#2,700.80 tested / Gold Trading above as expected

לפני 4 ימים

As discussed throughout my yesterday's session commentary: "My position: As I announced that Gold is Buying every dip lately, I have engaged Buying order with #2,665.80 entry point throughout yesterday's session and closed it on #2,683.80 few moments ago. I will continue Buying Gold only if #2,692.80 final Resistance gets invalidated and market closes above it. Otherwise, small correction is due however #2,700.80 benchmark remains Short-term Target for Buyers."


I have firstly engaged re-Sell order (waiting for mini correction to the downside) pre-CPI expecting same or Higher numbers on the announcement, however numbers missed their estimates and I have closed my re-Sell order with #3-point loss. However, I have engaged Buying order on #2,687.80 and closed my order near #2,700.80 benchmark. I am Highly satisfied as my returns are getting better as sessions go by.


Technical analysis: Downtrend sequence on DX is what pushed Gold’s value Higher as well aggressively while the Intra-day semi decline on Gold is what Sellers were expecting. #2,700.80 psychological mark is the next Technical Support on Daily chart and Naturally as long as it holds, the bias is upwards towards the #2,727.80 Resistance in extension (and vice-versa if Resistance is to be tested). If #2,700.80 benchmark gets invalidated, the Sellers will extend their momentum towards the #2,682.80 - #2,692.80 Resistance zone which became symmetrical Support zone (many similarities with April / June Low’s). The Price-action has been in a fierce consolidation (many similarities as well with September #15 Low’s as Gold has completed #4 straight red Weeks which is a historic Long-term signal for Sellers then). Technically, all Bear cycles on Gold have started with a hit on the (#1W) Weekly chart’s #MA200. All previous Bear cycles though touched that level followed with aggressive takedown ahead and if I don't get at least (# -1.00%) drop next week (chances are #87.44% that I will), Gold is more likely to Trade sideways for rest of the January before hitting downside sequence in extension (within #Q1), where by that time Price-action should be closer to #2,600.80 psychological mark (my Long-term Target and possible stabilization zone). Also keep in mind that ceasefire deal has been signed by both sides on Middle East problematic and Gold may dip aggressively anytime.

My position: Gold is now Trading comfortably above #2,700.80 benchmark and #2,700.80 remains first Support. As long as it is preserved, Buying pressure will escalate and push Gold towards #2,727.80 Resistance in extension. Trade accordingly.