Gold reached Higher High's peak over-night / Sell activated
Gold's general commentary: As DX extended the recovery, I expect another mixed session today with heavy pressure on Gold (High Volatility). Gold made an attempt to break the Hourly 4 chart's Resistance (#1,992.80) on the previous Hourly 1 chart’s candle sequence but the market should correct it as expected and naturally an Spinning Top (indecision) candle followed. I agree that #1,992.80 on Daily chart is posing as an strong Resistance but aswell #1,962.80 - #1,958.80 is posing as an strong Support zone. I remained on sidelines since I knew that Resistance won’t be broken without a serious cause. Still the last candle is on a flat variable, and since there will be no important news (Important economic reports or such) throughout today's session, Investors are choosing to Scalp (getting most of the returns that way) and stay Neutral ahead of Wall Street opening Bell. Despite the extreme Sell-off on the Stock markets and another strong Bullish Hourly 4 candle on Usd-Jpy pair, Gold is above my well projected Neutral Rectangle but showing signs of exhaustion. This indicates how #14-session spree parabolic rise purely related to fear and what the Gold market does right now is attempting to find an equilibrium. If it wasn't for this (# -1.12%) decline on the Bond Yields and DX collapse mainly, Gold would be considerably Higher.
Technical analysis: As expected the Hourly 1 chart's Support held so Short-term Investors who Bought the market on that level booked their Intra-day Profit and called it for the session. Personally, I am Bearish on both Short and Medium-term (#1,982.80 break is calling for #1,952.80 barrier extension) as with the Usd-Jpy pair near the Medium-term Resistance levels and DX without a pullback, affecting Gold - every move downwards will have disproportionately Bullish impact on Gold unless #1,982.80 is broken. I still give more probabilities to the downside since sooner or later Gold will respect it’s Technical course and proper Trend, correcting current aggressive gains.
My position: As I made excellent results on current Gold's Buying spree, Gold reached my personal maximum (#1,992.80 - #2,000.80). It is Highly dangerous to Buy at local Top's, therefore I engaged Selling order with #1,992.80 as an entry point. My Target is #1,970.80 Selling extension, while I am expecting Daily chart's Bullish Gap fill to be reversed nicely.
Technical analysis: As expected the Hourly 1 chart's Support held so Short-term Investors who Bought the market on that level booked their Intra-day Profit and called it for the session. Personally, I am Bearish on both Short and Medium-term (#1,982.80 break is calling for #1,952.80 barrier extension) as with the Usd-Jpy pair near the Medium-term Resistance levels and DX without a pullback, affecting Gold - every move downwards will have disproportionately Bullish impact on Gold unless #1,982.80 is broken. I still give more probabilities to the downside since sooner or later Gold will respect it’s Technical course and proper Trend, correcting current aggressive gains.
My position: As I made excellent results on current Gold's Buying spree, Gold reached my personal maximum (#1,992.80 - #2,000.80). It is Highly dangerous to Buy at local Top's, therefore I engaged Selling order with #1,992.80 as an entry point. My Target is #1,970.80 Selling extension, while I am expecting Daily chart's Bullish Gap fill to be reversed nicely.
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- 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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