Technical analysis: Irregular movements on Gold currently and according to the cycle, configuration starting November #15 - December #31 is most Volatile Annual period when market gives and instantly takes back almost every gain delivered, so patience is required until market reverses again to normal Trading conditions. My latest Target is still not met nor tested even though DX was on parabolic uptrend / recovery and Rising Wedge / trendline break which turned Daily chart from Bullish to Neutral didn’t had any impact on the market, and spike upwards which you witnessed throughout Friday’s session I have no firm explanation for (only Stop-loss hunt). Support was broken few times throughout Friday’s session and Price-action reversed #3 out of #3 times as Traders don’t see that quiet often. Daily chart may continue to consolidate to form the ultimate Top pricing patterns as Price-action indicates that spikes towards #1,800.80 psychological benchmark are better off to be Sold. Global capital is on a Buying frenzy state as Fed positively beat estimates aswell as the Unemployment rate. With such pace capital will fly to safe-havens in High demand such as Gold. I am not entering any more positions until market returns into normal conditions, even if I don’t engage order at all throughout this week. I am still expecting #1,772.80 Support break which may fill #1,752.80 psychological mark on the aftermath (within #3-session horizon) if market does not close above the #1,800.80 psychological benchmark.
My position: My practical suggestion for Short-term Traders is to stay away from the Intra-day Trading and if you decide to Trade this, Trade with strict Risk management and narrow Stop-loss selection. If market closes above the #1,800.80 benchmark, I will Buy Gold on spot towards #1,825.80 - #1,827.80 Ultimate Top zone, however break of #1,786.80 - #1,788.80 Support zone may extend the Selling sequence towards #1,752.80 psychological mark.