As discussed throughout my yesterday's session commentary: "My position: As it is evident above, I do not have any interest to Buy Gold at least for July's cycle (even on Intra-day basis) as multi-Month Bearish cycle is ahead on Gold. I will await another re-Sell opportunity from one of my Sell points and Sell Gold on Spot towards #1,908.80 Support first, and if Support gives away then #1,900.80 benchmark in extension followed with #1,892.80 contact point."
I have closed my Selling order Intra-day (#1,925.80 - #1,910.80) on a fine #15-point Profit extending my results range to #81 Profits row and #18 Stop-loss hits regarding April #2022 - July #2023 cycle. There are much more Selling unannounced calls however I will use this chance to congratulate Traders who followed my "Selling every High's" strategy and which utilized yesterday's session decline, well done!
Technical analysis: Another strong Bearish Daily chart’s candle (# -0.55% so far) with the downtrend potential intact on Hourly 4 chart’s Descending Chanel testing important benchmark of #1,900.80. Besides Technical correlations, important Fundamental / Bearish factor at the moment is the relief on global geopolitics which cause risky assets to gain and Gold to lose. This shows how Inflated Gold was due to these tensions during this most recent Bullish leg where all gains are mostly erased currently. Gold is being kept on High levels (Gold should already be significantly Lower under the circumstances, #1,852.80 contact point in extension is my fair Technical estimate) despite DX’s decline mainly due to the series of Bullish candles on Bond Yields. The slightest pullback on DX should push Gold even more to the downside where I will be waiting to Sell the market both on Short and Long-term basis. Keep in mind that only a break above #1,942.80 constitutes a Bullish continuation sign for the Short-term. In order to harmonize current levels on Gold, #5 - #10 sessions may be required based on the previous two Higher Low’s / Lower Low’s pullbacks of a # -1.70% magnitude (similar scenario occurred on January #24 and February #14 ). Notice how the pre-Fundamental speculation since the start of the week has been pricing the unfavorable prospect with a Sell-off on Gold which is not encouraging for Buyers even though very encouraging numbers on few market closings last few sessions. This is typical Institutuonal Trading approach ahead of big economic events.
My position: As it is my usual practice now, I will await the NFP numbers and re-Sell Gold as Higher as I can towards #1,900.80 benchmark first followed with #1,882.80 extension.
I have closed my Selling order Intra-day (#1,925.80 - #1,910.80) on a fine #15-point Profit extending my results range to #81 Profits row and #18 Stop-loss hits regarding April #2022 - July #2023 cycle. There are much more Selling unannounced calls however I will use this chance to congratulate Traders who followed my "Selling every High's" strategy and which utilized yesterday's session decline, well done!
Technical analysis: Another strong Bearish Daily chart’s candle (# -0.55% so far) with the downtrend potential intact on Hourly 4 chart’s Descending Chanel testing important benchmark of #1,900.80. Besides Technical correlations, important Fundamental / Bearish factor at the moment is the relief on global geopolitics which cause risky assets to gain and Gold to lose. This shows how Inflated Gold was due to these tensions during this most recent Bullish leg where all gains are mostly erased currently. Gold is being kept on High levels (Gold should already be significantly Lower under the circumstances, #1,852.80 contact point in extension is my fair Technical estimate) despite DX’s decline mainly due to the series of Bullish candles on Bond Yields. The slightest pullback on DX should push Gold even more to the downside where I will be waiting to Sell the market both on Short and Long-term basis. Keep in mind that only a break above #1,942.80 constitutes a Bullish continuation sign for the Short-term. In order to harmonize current levels on Gold, #5 - #10 sessions may be required based on the previous two Higher Low’s / Lower Low’s pullbacks of a # -1.70% magnitude (similar scenario occurred on January #24 and February #14 ). Notice how the pre-Fundamental speculation since the start of the week has been pricing the unfavorable prospect with a Sell-off on Gold which is not encouraging for Buyers even though very encouraging numbers on few market closings last few sessions. This is typical Institutuonal Trading approach ahead of big economic events.
My position: As it is my usual practice now, I will await the NFP numbers and re-Sell Gold as Higher as I can towards #1,900.80 benchmark first followed with #1,882.80 extension.
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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.