Engaging my Selling order / Gold still under pressure
Gold's general commentary: Gold engaged correction of gains, nearly confirming the impulse towards #1,900.80 Lower High’s Lower zone, while DX is Trading sideways and Bond Yields are on a spiral uptrend. It was Natural that bigger proportion correction would attract Gold’s Sellers, as Price-action can’t only Trade in one direction. Seems like the pullback motion on Hourly 4 chart confirmed sideways trend on Gold (as is the case since late February), every serious uptrend was later on Sold, reached the Bottom and delivered another Higher High’s extension on the aftermath. Gold is near basically to the ideal Sell adding zone for the Short-term (#1,921.80 - #1,917.80). The lack of a new Lower Low on the Short-term has made me believe that the time is approaching when the market will put this (Long-term) correction behind and call for an mini recovery (seen throughout yesterday's session). But I will need to see the former Lower High’s to break in order to confirm this Bullish breakout which could restore the Short-term Bullish bias (#1,952.80). Today’s outlook had a clear falling trend and if during the Trading week trendlines break (#1,917.80), it will be the first sign that the Short-term trend is reversing (Lower). The candles may continue under the Support zone and below #1,917.80 sequence, while Trading may be performed below #1,900.80 psychological barrier within #1 session.
Technical analysis: Gold broken the Triangle downwards but in the absence of Sellers, Price-action Bought back the dip and continued Trading within #1,921.80 - #1,927.80 belt (Resistance zone) but if the RSI breaks it’s Resistance line and prices a new High, then this is known as “Bullish divergence” and is a signal for Buyers. However, this is an overview of the current situation, but needless to mention, I am expecting #1,900.80 barrier test within #1 session regardless. The Volatility is still High however and Gold may look to set a new Resistance zone first before hitting Lower configuration. I see no reasons to support current uptrend, as I see many arguments for Selling sequence (hawkish Powell, Bond Yields testing Annual High’s and peace talks are improving throughout meetings between conflicted sides). As peace talks are improving, current sentiment may de-escalate current Fundamentally critical Bullish factor and Buying pressure may ease, where Investors will lose interest in safe-havens such as Gold (in High demand recently).
My position: As discussed throughout my commentary, the Selling motion's Target was #1,900.80 barrier but as Traders witnessed, the Price-action reversed exactly on my projected level (#1,910's) and was recovering strongly throughout late U.S. session. That level should represent the Short-term Support currently as Gold will attempt to break the #1,910.80 symmetrical Support line before end of the week. However, with Bond Yield reporting (currently on healthy Ascending Channel) further upswing, this development alone can put Intra-day pressure on Gold. In my opinion though, Powell's speech within few Hours from now should have a great impact and aid current Sellers intent. My Short-term Target remains #1,892.80 and if #1,910.80 breaks (yesterday's session Low's) I will engage another Selling order (breakout piercing Sell), both Targeting #1,892.80 in extension. On the other hand, if #1,931.80 Resistance breaks, Gold may retrace towards #1,937.80 before attempting a rebound again. All in all, I see no firm reasons for Bullish side, as I maintain my #1,921.80 entry point, Targeting #1,910.80 first, then #1,892.80 sequence in extension.
Technical analysis: Gold broken the Triangle downwards but in the absence of Sellers, Price-action Bought back the dip and continued Trading within #1,921.80 - #1,927.80 belt (Resistance zone) but if the RSI breaks it’s Resistance line and prices a new High, then this is known as “Bullish divergence” and is a signal for Buyers. However, this is an overview of the current situation, but needless to mention, I am expecting #1,900.80 barrier test within #1 session regardless. The Volatility is still High however and Gold may look to set a new Resistance zone first before hitting Lower configuration. I see no reasons to support current uptrend, as I see many arguments for Selling sequence (hawkish Powell, Bond Yields testing Annual High’s and peace talks are improving throughout meetings between conflicted sides). As peace talks are improving, current sentiment may de-escalate current Fundamentally critical Bullish factor and Buying pressure may ease, where Investors will lose interest in safe-havens such as Gold (in High demand recently).
My position: As discussed throughout my commentary, the Selling motion's Target was #1,900.80 barrier but as Traders witnessed, the Price-action reversed exactly on my projected level (#1,910's) and was recovering strongly throughout late U.S. session. That level should represent the Short-term Support currently as Gold will attempt to break the #1,910.80 symmetrical Support line before end of the week. However, with Bond Yield reporting (currently on healthy Ascending Channel) further upswing, this development alone can put Intra-day pressure on Gold. In my opinion though, Powell's speech within few Hours from now should have a great impact and aid current Sellers intent. My Short-term Target remains #1,892.80 and if #1,910.80 breaks (yesterday's session Low's) I will engage another Selling order (breakout piercing Sell), both Targeting #1,892.80 in extension. On the other hand, if #1,931.80 Resistance breaks, Gold may retrace towards #1,937.80 before attempting a rebound again. All in all, I see no firm reasons for Bullish side, as I maintain my #1,921.80 entry point, Targeting #1,910.80 first, then #1,892.80 sequence in extension.
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- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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