Gold corrected the upside / #2,752.80 new / old ResistanceAs discussed throughout my yesterday's session commentary: "Technical analysis / quick update: Productive session only for Scalpers as they are getting most of the returns out of current Price-action. Lagging upswing attempt on Hourly 4 chart got stalled near #2,782.80 Resistance zone (break-out point still not compromised), Gold made it to #2,742.80 almost (might be Stop-loss hunt) however clear Profit taking on recent Bull run. The Bullish reaction is due to DX testing the Lower High’s Lower zone trendline that started with last week’s local High’s zone. I would re-Buy Gold right away with #2,800.80 benchmark / record High's Target however DX is Trading on sideways numbers which could extend the sideways sequence / I will monitor Price-action fluctuation from sidelines however Bullish bias is here to stay."
Technical analysis: The Hourly 1 chart’s Descending Channel increased it’s losses towards Oversold levels as #2,752.80 psychological benchmark (now from above becoming new / old Resistance) is showcasing durability. Both Weekly chart (#1W) and Monthly (#1M) are on a encouraging gains (# +0.91% and # +4.62% respectively) and with ranging candles I can't see any rebound possibility before #2,732.80 top of Support zone test. Throughout yesterday's session the #2,752.80 benchmark got invalidated with relative ease and as I mentioned on my remarks balanced MA periods to settle within the #2,742.80 - #2,762.80 range. More and more Selling signs are appearing and its possible to have another Top reversal ahead.
My position: I have expected a correction but personally not too extended below #2,752.80 benchmark throughout yesterday's session as I missed my chance to Sell Gold. However I have Bought Gold with #2,732.80 entry point, and added another Buying order on #2,742.80. On first order I have Stop on breakeven and on second order Stop is a bit wider. I do expect Gold to Buy the dip however I will monitor my orders hour-to-hour basis as DX delivered spike to the upside. If #2,752.80 benchmark gets invalidated to the upside, development alone will add credence and arise Buyers.
