Gold's Price-action easy to rise, slow to fall
Fundamental analysis: Surprising market reaction on faster Rate hikes and Bond Yields Buying acceleration program (U.S. Senate agreed for lifting debt ceiling even further) and for this kind of Price-action sentiment I have only explanation from Technical side, strong rejection came from Fundamentally Overbought Gold levels and RSI which was rejected near upside movement's neckline. In the same manner regarding the Hourly 4 chart, Gold is Trading near Resistance cluster of #2,027.80 - #2,032.80 and by breaking it, Gold will confirm V shaped recovery pattern (April #3 - April #13 nearby cycle) and evident Buying sustainability bias.
Technical analysis: Gold has made an important Bullish step towards full scale Hourly 4 chart’s reversal as it almost recovered the #2,027.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning on the Bullish side, however well Supported within #2,000’s belt, which has held on multiple occasions so far. I have highlighted many times throughout my commentary that Hourly 4 chart still holds some Neutral bias, but invalidated Descending Channel has expanded giving me Buying signs that Gold may test #2,052.80 psychological benchmark on current Fundamental mix (if #2,027.80 gets invalidated, Gold can deliver aggressive upswing towards #2,042.80 first, posing as an strong Resistance then #2,052.80 benchmark extension). Gold was mainly correlated with Bond Yields during first #3 Months of the Year (January-March) however there was shift in April (DX) and probability that May will also be DX Month is #81.99% since Bond Yields were on downtrend, taking strong hammering and broke all Support zones, and Gold was also on Short-term decline which confirms my Gold - DX correlation on ##Q2 May’s opening, so look for pointers there. When you are after Medium-term direction on Gold always keep cross-checking DX chart's and Trade accordingly. Only when DX Trades on Weekly chart’s (#1W) Higher High’s Lower zone, I will be able to note with a Higher degree of certainty that the Bearish reversal on Gold is sustainable. Hourly 4 chart’s MA periods were close to deliver Death Cross, however current Selling sequence postponed the crossing and preserved Buying bias of past few week’s. #2,042.80 and #2,052.80 are my Short-term Targets.
My position: Do not expect much from today's session Low Volumed candles, however sequence can be used for Medium-term Buying entry towards #2,052.80 benchmark as a viable Target (which I will do).
Technical analysis: Gold has made an important Bullish step towards full scale Hourly 4 chart’s reversal as it almost recovered the #2,027.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning on the Bullish side, however well Supported within #2,000’s belt, which has held on multiple occasions so far. I have highlighted many times throughout my commentary that Hourly 4 chart still holds some Neutral bias, but invalidated Descending Channel has expanded giving me Buying signs that Gold may test #2,052.80 psychological benchmark on current Fundamental mix (if #2,027.80 gets invalidated, Gold can deliver aggressive upswing towards #2,042.80 first, posing as an strong Resistance then #2,052.80 benchmark extension). Gold was mainly correlated with Bond Yields during first #3 Months of the Year (January-March) however there was shift in April (DX) and probability that May will also be DX Month is #81.99% since Bond Yields were on downtrend, taking strong hammering and broke all Support zones, and Gold was also on Short-term decline which confirms my Gold - DX correlation on ##Q2 May’s opening, so look for pointers there. When you are after Medium-term direction on Gold always keep cross-checking DX chart's and Trade accordingly. Only when DX Trades on Weekly chart’s (#1W) Higher High’s Lower zone, I will be able to note with a Higher degree of certainty that the Bearish reversal on Gold is sustainable. Hourly 4 chart’s MA periods were close to deliver Death Cross, however current Selling sequence postponed the crossing and preserved Buying bias of past few week’s. #2,042.80 and #2,052.80 are my Short-term Targets.
My position: Do not expect much from today's session Low Volumed candles, however sequence can be used for Medium-term Buying entry towards #2,052.80 benchmark as a viable Target (which I will do).
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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.