Gold is Trading within my model / #1,752.80 Resistance ahead
Gold's general commentary: Sideways Price-action all along regarding the Hourly 4 chart as the consolidation patterns providing the safest framework for dip Buying strategy (and possible Top / High Selling). As Gold was critically Overbought, it was totally Natural to expect Sellers to arise and initiate the Hourly 4 chart correction towards my Support and below #1,752.80 mark, but once again DX soared below the Daily chart’s Resistance and prevented more serious Intra-day recovery on Gold. The Hourly 4 chart’s Resistance cluster has rejected the Price-action twice already which gives a updated Targets with a potential extension towards #1,700.80 psychological benchmark if #1,727.80 - #1,733.80 Support zone breaks. Only if #1,752.80 mark breaks and market closes the session above, I will contemplate Buying the market as at the moment / Hourly 1 chart’s reveals no clues nor configuration is not worth entering. I don't expect today’s session Fundamental reports to be relevant, as I await Support extension test (Selling on every local High’s) as DX is on spiral uptrend. I will Sell Gold on spot if Support zone breaks as I am still not interested in Buying. Keep in mind that Daily chart is Trading on healthy Bullish Technicals so look for pointers there.
Technical analysis: Gold invalidated the #1,752.80 Hourly 4 chart’s Support with ease, which has now turned into a Short-term Resistance as the first test on the previous Hourly 4 chart’s candle was so far unsuccessful. The next barrier on my focus is the #1,727.80 - #1,733.80 Support level, which I expect to break with relative ease as the DX (# -0.42%) should form very Bullish formation near the possible Short-term Resistance fractal, next stop should be #1,700.80 psychological benchmark, and break of should eye #1,678.80 - #1,682.80 (early October variance). As a result I believe the current level of #1,727.80 is a solid additional Selling opportunity, as everything depends on today’s session market closing (full candle closing). If my pattern is postponed and Gold breaks the #1,752.80 Resistance zone without aggressively Selling back the uptrend (as it was the case #2 out of #2 times), I then have to wait for potential contact with the #1,762.80 Resistance, to consider Buying again regarding Medium-term.
My position: Current sequence still holds some Neutral bias as I see no Profitable patterns to Trade by.
Technical analysis: Gold invalidated the #1,752.80 Hourly 4 chart’s Support with ease, which has now turned into a Short-term Resistance as the first test on the previous Hourly 4 chart’s candle was so far unsuccessful. The next barrier on my focus is the #1,727.80 - #1,733.80 Support level, which I expect to break with relative ease as the DX (# -0.42%) should form very Bullish formation near the possible Short-term Resistance fractal, next stop should be #1,700.80 psychological benchmark, and break of should eye #1,678.80 - #1,682.80 (early October variance). As a result I believe the current level of #1,727.80 is a solid additional Selling opportunity, as everything depends on today’s session market closing (full candle closing). If my pattern is postponed and Gold breaks the #1,752.80 Resistance zone without aggressively Selling back the uptrend (as it was the case #2 out of #2 times), I then have to wait for potential contact with the #1,762.80 Resistance, to consider Buying again regarding Medium-term.
My position: Current sequence still holds some Neutral bias as I see no Profitable patterns to Trade by.
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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.
