Gold on Dead Cat bounce / #2,300.80 next Target
Technical analysis: As I announced aggressive Selling correction on Gold, Price-action has negated most of the gains Buyers had lately in #2-session consecutive decline as Gold took #2 Daily chart's candle hit. However the decline is just beginning and is still not proportional as DX and global futures are still on Lower levels. This leads me to believe that on the Short-term, there is a stronger connection of Gold to DX, rather than Bond Yields, so I will keep an eye for pressure zones on DX. Technically the Daily chart was isolated within broken / former Ascending Channel on it’s Higher High’s, as trendline reversals had to give away since last couple occasions it provided rejection many times. I am expecting strong Selling move to take place throughout early next week's phase. Despite the Bullish Fundamental outcome on announcements last week, Gold continues to Trade near the #3-Week Low’s. This indicates that last week's aggressive Buy-off on Gold was largely a pre-pricing of those Fed Rate numbers.
Fundamental analysis: What's obvious, as the current week will come to a close, is that the consolidation since mid last week was just above the Daily chart’s Support Zone which lifts the probabilities for an aggressive Selling sequence in continuation, especially as Weekly chart (#1W) remains marginally Bearish. Interestingly, the Weekly candle is on (# -2.43%). I remain fully Bearish on the Short and Medium-term, however my Technicals are showing partial Bullish reversal signs, easily those will be invalidated once the Support configuration is broken and Selling bias formed on Hourly 4 chart (Gold is purely rising (Buying every dip) on Buying pressure from DX on spiral downtrend and critically Bullish Fundamentals, DX as well struggling to make Bullish comeback).
My position: Gold is on Dead Cat bounce as I maintain my #2,345.80 - #2,352.80 as ideal re-Sell zone. I do believe that Gold may test my re-Sell zone and take sharp turn and test #2,300.80 psychological benchmark in extension which is obvious Target of mine. Keep in mind that Gold invalidated Hourly 4 chart's #MA200 for the first time since mid-February which is distinguished development for Gold's Sellers.
Fundamental analysis: What's obvious, as the current week will come to a close, is that the consolidation since mid last week was just above the Daily chart’s Support Zone which lifts the probabilities for an aggressive Selling sequence in continuation, especially as Weekly chart (#1W) remains marginally Bearish. Interestingly, the Weekly candle is on (# -2.43%). I remain fully Bearish on the Short and Medium-term, however my Technicals are showing partial Bullish reversal signs, easily those will be invalidated once the Support configuration is broken and Selling bias formed on Hourly 4 chart (Gold is purely rising (Buying every dip) on Buying pressure from DX on spiral downtrend and critically Bullish Fundamentals, DX as well struggling to make Bullish comeback).
My position: Gold is on Dead Cat bounce as I maintain my #2,345.80 - #2,352.80 as ideal re-Sell zone. I do believe that Gold may test my re-Sell zone and take sharp turn and test #2,300.80 psychological benchmark in extension which is obvious Target of mine. Keep in mind that Gold invalidated Hourly 4 chart's #MA200 for the first time since mid-February which is distinguished development for Gold's Sellers.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.