Gold is Targeting #1,752.80 in extension / Selling entry near
Gold's general commentary: Gold is on crossroads regarding today’s sessions (E.U. and U.S.), and no doubts that Gold is under Bearish Technical dominance: breaking downwards important Support belt for Bears is #1,790.80 - #1,788.80, puts the Price-action in deep Bearish territory; Fundamentally: Bond Yields are Trading on a strong recovery candles, and DX is comfortably Trading above #96.10 Support. Technically, Gold is now Trading near very strong Support belt which has important #4 factors: (#1,800.80 benchmark near, Weekly chart’s (#1W) #MA50, Medium-term Hourly 4 chart’s #MA200, Daily chart’s and Hourly 4 chart’s RSI is in deep Oversold territory). I am heavily on Selling side, but will approach with extreme care and engage Selling order with firm confirmation of breaking Support belt of #1,790.80 (Targeting #1,752.80 - #1,750.80 benchmark or Lower) and will Sell on spot if Gold prints #2 points below the Support, #1,788.80 as an exact number (entry point).
Technical analysis: Gold is on an interesting Technical fractal on the Hourly 4 chart, able to convert into a Bearish Flag near #1,790’s. The dominant pattern is a clear Descending Channel since November #19 High. However since September #28, the Daily chart’s RSI is Ascending, being on Lower High’s, which was on a Bearish divergence (pointing to a steeper takedown) within the actual Spot Price-action which is inside Lower High’s and Lower Low’s. I have seen the exact same sequence on July #8 - #16 fractal, where Gold was within Rectangle, engaged the aggressive decline, then started the recovery with more than #200 points. The RSI was then Descending, while the Price-action made #3 Lower Low’s on the Bottom trendline of the Descending Channel, which Technically (if Gold repeat it’s cycle) could engage the decline and hit #1,700.80 psychological barrier on the #1,750.80 benchmark break aftermath. Configuration shows that Gold deliver #3 Lower Low’s (or Higher High’s) and then engages the aggressive takedown (or uptrend in the other case). I am expecting Gold to give #1,752.80 - #1,760.80 Higher Low after possible correction and stabilizing Oversold Williams% levels, and then engage the Medium-term decline, of course with the special touch and attention on Bond Yields chart. That suggests aswell that Gold may be pricing a Bottom here regarding Short-term (temporary or not), and break of can result in aggressive takedown. DX comfortably Trading near the Higher High’s while equities are rising, so I believe that soon enough, Gold will make Lower Low’s attempt towards the Daily chart’s Support cluster, unless #1,806.80 breaks first (less likely), in which case the upside potential is #1,810.80- #1,812.80 and invalidate my pattern (as long as Yields are on Monthly High’s, Buying is dangerous).
My position: As discussed above, if #1,788.80 breaks, I will Sell on spot, pursuing #1,752.80 benchmark with my Selling orders. Important session ahead with PCE and Fed minutes ahead. I am expecting stronger than forecasted numbers and Fed to remain the rate unchanged (hawkish stance) which may Fundamentally add Selling pressure on Gold in addition. I am looking for decent opportunity to extend my Profits run to #4.
Technical analysis: Gold is on an interesting Technical fractal on the Hourly 4 chart, able to convert into a Bearish Flag near #1,790’s. The dominant pattern is a clear Descending Channel since November #19 High. However since September #28, the Daily chart’s RSI is Ascending, being on Lower High’s, which was on a Bearish divergence (pointing to a steeper takedown) within the actual Spot Price-action which is inside Lower High’s and Lower Low’s. I have seen the exact same sequence on July #8 - #16 fractal, where Gold was within Rectangle, engaged the aggressive decline, then started the recovery with more than #200 points. The RSI was then Descending, while the Price-action made #3 Lower Low’s on the Bottom trendline of the Descending Channel, which Technically (if Gold repeat it’s cycle) could engage the decline and hit #1,700.80 psychological barrier on the #1,750.80 benchmark break aftermath. Configuration shows that Gold deliver #3 Lower Low’s (or Higher High’s) and then engages the aggressive takedown (or uptrend in the other case). I am expecting Gold to give #1,752.80 - #1,760.80 Higher Low after possible correction and stabilizing Oversold Williams% levels, and then engage the Medium-term decline, of course with the special touch and attention on Bond Yields chart. That suggests aswell that Gold may be pricing a Bottom here regarding Short-term (temporary or not), and break of can result in aggressive takedown. DX comfortably Trading near the Higher High’s while equities are rising, so I believe that soon enough, Gold will make Lower Low’s attempt towards the Daily chart’s Support cluster, unless #1,806.80 breaks first (less likely), in which case the upside potential is #1,810.80- #1,812.80 and invalidate my pattern (as long as Yields are on Monthly High’s, Buying is dangerous).
My position: As discussed above, if #1,788.80 breaks, I will Sell on spot, pursuing #1,752.80 benchmark with my Selling orders. Important session ahead with PCE and Fed minutes ahead. I am expecting stronger than forecasted numbers and Fed to remain the rate unchanged (hawkish stance) which may Fundamentally add Selling pressure on Gold in addition. I am looking for decent opportunity to extend my Profits run to #4.
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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.
