Daily numbers), Gold still losses more value than DX does. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility candles occur outside of the Technical channels. At this point it is essential to either choose a range to Scalp or engage Medium-term position (what I did, since I am not huge fan of Scalping). When the Resistance rejects the trend more than #3 times (which is the case currently) means that Buyers intent is not that strong and bigger proportion Selling leg is possible if Support breaks. I personally remain Bearish on Medium / Long-term under the Daily Bearish action of the past several weeks which suggests that Trading will continue to be performed within the #1,792.80 - #1,825.80 wide zone until breakout occurs. Gold is having a productive session for both Buyers and Sellers so far, pushing Lower, ignoring the Intra-day mixed weakness on the DX which is stalling the downtrend on Gold. However, I believe the current (Short-term) mixed values on DX (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 within #1,792.80 - #1,825.80 belt, it delivered a major move on the aftermath.
Technical analysis: On December #2, #2020, Gold was inside of Medium-term Resistance zone and touched #1,952.80 benchmark on aggressive impulse. On February #25, zone was crucial aswell and delivered #90 point decline when it got invalidated. Currently, the fractal may be repeated as Gold retraced from final Resistance break towards #1,800’s belt, and now Gold should pick a side and reveal a major move, as my personal outlook leans heavily to the Selling side. I am willing to take advantage of this when #1,805.80 breaks. The Daily chart still holds some Neutral bias so no definitive conclusions on the Medium-term trend. Gold is Trading on undisputed Bearish trend which I am utilizing to it's maximum. Critical session ahead with no U.S. CPI report released, seasonally represents announcement which adds credence to Gold's Buyers. This was Inflation data and always keep in mind Gold's use as a counter to Inflation. From a micro-point of view on the flash slide since the February #2 High’s, if one sets the Fibonacci scale with the start on the February #2 High’s and the end on the February #4 Low’s, then Low’s which were priced on sessions in between was made right on the #0.500 Fibonacci retracement level and the Top on the #0.618. No surprise then why Hourly 1 chart is Neutral currently as I spotted many similarities with current pattern. An break to the upside sets Target for the #1,833.80 Resistance in extension while a break to the downside back to the #1,792.80 Lower Low’s, below #1,805.80 - #1,807.80 Bottom (Monday's session Low's).
My position: I am keeping my Selling order with #1,810.80 as my entry point. Optimal Target remains #1,792.80 Lower Low's Upper zone extension.
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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.
