Sell order activated / Gold remains under heavy pressure
Gold's general commentary: Technically Gold is set for another Bearish leg towards #1,752.80 - #1,755.80 Support belt as Thursday's session closed bit above the Daily chart’s #MA50, Hourly 4 chart and Daily chart’s MACD still showcasing Bull signals and RSI still has enough space to make upside move, however on top of that my main correlating assets (DX, Bond Yields), are currently Trading on Medium-term gains. Gold is yet again Technically and Fundamentally equipped for an aggressive takedown.
Technical analysis and NFP commentary: Only a limited amount of Technical data can be used after such important macro-events, as market hybrid movements were visible within every pore of the markets, especially on metals. The NFP aftermath provided the initial direction (with Intra-day point variable on #22 points first downwards, then recovery attempt upwards, which is disastrous side Swing, catastrophic for smaller margins), as my expectation is that most Investors are in a wait for how market will digest current post-NFP DX developments. If the speculative counter theory before such deals is correct, then Monday’s early U.S. session possible Bullish spike should result in a even more comfortable Selling spot after the Resistance is tested (fractal currently occurring with a fake-out). This is all of course very speculative, as DX was about to break my Bullish reversal threshold on Weekly chart and if it does, I will add more Selling orders and Gold becomes fully Bearish on Intra-week scale. I chosen not to Trade this Volatility regarding Friday's session, as recapitulation from the past #2-Week horizon was that every High impact event turned sideways (even though that forecast was met) and final pointer that Gold is on unprecedented Volatility, is DX near #52-Week High’s, which had less or no impact on Gold. Spot how Friday’s session Buying sequence and Resistance break on DX, resulted as an aggressive takedown on Gold.
My position: I have engaged my Selling order with #1,778.80 as an key entry point. My optimal Target is priced at #1,755.80 extension slightly above the #1,752.80 Medium-term Support.
Technical analysis and NFP commentary: Only a limited amount of Technical data can be used after such important macro-events, as market hybrid movements were visible within every pore of the markets, especially on metals. The NFP aftermath provided the initial direction (with Intra-day point variable on #22 points first downwards, then recovery attempt upwards, which is disastrous side Swing, catastrophic for smaller margins), as my expectation is that most Investors are in a wait for how market will digest current post-NFP DX developments. If the speculative counter theory before such deals is correct, then Monday’s early U.S. session possible Bullish spike should result in a even more comfortable Selling spot after the Resistance is tested (fractal currently occurring with a fake-out). This is all of course very speculative, as DX was about to break my Bullish reversal threshold on Weekly chart and if it does, I will add more Selling orders and Gold becomes fully Bearish on Intra-week scale. I chosen not to Trade this Volatility regarding Friday's session, as recapitulation from the past #2-Week horizon was that every High impact event turned sideways (even though that forecast was met) and final pointer that Gold is on unprecedented Volatility, is DX near #52-Week High’s, which had less or no impact on Gold. Spot how Friday’s session Buying sequence and Resistance break on DX, resulted as an aggressive takedown on Gold.
My position: I have engaged my Selling order with #1,778.80 as an key entry point. My optimal Target is priced at #1,755.80 extension slightly above the #1,752.80 Medium-term Support.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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