Gold Trading within well known range
Technical analysis: Gold was going after the #2,527.80 - #2,532.80 configuration once again, which as I mentioned represents current strong Resistance zone (wall of Resistance lines). It is negative for Buyers that Resistance (Xau-Usd Spot numbers) level held throughout yesterday's and today’s session, as it maintains the Hourly 4 chart’s Ascending Channel local Top's and since Hourly 4 chart points to an steeper fall and #2,500.80 level variance (which is Trading above Annual Low’s), I may have a quiet a Bearish development on my hands, due to decent readings on U.S. Fundamental announcements. But as long as the Price-action doesn't invalidate the #2,500.80 benchmark or less, I can't be sure of a sustainable decline in continuation. Especially ahead of the Volatility on correlating assets which can shift momentum easily (as seen many times this current week and current fractal in general). The Daily chart is Bearish and since August #16, when the Daily chart RSI is within #52.800 and #62.200, it is the ideal Medium-term Selling entry as Gold rallies aggressively. But that would be further confirmed if the Price-action either breaks below #2,452.80 benchmark or touches the Daily chart’s #2,427.80 - #2,437.80 Higher High’s Lower extension. Historical resemblance showcases that Gold should already trend below #2,452.80 psychological mark / many similarities with cycle below when correlating assets were skyrocketing, engaging parabolic uptrend / Gold ignored it on more than #3 occasions (March #12, March #5 and February #26 where Selling extension reversed into a Bullish rally with DX and Bond Yields above the Resistances). Resemblance shows that every #4th try will reveal a major move and it would be no surprise to see a #80 - #100 point decline on Gold within #10 - #15 sessions, regardless of heavy Buying pressure Gold is Trading under.
My position: Even though Neutral Rectangle break-out is imminent, I will successfully continue to Trade the range. Ideally I will await #2,523.80 - #2,527.80 re-Sell area to Sell Gold on spot once again. If however #2,532.80 gets invalidated, that is a no-call for me as #2,552.80 benchmark will be on Buyers charts. However #2,500.80 benchmark break-out will arise Sellers which may deliver #2,472.80 local Bottom in motion. I am Highly satisfied with my results and will not take Risks (comfortably on sidelines).
My position: Even though Neutral Rectangle break-out is imminent, I will successfully continue to Trade the range. Ideally I will await #2,523.80 - #2,527.80 re-Sell area to Sell Gold on spot once again. If however #2,532.80 gets invalidated, that is a no-call for me as #2,552.80 benchmark will be on Buyers charts. However #2,500.80 benchmark break-out will arise Sellers which may deliver #2,472.80 local Bottom in motion. I am Highly satisfied with my results and will not take Risks (comfortably on sidelines).
- My official and only Telegram Channel: t.me/goldenBear88
- 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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