Gold slow to reveal a major Weekly move / Selling more probable
Gold's general commentary: I was carefully monitoring the Price-action, where Gold is on the crossroads regarding Short-term with mixed signals for both sides (Bullish / Bearish). Daily chart is still showing critical Bearish values while Hourly 4 chart indicates Bullish reversal structure, however Hourly 4 chart’s candle may close the session above #1,927.80 where Traders may witness Bullish movement in succession, aiming last Higher High’s peak of current fractal, priced at #1,942.80, if however market closes below #1,927.80 configuration, #1,900.80 barrier might be filled Intra-day (I see no opportunities outside this range, at least for today’s session). According to correlating assets, my outlook leans more to the downside, Bond Yields are still on eminent uptrend (# +1.44%), while DX extends it's Buying rally. My intention is to await #1,917.80 break (my Selling entry point, representing former multi-Month peak) and pursue #1,900.80 barrier, as I am less interested into Buying at the moment (both on Short and Medium-term).
Technical analysis: The former Resistance of #1,917.80 (Xau-Usd Spot prices values) has turned into a Support in a symmetrical manner as it has done on February #24, as Gold is eyeing even Lower levels. The Resistance zone is seen Trading at #1,942.80 on Hourly 4 chart but looking at the wider time-frame of Daily chart's Neutral Rectangle and the Lower High's trendline of the Neutral / narrow Channel, I am expecting a decline towards #1,882.80 extension if #1,917.80 gets tested and invalidated on one hit. After that it is anybody's guess but Technically, Gold should see a similar pullback to that of February #17 - #25 towards #1,880's zone again (Medium-term decline), and then possible #1,800.80 psychological barrier test throughout Month May's fractal, as I expect April to remain within current belt (values from #1,880's - #1,960's). Short-term Traders should Trade with caution throughout today's session as Gold is still Trading under strong Volatility. However, no changes on the Daily perspective as the Price-action remains Neutral above the Hourly 4 Support and below the Resistance zone, as DX seems to be pausing the uptrend.
My position: Gold is still without firm conclusions regarding Short-term and engaging any kind of order on current Price-action might not bring any benefits. Therefore, I will remain on sidelines, and await one of the benchmarks from above to be invalidated where Gold is expected to reveal an direction. #1,917.80 configuration offers great value and is my pick where I will be ready to execute my Selling order and pursue #1,900.80 barrier first, then #1,882.80 Higher Low's Upper zone in extension with my sharp orders.
Technical analysis: The former Resistance of #1,917.80 (Xau-Usd Spot prices values) has turned into a Support in a symmetrical manner as it has done on February #24, as Gold is eyeing even Lower levels. The Resistance zone is seen Trading at #1,942.80 on Hourly 4 chart but looking at the wider time-frame of Daily chart's Neutral Rectangle and the Lower High's trendline of the Neutral / narrow Channel, I am expecting a decline towards #1,882.80 extension if #1,917.80 gets tested and invalidated on one hit. After that it is anybody's guess but Technically, Gold should see a similar pullback to that of February #17 - #25 towards #1,880's zone again (Medium-term decline), and then possible #1,800.80 psychological barrier test throughout Month May's fractal, as I expect April to remain within current belt (values from #1,880's - #1,960's). Short-term Traders should Trade with caution throughout today's session as Gold is still Trading under strong Volatility. However, no changes on the Daily perspective as the Price-action remains Neutral above the Hourly 4 Support and below the Resistance zone, as DX seems to be pausing the uptrend.
My position: Gold is still without firm conclusions regarding Short-term and engaging any kind of order on current Price-action might not bring any benefits. Therefore, I will remain on sidelines, and await one of the benchmarks from above to be invalidated where Gold is expected to reveal an direction. #1,917.80 configuration offers great value and is my pick where I will be ready to execute my Selling order and pursue #1,900.80 barrier first, then #1,882.80 Higher Low's Upper zone in extension with my sharp orders.
- 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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