Holding my Selling order / #2,300.80 benchmark break ahead

May 8

As discussed throughout my yesterday's session commentary: "My position: As stated above, my first (original) Selling order is still active (#2,322.80 entry point) with #2,300.80 benchmark as optimal Target. I do expect it to be realized within the session."


Technical analysis: Gold bounced back well enough on the #2,310.80 - #2,312.80 first Support level (which is posing as well as Daily chart's Resistance zone) however Price-action got rejected and filled aggressively #2,300's Support extension. On the Hourly 4 chart, Gold is using the #2,304.80 mark as a Support also (spot how Gold makes local Low’s on it), so that may build up a new consolidation potential which is visible currently. I am expecting symmetrical retrace to the May #1 Low’s, #2,292.80 first and #2,282.80 (also due to the currently Overbought Hourly 4 chart) if #2,300.80 psychological benchmark gives away. Also see how the RSI on Daily chart has reached its Short-term Support and remains on a Descending Channel since the April #9 High’s. Gold is still on the Higher levels (relative to the circumstances) of the recent aggressive uptrend despite DX reaching it’s early March Resistance (on a series of Bullish candles), however mostly Bond Yields market delivered an (# -8.27%) slide in comparison of the September #1 - #18 aggressive gains. See how Gold is basically consolidating isolated within Short-term Resistance and Support zones on the Hourly 4 chart, which is normal Price-action fluctuation within light calendar week. The fact that Gold has kept it’s Bullish momentum on the Daily chart despite the extremely Bearish Technicals still without meaningful correction, reveals Bullish underlying Medium-term trend however will not last for long.


My position: I am holding my Selling order with #2,322.80 entry point, however I have adjusted my Target and now #2,292.80 represents my optimal Target for the sequence.