goldenBear88

Gold's Medium-term / free Monthly chart analysis

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
The current Hourly 4 candle is too flat to provide Intra-day direction but with Hourly 1 chart and Daily Neutral, Short-term Traders may find value within the #1,810.80 - #1,820.80 Bollinger Bands . The key is the Daily chart #MA50 which rejected the Price-action twice this Month. #1,820.80 is the next Resistance and if invalidated, is the key and if that breaks, Short-term Buyers should take it to #1,847.80 and #1,882.80 in continuation. Otherwise, the #1,795.70 Support should be re-tested for a potential Double Bottom as in late September (break of #1,795.80 could spike downwards towards #1,771.80. The DX though got rejected on its Hourly 4 #MA50 and it is due to the strong Bond markets that Gold isn't near #1,900.80 psychological barrier already. Taking the Stock markets in consideration, making decent upswing move this week, Gold struggled to generate much upside momentum. In recent sessions, Gold was near Support on multiple occasions and and messenger of weak Gold state it is Trading on. Once again, Investors are withdrawing capital from Gold to riskier assets as I expect negative Gap fill on Daily chart if #1,795.80 Support is broken. However, on the other hand if #1,820.80 is broken, Gold can easily Buy back lost gains and test the Hourly 4 Resistance. Beyond here, Daily chart structure offers November's opening levels as my next Targets (#1,847.80 and above). As is evident from my chart, Selling has so far been reasonably strong from #1,900.80 psychological barrier. Experienced Traders, spotting indecision signs on Daily chart , might wait and see if a Hourly 4 Bearish configuration develops before making their decision. This helps recognize Sellers intent and provides Traders with entry and risk levels to work with. My suggestion would be to remain on sidelines (low Volume session today) and wait patiently for Monday's sequence and engage after the breakout. I still give more probabilities to the upside, but aswell won't hesitate to engage my set of Selling orders if Support is broken.
My Telegram channel: https://t.me/goldenBear88

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.

Comments

goldenBear88 BertinoTradingService
@BertinoTradingService, Many thanks!
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Nice bro
+1 Reply
goldenBear88 helali026
@helali026, Pleasure!
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