Gold above Buying zone

Fundamental analysis: Despite the strong Bullish candle sequence on DX, Gold remains Neutral-Bullish and above my Support for the day as U.S. session is approaching and recession fears resurfacing. However, #2,622.80 - #2,627.80 is new / old Support zone made by the Hourly 4 chart’s candlestick configuration. Gold is still not pulling back again after it failed to break above it’s Higher High’s Upper zone on the Hourly 4 chart. Still I haven’t got confirmation for Short-term Buying opportunity and it is still not worth entering the market without tight Risk management (all correction attempts are rejected due Fundamental Buying pressure). Monday’s session Wall Street opening Bell can have Bullish impact also on DX, hence Bearish for Gold. My Selling bias is unchanged as I will treat Bullish spikes as an oscillation from Overbought to Neutral (Williams%), which may create new space for aggressive Bearish takedown. Gold is extending the sideways action, following the continuation of the former Hourly 1 chart’s Ascending Channel, as Bond Yields and DX on gains for the #2nd straight session (still however market didn’t returned to normal Trading conditions), current environment is Gold friendly (recession fears, safe-havens such as Gold are in High demand, hawkish Fed stance). Spot how Gold's strong Selling level of the #2,622.80 is far from fair symmetrical manner with disastrous side Swings on Bond Yields and DX as my strongest correlation so far, but currently both assets are on Short-term uptrend while Gold is as well soaring (however only on Short-term).


Technical analysis: No changes so far on the Daily perspective (Gold is Trading within my model) as today’s session E.U. opening didn’t delivered any significant move towards any Buying or Selling pressure point /confirmation, even though Fundamental numbers throughout Friday’s session met the forecast and delivered relief for Gold Buyers, DX on a Fundamental surprise, delivered full bodied green candle. The Price-action remains Neutral above the Hourly 4 chart’s Support zone of #2,622.80 - #2,627.80 and below the #2,638.80 - #2,642.80 Resistance zone fractal so use mentioned zones as your Intra-day pointers. It is Natural that Price-action found both Sellers and Buyers as RSI hit the Neutral zone, and with the absence of macro-economic catalysts, strong Volatility is expected, and don’t be surprised if you see thin Volume throughout today’s session. As the market is waiting for a catalyst, I see no alternative under such a Neutral setting but to maintain my breakout strategy and watching closely DX, to carefully issue my next move. If however #2,645.80 breaks, Price-action will be calling for upside extension, where #2,622.80 break can open doors for #2,600.80 benchmark and #2,592.80 configuration sequence. Otherwise, Volatility will be on the main stage. I do believe Selling pressure is still present on market so take that into consideration prior to positioning.
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