As discussed throughout my yesterday's session commentary: "My position: According to the above, I have added a Selling order on #1,935.80 with #1,900.80 benchmark as my optimal Target and congratulations if you followed my yesterday's analysis and utilized the aggressive #20-point slide since #1,950's. If Powell persists the narrative rejecting the increase in the interest Rate corridor and this Year's interest rate cut (which is likely in the light of his speech following the interest Rate decision), Traders can expect multi-Month Selling sequence ahead.
I have closed my Selling order Intra-day (#1,935.80 - #1,920.80) on a fine #15-point Profit, extending my results range to #77 Profits row and #18 Stop-loss hits regarding April #2022 - June #2023 cycle. I will use this chance to congratulate Traders who followed my call and had patience to hold the order throughout Powell's testimony, well done!
Technical analysis: Since #1,942.80 first Resistance rejected each recovery attempt and kept the Price-action significantly Lower, it is indication that Selling pressure is increasing and more and more Sellers are participating in the market. Another distinguished Selling opportunity went strongly in my favor and if #1,927.80 breaks once again, Traders may witness quite a Bearish session on the aftermath where #1,918.80 and #1,900.80 benchmarks are Targets to monitor. Powell testimony taken place throughout yesterday's session and either Price-action could deliver aggressive slide towards #1,918.80 first, then if comfortable consolidation continued below #1,918.80, #1,900.80 was benchmark to monitor. If #1,927.80 rejects the Price-action, then again traditional relief rally could continue towards #1,950's where I will be ready to re-Sell Gold once again (strategy which I am utilizing lately). Even though Powell delivered dovish surprise and DX was on spiral downtrend (and still is), there is no much Buying pressure on Gold. This indicates that underlying trend remains severely Bearish and according to my preliminary expectations and Technicals, Price-action was not able to close back above the #1,942.80 and it was Natural to expect prolonged weakness. DX on the other hand reacted negatively to Powell's testimony (# -0.47%) which limited Gold from further decline (as well as invalidating the Neutral Rectangle) and almost Bought back all previous losses. However, the underlying trend (Bearish) can be confirmed in the visible fact that Gold did not react as proportionally as it should to the decline on the DX (sequence last seen on June #15).
My position: As I am Highly satisfied with my Trading results, I will comfortably remain on the sidelines for the session and monitor the Price-action all session until new Selling opportunity arise. Regardless, I am expecting #1,900.80 benchmark test and it is only matter of time when #1,918.80 Support gives away. Do not Buy Gold at all costs even on Technical Bottoms.
I have closed my Selling order Intra-day (#1,935.80 - #1,920.80) on a fine #15-point Profit, extending my results range to #77 Profits row and #18 Stop-loss hits regarding April #2022 - June #2023 cycle. I will use this chance to congratulate Traders who followed my call and had patience to hold the order throughout Powell's testimony, well done!
Technical analysis: Since #1,942.80 first Resistance rejected each recovery attempt and kept the Price-action significantly Lower, it is indication that Selling pressure is increasing and more and more Sellers are participating in the market. Another distinguished Selling opportunity went strongly in my favor and if #1,927.80 breaks once again, Traders may witness quite a Bearish session on the aftermath where #1,918.80 and #1,900.80 benchmarks are Targets to monitor. Powell testimony taken place throughout yesterday's session and either Price-action could deliver aggressive slide towards #1,918.80 first, then if comfortable consolidation continued below #1,918.80, #1,900.80 was benchmark to monitor. If #1,927.80 rejects the Price-action, then again traditional relief rally could continue towards #1,950's where I will be ready to re-Sell Gold once again (strategy which I am utilizing lately). Even though Powell delivered dovish surprise and DX was on spiral downtrend (and still is), there is no much Buying pressure on Gold. This indicates that underlying trend remains severely Bearish and according to my preliminary expectations and Technicals, Price-action was not able to close back above the #1,942.80 and it was Natural to expect prolonged weakness. DX on the other hand reacted negatively to Powell's testimony (# -0.47%) which limited Gold from further decline (as well as invalidating the Neutral Rectangle) and almost Bought back all previous losses. However, the underlying trend (Bearish) can be confirmed in the visible fact that Gold did not react as proportionally as it should to the decline on the DX (sequence last seen on June #15).
My position: As I am Highly satisfied with my Trading results, I will comfortably remain on the sidelines for the session and monitor the Price-action all session until new Selling opportunity arise. Regardless, I am expecting #1,900.80 benchmark test and it is only matter of time when #1,918.80 Support gives away. Do not Buy Gold at all costs even on Technical Bottoms.
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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.