Gold's general commentary: As I highlighted throughout my commentary, if Gold does not recover #1,900.80 psychological benchmark in extension (Selling every High’s), I am expecting Gold to finish the Monthly fractal below #1,852.80 benchmark. Needless to mention, that would be Bearish for Gold’s Long-term (aligns with my Bearish expectations). On an Intra-day basis the only Trading opportunity exists only within the Hourly 4 chart’s Bearish Flag, as I don’t see why I should allow additional risk of Buying Gold throughout Low Volume sessions (many similarities with December #24 - December #25 fractal). The Daily chart’s timeframe has stabilized Technically near Neutral territory after #2 successive candle closings near the one of the MA’s. As long as Gold holds yesterday's session Low’s, the Price-action is more likely to rebound towards #1,900.80 (former Support of utmost importance) and above once again, especially if the reports continue to exceed expectations (despite dovish interference from Powell) and this is why Inflation announcement was critical (Fed announced that #2023 will be Year of lesser Inflation numbers). A break below #1,860.80 Support has a downside risk on the #1,852.80 benchmark and #1,833.80 in extension. It is quite odd that Gold isn't Lower based on the critically Bullish patterns DX, as it appears that Technical’s prevailed and weighed more.
Technical analysis: Gold is still halfway through the week though so no additional calculations can be added, especially since Price-action is still Trading within Daily chart’s Dead Cat bounce which is shifted into a Bearish Flag pattern, with an estimated Higher Low’s Upper zone decimal within #1,860’s. This estimate is now aligned with the Bearish Fundamentals (even though Powell delivered dovish surprise) and Technical necessity for #3rd Lower Low’s extension. Price-action is putting many obstacles within #1,852.80 - #1,860.80 as there are many Moving Averages to be broken until Daily chart turns Bearish again. Gold eventually honored the Fundamental side, however Technically, Gold is Trading on a Bearish pattern within mini Ascending Channel. Now this is largely uncharted territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend change, means marking a Bottom and turning Bullish on Short-term even though that Weekly chart’s trendline has been invalidated, holding since October #31. However the larger time-frame of Weekly chart remains Bearish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. It seems that Investors who Bought Gold during the current #3-Month consecutive rise, closed their positions and Naturally takedown occurred. According to my estimations, Gold still didn’t formed a Bottom, therefore I am and will be ready, operating with Selling orders.
My position: I am still operating with my Selling orders, closing my previous Selling order and and engaging new one with #1,886.80 as an entry point. Congratulations if you are utilizing these Intra-day High's and Low's by Selling every Top that Gold delivers. My optimal Target remains #1,833.80 extension.
Technical analysis: Gold is still halfway through the week though so no additional calculations can be added, especially since Price-action is still Trading within Daily chart’s Dead Cat bounce which is shifted into a Bearish Flag pattern, with an estimated Higher Low’s Upper zone decimal within #1,860’s. This estimate is now aligned with the Bearish Fundamentals (even though Powell delivered dovish surprise) and Technical necessity for #3rd Lower Low’s extension. Price-action is putting many obstacles within #1,852.80 - #1,860.80 as there are many Moving Averages to be broken until Daily chart turns Bearish again. Gold eventually honored the Fundamental side, however Technically, Gold is Trading on a Bearish pattern within mini Ascending Channel. Now this is largely uncharted territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend change, means marking a Bottom and turning Bullish on Short-term even though that Weekly chart’s trendline has been invalidated, holding since October #31. However the larger time-frame of Weekly chart remains Bearish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. It seems that Investors who Bought Gold during the current #3-Month consecutive rise, closed their positions and Naturally takedown occurred. According to my estimations, Gold still didn’t formed a Bottom, therefore I am and will be ready, operating with Selling orders.
My position: I am still operating with my Selling orders, closing my previous Selling order and and engaging new one with #1,886.80 as an entry point. Congratulations if you are utilizing these Intra-day High's and Low's by Selling every Top that Gold delivers. My optimal Target remains #1,833.80 extension.
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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.
- 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.
