Gold is Neutral on Short-term / Historic decline ahead on Gold
Regarding August-September cycle, I am on #15 Profits in a row and only #2 Stop-loss hits. There is no doubt in Bond notes (#5Y) - Gold correlation, and more about it you can find in my "Related ideas" box.
Important Bond notes related developments for Gold as DX broke the #93.10 Hourly 4 Support as expected, should cause Gold to peak at #1,962.80 on the Fed rate aftermath, as an Hourly 4 Engulfing Bullish reversal. The inverse Head and Shoulders pattern on Bond notes (#10Y # -0.21%) is Technically completed at the current Price-action where it’s Daily Resistance on an Channel Up breaks to the upside, but I believe that crossing the Resistance level was the necessary confirmation for Gold. I spotted disconnection of Gold throughout yesterday's session (# -0.72%) from DX (# -0.07%) which leaves DX totally out from Gold correlations assets. For now, I see only Bullish developments on Hourly 4 Gold chart, which made me shift my strategy (from Bearish to Bullish) of course regarding Short-term. According to statistics, last #4 Fed announcements were Bullish for Gold after #2 sessions, so if #1,958.80 gets broken on today’s session, I may see decent Bullish leg. On a wider scale (timeframe) this Bond notes development brings me back to my August #12 report, where #1,884.80 was the Support zone on Weekly and Medium-term rebound to #2,014.80 was called for month-to-month Investors - which means whenever strong Support or Resistance is broken since August #12, Price-action were Trading on minimum #80$ movement ahead. However, pullback on Gold to Lower levels (regarding Medium-term) should come as no Technical surprise. With Bond notes rising miraculously (#10Y), Gold is bound to test it's own Daily chart Support. The Neutral Daily Price-action should typically work in favor of the Support, keeping the range intact which adds more chances for a Bullish scenario. I expect to get a direction on today's Wall Street opening Bell. Historical candle regressions on Weekly chart show a resemblance of the current candle series with the July #3- September #25. This suggests that by end of October I should see a decline to the #1,750.80. This is of course vastly speculative with all the current Technical's involved, but as a Medium and Long-term Gold Trader, I think everything is set for a Historic decline. Now is to early to speculate, but with Fibonacci, RSI and Williams% showing Bearish signs, I won’t be willing to gamble and Buy Gold on Long-term. Regarding Short-term, if #1,960.80 is broken (Hourly 4 #MA200), Price-action will be calling for #1,970.80 Resistance test, if #1,941.80 gets broken, Price-action will be calling for #1,927.80 test. Trade the breakout and keep in mind Gold's Medium and Long-term.
Important Bond notes related developments for Gold as DX broke the #93.10 Hourly 4 Support as expected, should cause Gold to peak at #1,962.80 on the Fed rate aftermath, as an Hourly 4 Engulfing Bullish reversal. The inverse Head and Shoulders pattern on Bond notes (#10Y # -0.21%) is Technically completed at the current Price-action where it’s Daily Resistance on an Channel Up breaks to the upside, but I believe that crossing the Resistance level was the necessary confirmation for Gold. I spotted disconnection of Gold throughout yesterday's session (# -0.72%) from DX (# -0.07%) which leaves DX totally out from Gold correlations assets. For now, I see only Bullish developments on Hourly 4 Gold chart, which made me shift my strategy (from Bearish to Bullish) of course regarding Short-term. According to statistics, last #4 Fed announcements were Bullish for Gold after #2 sessions, so if #1,958.80 gets broken on today’s session, I may see decent Bullish leg. On a wider scale (timeframe) this Bond notes development brings me back to my August #12 report, where #1,884.80 was the Support zone on Weekly and Medium-term rebound to #2,014.80 was called for month-to-month Investors - which means whenever strong Support or Resistance is broken since August #12, Price-action were Trading on minimum #80$ movement ahead. However, pullback on Gold to Lower levels (regarding Medium-term) should come as no Technical surprise. With Bond notes rising miraculously (#10Y), Gold is bound to test it's own Daily chart Support. The Neutral Daily Price-action should typically work in favor of the Support, keeping the range intact which adds more chances for a Bullish scenario. I expect to get a direction on today's Wall Street opening Bell. Historical candle regressions on Weekly chart show a resemblance of the current candle series with the July #3- September #25. This suggests that by end of October I should see a decline to the #1,750.80. This is of course vastly speculative with all the current Technical's involved, but as a Medium and Long-term Gold Trader, I think everything is set for a Historic decline. Now is to early to speculate, but with Fibonacci, RSI and Williams% showing Bearish signs, I won’t be willing to gamble and Buy Gold on Long-term. Regarding Short-term, if #1,960.80 is broken (Hourly 4 #MA200), Price-action will be calling for #1,970.80 Resistance test, if #1,941.80 gets broken, Price-action will be calling for #1,927.80 test. Trade the breakout and keep in mind Gold's Medium and Long-term.
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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.
