Gold's general commentary: As was evident on the charts, the #1,780’s Support Zone (Spot prices on my focus) has accumulated the necessary Buying force, initially to stop the downtrend (Gold pressured by DX rejected near the Resistance and Bond Yields struggling to make Bullish comeback) and make Gold Trade sideways on Hourly 4 chart. With the Daily and Weekly charts all with critically Bearish points, it is obvious that there has to be an attempt to neutralize near Oversold levels of Gold and I shouldn’t exclude Bullish spikes on Gold throughout today’s session. On the Short-term, it is Hourly 1 chart that got my attention that has the most probabilities to meet it’s Bearish Divergence and that will be within #1,781.80 - (strong nearby Support line). On an intra-day level if Support breaks, expect #1,766.80 to be filled. As I mentioned, these pullback projections will be invalidated once Gold crosses below #1,763.80 - #1,766.80 Medium-term Support cluster. Gold may defend the Support for a short period of time as I highly doubt the Bullish potential, which means that Bearish bias is inevitable. As discussed, since Price-action got rejected on Hourly 4 chart’s #1,781.80, sole development could be treated as an Buying opportunity. Even though DX is showing Bearish activity and Bond Yields are struggling to make a Bullish comeback, personally Gold is still a Sell option (regardless of the Fundamentals).
Technical analysis: Gold bounced back well enough on the #1,800’s level (which is the former Weekly Resistance and filled nicely last week’s gap). On the Hourly 4 chart, Gold is using the #1,792.80 as a Support (check how the fractal makes Lower High's on it), so that may build up a new downtrend. I am expecting symmetrical retrace to the December #15 Low's (also due to the currently Overbought Hourly 4 chart). Also see how the RSI on Hourly 4 chart has reached its Short-term Resistance and remains on a Descending Channel since the January #20 High's. Gold is still on the Higher levels of the recent downtrend since DX is Trading on Selling sequence, correcting recent gains and Bond Yields have dipped more than #2% of the current aggressive gains. See how Gold is basically consolidating around the #MA50 zone on the Daily chart, which is within my Technical model ahead of this week’s high impact Fundamental announcements which should be Bullish for DX, since it is a sole reason why Gold is ranged, correcting losses and not dipping. The fact that Gold has kept its Bearish momentum on the Daily chart despite strong hits on DX still without a recovery, reveals the Bearish underlying Short-term trend. I remain Bearish on Medium-term, waiting for Bullish consolidation to reach the Top and then continue Selling Gold on Monthly fractal. If I had to guess configuration on today’s session, side Swings on both sides without a major move, within #1,795.80 - #1,805.80 Neutral zone.
My position: As Gold is recovering the lost ground, current configuration offers me no favourable pattern to Trade by, and since I am not interested in Buying Gold, I will await for a chance to Sell Gold towards #1,781.80 Support zone. Gold has #3 strong Resistances ahead of #1,821.80 level, so Buyers should take those into consideration. Once DX starts recovering the lost ground, #1,800.80 - #1,798.80 break can be excellent Selling entry point towards #1,781.80 Support.
Technical analysis: Gold bounced back well enough on the #1,800’s level (which is the former Weekly Resistance and filled nicely last week’s gap). On the Hourly 4 chart, Gold is using the #1,792.80 as a Support (check how the fractal makes Lower High's on it), so that may build up a new downtrend. I am expecting symmetrical retrace to the December #15 Low's (also due to the currently Overbought Hourly 4 chart). Also see how the RSI on Hourly 4 chart has reached its Short-term Resistance and remains on a Descending Channel since the January #20 High's. Gold is still on the Higher levels of the recent downtrend since DX is Trading on Selling sequence, correcting recent gains and Bond Yields have dipped more than #2% of the current aggressive gains. See how Gold is basically consolidating around the #MA50 zone on the Daily chart, which is within my Technical model ahead of this week’s high impact Fundamental announcements which should be Bullish for DX, since it is a sole reason why Gold is ranged, correcting losses and not dipping. The fact that Gold has kept its Bearish momentum on the Daily chart despite strong hits on DX still without a recovery, reveals the Bearish underlying Short-term trend. I remain Bearish on Medium-term, waiting for Bullish consolidation to reach the Top and then continue Selling Gold on Monthly fractal. If I had to guess configuration on today’s session, side Swings on both sides without a major move, within #1,795.80 - #1,805.80 Neutral zone.
My position: As Gold is recovering the lost ground, current configuration offers me no favourable pattern to Trade by, and since I am not interested in Buying Gold, I will await for a chance to Sell Gold towards #1,781.80 Support zone. Gold has #3 strong Resistances ahead of #1,821.80 level, so Buyers should take those into consideration. Once DX starts recovering the lost ground, #1,800.80 - #1,798.80 break can be excellent Selling entry point towards #1,781.80 Support.
- 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.