Selling order activated / #1,800.80 on Sellers aim as expected
Gold's general commentary: Another test of the Hourly 4 chart’s Resistance zone at #1,842.80 - #1,852.80 which again resulted (so far) as an steep rejection. As mentioned on my remarks, this is the Resistance level that Gold needs to break to resume the uptrend and engage the relief rally on Hourly 4 chart, however the neckline keeps the Price-action Bearish, isolated within newly formed Descending Channel. Technically, Bullish breakout point is now seen Trading at #1,846.80, currently few percents down as it is Golden rule to move the Resistance #2 points every session it remains untouched (eminent break will Target #1,853.80 Resistance), while Sellers Target remains the #1,800.80 psychological benchmark below #1,827.80 Support in between.
Technical analysis: What was very interesting as session approached the important DX announcement (better than expected forecast), is that despite the much needed Support rejection on Bond Yields that I announced lately, Gold isn't reacting accordingly which confirms my view of prior weeks that Gold's Price-action is mostly following / mimics the DX (# +0.42% Weekly differential, varying according to the sequence) trend, which is struggling to break back above its Weekly chart’s (#1W) Resistance zone. Regardless, local High’s on DX indicates weakness on Gold, however rejection near the Resistance on DX in turn should be Bullish for Gold (Short-term). Despite the fact that the DX remains strongly above it’s Annual High’s, Gold manages to hold it’s Neutral candles (with the expected pullbacks distinguished as an additional Selling opportunity) as the key correlation to watch is with Dollar Index where it has hit it’s Highest point in #20 Years (Higher DX - heavily pressuring / Bearish for Gold). Daily chart is on excellent Bearish Technicals and as long as the #1,842.80 - #1,852.80 Resistance zone holds, I still have the next Short-term Target on the next barrier (currently at #1,800.80). On a different occassion (Daily close above the Resistance zone), expect a retrace back within #1,862.80 - #1,882.80 zone (very slim chances). Regarding the Medium-term, If #1,800.80 breaks, there is a symmetrical level of #1,778.80 Lower Low’s extension to be mindful of, but after such values the way is open towards #1,752.80 Medium-term Support fractal. Medium and Long-term Targets are as mentioned previously as the Daily chart is under healthy Bearish Technicals but attention is needed since the Williams% got critically Oversold and Death Cross impact is lighter at the moment. As it is evident on the chart, the proposed Channel which I mentioned above is still dominating the Trade. Price-action is so far on (# -0.15%) shift as Buyers are attempting to find the equilibrium between DX above local High’s and Gold on proportional decline. Spot how Investors are taking Profits near #1,800’s zone is stalling the downtrend within Bearish multi-Month cycle, where downtrend is rejected so far every #1 - #3 Hourly 4 chart’s candles.
My position: I am expecting today's session High Impact announcements to favor Sellers later on and with combination of Technical necessity for #1,800.80 benchmark test and Fundament developments which will Bearish effect on Gold, I see no firm reason why #1,800.80 benchmark won't be tested.
Technical analysis: What was very interesting as session approached the important DX announcement (better than expected forecast), is that despite the much needed Support rejection on Bond Yields that I announced lately, Gold isn't reacting accordingly which confirms my view of prior weeks that Gold's Price-action is mostly following / mimics the DX (# +0.42% Weekly differential, varying according to the sequence) trend, which is struggling to break back above its Weekly chart’s (#1W) Resistance zone. Regardless, local High’s on DX indicates weakness on Gold, however rejection near the Resistance on DX in turn should be Bullish for Gold (Short-term). Despite the fact that the DX remains strongly above it’s Annual High’s, Gold manages to hold it’s Neutral candles (with the expected pullbacks distinguished as an additional Selling opportunity) as the key correlation to watch is with Dollar Index where it has hit it’s Highest point in #20 Years (Higher DX - heavily pressuring / Bearish for Gold). Daily chart is on excellent Bearish Technicals and as long as the #1,842.80 - #1,852.80 Resistance zone holds, I still have the next Short-term Target on the next barrier (currently at #1,800.80). On a different occassion (Daily close above the Resistance zone), expect a retrace back within #1,862.80 - #1,882.80 zone (very slim chances). Regarding the Medium-term, If #1,800.80 breaks, there is a symmetrical level of #1,778.80 Lower Low’s extension to be mindful of, but after such values the way is open towards #1,752.80 Medium-term Support fractal. Medium and Long-term Targets are as mentioned previously as the Daily chart is under healthy Bearish Technicals but attention is needed since the Williams% got critically Oversold and Death Cross impact is lighter at the moment. As it is evident on the chart, the proposed Channel which I mentioned above is still dominating the Trade. Price-action is so far on (# -0.15%) shift as Buyers are attempting to find the equilibrium between DX above local High’s and Gold on proportional decline. Spot how Investors are taking Profits near #1,800’s zone is stalling the downtrend within Bearish multi-Month cycle, where downtrend is rejected so far every #1 - #3 Hourly 4 chart’s candles.
My position: I am expecting today's session High Impact announcements to favor Sellers later on and with combination of Technical necessity for #1,800.80 benchmark test and Fundament developments which will Bearish effect on Gold, I see no firm reason why #1,800.80 benchmark won't be tested.
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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.
