As discussed on my July's #23 commentary regarding mid-late August projection, besides Short-term calls (as my margin allows), I tend to always give a chance for my Medium-term projection (as Traders had chance to remember, #127 point decline on June #24 configuration). I have engaged Selling order (Medium-term) with lesser Volume than my usual #4.0, was #2.0, from #1,804.80 (was an Price then on July #23 when I announced the projection here) towards #1,727.80 and my Target was met earlier than I expected (throughout today's session) on one of the strongest Daily declines on Gold. It was an decent #77 point decline, and with last week's #47 point Profit (full Volume), I am more than satisfied with my results on on #124 point Profit all together (aswell with June's #24 #127 point decline, it makes it #251 point Profit in total, which is way in comparison to Stop-loss hits as I believe that I am always right on Gold's Medium-term). I will use this chance to congratulate Traders who followed my calls!
Gold's general commentary: The consolidation within roughly the #1,800.80 - #1,810.80 zone was one of the tightest and strongest in recent Months (the Daily chart Volatility was very High fuelled by a Buying pressure from Bond Yields on #5-Month Low’s (Gold as a safe-haven) and Selling pressure equally (Technically Gold was strongly Overbought). This is of course the outcome of the Fed related uncertainty and sharp Resistance break on the Yields (due to the Global economy optimistic outlook on the quickness of the recovery), as Investors are caught in the middle of Buying because of Gold's safe-haven status (but not sole asset as a hedge) when riskier assets decline and due to Friday's strong rise on DX currently on #1-Month Resistance. All those Bullish developments (Fundamentally) had to be strongly corrected, as I knew that NFP will also add strength to an aggressive takedown. I have mentioned my case on the DX, that normally it prevails as the main safe-haven (as it happened in March #2020) in times of Bond Yields markets crashes - which engages correction with Gold that both assets (Gold and DX) rises and Bond Yields markets decline, as it is the case at the moment. Current market sentiment adds significant Selling pressure on Gold. Personally, Gold is below the Top of #1,778.80 as I see that #1,752.80 is so far holding (as an Resistance) and is the level I am focusing at. The Fundamental side down-played the quick fair Technical value Price-action hopes which the Bond Yields Investors had, especially since May, and the sharp Yields Sell-off benefited Gold as a safe-haven, trend which is invalidated now as an every Bond Yields uptrend is Selling opportunity worth taking on Gold, but that configuration is gone now as Fundamental pressure is off the markets and it was Natural to expect aggressive takedown. Adding to that the fact that DX is on a uptrend (Short-term) since May #26, I quickly understand why Gold is still on High levels even though the Daily chart is still on Lower Low’s since the May #18 Top with no signs of a Buying sustainability. However, the more Gold Trades on High’s, the steeper the decline/correction will be, as my rule once again got confirmed. If Yields continue the uptrend (or stays near the Resistance), I will Sell on spot pursuing #1,700.80 break within #2 sessions.
It is important to note that my Yearly projection of #1,678.80 almost got hit (as I stated many times that I am fully Bearish on Gold's Medium-term), which provided evident Double Bottom formation on wider charts, which attracted Buyers and added strong Buying pressure on Gold (preventing Gold's further slide). However, if Double Bottom of #1,678.80 breaks, I will pursue #1,627.80 Lower Low extension and #1,578.80 in continuation later on. I will not make any more bets for today's session (calling it for today) as I am more than satisfied with my Profits!
Gold's general commentary: The consolidation within roughly the #1,800.80 - #1,810.80 zone was one of the tightest and strongest in recent Months (the Daily chart Volatility was very High fuelled by a Buying pressure from Bond Yields on #5-Month Low’s (Gold as a safe-haven) and Selling pressure equally (Technically Gold was strongly Overbought). This is of course the outcome of the Fed related uncertainty and sharp Resistance break on the Yields (due to the Global economy optimistic outlook on the quickness of the recovery), as Investors are caught in the middle of Buying because of Gold's safe-haven status (but not sole asset as a hedge) when riskier assets decline and due to Friday's strong rise on DX currently on #1-Month Resistance. All those Bullish developments (Fundamentally) had to be strongly corrected, as I knew that NFP will also add strength to an aggressive takedown. I have mentioned my case on the DX, that normally it prevails as the main safe-haven (as it happened in March #2020) in times of Bond Yields markets crashes - which engages correction with Gold that both assets (Gold and DX) rises and Bond Yields markets decline, as it is the case at the moment. Current market sentiment adds significant Selling pressure on Gold. Personally, Gold is below the Top of #1,778.80 as I see that #1,752.80 is so far holding (as an Resistance) and is the level I am focusing at. The Fundamental side down-played the quick fair Technical value Price-action hopes which the Bond Yields Investors had, especially since May, and the sharp Yields Sell-off benefited Gold as a safe-haven, trend which is invalidated now as an every Bond Yields uptrend is Selling opportunity worth taking on Gold, but that configuration is gone now as Fundamental pressure is off the markets and it was Natural to expect aggressive takedown. Adding to that the fact that DX is on a uptrend (Short-term) since May #26, I quickly understand why Gold is still on High levels even though the Daily chart is still on Lower Low’s since the May #18 Top with no signs of a Buying sustainability. However, the more Gold Trades on High’s, the steeper the decline/correction will be, as my rule once again got confirmed. If Yields continue the uptrend (or stays near the Resistance), I will Sell on spot pursuing #1,700.80 break within #2 sessions.
It is important to note that my Yearly projection of #1,678.80 almost got hit (as I stated many times that I am fully Bearish on Gold's Medium-term), which provided evident Double Bottom formation on wider charts, which attracted Buyers and added strong Buying pressure on Gold (preventing Gold's further slide). However, if Double Bottom of #1,678.80 breaks, I will pursue #1,627.80 Lower Low extension and #1,578.80 in continuation later on. I will not make any more bets for today's session (calling it for today) as I am more than satisfied with my Profits!
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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.
- 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.
