Gold's general overview: Gold is looking weak so far but holding the #1,777.80 which is my Support for the moment and my main point of interests. If that configuration breaks the next level to monitor is #1,762.80 which is where the Daily chart #2-Month Support zone is. In my opinion it is all about what is Gold being able to hold, since DX is on a Buying run as I expect it to continue with Buying, same as last week. Therefore, it was natural to expect Buyers to arise since Price-action has breached (and now reversing) the lower line of Bollinger Bands on Daily chart (last time similar sequence occurred is September #23 variance).
Technical analysis: Gold continues to Trade on losses regarding the Hourly 4 chart as the #1,771.80 - #1,774.80 Support zone holds firmly. The Bearish U.S. data were unable to stop the DX from making another parabolic rise as it continues to monopolize the safe-haven status. But on the bright-side Gold is holding and isn't rising more. As I have been mentioning, this only shows the underlying strength and how Long-term Investors defend the current level. My perspective is unchanged and all my previous models remain valid. If the Support zone breaks, then by market closing it is possible to see an aggressive Hourly 4 Selling continuation towards #1,762.80, but with Bond notes on a decline and DX pausing the uptrend, Selling sequence will be surely postponed for at least #1 session. #1,795.80 is strong Resistance and potential Price-action rejection would provide me an solid Selling opportunity which I won't hesitate to use. As long as DX is Trading on High’s and above the Resistance, Gold will be without a recovery.
My position: I have closed my yesterday's Sell order near market closing, a bit earlier than I expected as I was anticipating #1,762.80, but I am still satisfied with what's done. I am without a position at the moment waiting for area to be engulfed. If #1,795.80 rejects the Price-action, I will engage #1,762.80 Target Selling order calling for second Selling round. I am still not interested in Buying as it is Highly dangerous on such Selling bias. Expect side Swings throughout today's session with not much Price-action.
Technical analysis: Gold continues to Trade on losses regarding the Hourly 4 chart as the #1,771.80 - #1,774.80 Support zone holds firmly. The Bearish U.S. data were unable to stop the DX from making another parabolic rise as it continues to monopolize the safe-haven status. But on the bright-side Gold is holding and isn't rising more. As I have been mentioning, this only shows the underlying strength and how Long-term Investors defend the current level. My perspective is unchanged and all my previous models remain valid. If the Support zone breaks, then by market closing it is possible to see an aggressive Hourly 4 Selling continuation towards #1,762.80, but with Bond notes on a decline and DX pausing the uptrend, Selling sequence will be surely postponed for at least #1 session. #1,795.80 is strong Resistance and potential Price-action rejection would provide me an solid Selling opportunity which I won't hesitate to use. As long as DX is Trading on High’s and above the Resistance, Gold will be without a recovery.
My position: I have closed my yesterday's Sell order near market closing, a bit earlier than I expected as I was anticipating #1,762.80, but I am still satisfied with what's done. I am without a position at the moment waiting for area to be engulfed. If #1,795.80 rejects the Price-action, I will engage #1,762.80 Target Selling order calling for second Selling round. I am still not interested in Buying as it is Highly dangerous on such Selling bias. Expect side Swings throughout today's session with not much Price-action.
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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.
