Gold's general commentary: Despite holding the #1,860.80 - #1,865.80 Support zone and rebounding, Gold is seen on the current Hourly 4 candle, Trading under heavy Selling pressure yet again (as Powell’s speeches traditionally are attracting Buyers on the aftermath, even though speech had dovish stance which spiked Gold upwards). However, if #1,865.80 and #1,860.80 Support lines cannot contain takedown which Gold may be pricing ahead, it is possible to see Xau-Usd Spot prices test it’s Daily chart’s Medium-term Higher Low’s Lower zone extension, which is currently seen Trading at #1,833.80 (but testing can be made closer to #1,840.80 - #1,842.80), means that if #1,852.80 psychological benchmark gets invalidated, #1,833.80 precise Selling extension has decent chances to be filled Intra-day.
Technical analysis: Regardless of the perspective, it is the DX that is making capital that was 'parked' on the safe-haven assets, now flee to DX, one of the main currencies that it represents. Since February #27, #2019 though, every Daily chart’s Descending Channel has held the Resistance that was made when then MACD had already rolled over, and then initiated a very aggressive rally (exception on March virus outbreak). This actually means that on a #1-Month horizon, Gold is close to the most optimal Selling entry for a #1,800.80 psychological benchmark test. The rejection has so far delivered a pullback as expected on both Hourly 1 chart’s and Hourly 4 chart’s Lower High’s extension again (but got strongly rejected), zone that in my view plays the role of the Pivot within the Support and Resistance structure. As long as DX is on Buying sequence (strong durability), the Hourly 4 chart’s #1,888.80 and #1,892.80 Resistance zone on Gold is coming strong from above to offer stiff Resistance (and rebound point) as it has done so since early #2021. Fundamentally the market's eyes are on the indecisive Fed’s chair, aswell in anticipation of a further tapering / Inflation fight talks that will continue to Support the economy in the same fashion (many similarities with #Q4 fractal). Price-action has come very close to erasing all the losses of current #1M (Monthly) candle (merely # +0.23%) with Three Black Crows, candle sequence which indicates continuation downtrend. This is an important step during standard Medium-term Selling processes on financial assets after sharp uptrends (remember that Gold was on non-stop rise since November #4).
My position: I am holding my Selling order for #3rd consecutive session, and will re-Sell Gold on Spot instantly if my Stop-loss gets triggered.
Technical analysis: Regardless of the perspective, it is the DX that is making capital that was 'parked' on the safe-haven assets, now flee to DX, one of the main currencies that it represents. Since February #27, #2019 though, every Daily chart’s Descending Channel has held the Resistance that was made when then MACD had already rolled over, and then initiated a very aggressive rally (exception on March virus outbreak). This actually means that on a #1-Month horizon, Gold is close to the most optimal Selling entry for a #1,800.80 psychological benchmark test. The rejection has so far delivered a pullback as expected on both Hourly 1 chart’s and Hourly 4 chart’s Lower High’s extension again (but got strongly rejected), zone that in my view plays the role of the Pivot within the Support and Resistance structure. As long as DX is on Buying sequence (strong durability), the Hourly 4 chart’s #1,888.80 and #1,892.80 Resistance zone on Gold is coming strong from above to offer stiff Resistance (and rebound point) as it has done so since early #2021. Fundamentally the market's eyes are on the indecisive Fed’s chair, aswell in anticipation of a further tapering / Inflation fight talks that will continue to Support the economy in the same fashion (many similarities with #Q4 fractal). Price-action has come very close to erasing all the losses of current #1M (Monthly) candle (merely # +0.23%) with Three Black Crows, candle sequence which indicates continuation downtrend. This is an important step during standard Medium-term Selling processes on financial assets after sharp uptrends (remember that Gold was on non-stop rise since November #4).
My position: I am holding my Selling order for #3rd consecutive session, and will re-Sell Gold on Spot instantly if my Stop-loss gets triggered.
- 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.
