Gold shifting the trend almost on Intra-day basis / Sell active
Gold's general commentary: As discussed throughout my last week's remarks, these are Fundamentally driven sessions and unusual spikes are part of it. The Price-action is under extreme Hourly 4 chart Volatility fractal and on very important crossroads, where Trading conditions were far from ideal. The Hourly 4 chart should break to the downside and at the same time DX made a Bullish comeback along with the Bond Yields, currentlt rejected on #3-Week Top’s (both marginally) which is Fundamentally Bearish for Gold, turning Technically aswell Bearish. Bond Yields however (which has been the benchmark correlation for Gold lately along with the DX), keeps their solid Ascending Channel intact. This displays a very Bearish picture for Gold and I can only approach it with breakout points, as Gold is ignoring fair Technical symmetry trend for more than #5 sessions currently. This is translated into temporary minor movements, which will be overshadowed when the Trend appears and allows the fair Technical Trading.
Technical analysis: As I am no longer interested in Buying for now (unless #1,952.80 breaks again), #1,932.80 - #1,930.80 is my re-Sell area, calling for #1,908 Lower High’s Lower zone Bottom and around that Price-action, I will be contemplating Selling the market (Medium-term) towards #1,882.80 if Buyers do not re-appear. If #1,952.80 breaks to the upside once again, I have a sustainable Bullish reversal on the cards confirmed. Otherwise, the trend remains Bearish, aiming at #1,900.80 psychological barrier or below. My expectation is that the markets awaits for today’s U.S. session opening Bell to make a move. My goal now is to get on the correct side on the trend (when that presents itself) and Trade Medium-term like I always do, to get us out of this situation with a viable plan. Gold currently is still on one of the strongest Daily candles since March #1 and seems like #1,961.80 - #1,971.80 formed new Weekly Top's zone. This means that Gold was already in strong Overbought waters and based on my estimations, I see no space for further Buying (Buying strongly limited) even though Gold had Technical prospects for #1,992.80 Higher High's peak test. All I can spot is new decline as an answer on current aggressive Bullish spike. Despite Friday’s strong response to #1,961.80, Gold failed to maintain those High levels and was rejected on one of the Hourly 4 chart's Resistance zone. Yet, it still found Support on the Daily chart’s #1,930's zone, which remains Neutral and had High potential to contain current Bearish pullback. Factors that may break the Support: #1) DX is able to convert to Medium-term Ascending Channel #2) Bond Yields engaged miraculous recovery but still below Resistance levels comparing to late April High’s. Also, the Daily chart has been Overbought for some time. Unless Gold Trades at least sideways for #1 - #2 sessions, Hourly 4 chart will always pressure for a test of #1,900's zone, and #1,882.80 as an possible destination.
My position: As I was waiting for #1,930.80 break to confirm Sellers intent, Price-action managed to invalidate the Support and triggered my pending Selling order. #1,930.80 is my entry point, and my optimal Target is #1,908.80 configuration. My practical suggestion is to not take wild bets on the market (especially for Short-term Traders with smaller margins), as Gold shifts the trend almost on Intra-day basis. Implement strict Risk management as long as uncertainty lasts.
Technical analysis: As I am no longer interested in Buying for now (unless #1,952.80 breaks again), #1,932.80 - #1,930.80 is my re-Sell area, calling for #1,908 Lower High’s Lower zone Bottom and around that Price-action, I will be contemplating Selling the market (Medium-term) towards #1,882.80 if Buyers do not re-appear. If #1,952.80 breaks to the upside once again, I have a sustainable Bullish reversal on the cards confirmed. Otherwise, the trend remains Bearish, aiming at #1,900.80 psychological barrier or below. My expectation is that the markets awaits for today’s U.S. session opening Bell to make a move. My goal now is to get on the correct side on the trend (when that presents itself) and Trade Medium-term like I always do, to get us out of this situation with a viable plan. Gold currently is still on one of the strongest Daily candles since March #1 and seems like #1,961.80 - #1,971.80 formed new Weekly Top's zone. This means that Gold was already in strong Overbought waters and based on my estimations, I see no space for further Buying (Buying strongly limited) even though Gold had Technical prospects for #1,992.80 Higher High's peak test. All I can spot is new decline as an answer on current aggressive Bullish spike. Despite Friday’s strong response to #1,961.80, Gold failed to maintain those High levels and was rejected on one of the Hourly 4 chart's Resistance zone. Yet, it still found Support on the Daily chart’s #1,930's zone, which remains Neutral and had High potential to contain current Bearish pullback. Factors that may break the Support: #1) DX is able to convert to Medium-term Ascending Channel #2) Bond Yields engaged miraculous recovery but still below Resistance levels comparing to late April High’s. Also, the Daily chart has been Overbought for some time. Unless Gold Trades at least sideways for #1 - #2 sessions, Hourly 4 chart will always pressure for a test of #1,900's zone, and #1,882.80 as an possible destination.
My position: As I was waiting for #1,930.80 break to confirm Sellers intent, Price-action managed to invalidate the Support and triggered my pending Selling order. #1,930.80 is my entry point, and my optimal Target is #1,908.80 configuration. My practical suggestion is to not take wild bets on the market (especially for Short-term Traders with smaller margins), as Gold shifts the trend almost on Intra-day basis. Implement strict Risk management as long as uncertainty lasts.
- 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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