Technical analysis: Gold was close to the important #2,144.80 - #2,152.80 Daily chart’s Support zone test as Price-action was rejected on #2,162.80 - #2,168.80 configuration, which shows how slow to reveal major move Gold has become (not taking Fundamental Buying pressure into account) and didn’t even engaged full scale Selling sequence / even though DX was on relief rally without Bearish candle sequence which should push Gold on constant local Low’s (DX remains my main correlating instrument). Unfortunately, if there wasn’t Bullish DX related developments, Gold would be significantly Higher under the circumstances. Gold eventually honored the Resistance break and delivered Short-term Buying impulse (#20 - #30 Bullish spikes became new norm lately), seen early on regarding E.U. session, reversing again despite Monday's late session rise, DX (# -0.15%) was Trading near it's Weekly (#1W) Resistance zone - reveals an aggressively Bullish Short-term sentiment Gold is Trading under (again without firm explanation nor a catalyst).
Fundamental analysis: Even though my Medium and Long-term outlook remains critically Bearish based on fractal analysis of candles, Volume and RSI with the period January - March, I am expecting a Short-term Neutral sideways Trading towards the Daily chart's zone first as the Hourly setting is sitting in Overbought waters approaching critical Overbought levels. I am looking closely at this week’s U.S. data to monitor DX movements and would instantly Sell the market on normal market conditions / but as trend has to continue trending upwards (overall Bullish trend since mid-October #2023) and is Volatile to a huge extent lately, I won’t make any more risky shots besides my Selling order I engaged.
My position: Even though Gold is Buying back every dip (Technically Gold should decline strongly) and DX on relief rally (coupled with Inflation skyrocketing), environment is far from Gold friendly however Gold ignores all those developments and continues to offer non-stop Bullish action. I have Sold Gold on #2,178.80 yesterday (near Hourly 1 chart's Triple Top's possible rejection point) and as #2,171.80 was tested I moved my Stop on breakeven in order to get more Profits over-night and protect my capital, needless to mention Gold Bought back the dip and was testing #2,200.80 psychological benchmark (one of the many aggressive Bullish spikes out of nowhere). Regardless, I have Sold again with #2,198.80 as my entry point few moments ago (#2,162.80 remains my optimal Target). Market is not under normal Trading conditions.
Fundamental analysis: Even though my Medium and Long-term outlook remains critically Bearish based on fractal analysis of candles, Volume and RSI with the period January - March, I am expecting a Short-term Neutral sideways Trading towards the Daily chart's zone first as the Hourly setting is sitting in Overbought waters approaching critical Overbought levels. I am looking closely at this week’s U.S. data to monitor DX movements and would instantly Sell the market on normal market conditions / but as trend has to continue trending upwards (overall Bullish trend since mid-October #2023) and is Volatile to a huge extent lately, I won’t make any more risky shots besides my Selling order I engaged.
My position: Even though Gold is Buying back every dip (Technically Gold should decline strongly) and DX on relief rally (coupled with Inflation skyrocketing), environment is far from Gold friendly however Gold ignores all those developments and continues to offer non-stop Bullish action. I have Sold Gold on #2,178.80 yesterday (near Hourly 1 chart's Triple Top's possible rejection point) and as #2,171.80 was tested I moved my Stop on breakeven in order to get more Profits over-night and protect my capital, needless to mention Gold Bought back the dip and was testing #2,200.80 psychological benchmark (one of the many aggressive Bullish spikes out of nowhere). Regardless, I have Sold again with #2,198.80 as my entry point few moments ago (#2,162.80 remains my optimal Target). Market is not under normal Trading conditions.
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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.