Gold within tight range almost all Trading week
Gold's general commentary: Gold is on a strong rebound after Wednesday’s session Support rejection as U.S. session opening Bell is approaching and most importantly, movement is within Bearish territory and even though the recovery is strongly limited, I should be cautious with entry and Stop-loss selection on my current position (as Gold unexpectedly extended yesterday’s session recovery, backed up by no firm reason for almost #15 point uptrend, taken from #1,915.80 Weekly Low’s). It appears that Investors await for clear #1,917.80 - #1,914.80 break confirmation (and Highly important macro-economic announcements which had hawkish tone). I will keep contemplating Selling Gold aswell later on today’s session, awaiting for a clear direction, as discussed regarding revealing major move (but will only Sell if #1,916.80 configuration breaks). Market sentiment is adding to a decline regardless of Bond Yields on green candles, which should (and currently is) applying mild Selling pressure on Gold, which is still not enough to engage Selling sequence. However Technically, the Hourly 4 chart’s #1,942.80 is still keeping Gold Bearish on Short-term, which so far hasn't been invalidated, at least for current fractal. Selling sequence below #1,916.80 may test #1,905.80 (#MA50) Intra-day, and break of can put #1,882.80 Higher Low’s in motion. It is important to note that within last #2 fractals, every break of #MA50 resulted as an #15 + point decline in extension.
Technical analysis: Even though Gold is surrounded by all Bearish developments (Technical necessity for Higher Low’s extension on Daily chart, hawkish stance both on FOMC and ECB, Bullish candles on DX and Bond Yields on parabolic uptrend), Gold was Trading on Intra-day gains and will most likely close the market within Bullish territory. If DX stays on the same configuration, most likely it will stall the uptrend on Gold, aswell slight Bond Yields Bullish Gap fill will provide me additional Selling entry towards #1,905.80 configuration or even less if #1,916.80 breaks. I am not interested in Buying at least for #6 sessions more. Right now I do not have any other alternative but to protect the equity with tight Stop-losses. You have the option of not Trading this anymore aswell. I firmly believe that Gold will engage aggressive takedown within #2 sessions, which was just postponed by current miraculous recovery on Gold, which occurred (at least to myself) as an huge surprise candles. I cannot approach current mixed signals on Gold without breakout points.
My position: I have closed my Selling order on breakeven (#1,930.80 entry point) and will remain without an order as Gold's Price-action is pricing unexpected Bullish spikes which might push the Price-action towards #1,942.80 Resistance zone once again. As discussed, I am not interested in Buying Gold, regardless of the Bullish potential, and will await #1,916.80 configuration break to engage my new Selling order. I couldn't allow additional risks of keeping my Selling order, especially since this is final session of the Trading week where keeping my order over the weekend break can endanger my capital as I could have totally different outlook throughout Monday's E.U. session.
Technical analysis: Even though Gold is surrounded by all Bearish developments (Technical necessity for Higher Low’s extension on Daily chart, hawkish stance both on FOMC and ECB, Bullish candles on DX and Bond Yields on parabolic uptrend), Gold was Trading on Intra-day gains and will most likely close the market within Bullish territory. If DX stays on the same configuration, most likely it will stall the uptrend on Gold, aswell slight Bond Yields Bullish Gap fill will provide me additional Selling entry towards #1,905.80 configuration or even less if #1,916.80 breaks. I am not interested in Buying at least for #6 sessions more. Right now I do not have any other alternative but to protect the equity with tight Stop-losses. You have the option of not Trading this anymore aswell. I firmly believe that Gold will engage aggressive takedown within #2 sessions, which was just postponed by current miraculous recovery on Gold, which occurred (at least to myself) as an huge surprise candles. I cannot approach current mixed signals on Gold without breakout points.
My position: I have closed my Selling order on breakeven (#1,930.80 entry point) and will remain without an order as Gold's Price-action is pricing unexpected Bullish spikes which might push the Price-action towards #1,942.80 Resistance zone once again. As discussed, I am not interested in Buying Gold, regardless of the Bullish potential, and will await #1,916.80 configuration break to engage my new Selling order. I couldn't allow additional risks of keeping my Selling order, especially since this is final session of the Trading week where keeping my order over the weekend break can endanger my capital as I could have totally different outlook throughout Monday's E.U. session.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- 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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