Upside strongly limited / Engaging my Selling order
Gold's general commentary: Very flat Trading numbers since late E.U. session, ranged on the Hourly 1 chart within roughly #1,775.80 - #1,785.80 which are the optimal breakout zones. As long as it lasts, this makes an basic Rectangle Trading without any major changes, even though that Yields were Trading above the Resistance for more than #3 sessions (currently testing Triple Top formation on Weekly chart (#W1)). The Medium-trend remains fully Bearish but lately Technicals are easily distorted by Fundamental announcements, which are adding strong uncertainty on Bond Yields - directly affecting Gold, but much expected decline didn’t occurred as Gold speculators were defending lower levels, preventing more serious decline. This is not fair Technical value of Gold and proper trend so I am forced to wait more and how market speculators will digest the Fed rate announcement, as side Swings are new norm. Gold is strongly correlated with Bond Yields, but always-changing trend on Bond Yields makes Gold (for now) Volatile asset to Trade on. Gold is Trading on decent Head and Shoulders formation, and if current fractal is yet to be repeated, typical Target of Technical necessity for a Higher Low test includes #1,744.80 and #1,737.80 in extension.
Technical analysis: I am expecting movement throughout today’s U.S. session. Fed announced Interest Rate (unchanged) and it was one of the most important events for Gold. They were expected #99% to leave the rate unchanged. During the past #12 events when the actual rate matched the expected forecast, Gold increased in the next #48 hours (# 78.80% probability), but last #2 events, situation was different - what occurred later is aggressive Selling development. So stats are on my side this week for #1,740.80 extension. Both ways, my aim is always to determine Long-term trend on Gold and my approach always filters such events (Fed rate hike or any other report since I rely on Technical’s) so both ways/sooner or later I am expecting Selling pressure on Gold and Selling extension / with Bond Yields aswell on record Monthly High, Selling bias is inevitable. I am expecting #1,678.80 within May's fractal.
My position: Since Gold was once again rejected near #1,792.80 Resistance zone throughout Asian session (Biden's "Joint Congress" and usual Bullish Engulfing candle on the Fed minutes aftermath) and still #1,800.80 is not recovered, upside seems strongly limited. As long as #1,800.80 is preserved, Price-action will constantly push for Lower Low extension and #1,760.80 Support zone test. #1,792.80 and #1,798.80 are strong Resistances, while on the downside, if #1,765.80 - #1,760.80 breaks, Gold will be calling for #1,737.80 extension. Market speculators are ignoring the strong soaring on Bond Yields, but they will not manage to do so for much longer, as Gold is ready for the decline. I engaged my Selling order on #1,780.80 configuration, calling for #1,760.80 extension, while my Stop-loss is more than #15 points away since my margin can handle it (since my Yearly Profits are excellent). If Yields however stop the uptrend, I will close my orders. I will Sell the Top's as long as #1,800.80 is preserved.
Technical analysis: I am expecting movement throughout today’s U.S. session. Fed announced Interest Rate (unchanged) and it was one of the most important events for Gold. They were expected #99% to leave the rate unchanged. During the past #12 events when the actual rate matched the expected forecast, Gold increased in the next #48 hours (# 78.80% probability), but last #2 events, situation was different - what occurred later is aggressive Selling development. So stats are on my side this week for #1,740.80 extension. Both ways, my aim is always to determine Long-term trend on Gold and my approach always filters such events (Fed rate hike or any other report since I rely on Technical’s) so both ways/sooner or later I am expecting Selling pressure on Gold and Selling extension / with Bond Yields aswell on record Monthly High, Selling bias is inevitable. I am expecting #1,678.80 within May's fractal.
My position: Since Gold was once again rejected near #1,792.80 Resistance zone throughout Asian session (Biden's "Joint Congress" and usual Bullish Engulfing candle on the Fed minutes aftermath) and still #1,800.80 is not recovered, upside seems strongly limited. As long as #1,800.80 is preserved, Price-action will constantly push for Lower Low extension and #1,760.80 Support zone test. #1,792.80 and #1,798.80 are strong Resistances, while on the downside, if #1,765.80 - #1,760.80 breaks, Gold will be calling for #1,737.80 extension. Market speculators are ignoring the strong soaring on Bond Yields, but they will not manage to do so for much longer, as Gold is ready for the decline. I engaged my Selling order on #1,780.80 configuration, calling for #1,760.80 extension, while my Stop-loss is more than #15 points away since my margin can handle it (since my Yearly Profits are excellent). If Yields however stop the uptrend, I will close my orders. I will Sell the Top's as long as #1,800.80 is preserved.
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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.
