Holding my Buying order / Gold still within a Triangle for TVC:GOLD by goldenBear88

Gold’s general commentary: The Price-action remains within the #1,820.80 – #1,810.80 range of the July #14 – July #16 High Volatility Zone and is consolidating as mentioned throughout my Monday’s session projection. I treat this as an emerging Triangle pattern so the formation should be fairly symmetrical. The July #21 Low was at #1,798.80 so I can’t exclude one a similar symmetrical Low this time around. The Daily chart is on positive gradient as is close to complete the Channel Up’s Ultimate Top zone (above #1,833.80), for the first time since May #14. If the current Triangle is the symmetrical pattern of the November – January inverted Head and Shoulders , then the Death Cross that took place on February #16 and delivered the #1,678.80 market bottom of March #8, could be the symmetrical sequence of the emerging Golden Cross. That suggests that if Gold break above the current High Volatility zone (#1,817.80 – #1,820.80), the first Target should the the Lower High’s (around #1,845 – #1,855.80 as an Top) and then a Lower Low extension should follow below #1,727.80.

Technical analysis: Gold was in the middle of the #11-Month Zone made by the last consolidation phase (April #15 – June #15) before it made it’s August peak. As discussed before, that High Volatility Zone was the Medium-term Support Zone . On a Short-term perspective and regarding the Hourly 4 chart, there is an interesting development with the RSI indicator still below the Resistance, with the Price-action as it is on Higher Low’s since August #8, while the Price-action is on Lower High’s at the moment. The same sequence has happened both from January #11 – #16 and February #16 – #20. Both led to a #3-session peak above the Hourly 4 Resistance ( Gold is still preserving that Resistance), which could be the case at the moment. The Hourly 4 chart’s Resistance is currently seen at #1,823.80 on Spot prices. If that’s the case, today’s session would be followed with thin Volume , and after today’s session Volatility / consolidation, I can expect Buyers to re-appear and push Gold as High as they can, following the possible debacle on NFP (on main stage tomorrow). However, Technical rules don’t apply on Fundamentally driven sessions (as Traders had chance to confirm that throughout last Friday’s session, with current Price as an fair Technical value by now). I will exercise caution since market structure is tight today and tomorrow (Initial Jobless Claims and NFP announcement throughout tomorrow’s session).

My position: I am still holding my Buying order, with #1,812.80 as an entry point, Targeting last Bullish variance of current cycle, currently Trading at #1,835.80 extension.

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