Strong possibility of aggressive Selling leg / #1,800.80 ahead
Gold's general outlook: Gold made a decent rebound just above the Weekly chart #MA50 and quite possibly has began the new Monthly Bearish leg. However as long as the Daily chart’s Resistance of #1,832.80 is preserved, I should continue considering Selling the market as (at least) the Multi-week wave to the Lower Low zone, since Weekly chart #MA50 is invalidated which was holding for #2 Year period. Then if the #1,800.80 psychological barrier gets invalidated, Gold could be calling for #1,785.80 extension, assuming that Stimulus Volatility is off the markets.
Technical analysis: The former Support of #1,832.80 (Xau-Usd on my comments as always on my focus) has turned into a Resistance in a symmetrical manner as it has done throughout June-July, and Gold is eyeing even Lower level. Looking at the wider timeframe of Daily Rectangle and the Higher Low trendline of the broken Channel Up, I am expecting a decline around #1,800.80. After that both options are on the table but Technically, Gold should see a similar pullback towards #1,785.80 not even lower since #2021 is projected to be Bull Year on Bond notes. Short-term Traders should Trade with caution as Volatility could arise. However, no changes on the Daily perspective as the Price-action remains Neutral above the Hourly 1 Support and below the Resistance. As the market is waiting for a catalyst, I see no alternative under such a Neutral setting but to continue operating with Selling orders I am already on. There is a delicate balance of Gold's Price-action with the volatility on the U.S. Stock markets and DX (both going Higher) and Bond notes (which are struggling to make a Bullish comeback). This is what is keeping Gold Neutral but on Negative gradient relative to last Week.
Short-term: The pullback extended almost as Low as the Hourly 1 Support and the Price-action rebounded again, currently about to test the #1,827.80 - #1,832.80 Resistance zone. Ahead of the Fundamental data throughout current week and as long as the Daily chart is Neutral, I don't want to take excessive risks, but Technically if I have a Double Top on the #1,827.80 Resistance attempt, then a rejection back towards the #1,812.80 and #1,805.80 is more probable, where if Gold closes one full Hourly 4 candle below the Support, then I have a Bearish breakout towards #1,785.80 (widely below #1,817.80 which represents Weekly chart’s #MA50).
My position: I am currently operating with Selling order, #1,800.80 as a Target as I don't have intention to change it. I am expecting #1,800.80 within #2 sessions.
Technical analysis: The former Support of #1,832.80 (Xau-Usd on my comments as always on my focus) has turned into a Resistance in a symmetrical manner as it has done throughout June-July, and Gold is eyeing even Lower level. Looking at the wider timeframe of Daily Rectangle and the Higher Low trendline of the broken Channel Up, I am expecting a decline around #1,800.80. After that both options are on the table but Technically, Gold should see a similar pullback towards #1,785.80 not even lower since #2021 is projected to be Bull Year on Bond notes. Short-term Traders should Trade with caution as Volatility could arise. However, no changes on the Daily perspective as the Price-action remains Neutral above the Hourly 1 Support and below the Resistance. As the market is waiting for a catalyst, I see no alternative under such a Neutral setting but to continue operating with Selling orders I am already on. There is a delicate balance of Gold's Price-action with the volatility on the U.S. Stock markets and DX (both going Higher) and Bond notes (which are struggling to make a Bullish comeback). This is what is keeping Gold Neutral but on Negative gradient relative to last Week.
Short-term: The pullback extended almost as Low as the Hourly 1 Support and the Price-action rebounded again, currently about to test the #1,827.80 - #1,832.80 Resistance zone. Ahead of the Fundamental data throughout current week and as long as the Daily chart is Neutral, I don't want to take excessive risks, but Technically if I have a Double Top on the #1,827.80 Resistance attempt, then a rejection back towards the #1,812.80 and #1,805.80 is more probable, where if Gold closes one full Hourly 4 candle below the Support, then I have a Bearish breakout towards #1,785.80 (widely below #1,817.80 which represents Weekly chart’s #MA50).
My position: I am currently operating with Selling order, #1,800.80 as a Target as I don't have intention to change it. I am expecting #1,800.80 within #2 sessions.
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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.
