Keeping my Selling order / Gold under strong Selling pressure
Gold's general commentary: Uptrend sequence on Bond Yields is what pushed DX’s value Higher aswell aggressively while the Intra-day semi decline on Gold is what Sellers were expecting. #1,652.80 psychological mark is the next Technical Support on Daily chart and Naturally as long as it holds, the bias is upwards towards the #1,682.80 Resistance (and vice-versa if Resistance is to be tested). If invalidated, the Sellers will extend their momentum towards the #1,627.80 - #1,633.80 Symmetrical Support belt level (many similarities with April / June Low’s). The Price-action has been in a fierce consolidation since the September #15 Low’s as Gold has completed #4 straight red Weeks which is a historic Long-term signal for Sellers.
Technical analysis: Technically, all Bear cycles on Gold have started with a hit on the (#1W) Weekly chart’s #MA200, which is currently Trading comfortably above the Price-action. All previous Bear cycles though touched that level followed with aggressive takedown ahead and if I don't get at least (# -1.00%) drop this week (chances are #87.44% that I will), Gold is more likely to Trade sideways for rest of the September before hitting #1,588.80 sequence in extension (within #Q4), where by that time Price-action should be closer to #1,452.80 psychological mark (my Long-term Target and possible stabilization zone). In any case, if you are a Medium or Long-term Investor, this is the opportunity you get once every #2 Years. If however the #MA50 breaks on Daily chart first (which is now seen Trading at #1,735.80), I have to consider it as an invalidation to this Selling sequence and a Bullish breakout sign (small chances for Bullish outlook to develop, very limited aswell Fundamentally). I kept my order over-night and if #1,652.80 psychological mark breaks in the meantime, expect #1,633.80 configuration to be filled before the Fed Rate event.
My position: Personally, it is huge surprise to see Gold still Trading above the #1,652.80 psychological mark as Price-action should be near at least #1,633.80 Support zone (fair estimate). Either market speculators are manually preventing the downtrend or Investors are not willing to place any aggressive bets on the market ahead of the news. Gold is both Technically (Annual Support is invalidated) and Fundamentally (global environment far from Gold friendly, #75 Rate hike may be ahead, DX is skyrocketing aswell as Bond Yields above local Highs') equipped for the decline. My Selling order is intact.
Technical analysis: Technically, all Bear cycles on Gold have started with a hit on the (#1W) Weekly chart’s #MA200, which is currently Trading comfortably above the Price-action. All previous Bear cycles though touched that level followed with aggressive takedown ahead and if I don't get at least (# -1.00%) drop this week (chances are #87.44% that I will), Gold is more likely to Trade sideways for rest of the September before hitting #1,588.80 sequence in extension (within #Q4), where by that time Price-action should be closer to #1,452.80 psychological mark (my Long-term Target and possible stabilization zone). In any case, if you are a Medium or Long-term Investor, this is the opportunity you get once every #2 Years. If however the #MA50 breaks on Daily chart first (which is now seen Trading at #1,735.80), I have to consider it as an invalidation to this Selling sequence and a Bullish breakout sign (small chances for Bullish outlook to develop, very limited aswell Fundamentally). I kept my order over-night and if #1,652.80 psychological mark breaks in the meantime, expect #1,633.80 configuration to be filled before the Fed Rate event.
My position: Personally, it is huge surprise to see Gold still Trading above the #1,652.80 psychological mark as Price-action should be near at least #1,633.80 Support zone (fair estimate). Either market speculators are manually preventing the downtrend or Investors are not willing to place any aggressive bets on the market ahead of the news. Gold is both Technically (Annual Support is invalidated) and Fundamentally (global environment far from Gold friendly, #75 Rate hike may be ahead, DX is skyrocketing aswell as Bond Yields above local Highs') equipped for the decline. My Selling order is intact.
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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.
