Fundamental's on main stage / #1,815.80 Resistance ahead
Gold's general commentary: Surprising market reaction on faster rate hikes and Bond Yields Buying acceleration program (U.S. Senate agreed for lifting debt ceiling even further) and for this kind of Price-action sentiment I have only one explanation from Technical side, strong rejection didn't followed from Overbought levels and RSI was rejected and Head and Shoulders neckline. In the same manner regarding the Daily chart, Gold is comfortably Trading above the Resistance cluster of #1,792.80 - #1,795.80 for the first time since November #23. Technically, MACD on Hourly 4 chart already indicates that Buying is near exhaustion, as in my outlook, all depends on correlating assets (DX, Yields) currently Trading on losses as I will keep an eye on both charts. Personally, after such Fed’s announcement, Gold should be significantly Lower under the circumstances. #1,759.80 was broken on #1 try, but spike was recovered instantly and engaged the #2-session rise. Since current fractal was dangerously approaching Medium-term's Support zone, market speculators were preventing the full scale oscillation towards #3rd Lower Low extension.
Technical analysis: The Hourly 1 chart’s Ascending Channel has entered the #1,800.80 - #1,810.80 Lower High’s zone I've been mentioning the last couple of sessions, turning Overbought in the process and a Sell-off later on should be a correction process (the stronger the rise, the steeper the fall will be). It is important to note that the Price-action is is still on a healthy Ascending Channel but evident with signs of exhaustion. Hourly 4 chart’s Higher High’s rejected the Bullish extension as I treat current rise as nothing more than Buying pressure from DX on Weekly Low’s (new debt ceiling agreement of the U.S. Senate). Technically, this is a Selling opportunity towards the #1,760.80 - #1,770.80 zone, if #1,800.80 barrier gets invalidated. However it all really depends on how the Bond Yields and DX Trade coming into today’s U.S. opening Bell (even though Fed minutes was not Gold friendly at all).
Fundamental analysis: DX resumed the decline so Long-term Selling sequence towards #1,766.80 is postponed for minimum #4 sessions. Bond Yields are Trading near multi-Month Support zone since June #28 and coupled with Neutral candles on Usd-Jpy, Investors are relocating capital from riskier assets to Gold, and that is the main reason of current recovery sequence, along with the market speculators preventing the further downtrend for more than #60 sessions (remember how #52-Week Low’s on DX were ignored by Gold, and now Gold is Trading under Buying pressure because of it), indicating elemental Volatile trend on all market classes. The Bullish Gap fill on Bond Yields still does not affect Gold and if #1,815.80 Resistance gets invalidated, I may potentially see the Top of this parabolic Gold’s Buying spree near #1,832.80 (as I have been mentioning since the start of the week, resembles the finishing Bullish leap for current fractal). #1,800.80 break (now posing as a Support) negates Buying bias regarding Short-term.
My position: As Gold is Trading within strong Support / Resistance zones once again, I will most likely sit out today's session as Neutral Daily price fluctuation (#5 to #8 points) will be the way how today's session will approach the market closing. If #1,815.80 breaks, Buyers will have clear Target of #1,832.80 on their crosshair, however, #1,800.80 barrier break negates Buying bias regarding Short-term, and Sellers can aim at #1,778.80 - #1,776.80 belt once again. Price-action is currently Neutral regarding Short-term (Bearish regarding Medium-term), unless one of the mentioned benchmarks break. Since it is Friday's session and weekend break is ahead, most likely I will not allow additional risks and will remain comfortably on sidelines, waiting for Monday's session candle with my capital ready. I am more than satisfied with my Monthly results. As Traders had chance to understand, my Trading plan / model is very careful and I do not issue Trading signals, unless favourable Trading pattern emerges.
Technical analysis: The Hourly 1 chart’s Ascending Channel has entered the #1,800.80 - #1,810.80 Lower High’s zone I've been mentioning the last couple of sessions, turning Overbought in the process and a Sell-off later on should be a correction process (the stronger the rise, the steeper the fall will be). It is important to note that the Price-action is is still on a healthy Ascending Channel but evident with signs of exhaustion. Hourly 4 chart’s Higher High’s rejected the Bullish extension as I treat current rise as nothing more than Buying pressure from DX on Weekly Low’s (new debt ceiling agreement of the U.S. Senate). Technically, this is a Selling opportunity towards the #1,760.80 - #1,770.80 zone, if #1,800.80 barrier gets invalidated. However it all really depends on how the Bond Yields and DX Trade coming into today’s U.S. opening Bell (even though Fed minutes was not Gold friendly at all).
Fundamental analysis: DX resumed the decline so Long-term Selling sequence towards #1,766.80 is postponed for minimum #4 sessions. Bond Yields are Trading near multi-Month Support zone since June #28 and coupled with Neutral candles on Usd-Jpy, Investors are relocating capital from riskier assets to Gold, and that is the main reason of current recovery sequence, along with the market speculators preventing the further downtrend for more than #60 sessions (remember how #52-Week Low’s on DX were ignored by Gold, and now Gold is Trading under Buying pressure because of it), indicating elemental Volatile trend on all market classes. The Bullish Gap fill on Bond Yields still does not affect Gold and if #1,815.80 Resistance gets invalidated, I may potentially see the Top of this parabolic Gold’s Buying spree near #1,832.80 (as I have been mentioning since the start of the week, resembles the finishing Bullish leap for current fractal). #1,800.80 break (now posing as a Support) negates Buying bias regarding Short-term.
My position: As Gold is Trading within strong Support / Resistance zones once again, I will most likely sit out today's session as Neutral Daily price fluctuation (#5 to #8 points) will be the way how today's session will approach the market closing. If #1,815.80 breaks, Buyers will have clear Target of #1,832.80 on their crosshair, however, #1,800.80 barrier break negates Buying bias regarding Short-term, and Sellers can aim at #1,778.80 - #1,776.80 belt once again. Price-action is currently Neutral regarding Short-term (Bearish regarding Medium-term), unless one of the mentioned benchmarks break. Since it is Friday's session and weekend break is ahead, most likely I will not allow additional risks and will remain comfortably on sidelines, waiting for Monday's session candle with my capital ready. I am more than satisfied with my Monthly results. As Traders had chance to understand, my Trading plan / model is very careful and I do not issue Trading signals, unless favourable Trading pattern emerges.
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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.
