Gold inside of a Neutral Rectangle, very tight range
Gold's general commentary: As for the current Price-action - the current High levels are no cause for alarm, Gold is simply kept High as every #1,927.80 - #1932.80 Medium-term Support rejection somehow delivers instant relief rally which always tests #1,962.80 - #1,966.80 Resistance zone. I am expecting an Technical takedown soon. I spotted that Gold have been consolidating on Hourly 4 chart all session long and this is typical market pricing of Resistance base. Gold is seen Trading within tight #1,948.80 - #1,962.80 range, evident Hourly 4 chart’s High Volatility belt as the Price-action is absorbing conflicting pressures by the indecision on DX and the Bond Yields on #1-Month Low's. The result is this tight balance you witness lately, Selling every High and Buying every local Bottom. Much will depend on the Fundamental developments however the underlying trend remains fully Bearish and with Daily chart’s (now new norm) Selling every local High's is optimal strategy of the speculators.
Technical analysis: The Lower High's Lower Zone Bull trap towards #1,970's is almost delivered (#1,955.80 Trading prices at the moment) on a very strong Hourly 4 candle as the Ascending Channel attempted to bring last week’s critically Oversold Hourly 1 chart's levels to a balance. As I mentioned earlier, I have used this level to contemplate a re-Sell, based on the Technicals, but without any Medium-term profitable pattern (which I always look for), I was forced to close my order on #1,948.80 not allowing additional risk. This pullback was led by DX (still on Bearish gradient), and Bond Yields (Fundamental sentiment) which made me sit on sidelines until new Price-action opportunity emerges as most likely Price-action will continue fluctuating throughout the session. The week is now almost flat but the Monthly candle is near a respectable (# -1.34%). This remains an undisputed Medium-term Bearish trend. Always consider the Medium-term trend when determining your position along with the High importance correlating instruments (DX and Bond Yields at the moment). For Medium-term Traders, the trend is still Bearish so a practical suggestion would be to Sell every rise to the Rectangle's Support within #18 - #22 points. I remain Bearish (Medium-term), but without good R/R ratio, I will remain on sidelines. #1,900.80 remains my first Medium-term Target.
Technical analysis: The Lower High's Lower Zone Bull trap towards #1,970's is almost delivered (#1,955.80 Trading prices at the moment) on a very strong Hourly 4 candle as the Ascending Channel attempted to bring last week’s critically Oversold Hourly 1 chart's levels to a balance. As I mentioned earlier, I have used this level to contemplate a re-Sell, based on the Technicals, but without any Medium-term profitable pattern (which I always look for), I was forced to close my order on #1,948.80 not allowing additional risk. This pullback was led by DX (still on Bearish gradient), and Bond Yields (Fundamental sentiment) which made me sit on sidelines until new Price-action opportunity emerges as most likely Price-action will continue fluctuating throughout the session. The week is now almost flat but the Monthly candle is near a respectable (# -1.34%). This remains an undisputed Medium-term Bearish trend. Always consider the Medium-term trend when determining your position along with the High importance correlating instruments (DX and Bond Yields at the moment). For Medium-term Traders, the trend is still Bearish so a practical suggestion would be to Sell every rise to the Rectangle's Support within #18 - #22 points. I remain Bearish (Medium-term), but without good R/R ratio, I will remain on sidelines. #1,900.80 remains my first Medium-term Target.
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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.