Selling order activated / Gold Targeting #1,678.80 extension
Gold's general commentary: Symmetrical Triangle formed on Hourly 4 chart’s timeframe was struggling to maintain the Price-action above the Hourly 4 chart’s Resistance line (seen Trading at #1,731.80 on Xau-Usd Spot prices) as both the DX and Bond Yields are Trading near local High’s on the CPI aftermath. This High-impact announcement was of course a prologue to the fact that Higher rates will spike up demand for U.S. Dollar and Inflation levels are cooling down for the first time in #2-Year period, configuration / times which are far from Gold friendly. Fact that Gold is and will be under total Selling domination was once again confirmed and current movements are certainly within my Trading model. All aspects are showcasing that Bearish sequence is here to stay and in addition I still expect Lower Low’s fractal to be priced in (around #1,678.80 or values below which I have been announcing).
Technical analysis: Gold has so far failed to close a Daily candle above the #1,731.80 symmetrical Resistance which Technically remains Bearish and former Triple Top rejection is now distinguished as an Quadruple Top zone. In order however to extend this Bullish trend, Daily chart’s candle needs to close full bodied candle above the #1,731.80 pivot and if it does, the Natural Targets would be first #1,743.80 then #1,752.80 psychological mark (since now both Technically and Fundamentally Gold is showcasing Bearish values and on the contrary Buying bias is very limited and Buying has small chances to sustain. On the other hand, if a Daily candle closes below the #1,721.80 Short-term Support, I would expect a Technical decline to its Medium-term Support, the Daily chart’s #1,678.80 is surely on the cards. Medium-term though I remain Bearish as within the next couple of sessions the Hourly 4 chart will point to aggressive takedown ahead.
Fundamental analysis: Target #1,700.80 was met while #1,678.80 Lower Low’s (Target #2) is coming from below and offering Short-term Sellers viable Target to pursue. Gold witnessed an incredible decline following the U.S. CPI report hinting to global inflation. Gold has been one of the losers of the session and by that the Price almost hit the #4th Support in extension (Higher Low’s Upper zone trendline) seen Trading at #1,692.80. The Daily chart’s RSI was at it’s Highest on June #2 sequence and even though it couldn’t hit the upper Resistance, I principally expect a pullback to continue, harmonizing the Higher Overbought levels into more Neutral ones near the Daily chart’s #MA50. It is important to note that if Gold tests the #1,678.80 Lower Low’s extension and close engulfing Bearish candle below it, I will pursue #1,588.80 Lower Low’s extension on (#1W) Weekly chart with my piercing Selling orders. DX will continue to be in High demand and as long as that state lasts, Buying Gold is not wise decision to make.
My position: As I have been announcing throughout my remarks that #1,678.80 sequence is on the cards, now is the opportunity to pursue the level. I have engaged my piercing Selling order (#1,701.80 entry point), Targeting #1,692.80 first, then #1,678.80 Lower Low's Upper zone in extension.
Technical analysis: Gold has so far failed to close a Daily candle above the #1,731.80 symmetrical Resistance which Technically remains Bearish and former Triple Top rejection is now distinguished as an Quadruple Top zone. In order however to extend this Bullish trend, Daily chart’s candle needs to close full bodied candle above the #1,731.80 pivot and if it does, the Natural Targets would be first #1,743.80 then #1,752.80 psychological mark (since now both Technically and Fundamentally Gold is showcasing Bearish values and on the contrary Buying bias is very limited and Buying has small chances to sustain. On the other hand, if a Daily candle closes below the #1,721.80 Short-term Support, I would expect a Technical decline to its Medium-term Support, the Daily chart’s #1,678.80 is surely on the cards. Medium-term though I remain Bearish as within the next couple of sessions the Hourly 4 chart will point to aggressive takedown ahead.
Fundamental analysis: Target #1,700.80 was met while #1,678.80 Lower Low’s (Target #2) is coming from below and offering Short-term Sellers viable Target to pursue. Gold witnessed an incredible decline following the U.S. CPI report hinting to global inflation. Gold has been one of the losers of the session and by that the Price almost hit the #4th Support in extension (Higher Low’s Upper zone trendline) seen Trading at #1,692.80. The Daily chart’s RSI was at it’s Highest on June #2 sequence and even though it couldn’t hit the upper Resistance, I principally expect a pullback to continue, harmonizing the Higher Overbought levels into more Neutral ones near the Daily chart’s #MA50. It is important to note that if Gold tests the #1,678.80 Lower Low’s extension and close engulfing Bearish candle below it, I will pursue #1,588.80 Lower Low’s extension on (#1W) Weekly chart with my piercing Selling orders. DX will continue to be in High demand and as long as that state lasts, Buying Gold is not wise decision to make.
My position: As I have been announcing throughout my remarks that #1,678.80 sequence is on the cards, now is the opportunity to pursue the level. I have engaged my piercing Selling order (#1,701.80 entry point), Targeting #1,692.80 first, then #1,678.80 Lower Low's Upper zone in extension.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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