Gold will remain under Selling pressure / #1,652.80 expected

12 oct 2022

Gold's general commentary: As expected the #1,660’s Support Zone has accumulated the necessary Buying force, initially to stop the downtrend (Gold pressured by DX rejected near the Resistance and Bond Yields Trading near Support fractal) which is a mix pushing Gold to Trade sideways on Hourly 4 chart. With the Daily and Weekly charts all with critically Bearish points, it was obvious that there had to be an attempt to Neutralize near Oversold levels as I shouldn’t exclude Bullish spikes on Gold throughout today’s session.


Technical analysis: Regarding Short-term, it is Daily chart that got my attention which has the most probabilities to meet it’s Bearish Divergence and that will be within #1,652.80 - #1.660.80 (strong nearby Support zone). On the intra-day level if Support breaks, expect #1,633.80 to be filled within #2 sessions. As I mentioned, these Bullish pullback projections will be invalidated once Gold crosses below Support zone. Gold may defend the Support for a short period of time as I Highly doubt the Bullish potential, which means that Bearish bias is inevitable and adds credence to Sellers. If Price-action gets rejected near Hourly 4 chart’s #1,682.80 Resistance, sole development can be treated as an additional Selling opportunity. Even though DX is Trading near local High's and Bond Yields are struggling to make a Bullish comeback, personally Gold still remains decent Sell option.


My position: I am holding my set of Selling orders (Short and Medium-term) both Targeting #1,652.80 mark first, then #1,600.80 in extension. In case of Bullish Intra-day rebound, sequence should be strongly limited unless DX loses strongly (slim chances).