Buy order engaged / Gold eyes #1,875.80 Resistance zone
Gold's general commentary: Trading against Fundamentals is dangerous game and I will approach with extreme care regarding current fractal. Again, Gold should fall (Technically) but Fundamentals again guides a market so I will wait for situation is normalize and follow the Technical proper trend (regarding Selling Gold on Medium-term). Gold is holding it’s ground on the Hourly 4 chart (Ranged (leans to Bullish) E.U. opening and further session came as no surprise) as the Price-action rallies, staying within Daily chart Rectangle but preserving the Bearish underlying Medium-term trend. As long as Gold keeps #1,840.80 - #1,850.80 belt intact, I give more probabilities to the upside - since Price-action failed to test Support and Lower extension. The reason is the Neutral Intra-day trend on Bond Yields (but Bullish Medium-term) and Gold used as an hedge against Inflation. The Price-action should soon connect with the Hourly 4 chart’s Resistance, which was a trend setter throughout November, and every time it didn’t succeed to hold, Gold risen more than #35 points within #1 session.
Technical analysis: Personally, after decent Bearish display throughout yesterday’s session, I still favour going Bearish on the Medium-term, but ideally I would want to see a Lower High broken firmly to be more certain. Gold still didn’t stabilized Williams% Overbought levels and if situation develops according to plan, I will activate my Sell orders with #1,800.80 benchmark as a Target, once Gold peaks near #1,895.80 - #1,900.80 barrier zone. The Lower High Bear-trap to #1,850.80 was almost delivered (#1,850.80 representing Bottom at the moment) on a very strong Hourly 4 candle as the Ascending Channel attempt to bring last week’s Overbought levels to a balance. Last week’s Bullish rebound was led by once again on enormous Buying pressure from Fundamental side, which is visible now on almost flat (# +0.54%) Daily chart’s candle, but the Weekly candle will close near a respectable (# +0.10%). This remains an undisputed Short-term Bullish trend, but I doubt that it will last. Always consider the Medium-term trend when determining your positioning along with the Highly correlated instruments (DX and Bond Yields, partly Usd-Jpy). The Monthly candle however remains on a mere (# +0.11%), and below is a negative close, so practically the Bearish underlying trend (regarding Medium-term) is unchanged.
My position: As soon as I spotted Retail Sales numbers throughout yesterday's session, I have altered my Buying order with few points above my strict Stop-loss, and was waiting for new pattern. Since the Short-term trend remains Bullish, I have engaged another Buying order, with #1,855.80 as an entry point. I will keep my order all the way towards #1,870.80 - #1,875.80 Resistance zone, and if zone get's invalidated, I will close my original order (which will be in decent Profits by then), and re-Buy once again towards #1,900.80 psychological barrier. Buying currently with #1,870.80 Target extension is the most optimal Trade to take. Due to strong Volatility lately, I may move my Stop-loss on breakeven to prevent unexpected scenarios.
Technical analysis: Personally, after decent Bearish display throughout yesterday’s session, I still favour going Bearish on the Medium-term, but ideally I would want to see a Lower High broken firmly to be more certain. Gold still didn’t stabilized Williams% Overbought levels and if situation develops according to plan, I will activate my Sell orders with #1,800.80 benchmark as a Target, once Gold peaks near #1,895.80 - #1,900.80 barrier zone. The Lower High Bear-trap to #1,850.80 was almost delivered (#1,850.80 representing Bottom at the moment) on a very strong Hourly 4 candle as the Ascending Channel attempt to bring last week’s Overbought levels to a balance. Last week’s Bullish rebound was led by once again on enormous Buying pressure from Fundamental side, which is visible now on almost flat (# +0.54%) Daily chart’s candle, but the Weekly candle will close near a respectable (# +0.10%). This remains an undisputed Short-term Bullish trend, but I doubt that it will last. Always consider the Medium-term trend when determining your positioning along with the Highly correlated instruments (DX and Bond Yields, partly Usd-Jpy). The Monthly candle however remains on a mere (# +0.11%), and below is a negative close, so practically the Bearish underlying trend (regarding Medium-term) is unchanged.
My position: As soon as I spotted Retail Sales numbers throughout yesterday's session, I have altered my Buying order with few points above my strict Stop-loss, and was waiting for new pattern. Since the Short-term trend remains Bullish, I have engaged another Buying order, with #1,855.80 as an entry point. I will keep my order all the way towards #1,870.80 - #1,875.80 Resistance zone, and if zone get's invalidated, I will close my original order (which will be in decent Profits by then), and re-Buy once again towards #1,900.80 psychological barrier. Buying currently with #1,870.80 Target extension is the most optimal Trade to take. Due to strong Volatility lately, I may move my Stop-loss on breakeven to prevent unexpected scenarios.
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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.
