Gold remains critically Bearish / Sell active
Gold's general commentary: Sell rally isn't just Technical but is also due to the very Bearish (for extending the hawkish stance) Debt ceiling Fundamental negotiations and polemic. Overall on the Short-term Gold is very Bearish due to the anticipating new Debt ceiling package and every such surge is distinguished Selling opportunity (thus DX continues the Bullish sequence with Intra-day pumps). Technically with all risks involved, I do expect strong Selling breakout of #1,927.80 - #1,932.80 threshold as I maintain my #1,927.80 and #1,900.80 Short-term Targets.
Technical analysis: Even though the Price-action broke the Higher Low’s (Hourly 4 chart’s) Symmetrical Triangle trendline, it failed to test the #1,927.80 - #1,932.80 Medium-term Support zone and January #27 sequence (former Resistance), so Technically, Gold is is still near Higher Low’s extension, and if Price-action closes the session below Medium-term Support zone, Gold will be Targeting #1,900.80 fractal on yet another Selling sequence. If however #1,942.80 - #1,945.80 first Short-term Support breaks again, then the Hourly 4 chart’s variance of #1,935.80 should be tested, in case of Bearish sequence below, Price-action will be calling for #1,927.80 final line of the defence and as discussed, possible stabilization zone ahead of #1,900.80 psychological benchmark. Subsequently, first Hourly 4 chart’s Support of #1,952.80 should be firmly broken and current configuration points out to a new bigger proportion slide, where Fundamentals are confirming aswell the speculative downtrend in continuation. Gold remains relatively High under the circumstances and best thing to do at the moment is Trade within the Hourly 4 chart’s #1,945.80 - #1,960.80 belt. Anything outside this range is led by macro-economic forces that are difficult to handle with such uncertainty. Since Fundamentals proven being stronger Trend-changer and distorted Technical Trends strongly many times before, I will not take any more chances for today’s session other than re-Sell on #1,960.80 as an entry point. I haven’t got viable explanation and reasoning regarding yesterday's session aggressive spike on Gold.
My position: Gold has become very sensitive on every mild decline on DX while recent High's are strongly ignored by the Price-action. Traders were witnessing strong uptrend in form of a recovery throughout yesterday's session out of nowhere, however I expect those Inflated Prices to ease and Gold to test local Low's once again. #1,960.80 is my new entry point after yesterday's session Stop-loss hit of #11 points.
Technical analysis: Even though the Price-action broke the Higher Low’s (Hourly 4 chart’s) Symmetrical Triangle trendline, it failed to test the #1,927.80 - #1,932.80 Medium-term Support zone and January #27 sequence (former Resistance), so Technically, Gold is is still near Higher Low’s extension, and if Price-action closes the session below Medium-term Support zone, Gold will be Targeting #1,900.80 fractal on yet another Selling sequence. If however #1,942.80 - #1,945.80 first Short-term Support breaks again, then the Hourly 4 chart’s variance of #1,935.80 should be tested, in case of Bearish sequence below, Price-action will be calling for #1,927.80 final line of the defence and as discussed, possible stabilization zone ahead of #1,900.80 psychological benchmark. Subsequently, first Hourly 4 chart’s Support of #1,952.80 should be firmly broken and current configuration points out to a new bigger proportion slide, where Fundamentals are confirming aswell the speculative downtrend in continuation. Gold remains relatively High under the circumstances and best thing to do at the moment is Trade within the Hourly 4 chart’s #1,945.80 - #1,960.80 belt. Anything outside this range is led by macro-economic forces that are difficult to handle with such uncertainty. Since Fundamentals proven being stronger Trend-changer and distorted Technical Trends strongly many times before, I will not take any more chances for today’s session other than re-Sell on #1,960.80 as an entry point. I haven’t got viable explanation and reasoning regarding yesterday's session aggressive spike on Gold.
My position: Gold has become very sensitive on every mild decline on DX while recent High's are strongly ignored by the Price-action. Traders were witnessing strong uptrend in form of a recovery throughout yesterday's session out of nowhere, however I expect those Inflated Prices to ease and Gold to test local Low's once again. #1,960.80 is my new entry point after yesterday's session Stop-loss hit of #11 points.
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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.