Gold's general commentary: The #1,752.80 - #1,755.80 continues to offer stiff Resistance zone (as #1,760.80 is distinguished as an Weekly High’s) and in the meantime, Price-action made a Higher Low’s zone with the #1,730.80 - #1,740.80 far from containing the downtrend. Support line is seen Trading at #1,721.80 (Xau-Usd Spot prices) and as long as it Supports, the Price-action will be stagnating (Short-term) isolated near the Higher Low’s trendline of the Hourly 4 chart’s Descending Channel. There is strong #1,700.80 test probability within #2 sessions since (as I announced many times that #1,700.80 will be tested) market closed below #1,752.80 psychological mark, while DX found the Support zone, but generally the Daily chart’s timeframe is pointing on a steady slide. I am still expecting #1,700.80 psychological barrier test since I projected early on that current High impact announcements and in addition the symposium will obtain more hawkish stance and that environment is far from Gold friendly. Hourly 1 chart constitutes Selling continuation aswell, as Investors are cautious, speculating how market will digest Powell’s speech (catalyst of the week), and what kind of impact it will have on Gold. Base case scenario and market configuration are pointing that Price-action will continue to Trade below Higher Low’s Upper zone, and my if today's session close below #1,721.80 Support, #1,700.80 test will be inevitable.
Technical analysis: Gold remains Bearish on the Hourly 4 chart, well Supported at #1,721.80 and Resisted at #1,740.80. Notice how, even though the Hourly 4 chart’s strong Support broke already throughout early E.U. session (#1,740.80), Price-action didn't close an Hourly 1 chart's candle above, so no Buying signals there. On the contrary, the Hourly 1 chart clearly shows how the Hourly 1 chart’s Descending Channel has rejected any upside attempts #4 times already. Keep an eye on the DX, which I believe is the driver these days (along with Bond Yields); a break for Gold below #1,721.80 could push and expose the Daily chart’s Lower Low extension which is currently seen Trading near #1,700.80 psychological barrier. My estimations are showing that base-case scenario is even extending the Price-action below #1,700.80 (towards #1,678.80 former Triple Bottom configuration), engaging aggressive takedown (total Selling domination) where I am ready to pierce #1,700.80 structure with #2 piercing Selling orders.
My position: I am slowly closing my Long-term Selling orders which are delivering excellent results, regarding more Short-term / I have engaged Selling order with #1,722.80 as an entry point (Targeting #1,700.80 psychological mark).
exactly what i thought at friday afternoon- wait till pull back till 1742 - boom went down - poss same thing again now - 1 big manoeuvre down each - friday NYSE - last nite ASIA - now it’s EU turn
goldenBear88
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@zcqzcfngvj, Excellent commentary!
GoldenMaker
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Why not wait to mini pull back to 1728-1733 area ?
goldenBear88
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@GoldenMaker, I have closed my order on breakeven due DX Gap fill, will re-Sell shortly.
GoldenMaker
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@goldenBear88, It seems to be aimed at the 1742-1745 area
GoldenMaker
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@GoldenMaker, In addition, according to the financial situation, this could also be the last high point before breaking the daily support 1680 towards 1560.