Holding my Buying order / #1,905.80 - #1,910.80 Targeted

2023年1月12日

Gold's general commentary: Gold has tested and reversed near the #1,870's, (June #10 High's - July #16 sequence), which is currently posing as an first Support zone. I spotted necessary similarities on Daily chart after the latest #1,888.80 multi-Month High's, in a candle sequence that resembles the sideways movement from July #15, July #29, (abnormal wick on August #4), September #3, and November #9. This suggests that Technically, Hourly 4 chart can’t stay Bullish anymore and should turn fully Bearish any moment, however due eminent decline on both correlating instruments Gold is bound to test upper levels. This slowdown on Daily chart is also an indication that the Bearish trend / correction is not far away, and that the Weekly chart (#1W) is charging Medium-term Bearish reversal. I still didn’t spotted Profitable Selling pattern and my focus on the DX and Bond Yields is Higher than before since Investors should pull all capital from riskier assets to safe-havens such as Gold on lighter number on CPI aftermath.


Technical analysis: DX was strongly rejected on #102.500 Support and can area near Resistance zone, however it is too early to speculate next move on DX as Price-action is contained within Neutral Rectangle (# -1.07% Weekly chart). Keep cross checking with Bond Yields also as a Price-action below current one invalidates Bearish continuation on Gold (adding Buying pressure). A flat Trading session so far on Hourly 4 chart (with #2 minor spikes and Spinning Tops (indecision candle)) which raises no further need for analytical approach than what I’ve already done. Gold is Trading above the Bollinger bands (last time Gold was Trading on similar values, January #6), Gold engaged almost #150 point decline on the aftermath). Current fractal offers no Medium-term “firm ground” for upside potential to be sustainable, which haven’t been met. As discussed lately "this Trading week comes packed with major economic announcements that can affect Gold's Price-action”, as I mentioned that throughout today’s session directly as there is CPI catalyst to move the Price-action downwards or upwards (upwards in this case). I shifted my focus on DX which will dictate Price-action of Gold. If #1,817.80 Support breaks, that should be a call for #1,800.80 extension, so I’ll take that opportunity if it arises. If another correction trending downwards attempt fails and CPI delivers lesser numbers than the forecast, Gold should pierce #1,900.80 extension within #1-session horizon on Hourly 1 chart’s Bearish Divergence.


My position: As I am already operating with my Buying order (#1,882.80 entry point), I have #1,905.80 Upper extension as an Target. Currently more than satisfied with my Trading results, I allowed additional risk and a bit wider Stop-loss selection.