Sell order active / Gold remains under heavy pressure
Gold's general commentary: Gold is displaying extreme durability as despite the Bearish pressure provided by the Technical necessity for the Higher Low’s extension, the parallel relief rally of DX and uptrend on Bond Yields, the Spot prices are testing #1,633.80 Support throughout today’s session, extending the range to #1,633.80 - #1,662.80 (Medium-term Neutral-to-Bearish levels). In addition to that, Friday’s session High’s bounced exactly on the pressure point which is a sign that Bearish full scale reversal might not be far away, but will be surely postponed if today’s #1,633.80 - #1,652.80 Support cluster result as an #10 - #15 point recovery Intra-day. Daily chart remains an healthy Descending Channel but at the same time, Weekly chart (#1W) is on Negative gradient so only a new Lower High’s Lower extension test can restore the Short-term Bullish sentiment (#1,662.80 or above towards #1,672.80).
Technical analysis: Gold has gone into Intra-day Selling rally and having been slightly disconnected on it’s Technical background correlation with DX, Bond Yields are Trading near local High’s (Bullish Gap fill) which is a mix which pushed Gold south and invalidated Buying potential. Buyers have underestimated the Bearish potential of the recent Selling leg as Gold’s Price-action is isolated within healthy Descending Channel on most of the charts. As long as aggressive Volatility lasts, and the probability of doing so is High as November is projected to be Bullish Month regarding DX, Gold will represent decent Short and Medium-term Selling option. If by some intervention DX start trending downwards, downtrend will be stalled but for now Selling benchmark is #1,615.80 and should probably be next Gold’s most viable Target if DX don't deliver new full bodied negative candle. Daily chart’s curve for holds Selling bias and usually this Technical setup points to new Selling breakout. As Price-action closed the session below #1,652.80 psychological mark, #1,633.80 and #1,615.80 are Targets to monitor.
My position: Without much of the reservations left, I have engaged my additional Selling order with #1,640.80 as an key entry point. My Target is September #28, #2-Year Low's seen Trading at #1,615.80 sequence which rejected the Price-action on multiple occasions. If however, #1,633.80 Support stalls the Price-action, I will slowly start taking Profits there.
Technical analysis: Gold has gone into Intra-day Selling rally and having been slightly disconnected on it’s Technical background correlation with DX, Bond Yields are Trading near local High’s (Bullish Gap fill) which is a mix which pushed Gold south and invalidated Buying potential. Buyers have underestimated the Bearish potential of the recent Selling leg as Gold’s Price-action is isolated within healthy Descending Channel on most of the charts. As long as aggressive Volatility lasts, and the probability of doing so is High as November is projected to be Bullish Month regarding DX, Gold will represent decent Short and Medium-term Selling option. If by some intervention DX start trending downwards, downtrend will be stalled but for now Selling benchmark is #1,615.80 and should probably be next Gold’s most viable Target if DX don't deliver new full bodied negative candle. Daily chart’s curve for holds Selling bias and usually this Technical setup points to new Selling breakout. As Price-action closed the session below #1,652.80 psychological mark, #1,633.80 and #1,615.80 are Targets to monitor.
My position: Without much of the reservations left, I have engaged my additional Selling order with #1,640.80 as an key entry point. My Target is September #28, #2-Year Low's seen Trading at #1,615.80 sequence which rejected the Price-action on multiple occasions. If however, #1,633.80 Support stalls the Price-action, I will slowly start taking Profits there.
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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.
