Selling extension on the cards (#1,871.80 possible)
Gold's general commentary: So far ranged session without much action - Intra-day within the Hourly 4 chart Channel Up with Higher High’s and Lower High’s intact. It is all about how Bond Yields will Trade in the coming hours (currently Trading above Lower High Resistance), but as long as Gold don't break the Higher High variance of #1,917.80, I expect a new Lower High test at #1,871.80. Technically throughout yesterday's session, I had strong Buying signal, but Fundamentally, Yields are Trading on decent recovery as I will follow the Fundamental side (having more confidence in it).
Technical analysis: The Price-action has achieved a temporary equilibrium on Hourly 4 chart, between #1,892.80 and #1,913.80 (roughly Gold was in Overbought waters) as it balances the Technically Bullish dynamics of Short-term and the Bearish Fundamental "fear factor". By my calculations, Bond Yields - sole Fundamental driver behind Gold’s potential decline continuation is not losing it’s strength (regarding Gold markets), if Gold closes today below #1,900.80 psychological barrier and does not open with a Bullish Gap fill, I will engage set of Selling orders towards #1,892.80 first, then if broken pursue #1,871.80 Lower High projection. It is also unknown whether a potential signing of the Tariff bill is already priced in or not, aswell with Biden’s intentions of #6 trillion spending agenda. On yesterday's session, I witnessed Gold on Selling sequence along with Bearish DX, but right now Gold is on firm ground to start new Bearish fractal as Gold is more tied to Bond Yields at the moment. First Support is #1,898.80. Last week the market appeared to have priced at least the gradual rate hike remarks by the Fed Chair. This should imply that even Fundamentally (besides the ever-growing Inflation) the trend should reverse Lower. The risk factor is not at it’s highest level now, but I will still hold on to previous Selling bias and wait it out a bit more. At this point it is essential to either choose a range to Scalp or take a Medium-term position (what I always tend to do). I personally remain Bearish under the Daily chart’s Overbought signal of the past several sessions which suggests that Trading will continue to be performed within the #1,871.80 - #1,892.80 range until Channel Up breaks and DX makes a Bullish correction.
My position: I will Buy Gold only if #1,917.80 Higher High breaks which seems far away, and by my estimations, Selling sequence is far from over. If #1,898.80 breaks (only few points down), I will pursue #1,871.80 Lower High extension with my Selling orders, looking to extend my Profit's row to #9 Profits and only #1 Stop-loss hit regarding May - June fractal. Bond Yields on main stage again.
Technical analysis: The Price-action has achieved a temporary equilibrium on Hourly 4 chart, between #1,892.80 and #1,913.80 (roughly Gold was in Overbought waters) as it balances the Technically Bullish dynamics of Short-term and the Bearish Fundamental "fear factor". By my calculations, Bond Yields - sole Fundamental driver behind Gold’s potential decline continuation is not losing it’s strength (regarding Gold markets), if Gold closes today below #1,900.80 psychological barrier and does not open with a Bullish Gap fill, I will engage set of Selling orders towards #1,892.80 first, then if broken pursue #1,871.80 Lower High projection. It is also unknown whether a potential signing of the Tariff bill is already priced in or not, aswell with Biden’s intentions of #6 trillion spending agenda. On yesterday's session, I witnessed Gold on Selling sequence along with Bearish DX, but right now Gold is on firm ground to start new Bearish fractal as Gold is more tied to Bond Yields at the moment. First Support is #1,898.80. Last week the market appeared to have priced at least the gradual rate hike remarks by the Fed Chair. This should imply that even Fundamentally (besides the ever-growing Inflation) the trend should reverse Lower. The risk factor is not at it’s highest level now, but I will still hold on to previous Selling bias and wait it out a bit more. At this point it is essential to either choose a range to Scalp or take a Medium-term position (what I always tend to do). I personally remain Bearish under the Daily chart’s Overbought signal of the past several sessions which suggests that Trading will continue to be performed within the #1,871.80 - #1,892.80 range until Channel Up breaks and DX makes a Bullish correction.
My position: I will Buy Gold only if #1,917.80 Higher High breaks which seems far away, and by my estimations, Selling sequence is far from over. If #1,898.80 breaks (only few points down), I will pursue #1,871.80 Lower High extension with my Selling orders, looking to extend my Profit's row to #9 Profits and only #1 Stop-loss hit regarding May - June fractal. Bond Yields on main stage again.
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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.
