Engaging my Buying order (calling for #1,855.80 extension)
Gold's general commentary: Despite the aggressive DX Sell-off throughoyt Wednesday's U.S. session, Gold’s Daily chart candle managed to close in gains (above #1,827.80) and today's candle is capitalizing on that (# -0.34% so far). Attention is needed as despite the rise on U.S. equities and DX being down only by (# -0.05%), Gold was on a disproportional rise. Assuming that Bond Yields still didn’t found their Medium-term Support and Powell’s speech in general boosting Gold, can deliver new Bullish outlook - Gold should test #1,837.80 again and probable #1,855.80 in extension. Mid next week fractal should deliver what I am waiting for and optimal Selling opportunity is at #1,855.80 - #1,865.80 Resistance zone. I will not revise my Monthly Target and by my estimation - no strategy shift so far as I easily monitor Gold from Technical standpoint. Technical configuration offered me decent Buying opportunity since Daily chart’s Resistance zone is still far away and every time Price-action is rejected from that zone, Gold engaged the decline, which can be used as an optimal Selling entry. It all comes down of course to Bond Yields as a catalyst and how that market will behave in general. A strong Bearish number can easily make Gold testing #1,865.80. (December #14 fractal - Gold dipped and rebounded #7 times and then soared almost #160$).
Technical analysis: Conflicting patterns for Gold as the Hourly 4 chart calls for an Support test, while Daily chart constitutes an solid Channel Up which can potentially extend as High as the Hourly 1 chart’s #1,865.80 Higher High, my main point of interest for the moment. Daily chart has an Buying potential for an #1,837.80 test if correlating instruments allow before Mid next week (Yields were on parabolic downtrend (# -4.09%). With even Weekly chart (#1W) turning Bearish marginally, it is again all about how Fed will move Yield (Yields auctions) and the Price-action closing above the #1,827.80 is to maintain the multi-session Bullish trend. Fundamentally it is the decline on the Bond Yields that is accumulating Gold Buyers (competitive instruments) as until the next week’s Fundamentals; Investors could see more value there. Regarding DX, it remains on a Short-term mini Channel Up, so I expect today’s session consolidation to be quickly corrected upwards to new High’s (adding Buying pressure on Gold). I am fully Bearish on Gold regarding Medium-term with Annual projection to be below the #1,700.80 psychological barrier, but as long as Yields are on current Low’s, Gold will be Buying option.
My position: As my closed my yesterday's session Buying order with #4 point loss, I remained without a position for the session. However, I engaged my Buying order on #1,824.80, calling for #1,855.80 test. I did set my Stop-loss a bit wider since my margin can handle it. Gold is on undisputed Bullish Short-term trend since Yields are losing with every Hourly candle. My main point of interest will be Yields chart, as it will dictate will I keep position over the weekend or close it near breakeven (or with small Profits) as the session ending approaches.
Technical analysis: Conflicting patterns for Gold as the Hourly 4 chart calls for an Support test, while Daily chart constitutes an solid Channel Up which can potentially extend as High as the Hourly 1 chart’s #1,865.80 Higher High, my main point of interest for the moment. Daily chart has an Buying potential for an #1,837.80 test if correlating instruments allow before Mid next week (Yields were on parabolic downtrend (# -4.09%). With even Weekly chart (#1W) turning Bearish marginally, it is again all about how Fed will move Yield (Yields auctions) and the Price-action closing above the #1,827.80 is to maintain the multi-session Bullish trend. Fundamentally it is the decline on the Bond Yields that is accumulating Gold Buyers (competitive instruments) as until the next week’s Fundamentals; Investors could see more value there. Regarding DX, it remains on a Short-term mini Channel Up, so I expect today’s session consolidation to be quickly corrected upwards to new High’s (adding Buying pressure on Gold). I am fully Bearish on Gold regarding Medium-term with Annual projection to be below the #1,700.80 psychological barrier, but as long as Yields are on current Low’s, Gold will be Buying option.
My position: As my closed my yesterday's session Buying order with #4 point loss, I remained without a position for the session. However, I engaged my Buying order on #1,824.80, calling for #1,855.80 test. I did set my Stop-loss a bit wider since my margin can handle it. Gold is on undisputed Bullish Short-term trend since Yields are losing with every Hourly candle. My main point of interest will be Yields chart, as it will dictate will I keep position over the weekend or close it near breakeven (or with small Profits) as the session ending approaches.
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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.
