Recovery near completion / Gold is eyeing Lower levels
Gold's general commentary: The current Hourly 4 candle is already too Bearish to deliver continuation of Intra-day Buying sentiment and with Hourly 1 chart's switch from Neutral to Bearish on Short-term, Gold may pause the recovery candles as Investors start taking Profits on their Buying orders and find value within the #1,750.80 - #1,760.80 again. I was pondering about Selling the rise early on, but as correlating instruments are Trading in my favour, I took the opportunity market is delivering. The key is the Hourly 1 chart's Support priced at #1,740.80 which rejected the Price-action twice (current Weekly fractal) and has already done so on today’s session. This is the key and if that configuration breaks, Short-term Sellers should take the Price-action towards #1,727.80 and #1,700.80 impulse barrier in extension. Otherwise, the #1,762.80 semi-Resistance should be re-tested for a potential Top rejection point. The DX though got rejected on it’s Hourly 4 chart Resistance and it is due to the strong Bond Yields (on a #3-Week uptrend) market, which gives confidence to Sellers.
Technical analysis: As discussed, as long as #1,778.80 configuration holds, Gold is more likely to push towards #1,678.80 for a #10-Month Low test, but still within the Hourly 4 chart's Neutral zone. This week is packed with Fundamental announcements the real trend should be revealed (as post Fed candles are arriving), since today’s Price-action delivered the session High test around #1,760.80, triggering most of the Buyers Stop-losses and as Bond Yields reversed and DX printed green candle above the Hourly 1 Resistance, Gold should reverse below #1,740.80 Support zone and should be seen currently Trading below it. This shows how unstable market has become and that I should expect side Swings on Short-term, but those are not cause for an alarm as underlying Gold's trend remains Bearish. The Short-term Price-action has turned Bearish just over the Hourly 4 chart first Resistance and it is interesting to mention that even the Hourly 1 and Daily charts to a certain extent are Bearish. Everything depends upon the DX recovery and to a lesser extent Yields, so I can't make any Short-term recommendations other than the set of Selling orders that I am already operating with. See also how Xau-Usd (spot price) and GC (Futures price) are finally closing the gap and getting into tight range again. Regarding today’s session - I do not expect much from it as I expect the major decline later on current Trading week, since last #7 out of #7 Monday’s opening sessions were idle without any surprises. Technically, #1,678.80 should be next extension, with Support cluster on #1,700.80- #1,727.80 - if tested, Gold might potentially stay Neutral for a few sessions in a symmetrical manner as April #14 - 16. If #1,678.80 gets broken, #1,588 should be furthest extension before Stabilization zone.
My position: I have engaged my Selling order with #1,752.80 as an firm entry point, and typical Target of current downtrend's potential is #1,727.80 and #1,700.80 barrier in extension. I will add more Selling orders if #1,740.80 Support breaks, while Buying is strongly limited. I am implementing strict Risk management as Gold can experience Intra-day side Swings.
Technical analysis: As discussed, as long as #1,778.80 configuration holds, Gold is more likely to push towards #1,678.80 for a #10-Month Low test, but still within the Hourly 4 chart's Neutral zone. This week is packed with Fundamental announcements the real trend should be revealed (as post Fed candles are arriving), since today’s Price-action delivered the session High test around #1,760.80, triggering most of the Buyers Stop-losses and as Bond Yields reversed and DX printed green candle above the Hourly 1 Resistance, Gold should reverse below #1,740.80 Support zone and should be seen currently Trading below it. This shows how unstable market has become and that I should expect side Swings on Short-term, but those are not cause for an alarm as underlying Gold's trend remains Bearish. The Short-term Price-action has turned Bearish just over the Hourly 4 chart first Resistance and it is interesting to mention that even the Hourly 1 and Daily charts to a certain extent are Bearish. Everything depends upon the DX recovery and to a lesser extent Yields, so I can't make any Short-term recommendations other than the set of Selling orders that I am already operating with. See also how Xau-Usd (spot price) and GC (Futures price) are finally closing the gap and getting into tight range again. Regarding today’s session - I do not expect much from it as I expect the major decline later on current Trading week, since last #7 out of #7 Monday’s opening sessions were idle without any surprises. Technically, #1,678.80 should be next extension, with Support cluster on #1,700.80- #1,727.80 - if tested, Gold might potentially stay Neutral for a few sessions in a symmetrical manner as April #14 - 16. If #1,678.80 gets broken, #1,588 should be furthest extension before Stabilization zone.
My position: I have engaged my Selling order with #1,752.80 as an firm entry point, and typical Target of current downtrend's potential is #1,727.80 and #1,700.80 barrier in extension. I will add more Selling orders if #1,740.80 Support breaks, while Buying is strongly limited. I am implementing strict Risk management as Gold can experience Intra-day side Swings.
- 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.
