Technical analysis: So far so good as my already mentioned multi-Week Sell trend was in extension and final Selling Target was concluded near #3,100.80 benchmark / Weekly Bottom. Oversold Technicals prevailed followed by a strong Buying reversal in form of Bullish candlestick formation that Priced in a Bottom with #3,182.80 - #3,192.80 as new-old Support zone, on a Hourly 4 chart’s Three White Soldiers candle extension which delivered #150-point Intra-day Buying run throughout yesterday's session. Despite this, both Hourly 1 and Hourly 4 chart were completely Oversold, and current sequence on Gold was Natural response to such Technical development. No Moving Average still supports Buying bias on any chart, however this is typical Price-action behaviour near Daily chart’s local Bottoms or Top’s. Reversals are not evident and remember that the #3,182.80 - #3,192.80 is a heavy downside Support zone. For now, expected, no signs of Bearish reversal. On such a range bound session, Gold value continues to operate within my Hourly 4 chart's Donchian channel. Market closing is adding credence (in the same time this Week closing) to Buyers if Gold manages to close above #3,200.80 benchmark and if market opens on Monday with Bull spike towards #3,227.80 first Resistance, break of the mentioned former Support now turned in Resistance can aim for another #3,252.80 benchmark / strong Resistance zone. However, if Price-action tests #3,200.80 benchmark and it gives away, extends to Bottom of Support zone and breaks it as well in aggressive manner, I will Sell Gold on spot, pursuing #3,152.80 benchmark / Support zone in extension (I give more probabilities that Gold might continue ranging today so I will Scalp the market). Everything in between is Price-action Daily fluctuation which contains no new clues where Price-action will Trade next.
My position: Scalping the #3,192.80 - #3,227.80 range with strong Volume orders as today Scalpers with have the most returns out of current Price-action.
My position: Scalping the #3,192.80 - #3,227.80 range with strong Volume orders as today Scalpers with have the most returns out of current Price-action.
- 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.