Gold has been rising against all Technical rules and once again Technical proper trend was distorted by Fundamental potential. Fed fueled Gold rise is nothing more than a unpredictable reaction as Gold was representing once again Safe-haven which nobody had proper argument to foresee and predict. Investors parked their capital in Gold from insecure assets and Equities but I don’t think it will last long. Strong Bullish Hourly 4 chart candle which has broken above the Ascending Channel on Thursday was pretty strong but as I can see Gold remains Neutral on the Short-term which is a good sign for Short-term traders which are waiting for Selling confirmation and opportunity. A break point of Hourly 4 Ascending Channel is #1,688.80 and once it is broken, I will engage my Sells calling for #1,620.80 and #1,580.70 in extension. #100$ spreads are now new Norm for Gold so I will approach the market with high caution within next few months. The range I have been mentioning past days (#1,580.70 - #1,600.80) is still intact and only if #1,688.80 breaks, I can note with certainty that Gold will dip and traders (Xau-Usd spot prices which I use on my analysis) expect a Bearish breakout. Hourly 4 #MA50 is my first point of interest, also with #MA200 as a final Support. Decline which I am expecting since this surely ain’t fair Technical price of Gold - is in line with the probabilities I mentioned regarding the trend when the U.S. Pending Home Sales report better numbers than the forecast. This is strengthening the DX even more (besides Fed fueled dip), which should resume the uptrend, a development that is Bearish for Gold on the Short and Medium term. Notice also that the Daily #MA50 is at similar levels (also Neutral even after last week's rise) and every time it breaks since #2018, Gold makes a new Lower Low.
- 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.