Technical analysis: Gold is isolated within healthy Ascending Channel on Daily chart with the latest Weekly High’s at #2,195.80 (representing configuration only few points above from strong Resistance zone as well) as the Higher High’s Lower and Upper zone diagonal is priced at #2,144.80 - #2,152.80 extension. If Higher High’s Upper zone gets invalidated to the downside, correction is ahead (very slim chances for Buying to be extended from current point). In my opinion, I should keep focusing on the Daily chart's #2,044.80 strong Medium-term Support level and enormous Buying pressure from Fundamental side which will most likely remain rather weak on #2-Week basis, which aims Lower Targets way below it’s #MA50 period on Daily chart / which is the key level and optimal Medium-term viable Target for Gold Sellers. So as long as the Higher High’s Upper zone is intact, Gold will be under huge Volatility, following identical movements as Fundamentals translate which are not advisable to Trade upon before the confirmation candles.
Fundamental analysis: Since #2,152.80 mark, former Resistance now turned into a Support zone is still intact and Price-action still didn’t reversed to the downside, solid chance exist for a re-test of #2,100.80 benchmark as Gold is approaching Ultimate Top's zone. As discussed, as long as those points are intact, Price-action fluctuation (which is evident on the charts) will continue to be visible and Gold will continue to Trade in Bullish fashion. Gold’s correction sequence is fuelled aswell by Hourly 4 chart’s critically Bearish Technicals. If however #2,195.80 Resistance zone / Top's gets invalidated, Gold will most likely resume the Short-term Buying sequence as Selling bias continues to be limited to a great extent. Statistically, every time from September #2 / when RSI get’s rejected near the critically Overbought Resistance (is the case at the moment), Price-action starts the aggressive decline of #40 - #50 points or more within #5-session horizon.
My position: I engaged Selling order with #2,180.80 entry point with very tight Risk management.
Fundamental analysis: Since #2,152.80 mark, former Resistance now turned into a Support zone is still intact and Price-action still didn’t reversed to the downside, solid chance exist for a re-test of #2,100.80 benchmark as Gold is approaching Ultimate Top's zone. As discussed, as long as those points are intact, Price-action fluctuation (which is evident on the charts) will continue to be visible and Gold will continue to Trade in Bullish fashion. Gold’s correction sequence is fuelled aswell by Hourly 4 chart’s critically Bearish Technicals. If however #2,195.80 Resistance zone / Top's gets invalidated, Gold will most likely resume the Short-term Buying sequence as Selling bias continues to be limited to a great extent. Statistically, every time from September #2 / when RSI get’s rejected near the critically Overbought Resistance (is the case at the moment), Price-action starts the aggressive decline of #40 - #50 points or more within #5-session horizon.
My position: I engaged Selling order with #2,180.80 entry point with very tight Risk management.
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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.