goldenBear88

Gold may be looking weak / could be near pricing the new Support

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
I have successfully preserved my account in order to be ready for the new move on Gold. The Daily chart RSI sequence is identical to the February #24 - #27 #2017, which after it almost hit the Support, resulted into the aggressive rise to #1,566.80 (was #MA200 then), as I don’t doubt that this will be the case now as Gold historically repeats it’s Cycles as I expect soaring from this point. At the same time Stock markets were recovering the losses on Friday's session (# -0.16% up from Wednesday’s Lower High) and DX is on a semi-correction, more flat than Trading on a trend (# -0.07%). This should pile on the Buying pressure on Gold (Xau-Usd as always on my commentary) but (can be retroactively) without any major Macro reports today, I may have to wait and Trade the breakout to be certain on Gold's next move. Gold got the necessary Technical correction as I should be seeing a continuation of the uptrend and break of Hourly 4 Channel Down. December fractal should be fully Bullish (for Gold), also what is worth noting is that current week is filled with Bullish Fundamental reports - but my analysis always is based on Medium-term and filters such events, so both ways, Gold should engage the uptrend. Bond markets are on a spiral uptrend which also adds more Buying pressure on Gold. In my opinion DX is they key (essential), if DX extend the decline (and Bond notes continue the Bullish configuration) Gold will follow it’s Technical Buying course. However, #1,768.80 is strong Support zone, and invalidation can make Gold test the #1,751.80 extension point. As discussed, Gold’s collapse throughout Friday’s session was attributed to the random movements and general Volatility on the market, as yet again - DX (main correlation I have regarding Gold) were loosing with every Hourly candle and Gold aswell suffered losses, pointing again on the strong Volatility market is Trading under. Most appropriate action chart is the Hourly 4 where my analysis suggest that Gold is still isolated inside the #1,780.80 variance potentially eyeing #1,750.80 and #1,727.80 extension if Support gets invalidated, but Bullish if the Price-action breaks the semi-Resistance and #1,800.80 psychological barrier. Bullish reversal is confirmed only if #1,800.80 is invalidated which is far away, as Gold is looking really weak to sustain the uptrend. Taking Friday’s decline in consideration, chances for Bullish reversal on Gold (Short-term) are really low, almost equal to zero, but under the Volatility - both scenarios are possible. Gold erased #2 sessions of gains, but I don’t consider this Price-action as fair value of Gold. With strict Risk/Reward ratio and Key entry points - I expect Gold to consolidate within #1 session and engage one final push towards #1,727.80. On the other side, #1,800.80 is key level to monitor.

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