Gold's general commentary: As Gold is Trading within Hourly 4 chart's mini Neutral Rectangle (isolated inside of bigger proportion Symmetrical Triangle on Hourly 4 chart aswell), this is very cautious market at the moment. Yet again, I see no firm reason for current Buying bias on Gold to be sustainable, as #1,970.80 - #1,973.80 should price in local Top's and reversal area (optimal re-Sell zone). My estimations regarding DX - Gold correlation are once again proven to be optimal Profit making strategy as it all depends on how DX fares into coming sessions. The Price-action should be getting closer to my estimated #1.940.80 - #1,942.80 Lower Low's Upper zone as Hourly 4 chart's Descending Channel attempts a full extension towards Short-term Support zone.
Technical analysis: Gold is clearly without a definitive direction, especially on Hourly 4 chart. Essentially I have nothing significant to add to my prior analysis and estimations as Daily chart still advocates Selling pressure near projected Higher Low's / Lower Low's as Price-action is getting into tight range again (underlying trend remains fully Bearish). The Volume is already decreasing however I expect another slide on Gold during this run by today's market closing. I stand by my Medium-term Selling perspective (all my Trades are heavily on Selling side for us), awaiting next opportunity to Short. My practical suggestion is to not Trade on impulse without breakout points. Weekly chart (#1W) still showcases a necessity towards #1,850.80 benchmark or Lower, however consolidative fractal continues on Gold where I will continue operating with Selling orders as long as it lasts as I don't mind the consolidation as long as market speculators deliver it / I am making excellent use of the sequence on Daily basis.
My position: Critical announcement for the session is CPI Inflation data, regardless I do expect CPI to deliver forecast smaller than expected which may hurt the DX even more. However, Short-term trend remains Bearish so practical suggestion is to Sell every rise that Gold delivers (strategy which I am utilizing on Daily basis). My Selling entry for the session was few moments ago on #1,964.80 (#1,940.80 remains my optimal Target) and monitor your order in case if #1,952.80 benchmark rejects downside attempt.
Technical analysis: Gold is clearly without a definitive direction, especially on Hourly 4 chart. Essentially I have nothing significant to add to my prior analysis and estimations as Daily chart still advocates Selling pressure near projected Higher Low's / Lower Low's as Price-action is getting into tight range again (underlying trend remains fully Bearish). The Volume is already decreasing however I expect another slide on Gold during this run by today's market closing. I stand by my Medium-term Selling perspective (all my Trades are heavily on Selling side for us), awaiting next opportunity to Short. My practical suggestion is to not Trade on impulse without breakout points. Weekly chart (#1W) still showcases a necessity towards #1,850.80 benchmark or Lower, however consolidative fractal continues on Gold where I will continue operating with Selling orders as long as it lasts as I don't mind the consolidation as long as market speculators deliver it / I am making excellent use of the sequence on Daily basis.
My position: Critical announcement for the session is CPI Inflation data, regardless I do expect CPI to deliver forecast smaller than expected which may hurt the DX even more. However, Short-term trend remains Bearish so practical suggestion is to Sell every rise that Gold delivers (strategy which I am utilizing on Daily basis). My Selling entry for the session was few moments ago on #1,964.80 (#1,940.80 remains my optimal Target) and monitor your order in case if #1,952.80 benchmark rejects downside attempt.
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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.