Gold on Dead Cat bounce / #1,927.80 Targeted
Post Fed commentary: Gold was struggling to get past #1,980's with all Bullish factors involved and if market speculators aimed for #2,000.80 benchmark or more, Gold should already Trade above with such Fed outcome. The economy is doing better, rates will not be changed until September and Gold should lose it's appeal and interest among the Investors (making it test #1,700.80 benchmark which is my Long-term Target within my model). I was waiting for steady GDP reading to initiate much needed correction. Fed or not I expect Lower levels to be met sooner or later.
Explanation why I am always on Selling side (perma-Bear): Gold is rising (Buying) in #95% chances with Fundamentals as a catalyst. Those uptrends are hard to track Technically as they can be altered or extended anytime. Also, they can be in continuation in the same manner and that's why Shorting is best way to make Profits on Gold.
Technical analysis: Another series of expected Selling candles brought the Price-action closer to a #1,942.80 Support in extension test (falling knife). The Hourly 4 chart's Descending Channel is on full development and most likely won't stop until it touches the July #11 Bottom. Hourly 4 chart has turned Bearish however Gold has completed #4 straight sideways Hourly 4 chart’s candles that may be supported above the #1,942.80 Support for the fractal but at the same time failing to close below the Daily chart’s #1,942.80 - #1,945.80 Support cluster which is the deciding factor between a Bull and Bear breakout on the Medium-term. The PCE data announcement will be the catalyst within the session and even though it's the DX that's mostly correlated with Gold at the moment (lately), I continue to monitor closely possible Dead Cat bounce on Hourly 4 chart. All this above displays very Bearish picture on Gold regarding both Short and Medium-term.
My position: Even though I do expect softer number on PCE (which may spike DX downwards and is not going in my favor), Price-action and Technicals continue to pile Selling signs on Gold. If you are satisfied with the Profit you can call it for the session however if you decide to risk, Sell as close as #1,956.80 with very tight Stop since it is Friday's session. Keep in mind that if #1,942.80 breaks and market closes below it today or within #2-session horizon, #1,927.80 and #1,900.80 are Targets to monitor (of course without major decline on DX chart as well.)
Explanation why I am always on Selling side (perma-Bear): Gold is rising (Buying) in #95% chances with Fundamentals as a catalyst. Those uptrends are hard to track Technically as they can be altered or extended anytime. Also, they can be in continuation in the same manner and that's why Shorting is best way to make Profits on Gold.
Technical analysis: Another series of expected Selling candles brought the Price-action closer to a #1,942.80 Support in extension test (falling knife). The Hourly 4 chart's Descending Channel is on full development and most likely won't stop until it touches the July #11 Bottom. Hourly 4 chart has turned Bearish however Gold has completed #4 straight sideways Hourly 4 chart’s candles that may be supported above the #1,942.80 Support for the fractal but at the same time failing to close below the Daily chart’s #1,942.80 - #1,945.80 Support cluster which is the deciding factor between a Bull and Bear breakout on the Medium-term. The PCE data announcement will be the catalyst within the session and even though it's the DX that's mostly correlated with Gold at the moment (lately), I continue to monitor closely possible Dead Cat bounce on Hourly 4 chart. All this above displays very Bearish picture on Gold regarding both Short and Medium-term.
My position: Even though I do expect softer number on PCE (which may spike DX downwards and is not going in my favor), Price-action and Technicals continue to pile Selling signs on Gold. If you are satisfied with the Profit you can call it for the session however if you decide to risk, Sell as close as #1,956.80 with very tight Stop since it is Friday's session. Keep in mind that if #1,942.80 breaks and market closes below it today or within #2-session horizon, #1,927.80 and #1,900.80 are Targets to monitor (of course without major decline on DX chart as well.)
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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.
- 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.