Gold's general commentary: After yesterday’s E.U. session excellent Bearish Short-term opening and clear Technical Selling signal, Fundamentals once again distorted Technical proper trend and from a clear #1,900.80 psychological benchmark and main Support test, Gold recovered the Daily losses with almost #22 point spread in Bull direction. Personally, reason behind it was market speculators pulling the DX (# -2.47% Weekly (#1W) chart) back below Medium-term Support, preventing further downtrend on #2-session horizon. Gold is on the rise again (# +1.00%) driven by known factors and keeping almost (# +0.27%) gains comparing to yesterday's E.U. opening Price-action, which strongly affected Technical values and adjusted them into Buyer's favor.
Technical analysis: That not much Sellers can expected from today’s session mini Buying spree - confirms the small Selling Volume. Buyers appear in good health off Swing since Resistance zone is now turned in Support at #1,950's. Further Selling from current Price-action draws in Support at #1.933.80 (many similarities with June #29 spike) and #1,917.80 Intra-week Low's, which is by my estimations really hard to reach since I can't count out that Gold is still on a Bullish perspective fueled by Fed aftermath, however I see this upside spike as an good re-Sell point (if #1,933.80 is crossed with full candle closing, #1,917.80 is on the cards). What’s also interesting to mention that Gold's rise was not directly proportional even tough DX was on Weekly Low’s, indicating that Gold didn't gained value as much as it should since DX was on one of the most serious declines for #Q4 - #Q1. While Weekly chart’s (#1W) Price-action shows that Gold is less likely heading for Higher levels, Fundamental side flow (Fed aftermath) is traditionally adding credence to Buyers. On the other hand, my personal estimation is #1,900.80 benchmark and #1,852.80 in succession. No doubt that Gold is also affected by the effect of DX policy remarks, testing the #101.500 Support and correlation standpoint will be visible from today’s U.S. session. Surprisingly, yesterday’s DX developments which were later on strongly Sold, had smaller than usual impact on Gold and pushed it upwards (but not significantly). This tight balance keeps the Hourly 4 chart’s Ascending Channel valid in High Volatility belt as I am keeping #1,982.80 as next Higher High's local peak. I have noted that Gold Traders will witness Volatility until Fed announcement and then, by my estimations, I expected further downturn followed by Higher High's Lower zone test, as Gold always gives #1 additional Higher High’s Lower zone test and then delivers an healthy rebound.
My position: Even though my rate expectations met the forecast (# 0.25%), press conference later on had different stance from the rate totally which made Investors far less interested in DX. My Selling order was closed with a Stop-loss hit as I will await chance to re-Sell Gold towards Lower levels. Even though Inflation fears and Inflation chart in general is easing, DX lost value strongly and Naturally added Buying pressure on Gold (sequence which is rarely seen with such rate hikes), and this is the first time in #8-Year period that such rate not firstly moves Gold's Price-action downwards, then upwards throughout the conference. Indeed Hourly 4 chart regained Bullish status once again, however I will not be interesting in Buying unless #1,968.80 breaks and market closes above. In meantime, I will comfortably preserve my capital.
Technical analysis: That not much Sellers can expected from today’s session mini Buying spree - confirms the small Selling Volume. Buyers appear in good health off Swing since Resistance zone is now turned in Support at #1,950's. Further Selling from current Price-action draws in Support at #1.933.80 (many similarities with June #29 spike) and #1,917.80 Intra-week Low's, which is by my estimations really hard to reach since I can't count out that Gold is still on a Bullish perspective fueled by Fed aftermath, however I see this upside spike as an good re-Sell point (if #1,933.80 is crossed with full candle closing, #1,917.80 is on the cards). What’s also interesting to mention that Gold's rise was not directly proportional even tough DX was on Weekly Low’s, indicating that Gold didn't gained value as much as it should since DX was on one of the most serious declines for #Q4 - #Q1. While Weekly chart’s (#1W) Price-action shows that Gold is less likely heading for Higher levels, Fundamental side flow (Fed aftermath) is traditionally adding credence to Buyers. On the other hand, my personal estimation is #1,900.80 benchmark and #1,852.80 in succession. No doubt that Gold is also affected by the effect of DX policy remarks, testing the #101.500 Support and correlation standpoint will be visible from today’s U.S. session. Surprisingly, yesterday’s DX developments which were later on strongly Sold, had smaller than usual impact on Gold and pushed it upwards (but not significantly). This tight balance keeps the Hourly 4 chart’s Ascending Channel valid in High Volatility belt as I am keeping #1,982.80 as next Higher High's local peak. I have noted that Gold Traders will witness Volatility until Fed announcement and then, by my estimations, I expected further downturn followed by Higher High's Lower zone test, as Gold always gives #1 additional Higher High’s Lower zone test and then delivers an healthy rebound.
My position: Even though my rate expectations met the forecast (# 0.25%), press conference later on had different stance from the rate totally which made Investors far less interested in DX. My Selling order was closed with a Stop-loss hit as I will await chance to re-Sell Gold towards Lower levels. Even though Inflation fears and Inflation chart in general is easing, DX lost value strongly and Naturally added Buying pressure on Gold (sequence which is rarely seen with such rate hikes), and this is the first time in #8-Year period that such rate not firstly moves Gold's Price-action downwards, then upwards throughout the conference. Indeed Hourly 4 chart regained Bullish status once again, however I will not be interesting in Buying unless #1,968.80 breaks and market closes above. In meantime, I will comfortably preserve my capital.
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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.
