Long-term Bearish cycle ahead / #1,678.80 first on Sellers aim
Gold's general outlook: Technical Bull flag on Hourly 4 chart clearing the Neutral consolidation since Monday was making a new High near #1,790.80. However it is important to consider that Buying near Monthly rejection points is Technically not advised, especially when Williams% on both Weekly and Monthly chart are in so clear Overbought condition and have potential to proceed with further Selling. The present candle series are similar to the July - October #2016 period when Gold Trades mostly sideways within #1,302.20 - #1,330.40 every Month in continuation on a new level of uncertainty, similar to current situation right now, before eventually dropping to #1,250.40 in November. This suggests than only if February #23, #2021 High of #1,817.80 - #1,827.80 is crossed, I can say with certainty that Buying momentum can be established and is in continuation (but only regarding Short-term). Both Technically and Fundamentally on the Long-term, Buying is not favored unless those benchmarks break. I am looking to complete a full oscillation towards #1,678.80 Lower Low extension, crossing lines and pressure points can be determined as variance allows. Consequently the current consolidation and another Bearish sequence should come as no Technical surprise. Gold was within a Triangle on Hourly 4 chart as I will pull the trigger only if #1,770.80 breaks and Yields remain on Lower High configuration.
Technical analysis: Gold was close to the Short-term Resistance, and later on simply capitalized on Three Outside Down Bearish candles. The Long-term has enough downside potential as the few Charts MACD period suggesting #1.747.80, but the Medium-term is limited near #1,678.80 (stabilization zone) and what is worth noting is that the Price-action was rejected more than #3 occasions near Resistance zone, so until the #1,800.80 is not broken I will not see a sustainable Bullish reversal on Gold, that's why I am considering to execute another Short position early on to consume Profit offers from this Bearish momentum. Excellent Risk-Reward ratio. I had Bearish pressure visible throughout yesterday’s session but yet again Gold tested Daily chart’s Resistance zone. Like I said the correlation with DX is rebalancing with the index moving more aggressively than Gold does. Candle movements showing all signs that Gold should test #1,700.80 psychological barrier first and delivers the same kind of sentiment as last time what happened after this kind of report (Fed minutes). I am personally waiting for another #50 point aggressive takedown. No strategy shift so far. Under this assumption DX can rise by that much without Gold breaking #1,770.80 just like the balance they had on January #8. This is of course speculative on a largely volatile Hourly 4 chart and Bearish Daily chart whose indicators suggest that every rise up to the #1,795.80 configuration is a Selling opportunity towards the #1,766.80. I will keep operating with my Selling orders.
My position: I will engage my Selling order only if #1,770.80 configuration breaks, calling for #1,740.80 Lower Low extension. I am not interested in Buying Gold on both Short and Medium-term, and don't be surprised if you see thin Volume throughout today's session. Regarding May - June cycle, I am #13 Profits run and #2 Stop-loss hits.
Important information: Stand by for my tomorrow's Daily commentary, I will explain why Bearish cycle is ahead.
Technical analysis: Gold was close to the Short-term Resistance, and later on simply capitalized on Three Outside Down Bearish candles. The Long-term has enough downside potential as the few Charts MACD period suggesting #1.747.80, but the Medium-term is limited near #1,678.80 (stabilization zone) and what is worth noting is that the Price-action was rejected more than #3 occasions near Resistance zone, so until the #1,800.80 is not broken I will not see a sustainable Bullish reversal on Gold, that's why I am considering to execute another Short position early on to consume Profit offers from this Bearish momentum. Excellent Risk-Reward ratio. I had Bearish pressure visible throughout yesterday’s session but yet again Gold tested Daily chart’s Resistance zone. Like I said the correlation with DX is rebalancing with the index moving more aggressively than Gold does. Candle movements showing all signs that Gold should test #1,700.80 psychological barrier first and delivers the same kind of sentiment as last time what happened after this kind of report (Fed minutes). I am personally waiting for another #50 point aggressive takedown. No strategy shift so far. Under this assumption DX can rise by that much without Gold breaking #1,770.80 just like the balance they had on January #8. This is of course speculative on a largely volatile Hourly 4 chart and Bearish Daily chart whose indicators suggest that every rise up to the #1,795.80 configuration is a Selling opportunity towards the #1,766.80. I will keep operating with my Selling orders.
My position: I will engage my Selling order only if #1,770.80 configuration breaks, calling for #1,740.80 Lower Low extension. I am not interested in Buying Gold on both Short and Medium-term, and don't be surprised if you see thin Volume throughout today's session. Regarding May - June cycle, I am #13 Profits run and #2 Stop-loss hits.
Important information: Stand by for my tomorrow's Daily commentary, I will explain why Bearish cycle is ahead.
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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.
