Gold should reverse Intra-day recovery and Target #1,759.80
Gold''s general commentary: Technical Bearish dominance on Hourly 4 chart clearing the Neutral consolidation (lasting for #4 sessions) should be about to price a new Low near #1,759.80 Medium-term Support. However it is important to consider that Buying near Monthly rejection points is Technically not advised, especially when Williams% (on bigger charts) is not in so clear Oversold condition and have potential to proceed with further Selling. The present candle series are similar to the July - October #2016 period when Gold Trades mostly sideways within #1,302.80 - #1,330.80 every Month in continuation on a new level of uncertainty, similar to current situation right now, before eventually dropping to #1,250.80 in November. This suggests than only if February #23, #2021 High of #1,823.80 - #1,827.80 is crossed (and of course, #1,792.80 strong Resistance firstly), I can state with certainty that Buying momentum can be established and is in continuation. As discussed, Technically and Fundamentally on the Long-term, Buying is not favoured unless those benchmarks break. I am looking to complete a full oscillation towards #1,678.80 Lower Low extension, crossing lines and pressure points can be determined as variance allows. Subsequently, the current consolidation and another Bearish sequence should come as no Technical surprise.
Technical analysis: Gold broke below the (#1W) Support zone (Weekly chart) and is effectively re-entered the Short-term Bearish territory. With the Hourly 4 chart's configuration offering Resistance at #1,788.80 - #1,792.80, I expect Gold to hit #1,727.80 inside this Trading week, if #1,759.80 gets re-tested and invalidated. However, I will be careful with my positioning and implement tight Risk management, #1,778.80 breaks, I might take my chances and expect Selling domination / Selling confirmation with additional set of Selling orders. The MACD is on a strong Bearish Cross on Daily chart, similar to sequence of November #30, the start of the (was then) Buying leg / scenario should be similar according the variance, just on the other side. Even though the debacle on NFP numbers, DX is seen Trading on gains, subsequently might add Selling pressure on Gold. It is important to note that market speculators are once again manually preventing the downtrend, as it was the case ahead of Medium-term Support break which could engage Multi-Month Bearish cycle. I have found many similarities with October #18 fractal, aswell with November #3 and December #2 Triple Bottom rejections on Hourly 4 chart, which were manually Bought Intra-day in all #3 occasions.
My position: My formula points that Gold will less likely continue the recovery, especially with Fed's current stance and overview, and if #1,778.80 breaks, Sellers will have #1,759.80 on their aim. Since there are #4 strong Resistances towards #1,800.80 barrier and only #1 towards #1,759.80, I give more probabilities to the downside. I will take my chances and engage my order if #1,778.80 breaks, moving Stop-loss every #6 points in Profit, Targeting #1,759.80 since Gold is still Trading within Neutral values. For Long-term Traders, #1,759.80 is excellent Target.
Technical analysis: Gold broke below the (#1W) Support zone (Weekly chart) and is effectively re-entered the Short-term Bearish territory. With the Hourly 4 chart's configuration offering Resistance at #1,788.80 - #1,792.80, I expect Gold to hit #1,727.80 inside this Trading week, if #1,759.80 gets re-tested and invalidated. However, I will be careful with my positioning and implement tight Risk management, #1,778.80 breaks, I might take my chances and expect Selling domination / Selling confirmation with additional set of Selling orders. The MACD is on a strong Bearish Cross on Daily chart, similar to sequence of November #30, the start of the (was then) Buying leg / scenario should be similar according the variance, just on the other side. Even though the debacle on NFP numbers, DX is seen Trading on gains, subsequently might add Selling pressure on Gold. It is important to note that market speculators are once again manually preventing the downtrend, as it was the case ahead of Medium-term Support break which could engage Multi-Month Bearish cycle. I have found many similarities with October #18 fractal, aswell with November #3 and December #2 Triple Bottom rejections on Hourly 4 chart, which were manually Bought Intra-day in all #3 occasions.
My position: My formula points that Gold will less likely continue the recovery, especially with Fed's current stance and overview, and if #1,778.80 breaks, Sellers will have #1,759.80 on their aim. Since there are #4 strong Resistances towards #1,800.80 barrier and only #1 towards #1,759.80, I give more probabilities to the downside. I will take my chances and engage my order if #1,778.80 breaks, moving Stop-loss every #6 points in Profit, Targeting #1,759.80 since Gold is still Trading within Neutral values. For Long-term Traders, #1,759.80 is excellent Target.
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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.
