Gold's general commentary: As discussed, as long as #1,795.80 - #1,792.80 holds, Gold is more likely to push towards #1,805.80 - #1,808.80 extension for a Lower High test breaking the Daily chart’s Neutral Rectangle. This Trading week is packed with the reports, so Fundamentally the real trend will be revealed after those, since yesterday’s session delivered indecision movements only. The Short-term Price-action has turned Neutral just over the Hourly 4 chart’s first Support of #1,798.80. It is interesting fractal to mention that even the Hourly 1 and Daily charts to a certain extent are Bearish. Everything depends upon the DX (and to a lesser extent the Bond Yields), so I can't make any Short-term recommendation other than the breakout points that I am already Trading on (#1,795.80 towards #1,781.80). See also how Xau-Usd (Spot price) and GC (Futures price) are finally closing the gap and getting into tight range again. Regarding today’s session - two straight red Hourly 4 candles (after Bearish rejection near December #15 levels) so far which indicate (unless broken) that #1,810’s should pose as an Ultimate Top. Most likely Gold is going towards #1,795.80 to test the Support and then if Price-action gets rejected, then Hourly 4 chart’s #1,805.80 test should be on the cards - and potentially stay Neutral for a few sessions in a symmetrical manner as April #14 - 16. It is important to note that RSI levels, visible on my charts should draw Sellers into consideration, as RSI on Hourly 4 chart is still on Descending Channel (rejected lately on Double Top).
Fundamental analysis: Despite being on an Hourly 1 chart’s Ascending Channel, Gold is purely responding to the Fundamentals of the DX that is on High speculation mode ahead of the Tax Bill Vote and foreign banks (BoE) rate statements. Fundamentally, if there are no surprises Investors should seek to offload the Selling orders on the #1,795.80 - #1,798.80 potential Medium-term Selling entry zone. This also conforms to the Medium-term Bearish trend of Gold, the Bottom of which I don't believe Traders have seen recently (#1,588.80), and the Bullish projection of the DX (ahead of every crisis, DX tends to engage the Buying rally). I expect Selling accumulation until the late hours of the U.S. session (probably around #1,800’s followed by a sharp Bearish turn towards #1,795.80 Support). Bond Yields are Trading on Bearish Gap fill which is progressively adding Buying pressure on Gold, postponing the Selling sequence to great extent.
Technical analysis: The DX did approach the #96.10 Support but Gold remained more or less stationary on Hourly 4 chart, highlighting the strong Bearish pressure it is under. Constant Hourly 4 chart's Bullish spikes and Bullish move in general has no further room to go, so I don't expect this consolidation to continue for more than #2 sessions. My focus shifts to the DX on decline (not going in my favour) where Gold is attempting to find a balance. Trading Gold is tricky for inexperienced and hasty Traders, situations such as this one, even if one sees all Bullish setups, this is not a good sign for those who want to Buy this market (most of Traders will) as the more prominent area for Buyers to arise is likely around Hourly 4 chart’s #1,821.80 which is crucial chart to rely on, having seen how well it held Price-action Lower in late June #2021. This is a cautious market at the moment. As Buying seems limited in most cases, I am still waiting for Selling confirmation. If #1,795.80 breaks, I will pursue #1,781.80 Support with my Selling orders. Base-case scenario is even extending the Price-action towards #1,750.80 psychological barrier. It is important to mention that even though Fundamentals are adding strong Buying pressure, Gold is Trading near the Support zone.
Fundamental analysis: Despite being on an Hourly 1 chart’s Ascending Channel, Gold is purely responding to the Fundamentals of the DX that is on High speculation mode ahead of the Tax Bill Vote and foreign banks (BoE) rate statements. Fundamentally, if there are no surprises Investors should seek to offload the Selling orders on the #1,795.80 - #1,798.80 potential Medium-term Selling entry zone. This also conforms to the Medium-term Bearish trend of Gold, the Bottom of which I don't believe Traders have seen recently (#1,588.80), and the Bullish projection of the DX (ahead of every crisis, DX tends to engage the Buying rally). I expect Selling accumulation until the late hours of the U.S. session (probably around #1,800’s followed by a sharp Bearish turn towards #1,795.80 Support). Bond Yields are Trading on Bearish Gap fill which is progressively adding Buying pressure on Gold, postponing the Selling sequence to great extent.
Technical analysis: The DX did approach the #96.10 Support but Gold remained more or less stationary on Hourly 4 chart, highlighting the strong Bearish pressure it is under. Constant Hourly 4 chart's Bullish spikes and Bullish move in general has no further room to go, so I don't expect this consolidation to continue for more than #2 sessions. My focus shifts to the DX on decline (not going in my favour) where Gold is attempting to find a balance. Trading Gold is tricky for inexperienced and hasty Traders, situations such as this one, even if one sees all Bullish setups, this is not a good sign for those who want to Buy this market (most of Traders will) as the more prominent area for Buyers to arise is likely around Hourly 4 chart’s #1,821.80 which is crucial chart to rely on, having seen how well it held Price-action Lower in late June #2021. This is a cautious market at the moment. As Buying seems limited in most cases, I am still waiting for Selling confirmation. If #1,795.80 breaks, I will pursue #1,781.80 Support with my Selling orders. Base-case scenario is even extending the Price-action towards #1,750.80 psychological barrier. It is important to mention that even though Fundamentals are adding strong Buying pressure, Gold is Trading near the Support zone.
- 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.