Strong rejection for the current Hourly 4 candle on the Hourly 1 Support, as the #1,854.80 zone was tested again. All Hourly charts turned Bullish again, and if #1,871.70 breaks again I expect an aggressive rise within the #MA50 belt on Hourly 4 chart, near my Target. Note that this Volatility is related to the turbulence on the Stock markets, and DX Trading on Stimulus hopes (which by the book should be Bullish for Gold) as it didn’t withstood strong hits. DX is flat regarding market opening, the Bond notes are looking for recovery for the #2 session, so Technically Gold remains Bearish unless Price-action is back above the #1,871.80 Resistance. The Channel Down has entered the Higher Low zone (Xau-Usd Spot prices as always on my commentary) I've been mentioning the last couple of sessions, turning critically Oversold in the process. Technically that is a Buying opportunity towards the #1,880.80 - #1,890.80 zone. However it all really depends on how the Bond notes and DX Trade coming into today's final session of this week. Bond notes are at their lowest since November #2, and coupled with today’s strong Sell-off on Stock markets, Investors are relocating capital to riskier assets, evading Gold which paused the uptrend (this state might be temporary). I may potentially see the Bottom of this parabolic Gold run near #1,840.80 (as I have been mentioning since the start of the Month, it resembles the June - August #2019 fractal), but I give less chances to that outlook. Following yesterday’s session spread divergence on Gold’s Spot-prices (Xau-Usd) and Gold Futures are attempting a balance and they are pretty close at the moment which indicates that Gold should be Trading according the Technical rules. My focus is on Spot-prices as always which were flat on the Asian session but engaged the Short-term recovery as E.U. session approached. So it becomes obvious that Technically, mini Selling leg is over with the multiple Bottom’s on Daily chart, as I am expecting Hourly 4 #MA50 test as an obvious Target. It is my belief though that the extension can be as low as the #1,840.80 on Medium-term, if #1,847.80 Support is broken. The Daily chart remains Bearish but mixed and DX is not reacting as negatively as one would expect to the passing of the Stimulus bill. However, I am expecting this week’s Bullish sequence to continue and #23$ Bullish Gap fill towards my Target as U.S. session approaches, but also I cannot rule out that my outlook will be postponed to next week. DX sold back yesterday’s peak as it is confirming my Bullish outlook, which should add Buying pressure on Gold. I am expecting Gold to re-test levels close to #1,892.80 within #2 sessions. Important to note is that RSI is on the same level as it was on the March #9 Bottom and what followed it then was an aggressive # +2.27% rise (#89% probability), so I expect the similar scenario within #2 sessions. Remember, Gold always repeats it’s cycles and respects the Medium-term underlying trend. However as long as Gold don't break #1,871.80, Bullish reversal is not sustainable. With high level of patience and skill of recognizing candlestick formations, I have greatly increased the odds in my favor. My Buy orders are still active.
I activated my buy orders at 1956. I totaly believe that gold is bulish. What's the market is doing is fulfilling the order book with amateur trader SL.
I like your posts. Keep up!
rameezcfa
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@hamzalh94, my God, u must be very good at money management then if ur account is safe still. what's the timeframe u are expecting Gold to reach atleast ur entry points??
meanwhile i am also bullish and i believe Gold should touch 1950-1960 next or in 2 weeks Max.
hamzalh94
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@rameezcfa, sorry my english is not so good. I meant i've bought at 1954
I like your posts. Keep up!