Gold's general commentary: With the Fundamental events positively exceeding forecasts and as discussed, Gold is soaring on #5 consecutive sessions Buying run while Bond Yields made an recovery attempt and added significant Selling pressure on Gold throughout yesterday's session. Technically, it should be no surprise that Gold made a session High near #1,792.80. Current Bullish spike is mainly attributed to the turnover on both DX and Bond Yields and traditional Gold’s uptrend ahead of Fed monetary policy hike, even though that Resistance zone was invalidated on multiple occasions. It is important for the Hourly 4 chart to break the #1,800.80 on one try, as the current momentum still holds some Neutral bias. Gold is near the Higher Low extension, so according to Historical resemblance - Gold always repeats it’s cycles and Volatile sessions are ahead, but Buying is in continuation as I will keep my Buying order.
Technical analysis: As expected the fractal acted on Gold's favor and yesterday's session rebound broke above the previous Hourly 1 chart’s Higher Low and is most likely headed for a Daily chart’s Resistance (#1,796.80 and above on Spot prices) for the first time since August #6. Hourly 4 chart has fully recovered, with #1,796.80 acting as an strong Resistance - as this is most likely the Higher Low Upper zone leg of the Hourly 4 chart’s Channel Up. If symmetry from December #2 variance applies, I am looking for a possible #1,800.80 psychological barrier break and full oscillation towards upper levels, most likely completing the Quadruple Top formation, connecting with July #15, July #29, August #4 and current possible peak extension (cycle is pointing that Gold always delivers #4th peak after previous Triple Top rejection. This matches perfectly the Daily chart’s #MA50 Resistance, which is the key of the trend for the next weeks/Month, as Gold is surely in Bearish territory, and breaking of #1,797.80 fractal (holding since June #16) is making Gold shift from Neutral to Bullish on Short-term. Another fact to Support the uptrend, Gold is rejected on Bottom of the Channel Up that started on August #8 and Hourly 4 chart was at it’s Lowest Technically it has been since January - Marc fractal / Oversold on all major RSI. Keep an eye on the Bond Yields and DX configuration in order to accurately track the markets on Short-term as the Medium-term has now the Daily #MA50 as Resistance and #1,776.80 as Support (which is considerably Lower).
My position: I am holding my Buying order, with #1,790.80 entry point, calling for #1,812.80 Buying extension. I will keep my order as I am even more confident in #1,800.80 break within #10-Hour limit.
Technical analysis: As expected the fractal acted on Gold's favor and yesterday's session rebound broke above the previous Hourly 1 chart’s Higher Low and is most likely headed for a Daily chart’s Resistance (#1,796.80 and above on Spot prices) for the first time since August #6. Hourly 4 chart has fully recovered, with #1,796.80 acting as an strong Resistance - as this is most likely the Higher Low Upper zone leg of the Hourly 4 chart’s Channel Up. If symmetry from December #2 variance applies, I am looking for a possible #1,800.80 psychological barrier break and full oscillation towards upper levels, most likely completing the Quadruple Top formation, connecting with July #15, July #29, August #4 and current possible peak extension (cycle is pointing that Gold always delivers #4th peak after previous Triple Top rejection. This matches perfectly the Daily chart’s #MA50 Resistance, which is the key of the trend for the next weeks/Month, as Gold is surely in Bearish territory, and breaking of #1,797.80 fractal (holding since June #16) is making Gold shift from Neutral to Bullish on Short-term. Another fact to Support the uptrend, Gold is rejected on Bottom of the Channel Up that started on August #8 and Hourly 4 chart was at it’s Lowest Technically it has been since January - Marc fractal / Oversold on all major RSI. Keep an eye on the Bond Yields and DX configuration in order to accurately track the markets on Short-term as the Medium-term has now the Daily #MA50 as Resistance and #1,776.80 as Support (which is considerably Lower).
My position: I am holding my Buying order, with #1,790.80 entry point, calling for #1,812.80 Buying extension. I will keep my order as I am even more confident in #1,800.80 break within #10-Hour limit.
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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.
