Sell order activated / #1,772.80 sequence very possible

5 ก.ค. 2022

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.