Gold's general commentary: Important session on Gold ahead as it is finally testing Selling Higher Low’s trendline, which initially started with the July #31 Lower High’s (and then made Lower High’s Lower zone on August #1 and August #2). If today's session Daily chart candle closes below #1,927.80 sequence, Gold may start new multi-Month Bearish pattern that will set the framework for the next #2-Month horizon, breaking contact point of #1,927.80 will represent possibility for aggressive decline towards #1,900.80 psychological barrier in extension. The Daily RSI is showing Bearish values, exactly on the level of March #3 - it is best to Trade the current direction and not the Oversold sequence solely. Common factor is that after every such Lower High's rejection, the Price-action always dipped around #67 points.
Technical analysis: As I mentioned on my remarks lately regarding #1,942.80 Support significance, since Support gave away, I Shorted with Target zone the #1,927.80 period. If this doesn't happen, I will patiently await for contact with #1,942.80 - #1,945.80 belt once again (Hourly 4 chart's Lower High's limit) for a Short new entry. It will be useful after that to look into the Monthly chart and the #2014 / #2015 Bear cycle for similarities. After settling below the Neutral Rectangle, I do expect an #30-session Short-term Bearish leg before further Medium-term Selling resumes. Price-action has invalidated the Lower High’s zone on Daily chart currently and turned marginally Bearish on Technical part, same Price-action and developments spotted on November #18 - November #23 sequence. Even though the Daily chart’s Support was seen Trading on #1,942.80 extension which is Technically invalidated (the outlook doesn't look favorable for Gold on the Medium-term), remember the importance of the Descending trendline, which when broken continues the sequence on more than #67 points).
My position: I am already riding the Selling wave since yesterday's session with #1,943.80 key entry point. So far #1,927.80 - #1,932.80 rejected the sequence, however I do expect #1,927.80 next and if invalidated, #1,900.80 benchmark in extension.
Technical analysis: As I mentioned on my remarks lately regarding #1,942.80 Support significance, since Support gave away, I Shorted with Target zone the #1,927.80 period. If this doesn't happen, I will patiently await for contact with #1,942.80 - #1,945.80 belt once again (Hourly 4 chart's Lower High's limit) for a Short new entry. It will be useful after that to look into the Monthly chart and the #2014 / #2015 Bear cycle for similarities. After settling below the Neutral Rectangle, I do expect an #30-session Short-term Bearish leg before further Medium-term Selling resumes. Price-action has invalidated the Lower High’s zone on Daily chart currently and turned marginally Bearish on Technical part, same Price-action and developments spotted on November #18 - November #23 sequence. Even though the Daily chart’s Support was seen Trading on #1,942.80 extension which is Technically invalidated (the outlook doesn't look favorable for Gold on the Medium-term), remember the importance of the Descending trendline, which when broken continues the sequence on more than #67 points).
My position: I am already riding the Selling wave since yesterday's session with #1,943.80 key entry point. So far #1,927.80 - #1,932.80 rejected the sequence, however I do expect #1,927.80 next and if invalidated, #1,900.80 benchmark in extension.
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- 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.