Buy order active / #1,825.80 - #1,827.80 zone might be tested
Gold's general commentary: With the mid-terms in the past, Investors can again focus on core economic parameters such as current week’s announcements. A relative Risk factor is off the markets and this is why DX is on the decent gains. Since DX widely invalidated #103.800 Support, it’s Descending Channel will be intact and will progressively apply heavy Buying pressure on Gold, since U.S. Dollar does not attract Risk seeking capital from the safe-haven assets such as Gold. I do expect however the currency speculators to push USD as Low as they can ahead of the end of the week in order to secure a more comfortable Long entry in late session (Friday). Technically, Gold's Hourly 4 chart’s setting is still however stuck inside within Neutral Rectangle once again on High Volatility which can keep the Price-action inside #1,785.80 - #1,815.80 belt until Thursday's U.S. session opening. Market closing above #1,800.80 benchmark may arise Buyers which can test #1,825.80 - #1,827.80 Ultimate Top’s zone. No Trading outside of this.
Fundamental analysis: Once more Bond Yields (# +2.27%) are on spiral uptrend, however DX is suffering significant losses. However as before, I am making use of the DX as my key indicator to suggest the underlying trend for Gold, which will hold Bullish bias if market closes above the #1,800.80 psychological benchmark as the DX made a solid Technical Low's and dipped strongly. If Neutral Rectangle gets invalidated to the upside (break of #1,814.80 - #1,815.80 zone), every dip on Gold can be distinguished as an excellent Buying opportunity and I will stick to this strategy for full Profit maximization. I expect Gold to just maintain this momentum, so that by Wednesday's session, Gold should reach #1,827.80 Ultimate Top without any meaningful recovery on DX. Investors are probably pricing in the worst case scenario of announcements missing on their forecast. This doesn't change my Bullish sentiment with both Short-term #1,815.80 and Medium-term #1,827.80 Targets.
My position: My #1,800.80 pending Buying order was activated automatically as Price-action is attempting to invalidated the Neutral Rectangle on Hourly 4 chart. I am using my Daily chart's Donchian Channel to form a new possible Top, which now represents my Target (#1,827.80) for the cycle.
Fundamental analysis: Once more Bond Yields (# +2.27%) are on spiral uptrend, however DX is suffering significant losses. However as before, I am making use of the DX as my key indicator to suggest the underlying trend for Gold, which will hold Bullish bias if market closes above the #1,800.80 psychological benchmark as the DX made a solid Technical Low's and dipped strongly. If Neutral Rectangle gets invalidated to the upside (break of #1,814.80 - #1,815.80 zone), every dip on Gold can be distinguished as an excellent Buying opportunity and I will stick to this strategy for full Profit maximization. I expect Gold to just maintain this momentum, so that by Wednesday's session, Gold should reach #1,827.80 Ultimate Top without any meaningful recovery on DX. Investors are probably pricing in the worst case scenario of announcements missing on their forecast. This doesn't change my Bullish sentiment with both Short-term #1,815.80 and Medium-term #1,827.80 Targets.
My position: My #1,800.80 pending Buying order was activated automatically as Price-action is attempting to invalidated the Neutral Rectangle on Hourly 4 chart. I am using my Daily chart's Donchian Channel to form a new possible Top, which now represents my Target (#1,827.80) for the cycle.
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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.
