As expected, today’s violent Bullish candle sequence is calling for #1,718.70 Resistance zone test. I am still comfortably on sidelines until I spot new pricing opportunity. I cannot speculate what this week will bring but surely, on Longer-term Gold is Bearish (still early to engage my Sells). My plan is to sit out today’s session and monitor what U.S. session will deliver, also will Gold break Hourly 4 chart #MA50 #1,708.90 and engage new Buying leg, or reject and enter a Selling extension. Bonds dipped, Stock markets broken the Channel Up and added Buying pressure on Gold which is evident at the moment. I am Technical trader and my aim is to project Gold’s Monthly cycles, so at the moment Gold is on a Channel Up and showing indecision candles so I won’t risk my capital and gamble on ranging markets. Remember when you are uncertain of Gold's true value look at the correlation with other assets and when uncertain of the trend look on Longer term - consult correlating asset which is Stock market at the moment. As Gold still tries to achieve an equilibrium with DX (currently on # +0.40% DX, and # +0.36% Gold / focus on Daily numbers), DX still gains more value than Gold does. The fundamentals of the trade tension makes defining Technical entry/exit points extremely difficult as volatility candles occur outside of the Technical Channels. At this point it is essential to either choose a range to scalp or remain comfortably on sidelines (what I will do). I personally remain Bearish on Medium/Long-term under the Daily Neutral action of the past several weeks which suggests that trading will continue to be performed within the #1,680.80 - #1,720.80 wide zone. Still low Risk/Reward ratio, not worth entering the market.
- 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.