Gold Trading within Lower High's towards #2,652.80

20 thg 11

Technical analysis: Price-action came even closer to my projected #2,642.80 - #2,652.80 Resistance fractal. As expected on the other side the #2,612.80 - #2,618.80 structure acted effectively as an Support zone as it was placed near the last MA period (guarding the downtrend) on Hourly 1 chart. Daily chart is again marginally Bearish on its vast majority, only Supported now by the #2,612.80 which is interval level, and if Support in extension gives away - #2,600.80 Support / psychological benchmark will be set in motion (Daily chart suggests an even Lower Support base towards #MA50 which is reasonable configuration to expect considering the wide frame on my Volume indicator.


Fundamental analysis: Keep in mind that underlying trend remains Bearish (due recent Selling developments) so keep #2,600.80 as your potential floor for the session as Hourly 4 chart is about to form Double Bottom and #2,642.80 - #2,652.80 as your Medium-term Resistance zone whose test and potential rejection can be distinguished as an re-Sell opportunity for potential added value. Always consider that Price-action is still inside an Short-term Bearish cycle (called on #2,772.80 benchmark break as a major Selling breakout) with (#1W) Weekly candle on mere (# +0.54%) only on the verge of closing November’s fractal in losses, suggesting that most likey Price-action still didn’t delivered Medium-term Bottom on current Bearish cycle.


My position: I have engaged Buying order throughout yesterday's session on #2,630.80 and since Price-action was fluctuating most of the session I have closed my Buying order on #2,634.80 and re-Sell Gold on #2,632.80 and closed my Selling order on #2,621.80. I am currently without any orders however as DX found the Support, I will re-Sell Gold as near as #2,627.80 towards #2,600.80 benchmark. As long as Gold is below #MA50, Gold's trend remains Bearish however expect upside spikes due world's geo-political uncertainties.