Engaging my Selling order calling for #1,850.80 extension
Gold's general commentary: I have closed my set of Selling orders Intra-day throughout Thursday's session (#9 Profits row and #1 Stop-loss hit) and aiming now the #1,850.80 configuration and below with my Selling order engaged few moments ago on #1,883.80 variance. All depends on how Bond Yields will Trade on coming sessions and if U.S. don't disappoint (aiming for #1,850.80 test) - depends aswell on how Gold will close the market throughout today’s session (closing below #1,871.80 should deliver Selling continuation). Again I need to state that these are Fundamentally driven sessions (planned #1,8 Trillion spending on infrastructure) and Technical analysis is only useful when the market returns to normal Trading conditions, that's why even though I am a Technical Trader, I engaged a bit above the Support which is not my usual move. Those show the Daily chart is still Bearish, Bond Yields on decent upswing but not wildly above last week's Low and DX as expected above the Support and potentially rising. The Hourly 4 chart’s #1,871.80 also broke last week and since May #11, every marginal break of the Hourly 4 in succession turned into a reversal, which was the case lately (due to NFP Volatility), and now every aspect is set and pointing at aggressive decline continuation.
Fundamental analysis: So if #1,891.80 - #1,894.80 Resistance zone holds (all chances are that it will), expect a bounce back towards #1,850.80 and #1,833.80 in extension. The lower than expected U.S. data (Existing Home Sales and the Initial Jobless Claims in particular which missed the forecast, along with debacle on Core CPI) should have a positive impact on Bond Yields / hence negative on Gold but not if DX start falling again, currently on High’s again (as Gold is much more correlated lately to Bond Yields). So if #1,879.80 fails to hold, Price-action will be calling for #1,850.80 again, if not, Gold will continue the Rectangle Trading.
My position: I engaged my Selling order few moments ago on #1,883.80 variance, ready to pursue #1,850.80 with my Selling orders. My Stop-loss is priced on Resistance zone mentioned above, as my model leans more to the Bearish side. Even if Price-action restores Resistance zone, I won't be interested in Buying Gold unless #1,900.80 psychological barrier breaks again.
Fundamental analysis: So if #1,891.80 - #1,894.80 Resistance zone holds (all chances are that it will), expect a bounce back towards #1,850.80 and #1,833.80 in extension. The lower than expected U.S. data (Existing Home Sales and the Initial Jobless Claims in particular which missed the forecast, along with debacle on Core CPI) should have a positive impact on Bond Yields / hence negative on Gold but not if DX start falling again, currently on High’s again (as Gold is much more correlated lately to Bond Yields). So if #1,879.80 fails to hold, Price-action will be calling for #1,850.80 again, if not, Gold will continue the Rectangle Trading.
My position: I engaged my Selling order few moments ago on #1,883.80 variance, ready to pursue #1,850.80 with my Selling orders. My Stop-loss is priced on Resistance zone mentioned above, as my model leans more to the Bearish side. Even if Price-action restores Resistance zone, I won't be interested in Buying Gold unless #1,900.80 psychological barrier breaks again.
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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.
