Gold still in Neutral zone, only few points below the Resistance
General outlook on Gold: Gold made a decent rebound just above the Weekly chart (#1W) #MA50 and quite possibly has began the new Monthly Bullish leg. However as long as the Daily chart is a Channel Down, I should postpone considering this as (at least) the multi-Week Buying variance. Price-action Bought back the recent decline and is comfortably Trading near #1,847.80 semi-Resistance / if broken, would not still provide me with a steady pattern which I am looking for. #1,847.80 is seen as an strong Resistance, and if broken / even though that I am not confident in Buying continuation, I'll take the risk and will pursue #1,859.80 configuration with my Buying orders, which is representing Higher Low zone. First significant Support is priced at #1,826.70, and if broken could deliver #1,818.70 (upper side of the Lower Low zone), and break of it can extend the decline even below the Weekly chart #MA50 (most likely towards #1,764.80, November #2020 Low). If the market closes beneath #1,823.80, this will be a Bearish Trading Week. Everything in between is an Neutral zone, and not worth entering the market.
Technical analysis: No surprises at the moment, as the session without heavy DX related reports which was near Daily Top - while Bond notes Neutral and Gold with visible Buying pressure on Hourly 1 chart within #1,840’s belt. Yesterday's U.S. session opening Bell didn’t provided any new conclusions as the Price-action was Trading around the obvious Neutral zone, not pointing to any new more significant move. Buying pressure is evident on Gold as I doubt Sellers will emerge, with DX loosing on every candle. This configuration offers no major moves and correlating assets are Trading on expected numbers. I am still without a pattern to Trade by and my decision is to remain on the sidelines, waiting for a breakout, unless Resistance breaks which is only few points up. Regardless, Gold is Trading on a November #29 variance, where Price-action was rejected on a Weekly configuration, providing a decent comfort to Buyers, as the #MA50 was Supporting the uptrend. As discussed, crossing the (#W1) Weekly chart #MA50 is shifting Gold from Bullish to Bearish on Medium-term. If November #29 variance is yet to be repeated, Gold should be under undisputed Buying pressure as rejection then (November #29) provided a safe Bullish leg throughout December. If this is the case, Gold should test Daily chart #MA50 within #4 sessions. Market awaits Yellen's speech later tonight, that's why the Volume is a bit lower than expected / as Investors are waiting for market to digest it and then make their move.
My position: As discussed above, I am still not confident in Buying, but I'll respect my breakout points, and if #1,847.80 breaks, I will pursue #1,860.80 variance with my set of Buy orders. Strong Support is priced at #1,826.80.
Technical analysis: No surprises at the moment, as the session without heavy DX related reports which was near Daily Top - while Bond notes Neutral and Gold with visible Buying pressure on Hourly 1 chart within #1,840’s belt. Yesterday's U.S. session opening Bell didn’t provided any new conclusions as the Price-action was Trading around the obvious Neutral zone, not pointing to any new more significant move. Buying pressure is evident on Gold as I doubt Sellers will emerge, with DX loosing on every candle. This configuration offers no major moves and correlating assets are Trading on expected numbers. I am still without a pattern to Trade by and my decision is to remain on the sidelines, waiting for a breakout, unless Resistance breaks which is only few points up. Regardless, Gold is Trading on a November #29 variance, where Price-action was rejected on a Weekly configuration, providing a decent comfort to Buyers, as the #MA50 was Supporting the uptrend. As discussed, crossing the (#W1) Weekly chart #MA50 is shifting Gold from Bullish to Bearish on Medium-term. If November #29 variance is yet to be repeated, Gold should be under undisputed Buying pressure as rejection then (November #29) provided a safe Bullish leg throughout December. If this is the case, Gold should test Daily chart #MA50 within #4 sessions. Market awaits Yellen's speech later tonight, that's why the Volume is a bit lower than expected / as Investors are waiting for market to digest it and then make their move.
My position: As discussed above, I am still not confident in Buying, but I'll respect my breakout points, and if #1,847.80 breaks, I will pursue #1,860.80 variance with my set of Buy orders. Strong Support is priced at #1,826.80.
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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.
