Fundamental analysis: Fed's latest Rate cut announcement delivered mixed message to all asset classes. This lend a Support on Gold chart which pushed the Price-action back to Neutral Rectangle and a clear break in one direction or the other was necessary to determine further market positioning. Next major move on Gold may be in Powell's hearing, as well as data from the U.S. core economic announcements (Initial Jobless Claims, Existing Home Sales, Services PMI) due this week. Currently Gold holds strong Bearish bias as I believe Gold will remain under heavy Selling pressure but the last #4 attempts to break the structure (May #30, June #5, June #8, June #15 and #16) were sharply rejected (#30 - #40 points within #4 to #8-Hour zone). Gold is Trading comfortably below the #1,942.80 which contained the recovery and Gold remains under heavy Selling pressure (mostly throughout June).
Technical analysis: The question remains whether the market close will succeed once again below #1,942.80 first Resistance and if so, it can be considered a confirmation of the downward trend of the following period #1 - #2 Weeks in form of prolonged weakness which can finally test my #1,900.80 Medium-term Target and well known benchmark. However, it is important to note that incoming Fundamental data has been relentlessly invalidating attempts to break out of the structure lately, creating Bullish spikes all along, there are no more events which can revive Buyers intent and now Price-action can be monitored on Technical basis. Therefore, the final confirmation would rather be the closing of the Weekly candle below the #1,942.80 on the Daily chart which makes #1,900.80 benchmark once again as a very visible Target from this Selling configuration.
My position: According to the above, I have added a Selling order on #1,935.80 with #1,900.80 benchmark as my optimal Target and congratulations if you followed my yesterday's analysis and utilized the aggressive #20-point slide since #1,950's. If Powell persists the narrative rejecting the increase in the interest Rate corridor and this Year's interest rate cut (which is likely in the light of his speech following the interest Rate decision), Traders can expect multi-Month Selling sequence ahead.
Technical analysis: The question remains whether the market close will succeed once again below #1,942.80 first Resistance and if so, it can be considered a confirmation of the downward trend of the following period #1 - #2 Weeks in form of prolonged weakness which can finally test my #1,900.80 Medium-term Target and well known benchmark. However, it is important to note that incoming Fundamental data has been relentlessly invalidating attempts to break out of the structure lately, creating Bullish spikes all along, there are no more events which can revive Buyers intent and now Price-action can be monitored on Technical basis. Therefore, the final confirmation would rather be the closing of the Weekly candle below the #1,942.80 on the Daily chart which makes #1,900.80 benchmark once again as a very visible Target from this Selling configuration.
My position: According to the above, I have added a Selling order on #1,935.80 with #1,900.80 benchmark as my optimal Target and congratulations if you followed my yesterday's analysis and utilized the aggressive #20-point slide since #1,950's. If Powell persists the narrative rejecting the increase in the interest Rate corridor and this Year's interest rate cut (which is likely in the light of his speech following the interest Rate decision), Traders can expect multi-Month Selling sequence ahead.
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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.