Gold's general commentary: Gold (Spot-prices on my focus) is Trading within an healthy Ascending Channel on Hourly 1 chart with the latest Weekly Low’s at #1,795.80 (representing configuration only few points from strong Support aswell) as the Lower High / Lower zone is priced at #1,810.80 - #1,814.80 extension. If Lower High’s zone gets invalidated to the upside, Selling bias is postponed (very slim chances). In my opinion, I should keep focusing on the Hourly 4 chart’s #1,795.80 strong Support level and enormous Selling pressure (from Bond Yields) which aims Lower Targets below the Hourly 4 chart’s first Support (such as #1,781.80 and #1,766.80 Medium-term Support) which is the key level and decent Medium-term Bearish variance. So as long as the Lower High’s Lower zone and Hourly 4 chart’s Support are intact, Gold will be Trading under huge Volatility, following identical movements as DX, which is not advisable to Trade upon unless DX continues the recovery candles. Since #1,800.80 barrier is broken and reversed, solid chance exist for a re-test of #1,781.80 (even a Bottom of Higher Low zone at #1,766.80, if the #1,814.80 Resistance holds). As discussed, as long as those points are intact, Price-action fluctuation (which is evident on the charts) will continue to be visible and Gold will continue to Trade in Neutral Rectangle, without major moves.
Technical analysis: If #1,814.80 Resistance breaks, Gold will most likely resume the Short-term recovery towards #1,821.80 (but if DX’s Dead Cat bounce reverses into a recovery which currently has excellent chances), Buying bias is limited to a great extend. I doubt this week’s news are enough to push Gold through (BoE rate statement and tomorrow's session NFP), most likely the market (and DX which is the key for Gold's recent struggles) is waiting for a catalyst. Statistically, every time from September #2 / when RSI get’s rejected near the Resistance (what might be the case at the moment), Price-action starts the aggressive decline of #40 points within #3 sessions. I am not yet interested in Buying, as there is only #3 strong Resistance lines between current Price-action and #1,821.80 extension, which seems far away from current variance. It is important to note that I am expecting Gold to finish February below #1,750.80 psychological barrier. I have awaited yesterday’s session ADP event to attract DX’s Buyers, but report strongly missed the estimates and added even more Selling pressure on DX (hence inversely Bullish for Gold) leaving me on sidelines without Profitable pattern to Trade by. If DX continues the recovery candles, I might have decent Selling opportunity on Gold Intra-day.
My position: I have engaged my Selling order with #1,806.80 as an entry point, Targeting #1,781.80 Support zone fractal. #1,795.80 represents first Support, and if broken there are decent chances for a serious takedown Intra-day, however if #1,795.80 rejects the Price-action, Gold should be back Trading within Neutral Rectangle. BoE statement on main stage.
Technical analysis: If #1,814.80 Resistance breaks, Gold will most likely resume the Short-term recovery towards #1,821.80 (but if DX’s Dead Cat bounce reverses into a recovery which currently has excellent chances), Buying bias is limited to a great extend. I doubt this week’s news are enough to push Gold through (BoE rate statement and tomorrow's session NFP), most likely the market (and DX which is the key for Gold's recent struggles) is waiting for a catalyst. Statistically, every time from September #2 / when RSI get’s rejected near the Resistance (what might be the case at the moment), Price-action starts the aggressive decline of #40 points within #3 sessions. I am not yet interested in Buying, as there is only #3 strong Resistance lines between current Price-action and #1,821.80 extension, which seems far away from current variance. It is important to note that I am expecting Gold to finish February below #1,750.80 psychological barrier. I have awaited yesterday’s session ADP event to attract DX’s Buyers, but report strongly missed the estimates and added even more Selling pressure on DX (hence inversely Bullish for Gold) leaving me on sidelines without Profitable pattern to Trade by. If DX continues the recovery candles, I might have decent Selling opportunity on Gold Intra-day.
My position: I have engaged my Selling order with #1,806.80 as an entry point, Targeting #1,781.80 Support zone fractal. #1,795.80 represents first Support, and if broken there are decent chances for a serious takedown Intra-day, however if #1,795.80 rejects the Price-action, Gold should be back Trading within Neutral Rectangle. BoE statement on main stage.
- 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'.
Related publications
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'.
Related publications
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.