Gold is eyeing #1,982.80 and #1,992.80 in extension
Gold's general commentary: Gold broke above the (#1W) Resistance zone (Weekly chart) and is effectively re-entered the Short-term Bullish territory. With the Hourly 4 configuration offering Resistance at #1,971.80 - #1,973.80, I expect Gold to hit #1,982.80 inside the early next Week borders. However, I will be careful with my positioning and keep the Stop-loss a little closer and if #1,935.80 - #1,933.80 breaks on the other sides, I might take my chances and expect Selling domination / Selling confirmation with additional set of Selling orders. The MACD is about to form a Cross on Daily chart, similar to sequence of November #30, the start of the (was then) Buying leg / as I found many similarities with current fractal. Even though the debacle on Fundamental numbers, DX is seen Trading on recovery candles subsequently might add Selling pressure on Gold. This is ideal Buying zone towards #1,992.80 configuration.
Technical analysis: Gold is holding it’s ground on the Hourly 4 chart (Ranged E.U. session opening came as no Technical surprise) as the Price-action rallies, staying well above the Daily chart's Rectangle but preserving the Bullish Short-term underlying trend. As long as Gold keep #1,948.80 Support intact, I give more probabilities to the upside - since Price-action failed to invalidate Support zone and Lower extension, and finished yesterday's session on gains (sign of Buying continuation) on #4-session Buying spree. The answer can be found in the Selling Intra-day trend on Bond Yields (but Bullish Medium-term) taking strong hits and mixed values on DX (still struggling to make Bullish comeback). The Price-action should soon connect with the Hourly 4 chart's Resistance near #1,980's, was a trend setter throughout last Higher High's peak attempt, and last time #1,952.80 fractal didn’t succeed to hold, Gold extended the uptrend more than #40 points within #5 sessions. Personally, even though weak Bullish E.U. session opening today, I still favour going Bullish on the Short-term, but ideally I would want to see a Higher High's broken firmly to be more certain (#1,971.80 - #1,976.80 - final line of the defence for Bears). On the other hand, Gold stabilized Technical levels and can now proceed with Buying bias. #1,955.80 sequence offers excellent value as an entry point towards #1,975.80 first, then #1,992.80 peak in extension. #1,948.80 break can arise Sellers which may drag the Price-action towards #1,938.80 Lower High's Upper zone.
Technical analysis: Gold is holding it’s ground on the Hourly 4 chart (Ranged E.U. session opening came as no Technical surprise) as the Price-action rallies, staying well above the Daily chart's Rectangle but preserving the Bullish Short-term underlying trend. As long as Gold keep #1,948.80 Support intact, I give more probabilities to the upside - since Price-action failed to invalidate Support zone and Lower extension, and finished yesterday's session on gains (sign of Buying continuation) on #4-session Buying spree. The answer can be found in the Selling Intra-day trend on Bond Yields (but Bullish Medium-term) taking strong hits and mixed values on DX (still struggling to make Bullish comeback). The Price-action should soon connect with the Hourly 4 chart's Resistance near #1,980's, was a trend setter throughout last Higher High's peak attempt, and last time #1,952.80 fractal didn’t succeed to hold, Gold extended the uptrend more than #40 points within #5 sessions. Personally, even though weak Bullish E.U. session opening today, I still favour going Bullish on the Short-term, but ideally I would want to see a Higher High's broken firmly to be more certain (#1,971.80 - #1,976.80 - final line of the defence for Bears). On the other hand, Gold stabilized Technical levels and can now proceed with Buying bias. #1,955.80 sequence offers excellent value as an entry point towards #1,975.80 first, then #1,992.80 peak in extension. #1,948.80 break can arise Sellers which may drag the Price-action towards #1,938.80 Lower High's Upper zone.
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- 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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