Gold has decent chances to break the Neutral Rectangle
Gold's general commentary: Gold is now turning sideways trending into consolidation that should be cause for alarm to Gold’s Buyers. Current fractal is taking place right above the #1,840.80 Support zone and even though the Daily chart’s zone is Supporting for now, if Sellers arise and invalidate the Support zone, there are huge chances that Trading may be performed and close the (today’s) session below #1,831.80 Higher Low’s zone. Daily chart however remains Bullish marginally way below invalidated Rising Wedge (currently in Ascending Triangle) so an Support rejection and rebound there should Target #1,870.80 - #1,875.80 once again, and then engage Medium-term correction towards #1,800.80 barrier or less. Keep in mind that Gold was proportionally correlated with the rise on DX throughout the session.
Gold's general commentary: Full scale recovery observed in Bond Yields (#2-Month High’s) surely improved market sentiment, subsequently weighing on traditional reaction of the market using Gold as a safe-haven. Up # +2.47% for the week in the shape of a near-full-bodied Daily Bullish candle (Bond Yields), Gold’s Hourly 4 chart is determined to challenge #1,800.80 psychological barrier, but #1,840.80 (one of the Daily chart’s structure zones) is showing strong durability. Another point worth taking on board here is the Williams% indicator seen testing Overbought waters on all charts (many similarities with February #2014 fractal), and with DX on excellent recovery and Bond Yields Trading on #2-Month High’s, current Fundamental and Technical developments (which should practice enormous Selling pressure on Gold) seem not to be enough reason for Gold to test Lower values. Note aswell that on the Daily chart, Support cluster is also visible and if broken will surely point out to a Lower levels. Side Swings that Traders are witnessing right now are ideal for Scalpers but can also liquidate Traders who don't implement strict Risk management and read the charts correctly. I advised earlier to approach the market with extra caution. With all current developments taken into consideration, Gold should already Trade below #1,800.80 psychological barrier (testing even #1,792.80 or below would be fair estimate). My estimations are showing that current indecisive variance should be altered and Gold should test #1,800.80 within this week's borders.
My position: As I have closed my yesterday's Buying order on breakeven (which delivered no results within first few Hours of the session), and I am on sidelines, awaiting #1,840.80 to break firmly which will trigger my pending Selling order towards #1,806.80 variance. Keep in mind that Gold imitates movements on DX which can add significant Volatility on current Price-action, so my practical suggestion is to implement strict Risk management rules.
Gold's general commentary: Full scale recovery observed in Bond Yields (#2-Month High’s) surely improved market sentiment, subsequently weighing on traditional reaction of the market using Gold as a safe-haven. Up # +2.47% for the week in the shape of a near-full-bodied Daily Bullish candle (Bond Yields), Gold’s Hourly 4 chart is determined to challenge #1,800.80 psychological barrier, but #1,840.80 (one of the Daily chart’s structure zones) is showing strong durability. Another point worth taking on board here is the Williams% indicator seen testing Overbought waters on all charts (many similarities with February #2014 fractal), and with DX on excellent recovery and Bond Yields Trading on #2-Month High’s, current Fundamental and Technical developments (which should practice enormous Selling pressure on Gold) seem not to be enough reason for Gold to test Lower values. Note aswell that on the Daily chart, Support cluster is also visible and if broken will surely point out to a Lower levels. Side Swings that Traders are witnessing right now are ideal for Scalpers but can also liquidate Traders who don't implement strict Risk management and read the charts correctly. I advised earlier to approach the market with extra caution. With all current developments taken into consideration, Gold should already Trade below #1,800.80 psychological barrier (testing even #1,792.80 or below would be fair estimate). My estimations are showing that current indecisive variance should be altered and Gold should test #1,800.80 within this week's borders.
My position: As I have closed my yesterday's Buying order on breakeven (which delivered no results within first few Hours of the session), and I am on sidelines, awaiting #1,840.80 to break firmly which will trigger my pending Selling order towards #1,806.80 variance. Keep in mind that Gold imitates movements on DX which can add significant Volatility on current Price-action, so my practical suggestion is to implement strict Risk management rules.
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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.
