Price-action remains within Neutral Rectangle
Gold's general commentary: Gold was on near the Top of almost #3-Month uptrend made by the last consolidation phase (many similarities with April #15 - June #15 sequence) before the Price-action made it’s August peak. As discussed before, that High Volatility Zone was the Medium-term Support Zone. On a Short-term perspective and regarding the Daily chart, there is an interesting development with the RSI indicator on a Bearish divergence within the Price-action (similar fractal as Higher Low’s since August #8), while the Price-action is rejected on Higher High’s peak at the moment. The same sequence has happened both from January #11 - #16 and February #16 - #20. Both led to a #3-session peak above the Hourly 4 chart's Resistance (Gold is still preserving that Resistance), which could be the case at the moment. The Hourly 4 chart’s Resistance is currently seen at #1,921.80 on Spot prices. If that’s the case, today’s session would be followed with thin Volume, and after today’s session Volatility / consolidation, I can expect Sellers to re-appear and push Gold as Low as they can as #1,912.80 break can push the Price-action towards #1,921.80 for a Resistance test.
Fundamental analysis: Price-action increased following the absence of Fundamental catalysts, but dropped near #1,900.80 psychological benchmark on Daily chart’s Harami Bearish candle. Sequence has delivered Buyers, new Buying entry with the #1,921.80 as an obvious Target, so congratulations if you used #1,900.80 Support rejection as an re-Buy opportunity. It is important to observe the market sentiment in general, if one is interested in Medium to Long-term Gold direction. Fed is about to announce #2023 Year taper announcement, which can skyrocket DX and engage strong Bullish rally. However, last time Fed delivered such announcement (#2013. Year), DX was skyrocketing and according to the cycle, the same development is expected. On the other hand, Bond Yields was and will be my main point of interest, and DX representing strongest correlation asset regarding Gold market. Traditionally, Gold was benefiting on Low rates and every strong Bullish rally on Gold was followed by Low rates on Yields (remember All Time Low on Bond Yields at #1.09% in #2020 Year, Gold was Trading above #2,000.80 per ounce). However, as Low rates times are most likely gone and matter of the past, I have been announcing strong Bearish cycle (which occurred and got altered on early November #2,022, last Year) on Gold, with current Bullish cycle (at least for #Q1) as an response to such Low Prices of Gold throughout last Bearish cycle.
Fundamental analysis: Price-action increased following the absence of Fundamental catalysts, but dropped near #1,900.80 psychological benchmark on Daily chart’s Harami Bearish candle. Sequence has delivered Buyers, new Buying entry with the #1,921.80 as an obvious Target, so congratulations if you used #1,900.80 Support rejection as an re-Buy opportunity. It is important to observe the market sentiment in general, if one is interested in Medium to Long-term Gold direction. Fed is about to announce #2023 Year taper announcement, which can skyrocket DX and engage strong Bullish rally. However, last time Fed delivered such announcement (#2013. Year), DX was skyrocketing and according to the cycle, the same development is expected. On the other hand, Bond Yields was and will be my main point of interest, and DX representing strongest correlation asset regarding Gold market. Traditionally, Gold was benefiting on Low rates and every strong Bullish rally on Gold was followed by Low rates on Yields (remember All Time Low on Bond Yields at #1.09% in #2020 Year, Gold was Trading above #2,000.80 per ounce). However, as Low rates times are most likely gone and matter of the past, I have been announcing strong Bearish cycle (which occurred and got altered on early November #2,022, last Year) on Gold, with current Bullish cycle (at least for #Q1) as an response to such Low Prices of Gold throughout last Bearish cycle.
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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.
