Gold's general commentary: No changes on the Daily perspective as the Price-action remains ranged above the Hourly 4 chart's #1,770.80 Support and below the #1,792.80 Resistance. As the market is waiting for a catalyst (either next week's Fundamentals or NFP), I see no alternative under such a Neutral Hourly 4 setting but to remain on sidelines and wait for an opportunity to continue operating with my Selling orders within the suggested range. There is a delicate balance of Gold's Price-action with the Volatility on Usd-Jpy and DX (both going Higher throughout today’s session) and Bond Yields on Higher Low’s Lower extension (which are struggling to make a Bullish comeback). This is what is keeping Gold Neutral but on Bullish gradient relative to last week. I see no further upside behind current Gold’s Buying response and will carefully monitor what today’s U.S. session will bring, as is too early to Sell at the moment. #1,770.80 configuration is optimal Selling entry.
Technical analysis: Following today’s session spread divergence on Gold’s Spot-prices (Xau-Usd) and Gold Futures are attempting a balance and they are pretty close at the moment which indicates that Gold should be Trading according the Technical rules. My focus is on Spot-prices as always which were Trading on Buying pressure throughout the yesterday's E.U. session but engaged the Short-term downswing as U.S. session approached. That being said, it becomes obvious that Technically, mini Buying leg is over (or near exhaustion Technically) with the multiple Top’s on Hourly 4 chart, as I am expecting Hourly 4 chart’s #1,751.80 test, as an obvious Target within #3 sessions. It is my belief though that the extension can be as Low as the #1,678.80 on Medium-term, if #1,700.80 psychological barrier / Medium-term Support is broken. The Daily chart remains Bearish but mixed and Bond Yields are not reacting as positively as one would expect to the passing of the Biden’s spending Bill and further Fed tapering. However, DX is pulling back also after hitting their Q2 Resistance, so in my opinion, I am expecting this week’s Bearish sequence to continue only when Sell-off below #1,770.80 is on the cards. Yields Sold back last week’s peak which is not going in my favor.
My position: As today's session has weekly catalyst on the calendar (NFP), speculators are expecting better forecast than actual, which can add strong Buying pressure on Gold where Price-action can connect with #1,792.80 Resistance. However, same or worse forecast can make Gold slide towards #1,770.80, my Support and Selling variance. I won't make any moves ahead of the announcement, as I am already on decent Profits run and don't have need to take excessive risks. Bottom line, no matter what NFP brings, Gold is Bearish on Short-term, and in any case, #1,727.80 is to be tested #within #10 sessions.
Technical analysis: Following today’s session spread divergence on Gold’s Spot-prices (Xau-Usd) and Gold Futures are attempting a balance and they are pretty close at the moment which indicates that Gold should be Trading according the Technical rules. My focus is on Spot-prices as always which were Trading on Buying pressure throughout the yesterday's E.U. session but engaged the Short-term downswing as U.S. session approached. That being said, it becomes obvious that Technically, mini Buying leg is over (or near exhaustion Technically) with the multiple Top’s on Hourly 4 chart, as I am expecting Hourly 4 chart’s #1,751.80 test, as an obvious Target within #3 sessions. It is my belief though that the extension can be as Low as the #1,678.80 on Medium-term, if #1,700.80 psychological barrier / Medium-term Support is broken. The Daily chart remains Bearish but mixed and Bond Yields are not reacting as positively as one would expect to the passing of the Biden’s spending Bill and further Fed tapering. However, DX is pulling back also after hitting their Q2 Resistance, so in my opinion, I am expecting this week’s Bearish sequence to continue only when Sell-off below #1,770.80 is on the cards. Yields Sold back last week’s peak which is not going in my favor.
My position: As today's session has weekly catalyst on the calendar (NFP), speculators are expecting better forecast than actual, which can add strong Buying pressure on Gold where Price-action can connect with #1,792.80 Resistance. However, same or worse forecast can make Gold slide towards #1,770.80, my Support and Selling variance. I won't make any moves ahead of the announcement, as I am already on decent Profits run and don't have need to take excessive risks. Bottom line, no matter what NFP brings, Gold is Bearish on Short-term, and in any case, #1,727.80 is to be tested #within #10 sessions.
- 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.
