Gold's general commentary: Following Neutral and Highly Volatile Short-term (steady Low rates in the foreseeable future) outlook from the Fed aftermath, trend should be even more Bearish if the DX keeps rising along with the Bond Yields on Lower Low’s extension (near #5-Month Low's) which is adding to a very mixed picture on Gold. Price-action is attempting to find balance between the two factors and has found itself consolidating again around the #1,778.80 Support zone throughout yesterday's E.U. session, Naturally on a Neutral Hourly 4 chart setting. This is similar to the September #9 - #14 consolidation on the Hourly 4 chart with the rough neckline then being #1,937.80 - #1,951.80 (excluding the abnormal event on the #10), until one of the lines got invalidated and Gold revealed the major underlying trend. The Daily chart’s Support is right below and ready to postpone / limit the downtrend, Trading on #1,770.80. I won’t make any Selling bids (Medium-term) until I have a clear confirmation. Gold can go as far as #1,796.80 Resistance break pushes it so I will not try to Sell too early the current Buying bias, only if strong Support gets invalidated. If #1,796.80 breaks before any of the above happens, I have a Bullish breakout signal as DX can’t keep current High’s for too long again on the Short-term (but remains Bullish on the Medium-term, in resemblance of the last rally / where Gold was on serious decline), which is a Bullish development for Gold regarding #1-Week horizon. This downtrend is directly related to the constant High’s on DX but even then the uptrend on Gold will not be so strong, counterbalanced by Bond Yields below the Support.
Technical analysis: Gold is testing the Hourly 4 chart #1,795.80 point which is currently posing as an first Resistance, in identical fashion with the August #6 fractal which is seamingly reproducing (was representing a Support then). A break above it, suggests Bullish bias towards first #1,800.80 psychological barrier and then #1,812.80, while a rejection should re-test the #1,778.80 Support zone. DX is still on a parabolic uptrend, that’s why Selling pressure on Gold is visible, counterbalanced by the Monthly Low’s on Bond Yields, strongly limiting the downtrend. As a result, I have no other alternative than to keep operating with Buying orders I am Trading on. Fed had positive outcome which will drag Investors to spike up DX so they can secure decent entry near market closing, and in general / both Technically and Fundamentally I should see #1,800.80 and above next. However, if I have to take a guess what will occur on today’s session, I’d say side Swings / Volatility and later on closing below #1,800.80. It seems that Investors who Bought Gold during the current #1-Month uptrend, closed their positions whenever they heard of Fed speech. Theoretically, it makes Investors take capital off of riskier assets and place it in safe-haven assets such as Gold.
My position: I have engaged my Buying order with #1,784.80 entry point, Targeting last Bullish sequence of the current fractal near #1,815.80 as Gold is within Bullish Flag on Hourly 4 chart. I will add strict Risk management policy as weekend break is near and will move Stop-loss in Profit (if happens every #6 points).
Technical analysis: Gold is testing the Hourly 4 chart #1,795.80 point which is currently posing as an first Resistance, in identical fashion with the August #6 fractal which is seamingly reproducing (was representing a Support then). A break above it, suggests Bullish bias towards first #1,800.80 psychological barrier and then #1,812.80, while a rejection should re-test the #1,778.80 Support zone. DX is still on a parabolic uptrend, that’s why Selling pressure on Gold is visible, counterbalanced by the Monthly Low’s on Bond Yields, strongly limiting the downtrend. As a result, I have no other alternative than to keep operating with Buying orders I am Trading on. Fed had positive outcome which will drag Investors to spike up DX so they can secure decent entry near market closing, and in general / both Technically and Fundamentally I should see #1,800.80 and above next. However, if I have to take a guess what will occur on today’s session, I’d say side Swings / Volatility and later on closing below #1,800.80. It seems that Investors who Bought Gold during the current #1-Month uptrend, closed their positions whenever they heard of Fed speech. Theoretically, it makes Investors take capital off of riskier assets and place it in safe-haven assets such as Gold.
My position: I have engaged my Buying order with #1,784.80 entry point, Targeting last Bullish sequence of the current fractal near #1,815.80 as Gold is within Bullish Flag on Hourly 4 chart. I will add strict Risk management policy as weekend break is near and will move Stop-loss in Profit (if happens every #6 points).
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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.
