Sell order activated / #1,772.80 sequence very possible
As discussed throughout my yesterday's session commentary: My position: I would Sell Gold on spot (#1,809.80 entry point, Selling towards #1,772.80 extension) if there wasn't U.S. holiday, as I don't expect much from today's session because of it. I will await tomorrow's session and then make my move, needless to mention that I am heavily on Selling side regarding Gold's both Short and Medium-term. I am more than satisfied with my Trading results for current Yearly fractal.
Technical and Fundamental analysis: Strong rejection so far on the June #16 - June #17 local High's following the upswing on DX and Bullish Gap fill on Bond Yields which was re-Sold almost straight away on the aftermath. The rejection has so far delivered a pullback on both Hourly 1 and Hourly 4 chart again, zone that in my view plays the role of the Pivot within the #1,800.80 psychological barrier representing Support and #1,823.80 Resistance. As long as this Resistance holds, the #1,800.80 fractal (June #14 pressure point) is coming strong from below to offer the Support (and rebound point) it has done so since May #13. Fundamentally, my eyes are on the DX (main correlating asset), aswell on Bond Yields in anticipation of a new auction when Treasury is expected to deliver record sale of Bond Yields (#392 billion) that will continue to support the economy in the same fashion since March. Needless to say, that would be Bearish for Gold Long-term. On an Intra-day basis the only Trading opportunity exists below #1,800.80, as I don’t see why I shouldn’t allow additional Risk on such Selling bias. Needless to mention, current Bearish structure is well supported by emerging Death Cross on Daily chart, indicating that multi-Month Bearish cycle may be ahead on Gold.
My position: As discussed above, I have engaged my Selling order with #1,809.80 as an entry point, Targeting #1,792.80 second Support fractal first and #1,772.80 Medium-term Support line in addition as an optimal Target. I am expecting #1,792.80 Support to be tested and invalidated within #1 session.
Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis . If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.
Technical and Fundamental analysis: Strong rejection so far on the June #16 - June #17 local High's following the upswing on DX and Bullish Gap fill on Bond Yields which was re-Sold almost straight away on the aftermath. The rejection has so far delivered a pullback on both Hourly 1 and Hourly 4 chart again, zone that in my view plays the role of the Pivot within the #1,800.80 psychological barrier representing Support and #1,823.80 Resistance. As long as this Resistance holds, the #1,800.80 fractal (June #14 pressure point) is coming strong from below to offer the Support (and rebound point) it has done so since May #13. Fundamentally, my eyes are on the DX (main correlating asset), aswell on Bond Yields in anticipation of a new auction when Treasury is expected to deliver record sale of Bond Yields (#392 billion) that will continue to support the economy in the same fashion since March. Needless to say, that would be Bearish for Gold Long-term. On an Intra-day basis the only Trading opportunity exists below #1,800.80, as I don’t see why I shouldn’t allow additional Risk on such Selling bias. Needless to mention, current Bearish structure is well supported by emerging Death Cross on Daily chart, indicating that multi-Month Bearish cycle may be ahead on Gold.
My position: As discussed above, I have engaged my Selling order with #1,809.80 as an entry point, Targeting #1,792.80 second Support fractal first and #1,772.80 Medium-term Support line in addition as an optimal Target. I am expecting #1,792.80 Support to be tested and invalidated within #1 session.
Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis . If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.
- 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.
