Fundamental analysis: The former Support of #1,992.80 has turned into a Resistance in a symmetrical manner as it has done throughout April - May fractal, as Gold is eyeing Higher levels for more than #10-sessions horizon at the moment. Looking at the wider timeframe of Daily chart's healthy Ascending Channel and the Higher High's trendline of the former Hourly 4 chart's Descending Channel, I am not expecting uptrend continuation and values around #2,000.80 psychological benchmark or more Technically, but not on current market bias. After that it is anybody's guess but Technically, Gold should see a similar pullback towards #1,952.80 benchmark also even Lower due reasons I was mentioning throughout many previous comments I have made. Short-term Traders should Trade with caution as Volatility could arise even more as Gold is showing mixed signals regarding the Short-term. Gold is guided by unknown outside factor which is constantly keeping Bullish bias alive (besides crisis escalation). I cannot take guess what will happen next on Gold / only follow it Technically.
Technical analysis: Many Buyers got Stopped out as they waited #2,000.80 psychological benchmark break and firm continuation above however market delivered aggressive spike to the downside and closed the market below #1,892.80 Resistance for the fractal. Indeed Buying lately could deliver excellent Trading results however can result with an spike to the downside anytime and that is the danger of Trading Bullish trends as they can experience aggressive reversal anytime. I see no alternative under such Bullish setting but to contemplate Buying. There is a delicate balance of Gold's Price-action with the Volatility on the U.S. Bond Yields and DX (DX was Trading near #2-Week Support zone and Bond Yields skyrocketing, then struggling to make a Bullish comeback). It is difficult to explain what is keeping Gold Bullish but and on positive gradient relative to last Week. As evident from current sessions, Gold's unusual spikes are becoming new norm. Remember that these are Inflated Prices on Gold and as such will offer spectacular Selling opportunities on new leg to the downside.
My position: Gold Technically remains critically Overbought however Fundamentals still guide the market and if #1,988.80 breaks, #2,000.80 benchmark test is very possible.
Technical analysis: Many Buyers got Stopped out as they waited #2,000.80 psychological benchmark break and firm continuation above however market delivered aggressive spike to the downside and closed the market below #1,892.80 Resistance for the fractal. Indeed Buying lately could deliver excellent Trading results however can result with an spike to the downside anytime and that is the danger of Trading Bullish trends as they can experience aggressive reversal anytime. I see no alternative under such Bullish setting but to contemplate Buying. There is a delicate balance of Gold's Price-action with the Volatility on the U.S. Bond Yields and DX (DX was Trading near #2-Week Support zone and Bond Yields skyrocketing, then struggling to make a Bullish comeback). It is difficult to explain what is keeping Gold Bullish but and on positive gradient relative to last Week. As evident from current sessions, Gold's unusual spikes are becoming new norm. Remember that these are Inflated Prices on Gold and as such will offer spectacular Selling opportunities on new leg to the downside.
My position: Gold Technically remains critically Overbought however Fundamentals still guide the market and if #1,988.80 breaks, #2,000.80 benchmark test is very possible.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.