Buy order active / #1,792.80 test possible if #1,776.80 breaks

4 août 2022

Technical analysis: Technically, there are only #2-sessions left before the symmetry of the Buying accumulation and it’s rally towards #1,800.80 psychological mark. However, there are new Fundamentals involved as last week's U.S. - China results made the Bond Yields spike aggressively above the Daily chart’s Support zone, holding at the same time its’s Daily chart’s #MA50, while DX is on #2-session consecutive Buying run. This should be Bullish for Gold regarding Short-term if it continues to be the case, as (like I've mentioned numerous times on my remarks), DX is (Intra-day) positively correlated with Gold (DX is rival asset which on Top of it’s Low risk, offer an opportunity for Investors to buy USD). Technically, as long as #1,752.80 holds, Gold will more likely test the Daily chart’s Higher High’s peak (#1,776.80 configuration or above, former Resistance) and the #1,792.80 Medium-term Resistance. If it fails to Support though, the downside gap is significant and extends all the way towards #1,727.80 - #1,732.80 Support Zone.


Fundamental analysis: Another Lower High's test throughout today’s session on the Hourly 4 chart as Price-action is showing High durability near #1,760’s belt. Higher High's Lower zone peak is expected next at #1,776.80. I am Trading currently on pure Bullish gradient as Price-action is Trading on the Hourly 4 chart where all indicates on a Short-term Buying opportunity, however with hawkish Fed aftermath adding decent boost on DX and keeping Bond Yields near #3-Week Resistance zone. My model require to close one Daily candle above the strong Resistance though which is now priced at #1,776.80. Strong rejection followed the yesterday's Bearish U.S. opening Bell since DX (my main market at the moment regarding correlations) is in uptrend continuation, breaking all Resistances as I don’t think that other correlating assets will have any strong impact since strong Buying pressure from DX will remain (minimum for #2 more sessions), which could postpone the potential the Short-term correction on Gold. My estimations shows even #1,792.80 test (Hourly 4 chart's Double Bottom variance), and with current Buying configuration, I should be expecting my Target to be filled Intra-day if #1,776.80 gets tested and invalidated. What is important to note is that following every multi-Month Bearish cycle on Gold, Bullish rally on DX was taking place subsequently.


My position: As I am heavily on Buying side, I have engaged my Buying order with #1,762.80 as an entry point (with optimal Target seen Trading at #1,792.80 extension).