As discussed throughout my Friday's session commentary: "My position: Fed's hawkish tone is adding Buying pressure on DX , directly affecting Gold's Price-action. Since Fundamental pressure was not enough to spike up the Price-action towards #1,800.80 psychological benchmark, Sellers prevailed and right not configuration points to more losses / aggressive correction on Gold . I have engaged my Selling order with #1,767.80 as my key entry point (optimal Target remains #1,745.80 extension)."
My Selling order was closed automatically (#1,767.80 - #1,745.80) on a fine #22 points Profit run, extending my results range to #43 Profits row and #10 Stop-loss hits regarding April - November Trading cycle. I will use this chance to congratulate Traders who followed my call and had patience to hold the order over the weekend break, well done!
Gold's general commentary: Gold does not honour the expected Fundamental Buying pressure which had #1,800.80 psychological benchmark as an viable Target, pattern on Daily chart however points to more losses and with that evidence I can with certainly note that Gold should engage aggressive decline towards #1,727.80 - #1,733.80 zone first, then #1,700.80 in extension if Support zone gets invalidated. As long as Gold defends #1,752.80 Resistance, Selling bias is more and more possible. Price-action once again confirmed my belief that there are lot of Medium-term Sellers within #1,782.80 - #1,800.80 level and such configuration won’t break without serious cause. Now I have effectively reached the possibility for Support level test in extension. All Selling orders should be closed now (Profit was excellent at this point on Selling orders) as a rise towards local High’s Resist remains pure speculation, especially given the Bullish Daily chart on DX. I am expecting a gradual downturn (#1W) Cross, before I can confidently speak about a steeper fall. At the moment Daily chart is being rejected just below former November #3 trendline which could be distinguished as the first Selling entry, however I need to be extra cautious at the moment and beware of new Bullish spike (possible only if correlating assets Trade against my model). The #1,768.80 session High’s on Friday got hit on a violent spike mainly attributed to global Stock showcasing red numbers which aswell added Selling pressure on Gold on the aftermath.
Technical analysis: So far so good as my first Selling Target is concluded near #1,745.80 Weekly Bottom. Overbought Technicals prevailed followed by a strong Bearish reversal in form of Selling candlestick formation that Priced in a Bottom below #1,752.80 as new-old Support, on Hourly 4 chart’s Three Black Crows candle extension. Despite this, both Hourly 1 and Hourly 4 chart were completely Overbought, and current sequence on Gold was Natural response to such Technical development. No Moving Average still supports Buying bias on any chart, however this is typical Price-action behaviour near Daily chart’s local Bottoms or Top’s. Reversals are not evident and remember that the #1,727.80 - #1,733.80 is a heavy downside Support zone. For now, expected, no signs of Bullish reversal. On such a range bound session, Gold value continues to operate within my Daily chart’s Donchian channel. Market closing was adding credence to Sellers and break of the mentioned former Resistance now turned in Support zone can aim for another #1,700.80 psychological mark test. Everything in between is Price-action Daily fluctuation which contains no new clues where Price-action will Trade next. Keep in mind however that Technically I can expect Lower levels to be met and tested, however current market structure still holds Medium-term Bullish bias (since Daily chart is showcasing Bullish presence) and only if #1,700.80 psychological mark breaks, I can expect Medium-term sentiment to regain Neutral status. This (# +5.00%) multi-session gains on Gold negated respectful amount of losses Gold delivered and invalidated multi-Month Descending Channel on Gold.
My position: Highly satisfied with my Annual Trading results, I am in a no rush to engage new order. I will await Support zone to break, where I will contemplate Selling Gold towards #1,700.80 psychological mark. Otherwise, market closing above #1,752.80 Resistance (former Support) will arise Buyers once again. Configuration Highly depends on how DX fares into next #2 - #5 session horizon.
My Selling order was closed automatically (#1,767.80 - #1,745.80) on a fine #22 points Profit run, extending my results range to #43 Profits row and #10 Stop-loss hits regarding April - November Trading cycle. I will use this chance to congratulate Traders who followed my call and had patience to hold the order over the weekend break, well done!
Gold's general commentary: Gold does not honour the expected Fundamental Buying pressure which had #1,800.80 psychological benchmark as an viable Target, pattern on Daily chart however points to more losses and with that evidence I can with certainly note that Gold should engage aggressive decline towards #1,727.80 - #1,733.80 zone first, then #1,700.80 in extension if Support zone gets invalidated. As long as Gold defends #1,752.80 Resistance, Selling bias is more and more possible. Price-action once again confirmed my belief that there are lot of Medium-term Sellers within #1,782.80 - #1,800.80 level and such configuration won’t break without serious cause. Now I have effectively reached the possibility for Support level test in extension. All Selling orders should be closed now (Profit was excellent at this point on Selling orders) as a rise towards local High’s Resist remains pure speculation, especially given the Bullish Daily chart on DX. I am expecting a gradual downturn (#1W) Cross, before I can confidently speak about a steeper fall. At the moment Daily chart is being rejected just below former November #3 trendline which could be distinguished as the first Selling entry, however I need to be extra cautious at the moment and beware of new Bullish spike (possible only if correlating assets Trade against my model). The #1,768.80 session High’s on Friday got hit on a violent spike mainly attributed to global Stock showcasing red numbers which aswell added Selling pressure on Gold on the aftermath.
Technical analysis: So far so good as my first Selling Target is concluded near #1,745.80 Weekly Bottom. Overbought Technicals prevailed followed by a strong Bearish reversal in form of Selling candlestick formation that Priced in a Bottom below #1,752.80 as new-old Support, on Hourly 4 chart’s Three Black Crows candle extension. Despite this, both Hourly 1 and Hourly 4 chart were completely Overbought, and current sequence on Gold was Natural response to such Technical development. No Moving Average still supports Buying bias on any chart, however this is typical Price-action behaviour near Daily chart’s local Bottoms or Top’s. Reversals are not evident and remember that the #1,727.80 - #1,733.80 is a heavy downside Support zone. For now, expected, no signs of Bullish reversal. On such a range bound session, Gold value continues to operate within my Daily chart’s Donchian channel. Market closing was adding credence to Sellers and break of the mentioned former Resistance now turned in Support zone can aim for another #1,700.80 psychological mark test. Everything in between is Price-action Daily fluctuation which contains no new clues where Price-action will Trade next. Keep in mind however that Technically I can expect Lower levels to be met and tested, however current market structure still holds Medium-term Bullish bias (since Daily chart is showcasing Bullish presence) and only if #1,700.80 psychological mark breaks, I can expect Medium-term sentiment to regain Neutral status. This (# +5.00%) multi-session gains on Gold negated respectful amount of losses Gold delivered and invalidated multi-Month Descending Channel on Gold.
My position: Highly satisfied with my Annual Trading results, I am in a no rush to engage new order. I will await Support zone to break, where I will contemplate Selling Gold towards #1,700.80 psychological mark. Otherwise, market closing above #1,752.80 Resistance (former Support) will arise Buyers once again. Configuration Highly depends on how DX fares into next #2 - #5 session horizon.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
