Gold's general commentary: Gold broke the #1,812.80 Hourly 4 chart’s Resistance last week and I am now expecting a test of the Hourly 4 chart last Resistance zone (way below #1,832.80 Ultimate Top) at #1,817.80 - #1,821.80 in extension. With the catalysts of the week reporting later on, I can see consolidation within #1,797.80 - #1,802.80 before a bigger proportion Buying move later on into the session. With the DX on recovery candles (Friday's session # +0.51%) and Bond Yields (# -2.53%) staying rather weak without rebounding, the underlying trend is currently Bullish regarding Short-term. Gold is approaching May’s #6 Low with the May #13 High as my main point of interest. Hourly 4 chart has been on Lower High’s since Friday’s session and a breakout on current levels formed an Ascending Channel. DX touched #96.50 again, forming a very Bearish Technical outlook for Gold, but subsequently, counterbalanced by (main correlation) Bond Yields which are struggling to make Bullish comeback. Keep in mind that on a Daily basis (June #14 fractal resemblance) Gold is still on straight #1 - #2 Bullish sessions in general and there is still time even for the current Monthly candle to close in losses.
Technical analysis: Gold shows High durability on a near new Intra-day High’s but there are certain aspects that make me sceptical on whether or not this can be sustainable. Those are: Extremely strong Buy-off on DX, hence Gold is not used as an sole hedge asset against Inflation. In addition to that, Bond Yields had reversed Intra-day recovery and is near a #4-session Low's (which are the catalyst for Buying spike which might be ahead). Usd-Jpy pair is also near the #2-session Support. Based on the above, Gold shouldn’t be above it’s #1,821.80 Short-term Resistance, but yet again (with mixed signals on various instruments), not aswell below #1,800.80 barrier. The RSI both on the Daily chart and Hourly 4 chart is idle at it’s best. However, with the further Fed developments and always changing tightening speculations (adding Volatility almost on Hourly basis, visible on every candle), I won't be surprised to see a very negative week on Bond Yields, which would be Bullish for Gold (only if #1,821.80 breaks, Buyers can expect #1,832.80 Ultimate Top) and pause the Medium-term fair Technical downtrend extension. My advice would be to wait for the right opportunity to add Selling orders and that's definitely not now ahead of possible Buying spike ahead. I will keep operating with Medium-term Selling orders indicating elemental Selling trend (giving more probabilities to the downside) but only when #1,821.80 gets tested, and will update if a good opportunity arises on the other hand.
My position: I am heavily on Selling side regarding Medium-term, expecting #1,759.80 and #1,727.80 sequence, and even though Fed's hawkish stance, Gold was Trading on Buying pressure (DX on huge losses), converting in healthy Ascending Channel on Hourly 4 chart. Even though my prediction was spot on and Gold closed below #1,800.80 barrier Friday's session, Bond Yields are still Trading on Weekly Low's, adding huge Buying pressure on Gold. Therefore, I engaged Buying order on #1,797.80 rejection (Entry point: #1,798.80, Target #1,821.80). I will close my order a bit earlier if #1,815.80 semi-Resistance rejects the Price-action. I will Sell on spot from #1,815.80, or above near #1,821.80, towards #1,797.80 first, then #1,778.80 in extension. I am looking at excellent opportunity to extend my Profit's consecutive run to #7.
Technical analysis: Gold shows High durability on a near new Intra-day High’s but there are certain aspects that make me sceptical on whether or not this can be sustainable. Those are: Extremely strong Buy-off on DX, hence Gold is not used as an sole hedge asset against Inflation. In addition to that, Bond Yields had reversed Intra-day recovery and is near a #4-session Low's (which are the catalyst for Buying spike which might be ahead). Usd-Jpy pair is also near the #2-session Support. Based on the above, Gold shouldn’t be above it’s #1,821.80 Short-term Resistance, but yet again (with mixed signals on various instruments), not aswell below #1,800.80 barrier. The RSI both on the Daily chart and Hourly 4 chart is idle at it’s best. However, with the further Fed developments and always changing tightening speculations (adding Volatility almost on Hourly basis, visible on every candle), I won't be surprised to see a very negative week on Bond Yields, which would be Bullish for Gold (only if #1,821.80 breaks, Buyers can expect #1,832.80 Ultimate Top) and pause the Medium-term fair Technical downtrend extension. My advice would be to wait for the right opportunity to add Selling orders and that's definitely not now ahead of possible Buying spike ahead. I will keep operating with Medium-term Selling orders indicating elemental Selling trend (giving more probabilities to the downside) but only when #1,821.80 gets tested, and will update if a good opportunity arises on the other hand.
My position: I am heavily on Selling side regarding Medium-term, expecting #1,759.80 and #1,727.80 sequence, and even though Fed's hawkish stance, Gold was Trading on Buying pressure (DX on huge losses), converting in healthy Ascending Channel on Hourly 4 chart. Even though my prediction was spot on and Gold closed below #1,800.80 barrier Friday's session, Bond Yields are still Trading on Weekly Low's, adding huge Buying pressure on Gold. Therefore, I engaged Buying order on #1,797.80 rejection (Entry point: #1,798.80, Target #1,821.80). I will close my order a bit earlier if #1,815.80 semi-Resistance rejects the Price-action. I will Sell on spot from #1,815.80, or above near #1,821.80, towards #1,797.80 first, then #1,778.80 in extension. I am looking at excellent opportunity to extend my Profit's consecutive run to #7.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
