Keeping my Selling order / #1,727.80 possible within #3 sessions

19 sie 2022

Gold's general commentary: As expected the only viable Trade regarding the Short-term was #1,763.80 break and this was once more confirmed throughout yesterday’s session within my #1,752.80 - #1,762.80 range (Xau-Usd Spot numbers). On the more Medium-term though it appears as if the #1,774.80 acting as a Resistance, rejecting any upside breakout attempt since mid-August (in fact also rejected the Price-action fractal throughout yesterday’s session). As with the Neutral Hourly 4 chart, Daily chart is isolated within Descending Channel and once Investors pick a side, that will be in my opinion the new trend. I was expecting #1,752.80 to be filled within early E.U. session Hours, and #1,727.80 Higher Low's extension can be tested within #3 sessions, according to my Technicals.


Technical analysis: The #1,752.80 psychological mark continues to offer stiff Support line (as it can represent session Low's) and in the meantime, Price-action made a Lower High's Lower zone with #1,752.80 - #1,755.80 containing the downtrend and practising durability. However the Lower High's Upper zone is #1,772.80 - #1,774.80 (Spot prices) and as long as belt is posing as an Resistance, the Price-action will remain Bearish (Short-term) and will always pressure for Support test above the Higher Low's trendline of the Hourly 4 chart's Descending Channel. There is strong #1,727.80 test probability once #1,752.80 surrenders and if market closes below #1,752.80 psychological mark while DX broken the Hourly 4 chart's Resistance zone, I am expecting decline to be in continuation under these circumstances. Daily chart timeframe is pointing on a steady slide aswell, so Medium-term Buyers should take that into consideration before planning a move. Investors remain cautious and that's why Traders are witnessing Low Volume throughout today's session.


My position: I am firmly keeping my Selling order with #1,763.80 representing my entry point (currently running on excellent Profit) and will continue to hold my order as I see Selling potential as sustainable / where (as stated above throughout my commentary), #1,752.80 mark break can extend the Selling rally towards #1,740.80 first, then #1,727.80 extension.