As discussed on my yesterday's commentary:"My position: As I have closed my yesterday's Selling order (outlook) on breakeven, as I have no other alternative than to add strict Risk management on current extreme Volatility Gold is Trading under. My today's session attempt looks like this: Selling order engaged on #1,806.80 variance, calling for #1,785.80 extension. My Stop-loss is priced at #1,816.80, as I will close my order near breakeven if it does not deliver results within #-Hour time. There is only #1 less important Support in between, so my current structure is worth a risk."
I have closed my Selling order with decent Profit (#1,806.80 - #1,793.80) with decent #13 point Profit, and with #7 point Profit from my July #19 Selling order (#4.0's Twice) I have recovered #80% losses from last week's #2 consecutive Stop-loss hits on current Gold's Volatility.
Gold's general commentary: The Price-action is now just below the Hourly 4 chart’s #1,800.80 psychological barrier (in the same manner representing the Support) gaining momentum as the DX is pulling back. Gold is approaching again the Higher Low Upper zone trendline of the Daily chart’s Neutral Rectangle, slightly below the #1,800.80 which represents Selling point since October #17. It would be best for Short-term Traders to wait for the Yields confirmation though. Absence of High impact news will most likely push Gold back to Lower levels and as discussed, unless #1,814.80 or #1,824.80 break, the Price-action will be calling for #1,778.80 extension. Technically this is a duel between the Short-term Bearish trend of the Hourly 1 chart’s Channel Down and the critically Bullish Fundamentals, started from early July fractal. Current Top was made exactly on the Lower High trendline of the Daily chart’s Neutral Rectangle, which doesn't allow any more room for uptrend. If it breaks last week’s Low, the Buying formation is invalidated and on the Short-term the next pullback should represent a Buying opportunity, since Yields are on Monthly Low’s. It will all be on how the Yields fares throughout today’s session. Technically a break above #1,789.80 is a Short-term Selling opportunity and #1,800.80 break can deliver decent Short-term Buying sequence. There is only one minor Support ahead of #1,778.80 and it is worth a try in my book.
Technical analysis: After yesterday’s E.U. session excellent Bearish Short-term opening and clear Technical Selling signal, Fundamentals once again distorted Technical proper trend and from a clear #1,800.80 and main Support mild-aggressive break, Gold recovered the Daily losses with almost #7 point spread in Bull direction. Personally, reason behind it was market speculators pulling the DX (then # -0.27%) back towards the Support , preventing further downtrend on #4-session horizon. Gold is on the rise again driven by known factors and keeping almost # -0.36% losses comparing to yesterday E.U. opening Price-action, which strongly affected Technical values. That not much Buyers expected today’s mini Selling scenario - confirms the small Buying Volume. Buyers appear in good health off Swing once Support is now turned in Resistance at #1,815.80. Further Selling from current Price-action draws in Support at #1.789.80 (June #29 spike) and #1,824.80 Intra-week High, which is by my estimations really hard to reach since I can't count out that Gold is still on a Bearish perspective as I see current upside spike as an good re-Sell point (if #1,789.80 is crossed, #1,778.80 is on the cards). What’s also interesting to mention that Gold risen even tough DX was on Weekly High’s which means Gold lost correlation with Yields on Weekly basis. While Weekly chart’s (#1W) Price-action shows that Gold is less likely heading for Higher levels, Fundamental side flow (Fed speculations), could spike up Gold once again towards Monthly High. On the other hand, my personal estimation is #1,752.80 and #1,737.80 in succession once Bond Yields engage the recovery, as Selling configuration is intact.
My position: As market sentiment leans more to the Selling side, I will only Trade the Selling breakout (with of course DX and Bond Yields on nominal values in favor to my outlook). If #1,789.80 breaks, I will engage #1,768.80 Target Selling order. I am one more Profit away to recover last week's results, and continue the #14 Profits row and #2 Stop-loss hits throughout May - June - July fractal.
I have closed my Selling order with decent Profit (#1,806.80 - #1,793.80) with decent #13 point Profit, and with #7 point Profit from my July #19 Selling order (#4.0's Twice) I have recovered #80% losses from last week's #2 consecutive Stop-loss hits on current Gold's Volatility.
Gold's general commentary: The Price-action is now just below the Hourly 4 chart’s #1,800.80 psychological barrier (in the same manner representing the Support) gaining momentum as the DX is pulling back. Gold is approaching again the Higher Low Upper zone trendline of the Daily chart’s Neutral Rectangle, slightly below the #1,800.80 which represents Selling point since October #17. It would be best for Short-term Traders to wait for the Yields confirmation though. Absence of High impact news will most likely push Gold back to Lower levels and as discussed, unless #1,814.80 or #1,824.80 break, the Price-action will be calling for #1,778.80 extension. Technically this is a duel between the Short-term Bearish trend of the Hourly 1 chart’s Channel Down and the critically Bullish Fundamentals, started from early July fractal. Current Top was made exactly on the Lower High trendline of the Daily chart’s Neutral Rectangle, which doesn't allow any more room for uptrend. If it breaks last week’s Low, the Buying formation is invalidated and on the Short-term the next pullback should represent a Buying opportunity, since Yields are on Monthly Low’s. It will all be on how the Yields fares throughout today’s session. Technically a break above #1,789.80 is a Short-term Selling opportunity and #1,800.80 break can deliver decent Short-term Buying sequence. There is only one minor Support ahead of #1,778.80 and it is worth a try in my book.
Technical analysis: After yesterday’s E.U. session excellent Bearish Short-term opening and clear Technical Selling signal, Fundamentals once again distorted Technical proper trend and from a clear #1,800.80 and main Support mild-aggressive break, Gold recovered the Daily losses with almost #7 point spread in Bull direction. Personally, reason behind it was market speculators pulling the DX (then # -0.27%) back towards the Support , preventing further downtrend on #4-session horizon. Gold is on the rise again driven by known factors and keeping almost # -0.36% losses comparing to yesterday E.U. opening Price-action, which strongly affected Technical values. That not much Buyers expected today’s mini Selling scenario - confirms the small Buying Volume. Buyers appear in good health off Swing once Support is now turned in Resistance at #1,815.80. Further Selling from current Price-action draws in Support at #1.789.80 (June #29 spike) and #1,824.80 Intra-week High, which is by my estimations really hard to reach since I can't count out that Gold is still on a Bearish perspective as I see current upside spike as an good re-Sell point (if #1,789.80 is crossed, #1,778.80 is on the cards). What’s also interesting to mention that Gold risen even tough DX was on Weekly High’s which means Gold lost correlation with Yields on Weekly basis. While Weekly chart’s (#1W) Price-action shows that Gold is less likely heading for Higher levels, Fundamental side flow (Fed speculations), could spike up Gold once again towards Monthly High. On the other hand, my personal estimation is #1,752.80 and #1,737.80 in succession once Bond Yields engage the recovery, as Selling configuration is intact.
My position: As market sentiment leans more to the Selling side, I will only Trade the Selling breakout (with of course DX and Bond Yields on nominal values in favor to my outlook). If #1,789.80 breaks, I will engage #1,768.80 Target Selling order. I am one more Profit away to recover last week's results, and continue the #14 Profits row and #2 Stop-loss hits throughout May - June - July fractal.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.
