Gold's general overview: Bond notes panic continues as Investors (as usual) use Gold as a Safe-haven. Final Support is still not compromised (#1,700.80) and if Gold closes today's session below it, it is sign of Bearish continuation, if not, Gold is bound to test upper levels. Personally, with RSI on Annual Support and DX soaring, it shows mixed picture on Gold. Last week's Gap is filled, and after the Daily chart obtains the the necessary Technical Bullish correction, I should be seeing a continuation of the downtrend back towards the Support #1,700.80 and if broken, Price-action can extend towards #1,675.80. That would be on any other occasion however as due to the Trade negotiations and general panic, market is not under normal conditions. This is obvious as DX is Trading on Bullish Gap fill to yet another High and Bond notes are on a spiral downtrend. This adds more Buying pressure on Gold on Short-term. In my opinion Bond notes are they key, if they extend their recovery (and DX makes its first Bullish Daily candle) Gold will follow its Technical Bearish course towards Fair price (Medium-term). Otherwise it will have to be postponed for minimum of #1 session.
Technical analysis: No surprises on E.U. session opening as Price-action didn’t delivered any significant move (classic consolidation) and despite the decline on Bond notes and DX near #2-Week Resistance, Gold has managed to defend the Support throughout the session and enter the #1,710’s Hourly 4 Neutral zone. This is the Bearish extension of the Lower Low sequence within the Daily chart Rectangle. The Hourly 4 chart is approaching Lowest RSI levels for the first time in #10 sessions, which indicates that #15 point recovery could be ahead. In my opinion #1,735.80 is the Highest extension and decent Selling opportunity awaits on that fractal. I am expecting new Selling accumulation towards #1,700.80 still assured that Gold has to respect Technical course and normalize Oversold levels and later on continue with the sharp decline. No strategy shift so far as Weekly chart is still Selling on most Moving averages. As long as Gold is below #1,735.80, there are more possibilities for a decline. If January #20 - #27 is yet to be repeated, Gold should test the Resistance, and give one more Lower Low extension towards #1,700.80 or less.
Fundamental analysis: The Daily chart Channel Down is finally near pricing a Lower Low within #1,700’s. Despite the positive Fundamental speculations, my attention shifts to the Technical necessity for a Lower Low extension, with the pressure points being near the #1,700.80 initially on the Daily chart. Keep in mind that the highlight of the week are Bond notes, taking strong hits, but with small recovery early on E.U. session which adds Volatility on Gold as an result, along with the DX on Bullish candles. However, #1,735.80 remains a strong Resistance, if broken, it may push Gold upwards but I won't be using that opportunity since I am not interested in Buying Gold on such Bearish bias, both on Technical and Fundamental aspects. It is important to note that I expect #1,600.80 psychological barrier test (decline of #100 points or more) within #3-Month period.
My position: After yesterday's session Profits, I am comfortably on sidelines waiting for #1,705.80 Support break, and when/if broken, it will provide me a fine Selling confirmation which I won't hesitate to use and pursue #1,675.80 configuration with my Selling orders.
Technical analysis: No surprises on E.U. session opening as Price-action didn’t delivered any significant move (classic consolidation) and despite the decline on Bond notes and DX near #2-Week Resistance, Gold has managed to defend the Support throughout the session and enter the #1,710’s Hourly 4 Neutral zone. This is the Bearish extension of the Lower Low sequence within the Daily chart Rectangle. The Hourly 4 chart is approaching Lowest RSI levels for the first time in #10 sessions, which indicates that #15 point recovery could be ahead. In my opinion #1,735.80 is the Highest extension and decent Selling opportunity awaits on that fractal. I am expecting new Selling accumulation towards #1,700.80 still assured that Gold has to respect Technical course and normalize Oversold levels and later on continue with the sharp decline. No strategy shift so far as Weekly chart is still Selling on most Moving averages. As long as Gold is below #1,735.80, there are more possibilities for a decline. If January #20 - #27 is yet to be repeated, Gold should test the Resistance, and give one more Lower Low extension towards #1,700.80 or less.
Fundamental analysis: The Daily chart Channel Down is finally near pricing a Lower Low within #1,700’s. Despite the positive Fundamental speculations, my attention shifts to the Technical necessity for a Lower Low extension, with the pressure points being near the #1,700.80 initially on the Daily chart. Keep in mind that the highlight of the week are Bond notes, taking strong hits, but with small recovery early on E.U. session which adds Volatility on Gold as an result, along with the DX on Bullish candles. However, #1,735.80 remains a strong Resistance, if broken, it may push Gold upwards but I won't be using that opportunity since I am not interested in Buying Gold on such Bearish bias, both on Technical and Fundamental aspects. It is important to note that I expect #1,600.80 psychological barrier test (decline of #100 points or more) within #3-Month period.
My position: After yesterday's session Profits, I am comfortably on sidelines waiting for #1,705.80 Support break, and when/if broken, it will provide me a fine Selling confirmation which I won't hesitate to use and pursue #1,675.80 configuration with my Selling orders.
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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.
