Weekly close / recapitulationTechnical analysis: Hourly 4 chart is delivering more clearer structure in times of violent market Volatility and drawdown on Stock markets such as January fractal, and that showcases that the Price-action is Trading on the #4th straight capital candle within the Neutral Rectangle on Hourly 4 chart. As long as the Daily chart’s #MA50 holds and adds durability, current Selling sentiment should be extended towards the #2,652.80 benchmark Support extension and if invalidated, a Lower High’s Lower zone should be tested near #2,627.80 in succession. The Daily chart aswell continues to Trade near healthy Selling levels and the market is just waiting for the Neutral Rectangle to break which may kick-start the aggressive takedown on Gold. I was ready to Sell Gold on spot ahead of the #2,700.80 benchmark break (as I announced the break-out itself should open flood doors towards #2,652.80 benchmark) however I was Highly satisfied with my Profit range / returns for the week and I don't mind I missed Selling sequence.
DX invalidated the Short-term Support, and is dangerously approaching #106.500 Medium-term Resistance zone, so that development alone should ease Buying pressure on Gold.
My position: I am comfortably on sidelines with my capital ready for fresh next week's candles to Profit upon. Weekly closing is on main stage and keep #2,652.80 as your main pointer for both Short and Medium-term. Have a pleasant weekend ahead!
