As I didn't expected Gold hit #1,760.80 benchmark (Spot prices as always on my reports) and what is even more worth of noting is that the Price-action wasn’t rejected on Technical Double Top, Daily chart. Like I noted on my previous reports, that level (#1,773.80) is the Monthly Resistance since August #2012 and now the doors are open for #1,727.80 test. The last rejection on that level caused Gold to drop to #1,180.70 (June #2013 and December #2013). I am expecting a symmetrical reaction and Bearish reversal on the Medium-term, towards #1,705.80 at first, if breaks then the #1,680.80 in extension, before regrouping. After #6 Profits in a row during the May, this is my first SL hit but I am far from unhappy by my Monthly Profit since I can comfortably prepare for new Pricing opportunity with no Positions. The “fault” for Gold is that it is guided by Fundamentals, not Technical proper trend are Macro-economic reports distorting the Technicals. However, #1,773.80 is very strong Resistance and I see no chances of Gold testing nor breaking it, as Investors, after #4 in a row report announcements who missed their estimates and used Gold as a safe haven, will start taking Profits as I doubt that Gold more potential to go higher. The current Selling accumulation pattern on Hourly 4 is now on total Neutrality but attempting to break towards Higher Low and U.S. Stock markets as well as the Bond markets are taking hits. This rise on Gold goes against the continuous highs on Usd-Jpy, showing again that the underlying Short-term trend on Gold (Xau-Usd on my analysis) should be respected/Bearish on Medium-term. Gold has potential to dip more than #55$ so ideal Sell should be on today's late session since, as I noted - Investors will be looking to book their Profits and Gold Bullish leg is near completion. It is late to contemplate Buying the market, since Gold is strongly Overbought despite the nearly #19$ rise since Friday’s high, indicating the inflated levels Gold is trading on. I surely miscalculated the Bearish potential and now Support (former Hourly 1 Resistance) should now consolidate (#1,763.80. - #1,743.80) before deciding the next move. I will add more Sells as U.S. session (#1,730.80 Target) approaches probably with #1,773.80 as an Stop-loss, since I doubt that Gold will keep soaring.
- 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.