Sell order engaged / #2,500.80 first Target
As discussed throughout my yesterday's session commentary: "My position: With light calendar throughout the session, I will close my order as near as breakeven and look to re-Sell Gold as Higher as I am able to."
Fundamental analysis:The Hourly 4 chart’s Ascending Channel broke to the upside on one of the most aggressive Bullish candle sequence since August #27. This move is attributed to the Fundamental necessity for #2,527.80 - #2,532.80 Resistance zone test extension even though DX is Trading on parabolic uptrend (however not beating the forecast by a good margin as speculators expected) which shifted Gold once again in High demand near it’s Daily chart’s Resistance cluster / pricing in almost record High's. Fundamentally, softer CPI report Naturally pressure Fed to deliver more dovish stance as Gold is cyclically more sensitive to dovish surprises than hawkish. Bear Gap fill on Yield was applying additional Buying pressure on Gold (also representing necessary confirmation) which now aims to find Resistance presence within #2,520’s where the Daily chart’s Resistance fractal also happens to Trade within. This was Bullish continuation signal after such violent candles however Hourly 4 chart is Overbought, pointing on more losses regarding both charts as there is additional capacity for Selling sequence towards #2,500.80 psychological level. It is still too early to speculate the timing of renewed ATH’s test as long as #2,552.80 psychological benchmark is untouched, however as long as Gold is Fundamentally equipped for uptrend, do not expect any meaningful correction on Gold, regardless of the Technicals (it is very possible to re-Sell Gold within Fundamental Bullish trend however it takes a Professional to do so).
My position: All goes according to my plan as I engaged my re-Sell order with #2,525.80 entry point, optimal Target remains #2,500.80 benchmark. Rejection here will fill #2,500.80 benchmark Intra-day however on #2,532.80 Neutral Rectangle break-out, I will be out of my order and Gold may pursue #2,552.80 benchmark in extension. My Selling model is intact.
Fundamental analysis:The Hourly 4 chart’s Ascending Channel broke to the upside on one of the most aggressive Bullish candle sequence since August #27. This move is attributed to the Fundamental necessity for #2,527.80 - #2,532.80 Resistance zone test extension even though DX is Trading on parabolic uptrend (however not beating the forecast by a good margin as speculators expected) which shifted Gold once again in High demand near it’s Daily chart’s Resistance cluster / pricing in almost record High's. Fundamentally, softer CPI report Naturally pressure Fed to deliver more dovish stance as Gold is cyclically more sensitive to dovish surprises than hawkish. Bear Gap fill on Yield was applying additional Buying pressure on Gold (also representing necessary confirmation) which now aims to find Resistance presence within #2,520’s where the Daily chart’s Resistance fractal also happens to Trade within. This was Bullish continuation signal after such violent candles however Hourly 4 chart is Overbought, pointing on more losses regarding both charts as there is additional capacity for Selling sequence towards #2,500.80 psychological level. It is still too early to speculate the timing of renewed ATH’s test as long as #2,552.80 psychological benchmark is untouched, however as long as Gold is Fundamentally equipped for uptrend, do not expect any meaningful correction on Gold, regardless of the Technicals (it is very possible to re-Sell Gold within Fundamental Bullish trend however it takes a Professional to do so).
My position: All goes according to my plan as I engaged my re-Sell order with #2,525.80 entry point, optimal Target remains #2,500.80 benchmark. Rejection here will fill #2,500.80 benchmark Intra-day however on #2,532.80 Neutral Rectangle break-out, I will be out of my order and Gold may pursue #2,552.80 benchmark in extension. My Selling model is intact.
- 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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