Gold is Targeting #1,600.80 extension / Undisputed Selling trend

27 Sep 2022

Gold's general commentary: Obvious Bearish developments as Gold eventually tested (or better yet currently testing once again) the #1,627.80 - #1,633.80 Support zone that I have been referring to since last Trading week, which is the symmetrical level from the September #24 High’s in reverse (former Lower High’s of last Year’s downtrend). Gold was showing High durability ahead of U.S. session and almost touched #1,652.80 strong Resistance, but trend reversed downwards as an result of yet another Buying leg on DX. This is a strong Short-term Resistance level to consider as I expect the Hourly 4 chart to act accordingly and initiate a steady downtrend after today’s non-significant rise as an answer for DX’s failed optimism and easing Overbought levels hopes.


Technical analysis: Notice also that this is where (Lower Low’s), Gold found Support during the May / June #2019 breakout, and in a few sessions Price-action delivered new Bearish leg. I spotted High chances of repeating that sequence. Hourly 4 chart is already stabilizing while the Daily chart is close to complete total Selling domination indicating that Profit on the recent Bottom has been taken (Long-term Investors) and configuration is pointing again that fair Technical Selling sequence could be on the cards. If U.S delivers what I am waiting for, I will be ready with my Selling orders to pursue #1600.80 psychological mark (like I did throughout yesterday's session). I expect a rather ranged session unless Wall Street brings turbulence as Price-actions is found between #2 Highly important benchmarks. I remain Bearish on Short and Medium-term with DX numbers as my main point of interest. I am still confident in Selling sequence ahead towards #1,588.80 configuration.


My position: I have successfully used yesterday's session opportunity to re-Sell Gold near my desired area, will once again utilize the same sequence and Sell either near #1,642.80 (towards #1,600.80) or on #1,633.80 break. Selling every High that Gold delivers is excellent strategy lately which brought me and my Traders brilliant Trading results.