Buy order active / Gold remains strong for the session
Gold's general commentary: As evident on my remarks, Gold broken the semi-Resistance of #1,752.80 and is comfortably Trading above it, which delivered strong Buying signal ant gave me a final go to pursue the #1,782.80 extension, however Price-action stalled the uptrend due DX (main market correlation I have at the moment) got rejected near #105.510 Support trendline and engaged mini Bullish leg in form of a correction, as such configuration is no cause for alarm. Gold is now ranging as the signs of exhaustion from both the Fed speculations rally and DX Higher Low’s rejection early on. Technically, the Price-action is fully Bullish on Hourly 4 chart within #1,760’s belt, counterbalanced by Daily chart showcasing Medium-term Bearish values.
Fundamental analysis: However, Price-action got rejected near the #1,764.80 Resistance and immediately Sold back recent gains as Selling pressure impacted the market from DX’s recovery signs and Bond Yields taking strong hits ahead of Wall Street opening Bell. Bond Yields attempted to find a Support but within an Trading Hour, filled the Negative Gap and this Buying action on Gold is an result of it. Under this Hourly 4 chart’s Volatility, best to do is wait for uptrend initiation with already engaged Buying order early on E.U. session, ready to pursue #1,782.80 extension or above which should by maximum out of this Bullish Short-term recovery. Anything outside Hourly 4 chart’s Ascending Channel is led by macroeconomic forces that are difficult to handle with such uncertainty. Regarding historical resemblance, it evident on my charts that Gold is trending upwards and Trading on Medium-term Selling cyclical downside potential similar to August #7, #2020. Since August, Gold always got rejected #3 times near Lower Low extension, than make a final aggressive takedown of more than #200 points. Currently, same fractal is yet to be repeated, where Gold priced in #2 Lower Low extensions, Bought back the losses (July’s Top), and is ready for final meltdown.
Technical analysis: Monitoring the market closing throughout Friday’s session, Hourly 4 chart’s Descending Channel is strongly invalidated as Price-action is now close to my projected #1,765.80 Lower High’s sequence (which is also the Lower High’s watching from the above regarding Medium-term Neutral zone on Spot prices) and if the pattern holds, I should get a extension subsequently towards the #1,780’s Consolidation zone again. However, in case of the #1,752.80 Support break, then Hourly 4 chart’s Selling extension (priced at #1,742.80) can be easily tested Intra-day, negating Bullish bias (less likely). If #1,765.80 breaks, next Technical stop should be #1,773.80 - #1,776.80 Lower High’s Upper extension. Gold broken the #1-Month High’s and didn’t failed to maintain those Inflated prices, however configuration should be rejected with almost #50 point dip near #1,782.80 variance. Remember, when you are unsure of the Medium or Long-term direction on Gold, always look for clues on correlating assets and Trade accordingly. Only when DX prints an Daily chart’s Lower Low’s, I will be able to say with a Higher degree of certainty that the Bullish reversal on Gold is sustainable. Until then Gold is a Buy option but anytime, if DX continue the Dead Cat bounce (Trading near Weekly Low’s), Gold may constantly Buy back the dip and reverse on Bullish note regarding Weekly scale. However, observing the market closing, Price-action got back on levels which can be promising structure for another Buying opportunity. Downside potential seems strongly limited as Gold has underlying Buying momentum which I’ve been mentioning and referring to almost all week. Personally, I am strongly on Bullish side regarding Short-term. #1,773.80 and #1,776.80 are my next points of interest.
My position: I have engaged another Buying order with #1,762.80 as an entry point, as I have closed my Friday's session Buying order on breakeven since it didn't delivered any meaningful result. Typical Target for the sequence is #1,782.80 extension.
Fundamental analysis: However, Price-action got rejected near the #1,764.80 Resistance and immediately Sold back recent gains as Selling pressure impacted the market from DX’s recovery signs and Bond Yields taking strong hits ahead of Wall Street opening Bell. Bond Yields attempted to find a Support but within an Trading Hour, filled the Negative Gap and this Buying action on Gold is an result of it. Under this Hourly 4 chart’s Volatility, best to do is wait for uptrend initiation with already engaged Buying order early on E.U. session, ready to pursue #1,782.80 extension or above which should by maximum out of this Bullish Short-term recovery. Anything outside Hourly 4 chart’s Ascending Channel is led by macroeconomic forces that are difficult to handle with such uncertainty. Regarding historical resemblance, it evident on my charts that Gold is trending upwards and Trading on Medium-term Selling cyclical downside potential similar to August #7, #2020. Since August, Gold always got rejected #3 times near Lower Low extension, than make a final aggressive takedown of more than #200 points. Currently, same fractal is yet to be repeated, where Gold priced in #2 Lower Low extensions, Bought back the losses (July’s Top), and is ready for final meltdown.
Technical analysis: Monitoring the market closing throughout Friday’s session, Hourly 4 chart’s Descending Channel is strongly invalidated as Price-action is now close to my projected #1,765.80 Lower High’s sequence (which is also the Lower High’s watching from the above regarding Medium-term Neutral zone on Spot prices) and if the pattern holds, I should get a extension subsequently towards the #1,780’s Consolidation zone again. However, in case of the #1,752.80 Support break, then Hourly 4 chart’s Selling extension (priced at #1,742.80) can be easily tested Intra-day, negating Bullish bias (less likely). If #1,765.80 breaks, next Technical stop should be #1,773.80 - #1,776.80 Lower High’s Upper extension. Gold broken the #1-Month High’s and didn’t failed to maintain those Inflated prices, however configuration should be rejected with almost #50 point dip near #1,782.80 variance. Remember, when you are unsure of the Medium or Long-term direction on Gold, always look for clues on correlating assets and Trade accordingly. Only when DX prints an Daily chart’s Lower Low’s, I will be able to say with a Higher degree of certainty that the Bullish reversal on Gold is sustainable. Until then Gold is a Buy option but anytime, if DX continue the Dead Cat bounce (Trading near Weekly Low’s), Gold may constantly Buy back the dip and reverse on Bullish note regarding Weekly scale. However, observing the market closing, Price-action got back on levels which can be promising structure for another Buying opportunity. Downside potential seems strongly limited as Gold has underlying Buying momentum which I’ve been mentioning and referring to almost all week. Personally, I am strongly on Bullish side regarding Short-term. #1,773.80 and #1,776.80 are my next points of interest.
My position: I have engaged another Buying order with #1,762.80 as an entry point, as I have closed my Friday's session Buying order on breakeven since it didn't delivered any meaningful result. Typical Target for the sequence is #1,782.80 extension.
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- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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