Gold within well known range / major move ahead
Technical analysis: Choppy Trading session so far as the Price-action (Xau-Usd Spot) managed to close above the Daily chart’s Support zone, still giving decent chance to Buyers and so far (throughout today’s session) Gold is Trading above the Support fractal (#2,500.80 - #2,505.80). Hourly 4 chart delivered Double Bottom structure and Technical setting became strongly Oversold as the sequence needs to recover the Hourly 4 chart’s #2,527.80 - #2,532.80 Resistance zone as soon as possible in order to revive Buyer’s intent to get back into Bullish phase (Bullish Short-term). However, there is an possibility for aggressive takedown if #2,500.80 benchmark gives away, however that outlook remains more probable as current Top is formed and the Price-action is getting rejected twice in a row near Resistance zone on Hourly 4 chart (however last #2 rejections on Support zone, both times delivered relief rally). Hourly 4 chart almost delivered strong Bullish formation however current sequence got rejected and now I am ready to pursue values below the current Price-action. Gold is ready to deliver Technically strong Bearish formation and bring the Higher High’s Lower zone test in consideration, with #2,472.80 as an first extension once #2,500.80 benchmark gives away. Consulting the Bollinger bands (Daily chart), Traders should only be interested in Buying if Upper Line breaks calling for #2552.80 benchmark test on Daily chart (less likely).
My position: With light calendar throughout the session, I will close my order as near as breakeven and look to re-Sell Gold as Higher as I am able to.
My position: With light calendar throughout the session, I will close my order as near as breakeven and look to re-Sell Gold as Higher as I am able to.
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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.
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