10 Points of profits with low volatility of Gold price
10 Points of profits with low volatility of Gold throughout last week
As I mentioned throughout my last weeks commentary, Golds bullish trend with the beginning of Y2023 continued during the first part of the week that went by, with Price Action testing the 1935-1938 resistance zone on several occasions, finally managing to breach it on Wednesdays mid US session. Even though the bullish Trend Line (both on Daily and h4 chart), as shown on my chart, got broken at the very same beginning of early Wednesdays US session, it provided false selling signal and the Price Action only managed to reach the strong 1915-1918 support zone and bounced back upwards towards resistance, finally breaching the previously mentioned zone, after which I opened my bullish position entering at 1938, pursuing the 1962, with my SL on 1927.
Gold managed to reach the top of 1st resistance zone at 1947 with low strength, where the Price Action got rejected and failed to reach psychological barrier (1950) and my TP zone of 1962. I closed my position with 10 Points of profit, being more than satisfied with performance, as only profitable trading for last week was "chasing the reversals". I closed my position after several rejections of 26th of January.
All eyes for the following week will be on Wednesdays Feds Interest Rate decision, which I personally do not think will strongly affect the markets, as the recession expected to happen in Y2023 is far away, considering the latest CPI reports and the fact that inflation is being well tamed. The other reports that could possibly confirm the fact of economy expansion are Fridays US Non Farm Payroll and US Non Manufacturing PMI indexes, which will most probably slightly push the DX (the main counter correlating assets for Gold) upwards.
The great fundamental events that could possibly disorder the technical viewpoint of market movements and considering the fact that the Golds Price failed to breach and to close the trading week above the 1935-1938 resistance, provides the expectations for the retest of 1915-1918 support zone on Mondays US session, and if it gets broken, the psychological barrier 1900 is expected to be tested very soon.
As I mentioned throughout my last weeks commentary, Golds bullish trend with the beginning of Y2023 continued during the first part of the week that went by, with Price Action testing the 1935-1938 resistance zone on several occasions, finally managing to breach it on Wednesdays mid US session. Even though the bullish Trend Line (both on Daily and h4 chart), as shown on my chart, got broken at the very same beginning of early Wednesdays US session, it provided false selling signal and the Price Action only managed to reach the strong 1915-1918 support zone and bounced back upwards towards resistance, finally breaching the previously mentioned zone, after which I opened my bullish position entering at 1938, pursuing the 1962, with my SL on 1927.
Gold managed to reach the top of 1st resistance zone at 1947 with low strength, where the Price Action got rejected and failed to reach psychological barrier (1950) and my TP zone of 1962. I closed my position with 10 Points of profit, being more than satisfied with performance, as only profitable trading for last week was "chasing the reversals". I closed my position after several rejections of 26th of January.
All eyes for the following week will be on Wednesdays Feds Interest Rate decision, which I personally do not think will strongly affect the markets, as the recession expected to happen in Y2023 is far away, considering the latest CPI reports and the fact that inflation is being well tamed. The other reports that could possibly confirm the fact of economy expansion are Fridays US Non Farm Payroll and US Non Manufacturing PMI indexes, which will most probably slightly push the DX (the main counter correlating assets for Gold) upwards.
The great fundamental events that could possibly disorder the technical viewpoint of market movements and considering the fact that the Golds Price failed to breach and to close the trading week above the 1935-1938 resistance, provides the expectations for the retest of 1915-1918 support zone on Mondays US session, and if it gets broken, the psychological barrier 1900 is expected to be tested very soon.
