Yesterday's Bullish Price-action came as no Technical surprise and was rising on a combination of Fundamental reports announcements and Technical natural Bullish correction. It is closely related to currency volatility, the price in near equilibrium with Usd-Jpy also on Weekly scale and even if the pair completes its Diagonal consolidation, Gold should not Technically rise above #1,731.80, if it does, my pattern/outlook is invalidated. In extension - I will advance with extreme care ahead of the most significant macroeconomic event of the week (NFP). However, if #1,731.80 breaks, #1,745.80 can be next extension (less likely). I expect sharp Gold drop as U.S. session approaches. The October #17 Low should soon be tested with the Hourly 4 small Channel Down ready to bring Gold one step to my Target. My first Target is #1,705.80, if broken, #1,680.80 should be next extension. Daily Support that prevents Gold from turning Bearish (holding on Neutral levels on my indicators) is #1,705.80 and provided steady Support twice already. DX broke below the Hourly 4 Support, but for now that is not engaged to my main plan and point of interest since Gold lost correlation with DX (on Short-term) and now correlates with Stock markets mostly and Usd-Jpy partly. Hourly 4 chart being of utmost importance as it will determine investor sentiment (rejection lower of break out higher), as I am certain that Bearish outlook will continue (on Gold). If the Stock markets hold their current Support levels, I expect my Target #1,705.80 to be realized within #2 sessions. All eyes on NFP today.
- 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'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
- 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'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.