Gold ready for a correction

3 giorni fa

Technical analysis: I spotted increasing Resistance level seen Trading at #2,722.80 - #2,727.80 configuration and as Doji Star Bearish reversal candle was delivered, it is possible to extend the Selling sequence below #2,700.89 psychological benchmark as Buying pressure is easing as Fundamentals are not affecting Gold market as is was the case on few previous sessions. Volume remains relatively Low so these upside attempts should remain very limited unless huge Fundamental after-effect happens (less likely). I have now updated the main correlation shift from Bond Yields to DX, so take that into consideration prior to positioning. Only reason why Gold stays ranged and not losing more is DX on spiral downtrend, testing it's Daily chart's Support zone which is applying Intra-day Buying pressure on Gold. Keep in mind that previous Selling attempts were rejected however current configuration points that if Short-term switch occurs (Bearish), Selling potential will be here to stay. I believe in Selling potential and now is the chance to take the Risk and Trade this once #2,700.80 benchmark gives away. In any case, if you are a Medium or Long-term Investor, this is the opportunity you get once every #2 Years. If however #2,700.80 gets invalidated on Daily chart first rather than #2,727.80 Resistance, I have to consider it as an invalidation to this Buying sequence and a Bearish break-out sign (small chances for Bullish outlook to develop, very limited as well Fundamentally).


My position: Even though I have announced #2,727.80 Resistance test, Traders who Bought should already take their Profit. I am expecting serious correction on Gold once #2,700.80 benchmark gives away.