Gold is on a Bullish momentum
Regarding my position: Gold has broken my Resistance as I acted accordingly, have my Buy order ready to pursue upper Target as Gold has Bullish sustainability. Next strong Resistance is #1,872.80, and if invalidated, #1,900.80 psychological barrier is on the cards for sure.
Technical analysis: As expected, the Buying accumulation I discussed throughout the week started and the Technical reason behind it is the Weekly levels Support configuration which has been for the better part of the past #2 Years a Buy entry for Long-term Investors. Hourly 4 chart remains an Channel Up, so I will be keeping an eye on the Daily chart #MA50 for Medium-term Resistance and the Hourly 4 chart #MA200 for Short-term Resistance. Technically the Hourly 4 #MA50 has been unbroken since the November #9 Pfizer Sell-off so you realize the significance of this level.
Gold's general outlook: No changes on the Daily perspective as the price remains ranged above the Hourly 4 Resistance of #1,850.80 and below the #1,872.80 local Resistance. As the market is waiting for a catalyst, I see no alternative under such a Bullish Hourly 4 setting but to operate with my already engaged Buy order within the suggested range. There is a delicate balance of Gold's Price-action (Xau-Usd on my analysis) with the Volatility on the Usd-Jpy pair (# -0.31%) and DX (# -0.41%), both on a decline throughout today's session and Bond notes (which are struggling to make a Bullish comeback). This is what is keeping Gold Bullish on Short-term but on High levels relative to last week. I see no reason why Gold shouldn't test my Target of #1,888.80 as I will carefully monitor what today’s U.S. session will bring. Needless to mention, Gold is Trading on my predicted values and within my model.
Technical analysis: As expected, the Buying accumulation I discussed throughout the week started and the Technical reason behind it is the Weekly levels Support configuration which has been for the better part of the past #2 Years a Buy entry for Long-term Investors. Hourly 4 chart remains an Channel Up, so I will be keeping an eye on the Daily chart #MA50 for Medium-term Resistance and the Hourly 4 chart #MA200 for Short-term Resistance. Technically the Hourly 4 #MA50 has been unbroken since the November #9 Pfizer Sell-off so you realize the significance of this level.
Gold's general outlook: No changes on the Daily perspective as the price remains ranged above the Hourly 4 Resistance of #1,850.80 and below the #1,872.80 local Resistance. As the market is waiting for a catalyst, I see no alternative under such a Bullish Hourly 4 setting but to operate with my already engaged Buy order within the suggested range. There is a delicate balance of Gold's Price-action (Xau-Usd on my analysis) with the Volatility on the Usd-Jpy pair (# -0.31%) and DX (# -0.41%), both on a decline throughout today's session and Bond notes (which are struggling to make a Bullish comeback). This is what is keeping Gold Bullish on Short-term but on High levels relative to last week. I see no reason why Gold shouldn't test my Target of #1,888.80 as I will carefully monitor what today’s U.S. session will bring. Needless to mention, Gold is Trading on my predicted values and within my model.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
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