goldenBear88

#2 Low Volumed sessions ahead on Gold

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
This morning's early E.U. opening provided #13$ spike which went in my favor as I've closed my Buy order from yesterday's Bottom and concluded this pretty Volatile week in Profits. The Hourly 4 Support should hold the Price-action as it is still acting as an Lower Low trendline, representing #8-Month Support. I don’t think that Support will be broken without serious cause. Historically, every Lower Low test, as mentioned previously rejected the Price-action ( Xau-Usd numbers on my commentary) should push Gold back near the #MA50 and towards the Weekly High. I knew that there will be E.U. opening Buying pressure on Gold and that’s why I based my calculations on final line of the defense #1,795.80 as I am now comfortably without a position, expecting flat sessions ahead due to Thanksgiving in U.S,. Regarding the Fundamental part, situation is certainly Bullish since the U.S. reports higher readings than the forecast, the DX picked up the Selling sentiment (which is again Bullish for Gold ). If it wasn't for the parallel pressure on the Bond notes this week, I estimate Gold would have been near #1,847.80 by now at least. As I mentioned this is my Lower Low projection (the Hourly 4 remains a Channel Down) with the extension going as far as the #1,795.80 strong Support. That Gold was driven by random factors lately, is best described by current interesting correlation: DX was taking strong hits from early U.S. opening yesterday, but lagging upswing sequence on Gold yet again proves that Gold lost all logical correlations and that for #9 sessions in a row is distorting Technical trends and is more than a gamble than a rational asset to Trade on. However, this state won’t last for long of course and the market will continue to be guided by fair Technical proper trend. Despite the aggressive Selling on DX , the Daily chart candle managed to stay almost flat (# +0.20%) throughout yesterday's session and today's candle is idle and does not look promising for Buyers nor Sellers. Attention is needed as despite the rise on U.S. equities and DX being down (# -0.27%) Gold is on a disproportional candle. Assuming that the DX still didn’t found it’s Medium-term Support and today’s forecasts missing their estimate, Gold spot should at least be near #1,827.80 early next week. It all comes down of course to Fundamental configuration. A strong number can easily bring DX back to #91.90 and Gold (spot) back to #1,882.80. I will update if Price-action does something different. Since statistically, Thanksgiving holiday brings Low Volume sessions, I won't make any more calls today and will remain comfortably on sidelines, enjoying my Profits. Regarding the trend, my pick is Bullish sentiment which can be evident as next week starts.
My Telegram channel: https://t.me/goldenBear88

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.

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