Dip Buying strategy becomes most optimal one to take
Gold's general commentary: Second Bullish Flag forming on the Hourly 4 chart’s Resistance cluster #1,920.80 - #1,927.80 could be developed and represent the Technical Buying signal / opportunity ahead, as Bond Yields remarks the Fundamental main correlating asset (along with the Inflation non-transitory and new banking collapse crisis) as I expect aggressive #1,952.80 benchmark test on the #1,927.80 market close aftermath.
Technical analysis: Due to the elevated Volatility almost on all charts and the upcoming Resistance zone on Hourly 4 chart (rejecting the Price-action on #3-consecutive occasions), I will not engage any Selling orders as Selling on such Bullish bias is dangerous (especially without tight Risk / Reward ratio) and will await for next Bullish leg upwards. Daily chart advocates that after the #1,920.80 - #1,927.80 is breached, then #1,952.80 benchmark should be the next Technical stop. This is because I can't speculate if January #30 Bottom (now represents local Top) will break (since it was achieved under the #2nd Highest Volumes #421.74K of the last #14 Months). The other reason why my partial Profit taking on Selling sequence is postponed, remains the undesirable Volatility that is expected due banking collapse which is putting Gold as an asset in High demand. My main correlations remain DX and Yields, both going Lower throughout the session. Current strong critically Overbought levels are nothing more than a product of Fundamental pressure - mix of constant Volatility on Yields related to non-transitory Inflation and news related to current Fundamentals, adding constant Buying pressure on Gold. However, I am not so confident that both factors can spike up the Price-action all the way above the #2,000.80 psychological barrier. On a normal Trading session, Technical models and rules are there to be followed, since #1,800.80 or below should be fair Technical Price, however current Price-action is far from it and Technicals don't have any significant meaning (Technical rules don’t apply on such sessions). Current aggressively Bullish developments influenced Technicals aswell, especially Hourly 4 chart which delivered Golden Cross under the circumstances. Price-action I mentioned above cannot be predicted with any Indicator or Pattern (all my ways to read and foresee the market), so rarely a Professional Trader would Buy or Sell the Fundamentally driven sessions as it can backfire sooner or later (reverse anytime and leave the Trader with losing position on his / hers hands). It may grant excellent return on Investment, but always changing Supply - Demand will interfere and according to my estimations, there is more harm in it (and risk) than benefits.
My position: Even though I am well known Gold Seller (rarely Buying) as Shorting is proper way to acquire Profits on Gold, Trader always needs to adjust to the trend. Due Fundamentals, Selling sequence / correction is postponed but not invalidated where I will continue to Buy every dip that Gold makes as long as current state last. My first Buying entry worked perfectly as I will await second one to be accomplished (#1,920.80 pressure point) to re-Buy Gold towards #1,952.80 benchmark.
Technical analysis: Due to the elevated Volatility almost on all charts and the upcoming Resistance zone on Hourly 4 chart (rejecting the Price-action on #3-consecutive occasions), I will not engage any Selling orders as Selling on such Bullish bias is dangerous (especially without tight Risk / Reward ratio) and will await for next Bullish leg upwards. Daily chart advocates that after the #1,920.80 - #1,927.80 is breached, then #1,952.80 benchmark should be the next Technical stop. This is because I can't speculate if January #30 Bottom (now represents local Top) will break (since it was achieved under the #2nd Highest Volumes #421.74K of the last #14 Months). The other reason why my partial Profit taking on Selling sequence is postponed, remains the undesirable Volatility that is expected due banking collapse which is putting Gold as an asset in High demand. My main correlations remain DX and Yields, both going Lower throughout the session. Current strong critically Overbought levels are nothing more than a product of Fundamental pressure - mix of constant Volatility on Yields related to non-transitory Inflation and news related to current Fundamentals, adding constant Buying pressure on Gold. However, I am not so confident that both factors can spike up the Price-action all the way above the #2,000.80 psychological barrier. On a normal Trading session, Technical models and rules are there to be followed, since #1,800.80 or below should be fair Technical Price, however current Price-action is far from it and Technicals don't have any significant meaning (Technical rules don’t apply on such sessions). Current aggressively Bullish developments influenced Technicals aswell, especially Hourly 4 chart which delivered Golden Cross under the circumstances. Price-action I mentioned above cannot be predicted with any Indicator or Pattern (all my ways to read and foresee the market), so rarely a Professional Trader would Buy or Sell the Fundamentally driven sessions as it can backfire sooner or later (reverse anytime and leave the Trader with losing position on his / hers hands). It may grant excellent return on Investment, but always changing Supply - Demand will interfere and according to my estimations, there is more harm in it (and risk) than benefits.
My position: Even though I am well known Gold Seller (rarely Buying) as Shorting is proper way to acquire Profits on Gold, Trader always needs to adjust to the trend. Due Fundamentals, Selling sequence / correction is postponed but not invalidated where I will continue to Buy every dip that Gold makes as long as current state last. My first Buying entry worked perfectly as I will await second one to be accomplished (#1,920.80 pressure point) to re-Buy Gold towards #1,952.80 benchmark.
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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.
