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.
My Telegram channel: https://t.me/goldenBear88

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.

Comments

good work ...good analysis
+1 Reply
@poiu2020, Many thanks.
Reply
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