#1,800.80 psychological benchmark is on the cards

1 ธ.ค. 2022

Technical analysis: The Price-action exceeded my Upper Resistance limit projection as Gold was testing #1,762.80 local High’s, and #1,782.80 Resistance as a new viable Target for Buyers before aggressively pulling back to #1,700’s level (Gold is turning from Neutral to Bullish on the Short-term if market closes above #1,782.80 fractal). Once more Gold is being utilized as a safe-haven as the equity markets and DX itself suffer significant losses. However as discussed before, I am making use of the DX as my key indicator to suggest the underlying trend of Gold, turned / switch from Bullish Medium-term to Bearish as Gold didn’t managed to maintain Lower levels below my #1,742.80 Support. DX made a solid Technical Higher Low’s Upper zone and didn’t rebounded strongly, which is confirmation of Bullish reversal on Gold (Gold couldn’t make Bullish reversal until DX lost value). I expect late sessions of the week to maintain this momentum, so that by Friday’s NFP (High-impact announcement) Gold can test my #1,800.80 Target. I am still aiming at #1,800.80 psychological benchmark on Short-term, only if Weekly closing / week finishes above #1,762.80 fractal. Weekly chart (#1W) however is still Selling on most Moving averages which confirms my Bearish Long-term Technical configuration. I will shift my strategy gradually as DX shifts it’s direction. Remember, when you are unsure of the Medium or Long-term direction on Gold always look for clues on DX and Trade accordingly (I have done that successfully throughout the whole Selling sequence since April). Only when DX makes a Daily chart’s Lower Low’s (below #105.500) I will be able to point with a High degree of certainty that the Bullish reversal (on the Long-run) on Gold is sustainable.


My position: Gold is Trading within my predicted values and model, where #1,800.80 psychological benchmark test remains very possible scenario. I will re-Buy Gold from Lower levels such as #1,765.80 - #1,667.80, however if market closes the session above #1,782.80 Resistance, I will Buy Gold on Spot towards #1,800.80 benchmark.