Selling sequence might be ahead / DX loosing aswell
Gold's general outlook: Gold remains heavily pressured on a #1 Day basis as #1,782.80 rejected the Price-action and prevented further losses on Gold, along with loosing DX. The trend is approaching the #1,800.80 point as I am expecting the first signs of Resistance at #1,806.80 where Hourly 4 Resistance zone is. If Support breaks (#1,785.80), expect #1,778.80 former Support test and #1,762.80 extension. However, if #1,806.80 gets invalidated, #1,827.80 should be next and #1,832.80 should be furthest extension and in the same time #2-Month High. With decline on DX counterbalancing soaring Bond notes - I doubt that Gold will rise more, but if does, I’ll be forced to change my Selling perspective. Gold was providing safe Selling projection but regarding Powell’s speech, DX should even loose more and can invalidate Sellers intent on Gold (inverse correlation). Fundamentals once again distorted Technical trend. It is important to understand that despite the heavy Selling pressure by yesterday’s session report announcement, Gold is only on # -0.56% (should be Trading much Lower).
Technical analysis: Second fakeout in a row during most Volatile session of the Week (yesterday), in situation (which should be Bullish for Gold) after the U.S. opening, breaking all Supports and again reversed since Bond notes reached the Top and are loosing at the moment. Post Fed candles should be relief news and make DX engage even worse decline, and Gold to soar but configuration went other way around, and not to calculate more and endanger my capital, I entered the market on #1,800.80 psychological barrier break and I am holding my Selling order. Gold is now dangerously approaching the November #27 and the December #2 Low’s, both of which I consider Medium-term strong Support levels. There are higher chances to rebound before #1,800.80 but if #1,800.80 is touched again, my advice is to seize all Trading activity. That way I will keep the Sell order for as long as the new Bearish wave lasts (#1,800.80 is possible) and then wait until the uptrend reaches another Selling entry. If #1,800.80 is not touched my advice is to add more Sells again to the lower levels, configuration which hasn't been broke and is acting as a Resistance since February #15. That level is now around #1,820.80. I will monitor the situation and will wait for confirmation of a breakout (either above the Hourly 4 Support or Daily chart Resistance), in order to Sell again or near #1,800.80. That is the plan and in my opinion it is the most viable to get the most out of the Price-action.
My position: I am currently operating with Selling order from #1,800.80, and will keep it even if it hits my Stop-loss (#1,806.80). It is important to note that Fundamentally - there is clash between DX (loosing) and Bond notes (on gains) and is crucial to monitor which side will prevail and which pressure (Buying or Selling) will be visible on Gold. It is important aswell to note that Gold broken the Triangle to the downside on Hourly 4 chart, which is comforting Sellers early on.
Technical analysis: Second fakeout in a row during most Volatile session of the Week (yesterday), in situation (which should be Bullish for Gold) after the U.S. opening, breaking all Supports and again reversed since Bond notes reached the Top and are loosing at the moment. Post Fed candles should be relief news and make DX engage even worse decline, and Gold to soar but configuration went other way around, and not to calculate more and endanger my capital, I entered the market on #1,800.80 psychological barrier break and I am holding my Selling order. Gold is now dangerously approaching the November #27 and the December #2 Low’s, both of which I consider Medium-term strong Support levels. There are higher chances to rebound before #1,800.80 but if #1,800.80 is touched again, my advice is to seize all Trading activity. That way I will keep the Sell order for as long as the new Bearish wave lasts (#1,800.80 is possible) and then wait until the uptrend reaches another Selling entry. If #1,800.80 is not touched my advice is to add more Sells again to the lower levels, configuration which hasn't been broke and is acting as a Resistance since February #15. That level is now around #1,820.80. I will monitor the situation and will wait for confirmation of a breakout (either above the Hourly 4 Support or Daily chart Resistance), in order to Sell again or near #1,800.80. That is the plan and in my opinion it is the most viable to get the most out of the Price-action.
My position: I am currently operating with Selling order from #1,800.80, and will keep it even if it hits my Stop-loss (#1,806.80). It is important to note that Fundamentally - there is clash between DX (loosing) and Bond notes (on gains) and is crucial to monitor which side will prevail and which pressure (Buying or Selling) will be visible on Gold. It is important aswell to note that Gold broken the Triangle to the downside on Hourly 4 chart, which is comforting Sellers early on.
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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.
