Gold still under Buying pressure / Selling bias limited
Gold's general commentary: My mid-Week Target been met earlier than I expected as the Russian Ruble Trade exchange improved the DX and Gold strongly decreases all Hourly 4 chart’s Selling momentum near the Hourly 4 chart’s Support zone of #1,914.80 - #1,917.80 (remember, what was posing as a Resistance, when broken can be used as a Support and vice-versa). It is indeed bad news for Gold’s Sellers since peace (meeting) negotiations are far from over - in this kind of announcement, market speculators would surely push Gold upwards shortly with potential Higher High’s peak near #1,952.80 Trading very close to the current Price-action. If market closes above #1,952.80 peak, Gold may pierce #2,000.80 per ounce maximum till end of the week without steeper correction. The Volatility is still High however and Gold may look to set a new Support zone first (my rough estimate is around #1,935.80) before hitting #2,000.80, which is taking place at the moment, but correction is looking very limited according to current Bullish bias.
Fundamental analysis: The Long-term trend remains Bearish (as long as #2,000.80 on Daily chart is preserved / September #2 - September #30 fractal coincidence), but with Daily chart reddish on all of its #MA periods, Gold has to make steeper fall and strong consolidation once Higher High’s peak is tested. Notice how, as discussed on previous reports, the DX broke it’s Daily chart’s Resistance which was much needed for Gold in order to break first strong Support, but current fractal worked well against Gold’s Sellers which were hoping for correction (Selling every High), but as I already announced, Selling Gold (High demand flee to safety asset) in times like these is very dangerous intention. The decline on Bond Yields also helped (panic capital) as it is well know that when Bond Yields are losing with every Hourly candle, Gold should benefit. Gold is approaching the #1,952.80 psychological barrier on Spot prices and I expect it to be realized before Friday’s session on current Bullish leg. Despite the fact that DX is still on a Medium-term Ascending Channel and well Supported on Daily Chart, Gold is pushed Higher (apart from the obvious Bond Yields Sell-off effect) as Fundamental developments are progressively adding Buying pressure on Gold. After testing #1,942.80, I am even more certain in my Bullish outlook (remember my Lower Low’s strategy that Gold always delivers #3 Lower Low’s and #3 Higher High’s and then price a Natural correction to normalize Overbought or Oversold levels).
Technical analysis: I am expecting small pullback again where I will open new set of Buying orders, pursuing #1,952.80 and #1,975.80 in extension. On every fiscal crisis and World’s economy on a decline, Gold is rising as an safe-haven (on High demand) asset and DX engages Buying rally once crisis is on the very own beginning, and gradually loses value as Investors step deeply into the crisis. Regarding today’s session / Critical day for Gold as it is on crossroads for the Short-term. The Daily chart remains an Ascending Channel and Hourly 4 chart should price small correction / pullback motion. All are Xau-Usd Spot prices numbers. Hourly 4 chart completed #5 straight green candles for the first time since February #15, which means that if today's candle closes near #1,952.80, my estimations are pointing to #1,975.80 Weekly High’s (February #24 peak) and if invalidated, Short-term Buyers can push the Price-action towards #2,000.80 easily.
My position: As discussed many times throughout my analysis, Selling Gold on such Bullish bias (even if it is Technically possible) is such dangerous move to make, as Sellers continue to be trapped on recent High's that Gold deliver. If Gold breaks #1,935.80 Support, #1,927.80 extension can be filled Intra-day, which might be maximum regarding the Short-term correction (#10 point variance, contained within #1,925.80 - #1,927.80). If that takes place, I will use it as an re-Buy area towards #1,952.80 extension. However if #1,952.80 breaks first, I will Buy Gold on spot, pursuing #1,975.80 with my set of Buying orders. extending my Profits run to #17.
Fundamental analysis: The Long-term trend remains Bearish (as long as #2,000.80 on Daily chart is preserved / September #2 - September #30 fractal coincidence), but with Daily chart reddish on all of its #MA periods, Gold has to make steeper fall and strong consolidation once Higher High’s peak is tested. Notice how, as discussed on previous reports, the DX broke it’s Daily chart’s Resistance which was much needed for Gold in order to break first strong Support, but current fractal worked well against Gold’s Sellers which were hoping for correction (Selling every High), but as I already announced, Selling Gold (High demand flee to safety asset) in times like these is very dangerous intention. The decline on Bond Yields also helped (panic capital) as it is well know that when Bond Yields are losing with every Hourly candle, Gold should benefit. Gold is approaching the #1,952.80 psychological barrier on Spot prices and I expect it to be realized before Friday’s session on current Bullish leg. Despite the fact that DX is still on a Medium-term Ascending Channel and well Supported on Daily Chart, Gold is pushed Higher (apart from the obvious Bond Yields Sell-off effect) as Fundamental developments are progressively adding Buying pressure on Gold. After testing #1,942.80, I am even more certain in my Bullish outlook (remember my Lower Low’s strategy that Gold always delivers #3 Lower Low’s and #3 Higher High’s and then price a Natural correction to normalize Overbought or Oversold levels).
Technical analysis: I am expecting small pullback again where I will open new set of Buying orders, pursuing #1,952.80 and #1,975.80 in extension. On every fiscal crisis and World’s economy on a decline, Gold is rising as an safe-haven (on High demand) asset and DX engages Buying rally once crisis is on the very own beginning, and gradually loses value as Investors step deeply into the crisis. Regarding today’s session / Critical day for Gold as it is on crossroads for the Short-term. The Daily chart remains an Ascending Channel and Hourly 4 chart should price small correction / pullback motion. All are Xau-Usd Spot prices numbers. Hourly 4 chart completed #5 straight green candles for the first time since February #15, which means that if today's candle closes near #1,952.80, my estimations are pointing to #1,975.80 Weekly High’s (February #24 peak) and if invalidated, Short-term Buyers can push the Price-action towards #2,000.80 easily.
My position: As discussed many times throughout my analysis, Selling Gold on such Bullish bias (even if it is Technically possible) is such dangerous move to make, as Sellers continue to be trapped on recent High's that Gold deliver. If Gold breaks #1,935.80 Support, #1,927.80 extension can be filled Intra-day, which might be maximum regarding the Short-term correction (#10 point variance, contained within #1,925.80 - #1,927.80). If that takes place, I will use it as an re-Buy area towards #1,952.80 extension. However if #1,952.80 breaks first, I will Buy Gold on spot, pursuing #1,975.80 with my set of Buying orders. extending my Profits run to #17.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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