Fed commentary: Second in a row dovish surprise on Fed's press conference. It is now very easy to explain whole concept of Buying pressure throughout the session as large Investment groups already knew the outcome of the Fed and kept their pending Buying orders. I am personally very surprised as I was expecting Gold to be sent towards #1,952.80 once again. Regardless I do not believe that Buying can sustain Technically and sooner or later Price-action has to find Sellers of the market.
Technical analysis: Gold has entered the #1,982.80 - #1,988.80 Medium-term Profit Taking zone, which is the last one on current Fundamental Bull wave and as discussed (without more Fundamental factors to save Buyers) it would be optimal for Short and Medium-term Traders to book their Profits until #1,988.80 and re-engage only after Resistance benchmark breaks (Technically). Technically, Gold is strong Selling option however Selling on such Fundamentally Bullish landscape could be disastrous for one’s capital. With the Hourly 4 chart RSI having been rejected at #66.800, the current Bullish sequence resembles more and more the last strong rebound of October #29 - November #9. Halfway before it’s Top, this rebound pulled back to test the Hourly 4 chart’s #MA50, so Technically I can't ignore this possibility however DX is still losing with every Hourly candle. Personally, chances of Gold testing the #2,000.80 psychological barrier (former multi-Month High’s) are small and almost equal to zero if DX continues with the relief rally. DX was on Selling sequence since November #21, #2022 / trendline which is preserving the cyclical downtrend. Within that Medium-term decline, DX always touched the Lower High's trendline before further takedown. If that is the case and #100.200 or #100.000 rejects the Selling sequence in attempt for an relief attempt (so far DX will not succeed to do so and continue with losses), #102.200 is optimal Target for DX Buyers. On recent huge relief rally on DX, Gold lost approximately #18 - #20 points, while current Top's rejection (small movement ahead the Fed) delivered almost #25 point rise from #1,952.80 benchmark towards #1,972.80 first Resistance. This showcases that Gold became too sensitive on each DX decline while every move up is more or less ignored by Gold.
My position: I am awaiting chance to re-Sell Gold and most likely I will do that as close as #1,985.80 ahead of GDP throughout the session. It is important to note that these are final Bullish sessions for the fractal, however if DX extends the slide, Selling Gold will not be invalidated, just postponed. Gold still holds some Bullish bias due DX.
Technical analysis: Gold has entered the #1,982.80 - #1,988.80 Medium-term Profit Taking zone, which is the last one on current Fundamental Bull wave and as discussed (without more Fundamental factors to save Buyers) it would be optimal for Short and Medium-term Traders to book their Profits until #1,988.80 and re-engage only after Resistance benchmark breaks (Technically). Technically, Gold is strong Selling option however Selling on such Fundamentally Bullish landscape could be disastrous for one’s capital. With the Hourly 4 chart RSI having been rejected at #66.800, the current Bullish sequence resembles more and more the last strong rebound of October #29 - November #9. Halfway before it’s Top, this rebound pulled back to test the Hourly 4 chart’s #MA50, so Technically I can't ignore this possibility however DX is still losing with every Hourly candle. Personally, chances of Gold testing the #2,000.80 psychological barrier (former multi-Month High’s) are small and almost equal to zero if DX continues with the relief rally. DX was on Selling sequence since November #21, #2022 / trendline which is preserving the cyclical downtrend. Within that Medium-term decline, DX always touched the Lower High's trendline before further takedown. If that is the case and #100.200 or #100.000 rejects the Selling sequence in attempt for an relief attempt (so far DX will not succeed to do so and continue with losses), #102.200 is optimal Target for DX Buyers. On recent huge relief rally on DX, Gold lost approximately #18 - #20 points, while current Top's rejection (small movement ahead the Fed) delivered almost #25 point rise from #1,952.80 benchmark towards #1,972.80 first Resistance. This showcases that Gold became too sensitive on each DX decline while every move up is more or less ignored by Gold.
My position: I am awaiting chance to re-Sell Gold and most likely I will do that as close as #1,985.80 ahead of GDP throughout the session. It is important to note that these are final Bullish sessions for the fractal, however if DX extends the slide, Selling Gold will not be invalidated, just postponed. Gold still holds some Bullish bias due DX.
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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.