#127 point decline ahead / Gold eyes #1,800.80 or less
Gold's general commentary: Gold essentially stayed flat from E.U. session opening, as Price-action was held (now twice) on Higher High as all losses (from last week) on Gold are now back on breakeven the opening candle was almost flat. Movement is still within my model and only market closing below #1,887.80 can support sustainable downtrend on Hourly 4 chart, as the Bullish reversal bias from this point is not in it's strongest effect like it was in previous Months, but yet again market closing above #1,906.80 can continue the uptrend. I expect one more slow and ranged Session today with higher than expected Volatility. The Bollinger Bands suggested range should be in motion regarding the early hours of the U.S. session opening Bell today, since the Price-action is Trading in projected range and respecting the borders to it’s maximum (Hourly 4 chart BB). I of course, remain Bearish expecting #1,887.80 Support break, but not under current market conditions, in addition - Gold is bound to give one more Lower Low. DX is virtually unaffected by the negative outcome on reports, which Neutral for Gold (so is the indecision on the Bond Yields, Selling effect on Gold), and means that Investors shift their focus on further weekly announcements and Fed, on the agenda next week. This week’s Bullish spike was nothing more than an answer to DX on taking hits and Bond Yields on parabolic downtrend (Daily Price-action fluctuation) but does effect my Bearish Technical perspective which should be visible from tomorrow's session. I will assume no positions unless Support breaks (it is important to note that even if Support breaks, I won't engage if I haven't got confirmation from Bond Yields). As soon as Bond Yields recover, I will engage my Selling sequence as I am expecting #1,871.80 break within #1 session.
Fundamental analysis: The Hourly 1 chart mini Channel Up is intact as the #1,887.89 Support and this week's Low is holding, Bullish structure visible as DX is on Low’s again and Bond Yields struggling to make a Bullish comeback. So far the trend is still fully Bearish regarding Short-term, as there are Higher chances of a pullback on the Daily chart configuration as this is vicinity near the #2-Month Higher High trendline. However confirmation will only come if #1,887.80 breaks (and confirmation from Bond Yields) as is a similar sequence April #7 - #8, the Support held and gave way to a new High, then sharp Lower Low decline. The Hourly 4 chart #1,887.80 - #1,890.80 works as an Support zone at the moment. Current Gold environment should and is practicing Buying pressure on Gold. Regardless, I am expecting #1,871.80 break within #1 session. My base-case scenario is extending the Price-action towards #1,800.80 psychological barrier or less.
Technical analysis: So far Gold has failed at attempt to break the #1,887.80 Support zone on Hourly 4 chart despite an yesterday's # +0.18% uptrend on DX Intra-day. Keep in mind that #1,906.80 Resistance structure is near and could be broken, postponing devaluation on Gold. That very same development on any other occasion would be considered as an Bull breakout, but many Fundamental reports are planned throughout current week (usually Gold has Bearish sentiment on the aftermath), also which could be positive for DX on smaller timeframe / hence negative for Gold as it is not sound reason for an alarm, with Bond Yields are Trading under #2% decline. As soon as Bond Yields engage Short-term recovery, Gold will deliver decent Selling opportunity / point. Notice how market speculators were preventing Gold's decline for more than #2 weeks throughout May with Bond Yields on Annual High's, while configuration currently is merely the same - Bond Yields are on Annual Low's and Gold isn't rising more as speculators are preventing further uptrend, having Selling continuation surely on the cards. Market closing on main stage.
My position: As discussed above, I am not interested in Buying unless #1,917.80 breaks (Higher High extension), while my model leans more to the Bearish side. If #1,887.80 breaks (and Bond Yields extends the recovery) it will trigger my Selling order calling for #1,850.80 Higher Low extension. I am comfortable with waiting as long as needed as as I am highly satisfied with my Yearly Profits.
Fundamental analysis: The Hourly 1 chart mini Channel Up is intact as the #1,887.89 Support and this week's Low is holding, Bullish structure visible as DX is on Low’s again and Bond Yields struggling to make a Bullish comeback. So far the trend is still fully Bearish regarding Short-term, as there are Higher chances of a pullback on the Daily chart configuration as this is vicinity near the #2-Month Higher High trendline. However confirmation will only come if #1,887.80 breaks (and confirmation from Bond Yields) as is a similar sequence April #7 - #8, the Support held and gave way to a new High, then sharp Lower Low decline. The Hourly 4 chart #1,887.80 - #1,890.80 works as an Support zone at the moment. Current Gold environment should and is practicing Buying pressure on Gold. Regardless, I am expecting #1,871.80 break within #1 session. My base-case scenario is extending the Price-action towards #1,800.80 psychological barrier or less.
Technical analysis: So far Gold has failed at attempt to break the #1,887.80 Support zone on Hourly 4 chart despite an yesterday's # +0.18% uptrend on DX Intra-day. Keep in mind that #1,906.80 Resistance structure is near and could be broken, postponing devaluation on Gold. That very same development on any other occasion would be considered as an Bull breakout, but many Fundamental reports are planned throughout current week (usually Gold has Bearish sentiment on the aftermath), also which could be positive for DX on smaller timeframe / hence negative for Gold as it is not sound reason for an alarm, with Bond Yields are Trading under #2% decline. As soon as Bond Yields engage Short-term recovery, Gold will deliver decent Selling opportunity / point. Notice how market speculators were preventing Gold's decline for more than #2 weeks throughout May with Bond Yields on Annual High's, while configuration currently is merely the same - Bond Yields are on Annual Low's and Gold isn't rising more as speculators are preventing further uptrend, having Selling continuation surely on the cards. Market closing on main stage.
My position: As discussed above, I am not interested in Buying unless #1,917.80 breaks (Higher High extension), while my model leans more to the Bearish side. If #1,887.80 breaks (and Bond Yields extends the recovery) it will trigger my Selling order calling for #1,850.80 Higher Low extension. I am comfortable with waiting as long as needed as as I am highly satisfied with my Yearly Profits.
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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.
