Bearish Gold on Medium-term / Sidelines for current session

3 Ağu 2020

Below is my additional commentary regarding Gold's Medium-term (Bond notes #5Y). Since I am on decent run (#7 Profits and #1 Stop-loss hit) - I've decided to not take any action for current session since I see no such opportunity worth a risk. Gold (Xau-Usd on my commentary) is still consolidating just below the Top (Higher High trendline) of the Hourly 1 Tight Bollinger Bands. #1,980.80 is an ultimate Top at the moment since, acting as an strong Resistance - rejected the Price-action on multiple occasions. Monitoring the Price-action almost all E.U. session, I expected Bearish sentiment but stagnation took the main stage and the idle session that I am witnessing is an product of it. Gold is surely Bullish on Medium-term as #2.000.80 new ATH is on the cards, but on the other hand - I cannot rule out the strong correction (identical as on June #29) with #1,950.80 as an possible turning point. After Friday’s Profits, I didn’t wanted to endanger my capital and chosen sidelines as an better option. The Stock markets are still consolidating instead of rising on hopes of this better macroeconomic outlook. In essence the one works as counter to the other, hence Gold stays ranged still near the top of the Bollinger Bands on Hourly 1 chart. This gives me the impression that Gold is more tied to the Stock index movements at the moment and surely Bond notes, so Trade accordingly and take it into consideration. The slightest Bullish reversal on DX should add Selling pressure on Gold. Gold is surely Bearish on Medium-term.