#1,900.80 is next / Bullish Gold
Gold commentary in general: Gold has ignored Asian session Bearish reversal candle and remains basically ranged on Hourly 4 chart but still on Bullish gradient (Lower High’s - Higher High’s). On Daily basis, the next Low is located on the #1,845.8080 mid-Support where I will contemplate Buying Gold Medium-term towards #1,900.80 psychological barrier. #1,875.80 is the Resistance, if broken - then the Weekly Resistance line (following the Hourly 1 Channel Up since the November #27) could extend as the Price-action will be calling for #1,900.80 and #1,927.80 extension. The Price-action is presently on the #2nd Bullish Hourly 4 candle in succession, erased losses from last week. DX found the Support and attracted Buyers, but Gold is resisting so far further decline below bottom. My explanation to this is #1) because DX is expected to move sideways for another #1 or #2 sessions horizon and #2) Gap on Usd-Jpy pair may be up to smooth the Overbought Technical action on both Hourly 4 chart and Daily (each on four). From here, only direction is upside, but I cannot rule out #1,845.80 test or even #1,827.80, and that's why I am without a position at the moment waiting for a breakout (I don't need to rush onto new one since my Profits are extraordinary regarding past couple of Months).
Fundamental: Fundamentally, NFP report revealed that jobs growth for November increased less than anticipated, by #245,000, from October though #469.800 had been on the cards, and the Unemployment rate soared #0.2% to #6.7%. The participation rate as well, indicating that a greater number of U.S. citizens are no longer employed. Gold is Technically and Fundamentally ready for an uptrend.
Current fractal: Gold is on the rise again driven by geo-political factors having broken the first Resistance of #1,845.80 on yesterday's session, visible on Hourly 4 chart. Once again Fundamentals worked favorably as expected and Sold DX’s recovery, all occurred in #1 session. However Daily chart is on strong Overbought levels and indicates that Gold may be on the consolidation candles as today’s U.S. session approaches. With the Stimulus negotiations near finalization, economic uncertainty and main correlating assets Trading/providing Buying pressure - I cannot expect anything else than Gold to soar. #1,900.80 psychological barrier is my first pick as is surely on the cards. Gold is Trading on a healthy Channel Up and is near pricing it’s Higher High. I am confident that #1,900.80 variance is next. This is configuration regarding Intra-day basis as on the long run, Daily chart remains well Supported on the multiple rebound points as the Weekly chart candle succession is calling for #1,917.80 announcing that Gold is on eminent uptrend. Always keep in mind that as soon as Usd-Jpy (my strongest correlation at the moment) and DX Trades positively for Gold (Both to loose), aggressive Bull move is next on Gold.
My next step: I will Buy either near the Resistance (#1,875.80) or near the Support (#1,845.80) towards #1,900.80.
Fundamental: Fundamentally, NFP report revealed that jobs growth for November increased less than anticipated, by #245,000, from October though #469.800 had been on the cards, and the Unemployment rate soared #0.2% to #6.7%. The participation rate as well, indicating that a greater number of U.S. citizens are no longer employed. Gold is Technically and Fundamentally ready for an uptrend.
Current fractal: Gold is on the rise again driven by geo-political factors having broken the first Resistance of #1,845.80 on yesterday's session, visible on Hourly 4 chart. Once again Fundamentals worked favorably as expected and Sold DX’s recovery, all occurred in #1 session. However Daily chart is on strong Overbought levels and indicates that Gold may be on the consolidation candles as today’s U.S. session approaches. With the Stimulus negotiations near finalization, economic uncertainty and main correlating assets Trading/providing Buying pressure - I cannot expect anything else than Gold to soar. #1,900.80 psychological barrier is my first pick as is surely on the cards. Gold is Trading on a healthy Channel Up and is near pricing it’s Higher High. I am confident that #1,900.80 variance is next. This is configuration regarding Intra-day basis as on the long run, Daily chart remains well Supported on the multiple rebound points as the Weekly chart candle succession is calling for #1,917.80 announcing that Gold is on eminent uptrend. Always keep in mind that as soon as Usd-Jpy (my strongest correlation at the moment) and DX Trades positively for Gold (Both to loose), aggressive Bull move is next on Gold.
My next step: I will Buy either near the Resistance (#1,875.80) or near the Support (#1,845.80) towards #1,900.80.
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- 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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