As discussed throughout my yesterday's commentary: "My position: I had intention to await Monday's session and Sell Gold on spot, however, Asian printed decent losses on Gold already, making me remain on sidelines, well preserving my entry points. If Gold breaks #1,961.80, Price-action may fill #1,950.80 barrier Intra-day (signal which I will use), on the contrary, #1,982.80 test and break may arise Gold's Buyers which may push the Price-action all the way towards #2,000.80 barrier. It is dangerous for me to Sell at (#1,964.80 - #1,968.80) since my Stop-loss would be far away (#1,982.80) and if Intra-day trend reverses, I would price in losses. #1,970.80 and #1,961.80 are ideal Selling points."
My Selling order was closed automatically (#1,961.80 - #1,951.80) Intra-day on a fine #10 point Profit run, extending my current results to #20 Profits run and #3 Stop-loss hits regarding January - March cycle. Congratulations for Traders who followed my call!
Technical analysis: Despite the Higher High’s peak rejection on Bond Yields, Gold is extending it’s Selling candles, showcasing the strong underlying Bearish trend. With DX Trading on indecision candles and Usd-Jpy pair on the Weekly High’s regarding E.U. opening, I am only expecting Gold to fall more under these conditions. If Gold don't break #1,935.80 and more importantly: closes the session below the configuration, it is going to be a ranged session but if it does, I may see a quite Bearish action on the aftermath. As for the Price-action, for now Gold is consolidating within #1,930’s, as expected since this structure is (by the book) Selling signal which I have used. However, the movement is within my model and my outlook is unchanged. I would like to note the fact that Gold is consolidating on the Lower High’s Upper zone trendline of the Descending Channel and as it is visible, it resembles the last Lower High’s of the fractal, ready to turn even more downwards. This validates it even more. I will update if the Price-action does something different. More specifically with broken #1,935.80 acting as the Hourly 4 chart’s Support, as I am expecting #1,917.80 fractal within #3 sessions. The Daily chart turned Bearish few sessions ago and can support this downtrend (evident Selling pressure Gold is Trading under). This #3 sessions horizon coincides with the release of the U.S. Fundamentals, so all the parameters support a speculative downtrend on Gold amplified by a strong upswing on Bond Yields.
Fundamental analysis: As U.S. session opening Bell approaches, Gold seemingly printed (#2nd in a row) Bearish Daily chart’s candle (# -1.10% on Bearish MACD gradient). On a side-note, this marks the biggest Hourly 1 chart’s #3 - #4 candle Bearish cohesion in #15 sessions. I don’t need to read current fractal more than once to spot that the current Daily chart’s Neutral consolidation Rectangle which may be ahead should allow a symmetrical #1,900.80 extension (the Monthly MA period) by end of the Trading week if Wednesday’s U.S. opening don’t disappoint (Fed minutes). However, it is important to consider that Selling Gold regarding Medium-term near Monthly rejection points is Technically not advised, especially when Bollinger Bands / Williams% on both Weekly and Monthly chart’s corrected critical Overbought condition and cleared possible Ultimate Top rejection on Weekly chart, that's why #1,900.80 is my furthest extension for now. As I mentioned and Technically regarding the Short-term, Buying is not favoured unless #1,968.80 - #1,978.80 benchmarks break. Strong DX will progressively add Selling pressure on Gold as I maintain my #1,917.80 Target. Regarding Fed minutes, I am expecting hawkish stance which will aid my Selling outlook.
My position: Even though Gold already delivered decent decline throughout Asian session (which became a cycle lately), as discussed above - I still believe that there is more downside to it. I have engaged my Selling order with #1,933.80 as an entry point, Targeting #1,917.80 firstly, and if broken, #1,900.80 in extension.
My Selling order was closed automatically (#1,961.80 - #1,951.80) Intra-day on a fine #10 point Profit run, extending my current results to #20 Profits run and #3 Stop-loss hits regarding January - March cycle. Congratulations for Traders who followed my call!
Technical analysis: Despite the Higher High’s peak rejection on Bond Yields, Gold is extending it’s Selling candles, showcasing the strong underlying Bearish trend. With DX Trading on indecision candles and Usd-Jpy pair on the Weekly High’s regarding E.U. opening, I am only expecting Gold to fall more under these conditions. If Gold don't break #1,935.80 and more importantly: closes the session below the configuration, it is going to be a ranged session but if it does, I may see a quite Bearish action on the aftermath. As for the Price-action, for now Gold is consolidating within #1,930’s, as expected since this structure is (by the book) Selling signal which I have used. However, the movement is within my model and my outlook is unchanged. I would like to note the fact that Gold is consolidating on the Lower High’s Upper zone trendline of the Descending Channel and as it is visible, it resembles the last Lower High’s of the fractal, ready to turn even more downwards. This validates it even more. I will update if the Price-action does something different. More specifically with broken #1,935.80 acting as the Hourly 4 chart’s Support, as I am expecting #1,917.80 fractal within #3 sessions. The Daily chart turned Bearish few sessions ago and can support this downtrend (evident Selling pressure Gold is Trading under). This #3 sessions horizon coincides with the release of the U.S. Fundamentals, so all the parameters support a speculative downtrend on Gold amplified by a strong upswing on Bond Yields.
Fundamental analysis: As U.S. session opening Bell approaches, Gold seemingly printed (#2nd in a row) Bearish Daily chart’s candle (# -1.10% on Bearish MACD gradient). On a side-note, this marks the biggest Hourly 1 chart’s #3 - #4 candle Bearish cohesion in #15 sessions. I don’t need to read current fractal more than once to spot that the current Daily chart’s Neutral consolidation Rectangle which may be ahead should allow a symmetrical #1,900.80 extension (the Monthly MA period) by end of the Trading week if Wednesday’s U.S. opening don’t disappoint (Fed minutes). However, it is important to consider that Selling Gold regarding Medium-term near Monthly rejection points is Technically not advised, especially when Bollinger Bands / Williams% on both Weekly and Monthly chart’s corrected critical Overbought condition and cleared possible Ultimate Top rejection on Weekly chart, that's why #1,900.80 is my furthest extension for now. As I mentioned and Technically regarding the Short-term, Buying is not favoured unless #1,968.80 - #1,978.80 benchmarks break. Strong DX will progressively add Selling pressure on Gold as I maintain my #1,917.80 Target. Regarding Fed minutes, I am expecting hawkish stance which will aid my Selling outlook.
My position: Even though Gold already delivered decent decline throughout Asian session (which became a cycle lately), as discussed above - I still believe that there is more downside to it. I have engaged my Selling order with #1,933.80 as an entry point, Targeting #1,917.80 firstly, and if broken, #1,900.80 in 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.
- 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.
