Gold is Targeting #1,752.80 in extension / Selling order engaged
Gold's general commentary: Gold continues to Trade on losses regarding the Hourly 4 chart as the #1,782.80 (representing yesterday's session Low) - #1,787.80 Support zone holds. The Bearish U.S. data were unable to stop the DX from making another Support test as Gold fails to monopolize the safe-haven status. But on the bright-side Gold is holding and isn't rising more (model going in my favour). As I have been mentioning, this only shows the underlying strength and how Long-term Investors defend the current level. My perspective is unchanged and all my previous models remain valid. If the final Support line breaks (#1,778.80), then by market closing it is possible to see an aggressive Hourly 4 Selling continuation towards #1,752.80. As long as DX is Trading on Low’s and below the first Resistance lime, Gold will practice High durability. Bearish bias is intact as Gold is within Channel Down, as break of #1,782.80 completes an Bearish Wedge and can pierce the #1,778.80 Support within #1 session on the Jackson Hole symposium aftermath (which can skyrocket DX and add Selling pressure on Gold).
Technical analysis: DX broken the Support and is Trading on heavy losses at the moment (Double Bottom rejection), as Gold is Profiting out of that configuration, as unfortunate counter trend rally is visible. However, as soon as DX reverse Higher again, Gold should follow downwards (due to the DX as discussed). I am using (as a pointer) clear Channel Down on both Hourly 4 and Daily chart, and January #6 variance of Gold could be delivering additional Lower Low test after the rally, as it could be the case later on throughout current Trading week. Typical response to these Volatile moves are #1 session consolidation (visible throughout today’s session) and aggressive decline on the aftermath. Technically, the Channel Down has an upside limit of #1,798.80 - #1,800.80. If however #1,782.80 breaks first (and #1,778.80 Medium-term Support), I expect an aggressive takedown towards the #1,750’s level. As mentioned, I believe the market will present the dominant move after today’s Wall Street opening Bell. My estimations are showing that Gold should slide and test #1,752.80 within #2 sessions. I can expect more serious downtrend on Gold when DX breaks the Higher Low Resistance zone.
My position: As #1,787.80 (breakout point) was broken throughout yesterday's session, it activated my pending Selling order as I was maintaining my order (and kept it overnight). I will take my chances and keep the order throughout Powell's speech, as my model is pointing that the Price-action will continue to be performed below #1,778.80 (towards #1,750's belt) on an aggressive takedown. My Target is #1,755.80. I am looking at the strong possibility to extend my Profits consecutive run to #8 if Gold engages the much expected decline.
Technical analysis: DX broken the Support and is Trading on heavy losses at the moment (Double Bottom rejection), as Gold is Profiting out of that configuration, as unfortunate counter trend rally is visible. However, as soon as DX reverse Higher again, Gold should follow downwards (due to the DX as discussed). I am using (as a pointer) clear Channel Down on both Hourly 4 and Daily chart, and January #6 variance of Gold could be delivering additional Lower Low test after the rally, as it could be the case later on throughout current Trading week. Typical response to these Volatile moves are #1 session consolidation (visible throughout today’s session) and aggressive decline on the aftermath. Technically, the Channel Down has an upside limit of #1,798.80 - #1,800.80. If however #1,782.80 breaks first (and #1,778.80 Medium-term Support), I expect an aggressive takedown towards the #1,750’s level. As mentioned, I believe the market will present the dominant move after today’s Wall Street opening Bell. My estimations are showing that Gold should slide and test #1,752.80 within #2 sessions. I can expect more serious downtrend on Gold when DX breaks the Higher Low Resistance zone.
My position: As #1,787.80 (breakout point) was broken throughout yesterday's session, it activated my pending Selling order as I was maintaining my order (and kept it overnight). I will take my chances and keep the order throughout Powell's speech, as my model is pointing that the Price-action will continue to be performed below #1,778.80 (towards #1,750's belt) on an aggressive takedown. My Target is #1,755.80. I am looking at the strong possibility to extend my Profits consecutive run to #8 if Gold engages the much expected decline.
- 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.
