Gold's general commentary: Gold keeps close track of the DX and Bond Yields (strongest correlation I have at the moment) as in the absence of macro-economic news it is consolidating, ignoring though the Stock markets Trading near the Support zone, which shows that it continues to be detached to DX / Bond Yields and rallies on Stock markets don’t (as for the current configuration at least) translate into equal rallies on Gold as long as DX isn't falling. Gold is too close to the Daily chart #MA50 (which was broken only twice since #Q1) and this is not the time to take wild bets on the market, that is obviously waiting for catalysts to move. Right now Selling towards the Daily chart’s Support fractal, having a stop on the Hourly 4 chart’s Resistance near #1,800.80 psychological mark is the most optimal Trade to take, if of course variance allows. U.S. session aswell should have Neutral sentiment, but as I cannot rule out Bearish reversal followed by Selling sequence, I am on sidelines as my order hit the Stop-loss. There is Head and Shoulders pattern forming on Hourly 4 chart, however I am not comfortable with engaging any kind of order at the moment as CPI (Inflation data) can add renewed Buying pressure on Gold.
My position: As Buying pressure seems strongly limited (my belief), I will only be confident with Buying if Price-action breaks #1,800.80 psychological mark and closes the session above it. However if CPI goes in Sellers favour, Gold may engage much needed correction towards Lower levels and is opportunity worth taking in my book.
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Could 1807 with volume spike finally be the near term top? Seems gold waiting on favorable CPI data but now that news is in the downtrend will resume or at least back to low 1700s? DXY also maybe putting in a near term bottom?
vt_tj
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@vt_tj, or mabye not? 14.8 now on DXY but gold still off high
goldenBear88
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@vt_tj, Gold is stagnating in comparison of what is going on with DX.