I have closed my Selling order with huge Profits (#1,792.80 - #1,762.80) and continued Selling Gold since market closed near Medium-term Support of #1,755.80, and once it broke / it was natural to expect further meltdown towards #1,732.80, as discussed on my previous commentary. Congrat's for Traders who followed my call!
Technical analysis: Gold is being kept below the Hourly 4 Support of #1,755.80 despite the rise on DX and continuous rise on equities, Gold managed to continue the decline. Besides the strong Volume and evident Selling pressure, it is strongly possible that the Bond market is what's keeping Gold Low. Regardless of that, the Daily chart Support (Medium-term) was Trading just few points below, at #1,755.80, if broken (already is) it can open doors for #1,700.80 test and is alone a positive development for Sellers ahead of the Weekend break. Hourly 4 remains an healthy Channel Down and being Bearish indicates a Medium-term Selling opportunity towards #1,700.80 psychological barrier. Keep an eye on the Bond notes when the U.S. session opens on Monday, in order to get more information of the Intra-day direction. Gold got rejected at #1,800.80 and since the pullback wasn’t Bought back to the Weekly chart #MA50, it shows the Selling market bias this last week of the Month. That keeps the Hourly 4 Channel Down valid and tested the #8 Month Low, which current dip being it’s Lower Low extension. Technically, if the #1,778.80 Resistance breaks, only then Channel Down breaks and should make a Higher Low (slim chances). There are no high impact macroeconomic reports throughout Monday’s session, the combination of rising DX and rising U.S. Bond notes should deflate Gold even more within next #5 sessions, and another configuration / which I can utilize and make strong advantage is that - Bond notes becoming my strongest correlation at the moment regarding Gold market. Gold is on undisputed Selling bias.
Technical analysis: Gold is being kept below the Hourly 4 Support of #1,755.80 despite the rise on DX and continuous rise on equities, Gold managed to continue the decline. Besides the strong Volume and evident Selling pressure, it is strongly possible that the Bond market is what's keeping Gold Low. Regardless of that, the Daily chart Support (Medium-term) was Trading just few points below, at #1,755.80, if broken (already is) it can open doors for #1,700.80 test and is alone a positive development for Sellers ahead of the Weekend break. Hourly 4 remains an healthy Channel Down and being Bearish indicates a Medium-term Selling opportunity towards #1,700.80 psychological barrier. Keep an eye on the Bond notes when the U.S. session opens on Monday, in order to get more information of the Intra-day direction. Gold got rejected at #1,800.80 and since the pullback wasn’t Bought back to the Weekly chart #MA50, it shows the Selling market bias this last week of the Month. That keeps the Hourly 4 Channel Down valid and tested the #8 Month Low, which current dip being it’s Lower Low extension. Technically, if the #1,778.80 Resistance breaks, only then Channel Down breaks and should make a Higher Low (slim chances). There are no high impact macroeconomic reports throughout Monday’s session, the combination of rising DX and rising U.S. Bond notes should deflate Gold even more within next #5 sessions, and another configuration / which I can utilize and make strong advantage is that - Bond notes becoming my strongest correlation at the moment regarding Gold market. Gold is on undisputed Selling bias.
- 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.
