Gold Analysis 09/03/2023
GOLD IS HIGH RISKY AND VOLATILE IN THIS WEEK.MUST USE STOPLOSS TO SAFE YOUR CAPITAL
Overview:
Gold is currently trading within a descending channel on the hourly 4 chart and is holding onto the support zone at #1,800.80 - #1,805.80. If the selling pattern continues, there is a solid selling opportunity towards the #1,778.80 extension, as recession sentiment is off the markets and safe-haven assets such as Gold are losing demand. This should add strong buying pressure on bond yields and DX. Assuming the nearby support zone is invalidated, there is only one resistance line left towards the #1,778.80 benchmark. The #1,800.80 potential may be tested within #1 session horizon, after which it is pure speculation where the market will be headed next.
Technical Analysis:
Following yesterday's session, there is spread divergence on Gold's spot-prices and Gold futures, indicating that Gold should be trading according to technical rules. Spot-prices were trading on selling pressure throughout the E.U. session, but engaged in a short-term upswing in the form of a spike as the U.S. session approached. Technically, the mini buying leg in the form of a correction should be over with multiple tops on the hourly 4 chart, and the #1,792.80 test is expected as an obvious short-term target. The extension can be as low as the #1,778.80 on the medium-term if the #1,800.80 psychological barrier/medium-term support gives away.
Fundamental Analysis:
Despite hawkish Powell and excellent reports outcome DX is struggling to go higher, and markets have entered a neutral-to-bearish pace. Gold is not reacting as negatively as expected to such DX developments. However, DX is pulling back after hitting its April's resistance. Yields sold back last week's peak and are suffering intraday losses. Gold is expected to re-test levels close to #1,790's within #1 session, otherwise, double bottom level will prevail and reject the price-action once again for the #3rd time.
I am Expecting:
The daily chart remains bearish, but my estimates show that the correction process on Gold is over and a multi-month selling sequence will continue towards the #1,752.80 benchmark first and #1,700.80 in extension (only if market closes below #1,800.80 support). Waiting for pullback towards #1,833 - #1,839.60 zone where I have marked my selling new entry point. This time, I am targeting #1,792.80 support in extension directly with my selling order.
Overview:
Gold is currently trading within a descending channel on the hourly 4 chart and is holding onto the support zone at #1,800.80 - #1,805.80. If the selling pattern continues, there is a solid selling opportunity towards the #1,778.80 extension, as recession sentiment is off the markets and safe-haven assets such as Gold are losing demand. This should add strong buying pressure on bond yields and DX. Assuming the nearby support zone is invalidated, there is only one resistance line left towards the #1,778.80 benchmark. The #1,800.80 potential may be tested within #1 session horizon, after which it is pure speculation where the market will be headed next.
Technical Analysis:
Following yesterday's session, there is spread divergence on Gold's spot-prices and Gold futures, indicating that Gold should be trading according to technical rules. Spot-prices were trading on selling pressure throughout the E.U. session, but engaged in a short-term upswing in the form of a spike as the U.S. session approached. Technically, the mini buying leg in the form of a correction should be over with multiple tops on the hourly 4 chart, and the #1,792.80 test is expected as an obvious short-term target. The extension can be as low as the #1,778.80 on the medium-term if the #1,800.80 psychological barrier/medium-term support gives away.
Fundamental Analysis:
Despite hawkish Powell and excellent reports outcome DX is struggling to go higher, and markets have entered a neutral-to-bearish pace. Gold is not reacting as negatively as expected to such DX developments. However, DX is pulling back after hitting its April's resistance. Yields sold back last week's peak and are suffering intraday losses. Gold is expected to re-test levels close to #1,790's within #1 session, otherwise, double bottom level will prevail and reject the price-action once again for the #3rd time.
I am Expecting:
The daily chart remains bearish, but my estimates show that the correction process on Gold is over and a multi-month selling sequence will continue towards the #1,752.80 benchmark first and #1,700.80 in extension (only if market closes below #1,800.80 support). Waiting for pullback towards #1,833 - #1,839.60 zone where I have marked my selling new entry point. This time, I am targeting #1,792.80 support in extension directly with my selling order.
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