Gold's general commentary: Gold broke below the (#1W) Support zone (Weekly chart) and is effectively re-entered the Short-term Bearish territory. With the Hourly 4 configuration offering firm Resistance at #1,816.80, I expect Gold to hit #1,792.80 inside this Week. However, I will be careful with my positioning and keep the Stop-loss a little closer and if #1,800.80 breaks, I might take my chances, expecting Selling sequence / Selling confirmation with additional Selling order. The MACD is on a strong Bearish Cross, similar fractal to November #30, the start of the (was then) Buying leg / scenario should be similar according the variance, just on the other side (Selling). Technically Gold is Bearish, but with Yields still without a recovery, it is Fundamentally Bullish for Gold and is only matter of time how market will digest it, so for now I cannot afford to position myself on the Medium-term. On the other hand, I give more probabilities to the downside.
Technical analysis: The Short-term trend on the Bond Yields has reversed and similarly the DX is on a small retrace both of which limit the uptrend and devalue Gold considerably as it is # -0.37% at the moment. Similar movement happened on early December phase (resemblance to the pattern right now) - pullback was much needed Technically for Gold as all major charts were Overbought (Weekly chart's mostly) now I expect similar scenario: Gold is surely Bearish on the Medium-term. The fact is that the #1,820.80 Resistance also on Daily chart was successfully tested and since it held, the Hourly 4 downside action, on more serious note, got back into consolidation area (Neutral Rectangle). Gold fall should come as no Technical surprise. The immediate downside potential at the moment is #1,800.80 but attention is needed at #1,792.80 where the Price will add strong Support. Of course, much is attributed to the ongoing Trade war tensions whose late optimistic developments (deal hopes) are now pulling the Price-action back Lower. Seems like Gold always tends to remove retail Traders from the market (with strong Volatility) before reveals major move.
My position: As I have closed my yesterday's Selling order (outlook) on breakeven, as I have no other alternative than to add strict Risk management on current extreme Volatility Gold is Trading under. My today's session attempt looks like this: Selling order engaged on #1,806.80 variance, calling for #1,785.80 extension. My Stop-loss is priced at #1,816.80, as I will close my order near breakeven if it does not deliver results within #-Hour time. There is only #1 less important Support in between, so my current structure is worth a risk.
Technical analysis: The Short-term trend on the Bond Yields has reversed and similarly the DX is on a small retrace both of which limit the uptrend and devalue Gold considerably as it is # -0.37% at the moment. Similar movement happened on early December phase (resemblance to the pattern right now) - pullback was much needed Technically for Gold as all major charts were Overbought (Weekly chart's mostly) now I expect similar scenario: Gold is surely Bearish on the Medium-term. The fact is that the #1,820.80 Resistance also on Daily chart was successfully tested and since it held, the Hourly 4 downside action, on more serious note, got back into consolidation area (Neutral Rectangle). Gold fall should come as no Technical surprise. The immediate downside potential at the moment is #1,800.80 but attention is needed at #1,792.80 where the Price will add strong Support. Of course, much is attributed to the ongoing Trade war tensions whose late optimistic developments (deal hopes) are now pulling the Price-action back Lower. Seems like Gold always tends to remove retail Traders from the market (with strong Volatility) before reveals major move.
My position: As I have closed my yesterday's Selling order (outlook) on breakeven, as I have no other alternative than to add strict Risk management on current extreme Volatility Gold is Trading under. My today's session attempt looks like this: Selling order engaged on #1,806.80 variance, calling for #1,785.80 extension. My Stop-loss is priced at #1,816.80, as I will close my order near breakeven if it does not deliver results within #-Hour time. There is only #1 less important Support in between, so my current structure is worth a risk.
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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.
