Gold almost tested #1,491.20 Low yesterday, which is the first Support on Daily chart. What keeps Gold pulling back after every dip is USA-China trade settlement and weak DX. Since it got rejected at #1,504.20 and we are already on the second straight bearish Daily candle, I will treat that as a technical Double Top rejection with the next technical stop on the #1,484.20 profit zone. I remain Bearish targeting #1,482.20 and #1,455.80 in extension selling on every high. At this point I would like to share a key landmark on the monthly scale. Gold has been finally harmonized with DX on that long term chart as Gold is just below its 50% Fibonacci of #1,495.20 (December 2011 low - January 2012 high) while DX just above its 50% Fibonacci of 98.80 (January 2014 high - January 2015 low). That was why (along with the recent equity correction) Gold hasn't been following DX's movement after the August low. Bullish bias is only sustainable if #1,510.20 is broken, but by my calculations that won't happen. Bear market on Gold is inevitable.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.