Sell order activated / Gold remains under heavy pressure
Gold's general commentary: Gold broke the last barrier of #1,800.80 psychological mark on Spot prices throughout last week's sessions, confirming the most likely final wave towards the multi-Month Weekly chart’s zone of #1,800.80 - #1,815.80. Daily chart is still Bearish biased, aswell based on the Weekly chart’s and Daily chart’s peak rejections, it is indicating by my Technical analysis, that Buying is strongly limited (Technically), and under current market conditions Gold is a Sell option (it is visible that Gold is heavily pressured by disappointing announcements readings and DX above Yearly High’s). The DX (# +0.86%), is on critical crossroads and should stay above #106.30 Resistance and is likely to have strong effect on Gold.
Technical analysis: Daily chart has taken a pause from the Ascending Channel course to form a #5 - #8 sessions ABCD pattern as the absence of economic news should cause some sideways action. Apart from that, last week’s #1,800.80 - #1,815.80 High’s can be distinguished as an Resistance zone, demonstrating that the trend remains fully Bearish regarding the Short-term. With the attention still on the Trade tensity, Investors should seek for direction on this week’s Fundamental events, being a leading indicator to Inflation, directly affecting Gold. As Gold still tries to achieve an equilibrium with DX, Gold still loses value more than DX does, indicating an elemental Bearish trend. Global capital is on a Buying frenzy state as Gold negatively beat estimates as well as the unemployment rate (followed with debacle on Inflation data). With such pace capital will not fly to Gold anymore, which may trigger full oscillation towards #1,678.80 Lower Low’s extension.
My position: I have managed to make quick buck out of yesterday's Intra-day Selling sequence (not posted on forum as order was engaged after my commentary), however I have engaged another Selling order with #1,779.80 as an entry point, Targeting #1,755.80 optimal Lower High's Upper zone. Besides the DX, I spotted correlation of Gold with Bond Yields (right now #60% DX and #40% Yields), so Traders should take that into the account. I have announced current Selling sequence ahead throughout last week's ideas.
Technical analysis: Daily chart has taken a pause from the Ascending Channel course to form a #5 - #8 sessions ABCD pattern as the absence of economic news should cause some sideways action. Apart from that, last week’s #1,800.80 - #1,815.80 High’s can be distinguished as an Resistance zone, demonstrating that the trend remains fully Bearish regarding the Short-term. With the attention still on the Trade tensity, Investors should seek for direction on this week’s Fundamental events, being a leading indicator to Inflation, directly affecting Gold. As Gold still tries to achieve an equilibrium with DX, Gold still loses value more than DX does, indicating an elemental Bearish trend. Global capital is on a Buying frenzy state as Gold negatively beat estimates as well as the unemployment rate (followed with debacle on Inflation data). With such pace capital will not fly to Gold anymore, which may trigger full oscillation towards #1,678.80 Lower Low’s extension.
My position: I have managed to make quick buck out of yesterday's Intra-day Selling sequence (not posted on forum as order was engaged after my commentary), however I have engaged another Selling order with #1,779.80 as an entry point, Targeting #1,755.80 optimal Lower High's Upper zone. Besides the DX, I spotted correlation of Gold with Bond Yields (right now #60% DX and #40% Yields), so Traders should take that into the account. I have announced current Selling sequence ahead throughout last week's ideas.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
