Gold within a Triangle / upside pressure seems weak
Updated
Gold's general commentary: Neutral Price-action at it’s best regarding Gold’s Short-term chart. My main correlating assets (Bond Yields, DX): Bond Yields are Trading on healthy Ascending channel and above psychological mark #2.000 pricing in (# +2.07%) gains throughout yesterday's session. DX Trading still in Bullish territory and near strong Support priced at (#97.820- #98.000). Regarding Technical and Fundamental developments, I'm not interesting in Buying Gold unless #1952.80 breaks (less likely, as Gold market already priced in and digested Russian war tensions). My position is to Sell Gold on tight spots once DX gets rejection on or near Support zone and Bond Yields extends it's uptrend sequence candles (means, if #1921.80 fractal breaks, Gold will be Targeting #1,900.80 psychological barrier). Keep in mind that cease-fire negotiations are de-escalating the conflict while further conflict escalation news may arise Gold's buyers - means as long as those guide the market, expect side swings and unprecedented Volatility on Gold.
Technical analysis: Gold is Trading within expected values within Rising Wedge since #2 sessions ago, converted into a Triangle. Triangle has a clear Higher High’s and Lower High’s zone. This is where a Medium-term Trade Sells and Buys respectively (usual sign of indecision). Since Friday’s session, the Price-action has put a temporary stop to the downtrend as it hasn't made a new Lower High yet. I will allow one more session and if Gold don’t honour the #1,900.80 psychological barrier, I will position myself on Medium-term and pursue #1,882.80 with my set of Selling orders, eventually waiting for Triangle to switch Gold from Bullish to Bearish regarding Short-term. Gold got rejected few points above the Resistance as Investors were slowly taking Profits on their Buying orders, which Sold back current peak and made Gold flat towards market closing. Regarding Hourly 4 chart configuration, Support priced on #1,918.80 caught my attention as an possible Selling breakout. Also it is worth noting that November #6 - #12 fractal had similar sequence, where Price-action dipped aggressively starting at November #8, engaged the Short-term recovery on the aftermath, but gave #2 more Lower Low’s and then full scale Bullish reversal occurred / I see no reason why it shouldn’t be the case at the moment. Fundamentally, Gold is bound to give one more Lower High’s Lower zone test near #1,900.80 Short-term Resistance, while breaking it can engage the #1,882.80 sequence, and switch Gold from Neutral to Bearish on the Medium-term. #1,918.80 is Support to monitor, while #1,952.80 break invalidates current Selling pattern. Gold still ignores Bullish developments on Bond Yields chart, which should add strong Selling pressure on Gold's Price-action.
My position: For now, Gold is merely Neutral as Price-action is deciding where to next. If Triangle breaks to the upside, then #1,842.80 configuration is possible on Intra-day basis, while Triangle break to the downside, Price-action will be looking to connect with the #1,900.80 psychological barrier. If #1,921.80 breaks, I will pursue #1,900.80 barrier with my Selling orders (including strict Risk management).
Technical analysis: Gold is Trading within expected values within Rising Wedge since #2 sessions ago, converted into a Triangle. Triangle has a clear Higher High’s and Lower High’s zone. This is where a Medium-term Trade Sells and Buys respectively (usual sign of indecision). Since Friday’s session, the Price-action has put a temporary stop to the downtrend as it hasn't made a new Lower High yet. I will allow one more session and if Gold don’t honour the #1,900.80 psychological barrier, I will position myself on Medium-term and pursue #1,882.80 with my set of Selling orders, eventually waiting for Triangle to switch Gold from Bullish to Bearish regarding Short-term. Gold got rejected few points above the Resistance as Investors were slowly taking Profits on their Buying orders, which Sold back current peak and made Gold flat towards market closing. Regarding Hourly 4 chart configuration, Support priced on #1,918.80 caught my attention as an possible Selling breakout. Also it is worth noting that November #6 - #12 fractal had similar sequence, where Price-action dipped aggressively starting at November #8, engaged the Short-term recovery on the aftermath, but gave #2 more Lower Low’s and then full scale Bullish reversal occurred / I see no reason why it shouldn’t be the case at the moment. Fundamentally, Gold is bound to give one more Lower High’s Lower zone test near #1,900.80 Short-term Resistance, while breaking it can engage the #1,882.80 sequence, and switch Gold from Neutral to Bearish on the Medium-term. #1,918.80 is Support to monitor, while #1,952.80 break invalidates current Selling pattern. Gold still ignores Bullish developments on Bond Yields chart, which should add strong Selling pressure on Gold's Price-action.
My position: For now, Gold is merely Neutral as Price-action is deciding where to next. If Triangle breaks to the upside, then #1,842.80 configuration is possible on Intra-day basis, while Triangle break to the downside, Price-action will be looking to connect with the #1,900.80 psychological barrier. If #1,921.80 breaks, I will pursue #1,900.80 barrier with my Selling orders (including strict Risk management).
Comment
“ then #1,942.80 configuration is possible on Intra-day basis”
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- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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