As discussed throughout my yesterday's session commentary: "My position: When you are unsure of the Medium-term direction on Gold always look for clues on DX and Trade accordingly. Even though DX still remains weak, #1,961.80 - #1,963.80 is excellent Selling area which I will utilize by Selling at current market price towards #1,942.80 contact point and strong Support of the fractal."
My (#1,962.80) entry point Selling order triggered #10-point Stop-loss at #1,972.80 on (at least to me) huge Buying sequence in form of a surprise where Gold delivered almost #35-point Intra-day uptrend without viable catalyst.
Technical analysis: Gold bounced back well enough on the #1,952.80 - #1,955.80 first Support level (which is posing as well as Daily chart’s Support zone) however Price-action got rejected and filled aggressively #1,982.80 Resistance extension without any retracements or stalled uptrend configuration. On the Hourly 4 chart, Gold is using the #1,972.80 mark as a Support also (see how it makes local Low’s on it), so that may build up a new uptrend potential and sustainability you witness at the moment. I am expecting symmetrical retrace from the April #4 Low’s, #1,991.80 first and #1,982.80 (also due to the currently Overbought Hourly 4 chart) and if #1,972.80 gives away, #1,962.80 contact point will be on Seller's aim. Also spot how the RSI on Hourly 4 chart has reached its Short-term critical Resistance (strong reversal point) and remains on a Ascending Channel since July #6 Low's. Gold is still on the Higher levels (relative to the circumstances) of the recent aggressive uptrend despite DX reaching it’s early March Resistance (on a series of Hourly 4 chart's Bullish candles), however mostly Bond Yields market delivered an (# -4.27%) slide in comparison of the September #1 - #18 aggressive gains. See how Gold is basically consolidating isolated within Short-term Resistance and Support zones on the Hourly 4 chart, which is normal Price-action fluctuation ahead of this week’s High-impact Fundamental announcements which I will have more on as today’s U.S. session approaches, since it is a sole reason why Gold is ranged and not falling anymore. The fact that Gold has kept it’s Bullish momentum on the Daily chart despite the extremely Bearish Technicals still without meaningful correction, reveals Bullish underlying Short-term trend.
My position: Market just gives then takes back on past few Trades however I really don't mind. Even though there is possibility of new #8 - #10 point spike upwards before full oscillation towards #1,952.80 benchmark and #1,942.80 Support in extension, I engaged new Selling order on #1,982.80 with #1,952.80 as my optimal Target. Remember that Gold is Trading on Inflated Price-action and as strong the uptrend is, more aggressive correction will be.
My (#1,962.80) entry point Selling order triggered #10-point Stop-loss at #1,972.80 on (at least to me) huge Buying sequence in form of a surprise where Gold delivered almost #35-point Intra-day uptrend without viable catalyst.
Technical analysis: Gold bounced back well enough on the #1,952.80 - #1,955.80 first Support level (which is posing as well as Daily chart’s Support zone) however Price-action got rejected and filled aggressively #1,982.80 Resistance extension without any retracements or stalled uptrend configuration. On the Hourly 4 chart, Gold is using the #1,972.80 mark as a Support also (see how it makes local Low’s on it), so that may build up a new uptrend potential and sustainability you witness at the moment. I am expecting symmetrical retrace from the April #4 Low’s, #1,991.80 first and #1,982.80 (also due to the currently Overbought Hourly 4 chart) and if #1,972.80 gives away, #1,962.80 contact point will be on Seller's aim. Also spot how the RSI on Hourly 4 chart has reached its Short-term critical Resistance (strong reversal point) and remains on a Ascending Channel since July #6 Low's. Gold is still on the Higher levels (relative to the circumstances) of the recent aggressive uptrend despite DX reaching it’s early March Resistance (on a series of Hourly 4 chart's Bullish candles), however mostly Bond Yields market delivered an (# -4.27%) slide in comparison of the September #1 - #18 aggressive gains. See how Gold is basically consolidating isolated within Short-term Resistance and Support zones on the Hourly 4 chart, which is normal Price-action fluctuation ahead of this week’s High-impact Fundamental announcements which I will have more on as today’s U.S. session approaches, since it is a sole reason why Gold is ranged and not falling anymore. The fact that Gold has kept it’s Bullish momentum on the Daily chart despite the extremely Bearish Technicals still without meaningful correction, reveals Bullish underlying Short-term trend.
My position: Market just gives then takes back on past few Trades however I really don't mind. Even though there is possibility of new #8 - #10 point spike upwards before full oscillation towards #1,952.80 benchmark and #1,942.80 Support in extension, I engaged new Selling order on #1,982.80 with #1,952.80 as my optimal Target. Remember that Gold is Trading on Inflated Price-action and as strong the uptrend is, more aggressive correction will be.
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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.