Gold rejecting downside attempts / NFP ahead
Gold's general commentary: As expected, Wednesday's session Daily candle closed below the #1,814.80 Resistance, right above one of the Daily chart’s MA’s, turning flat for the session (within Neutral Rectangle). That is a strong indication that the market is attempting to Price the Top there (temporary or not), which just so happens to be a Lower High’s on the Hourly 1 chart’s Ascending Channel. It is no surprise that today's Hourly 4 candle is attempting to engage Bearish sequence so far and since its on Bearish Technicals, I consider it the most optimal Selling entry for a Short-term takedown back to #1,781.80 Support (representing last week’s Low’s). The Higher than expected rate on NFP could aid Gold’s Sellers towards Lower but don't be surprised if the market turns flat today after the E.U. closing. Even though DX was losing with every Hourly candle and pricing strong losses, Gold should be considerably Higher, but isn’t indicating that #1,810.80 - #1,814.80 should be Weekly Top’s and Price-action should be pointing to downwards trajectory.
Technical analysis: As Price-action reached the critical session of the week and to a great extent today’s session NFP decision, the instruments that mostly affect Gold (DX and Bond Yields) seem to have a Bearish effect on it. Bond Yields are Trading on recovery candles above its Daily chart’s Resistance (filled nicely Bullish Gap) for the first time since January #31, while the DX (even though announcement of Initial Jobless Claims meeting the forecast) remains near Lower Low’s extension (on a Dead Cat bounce). Personally, I will await the NFP announcement throughout today’s session to make my move and act accordingly, while Gold’s Daily chart’s Support zone of #1,792.80 - #1,795.80 rejected additional losses and bounced back the Price-action towards Neutral Rectangle. Under such Neutral setting, it is best to Trade the breakout of #1,800.80 psychological barrier. DX should price ultimate Bottom soon enough and should start reversing on recovery sequence, adding Selling pressure on Gold. It is worth noting that Gold engaged the Intra-day decline even though DX was losing with every Hourly candle. #1,814.80 represents final Resistance ahead of #1,821.80 Higher High’s Lower extension.
My position: As I am more than satisfied with my current Trading results, I won't jump quickly on new order. As I am not interested in Buying Gold, my attention shifts to Selling entry points. If NFP prices in better then expected forecast, it will spike up DX (hence Bearish for Gold) where I will be ready to Sell Gold on eminent #1,800.80 barrier break. However, if NFP prices in another debacle (disappointing numbers), I will remain on sidelines for the session and call it for current Trading week.
Technical analysis: As Price-action reached the critical session of the week and to a great extent today’s session NFP decision, the instruments that mostly affect Gold (DX and Bond Yields) seem to have a Bearish effect on it. Bond Yields are Trading on recovery candles above its Daily chart’s Resistance (filled nicely Bullish Gap) for the first time since January #31, while the DX (even though announcement of Initial Jobless Claims meeting the forecast) remains near Lower Low’s extension (on a Dead Cat bounce). Personally, I will await the NFP announcement throughout today’s session to make my move and act accordingly, while Gold’s Daily chart’s Support zone of #1,792.80 - #1,795.80 rejected additional losses and bounced back the Price-action towards Neutral Rectangle. Under such Neutral setting, it is best to Trade the breakout of #1,800.80 psychological barrier. DX should price ultimate Bottom soon enough and should start reversing on recovery sequence, adding Selling pressure on Gold. It is worth noting that Gold engaged the Intra-day decline even though DX was losing with every Hourly candle. #1,814.80 represents final Resistance ahead of #1,821.80 Higher High’s Lower extension.
My position: As I am more than satisfied with my current Trading results, I won't jump quickly on new order. As I am not interested in Buying Gold, my attention shifts to Selling entry points. If NFP prices in better then expected forecast, it will spike up DX (hence Bearish for Gold) where I will be ready to Sell Gold on eminent #1,800.80 barrier break. However, if NFP prices in another debacle (disappointing numbers), I will remain on sidelines for the session and call it for current Trading week.
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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.
