Low Volume session ahead due to Thanksgiving for FX:XAUUSD by goldenBear88

Gold’s general commentary: Nothing out of the ordinary at the moment as Gold is under a strong Selling pressure as Yields are still on parabolic uptrend, with smaller than usual Volume throughout today’s session, as discussed Gold should be losing with every Hourly candle (but respecting my Resistance zone at it’s maximum). As soon as Yields break the Resistance, Gold should break all Support levels on a heavy Sell-off. I cannot expect a reversal before the firm #1,782.80 Support break. My estimations are indicating strong Price-action devaluation. On Bond Yields Daily chart , Double Bottom (one of the biggest Bullish patterns can serve as bounce back point and could attract Investors to park their capital on Yields again, as Fed could renew the Buying spree aswell). I note ”bounce back” because it is where most new Buying orders are accumulated, pushing Gold downwards for every failed Buying attempt. Current Technical fractal on Bond Yields printed Double Bottom , connecting with March #2 pressure point. I am not interested in Buying Gold on both Short and Medium-term, unless #1,810.80 – #1,812.80 breaks (slim chances).

Fundamental analysis: Statistically, out of the past #17 Fed (FOMC) minutes, #6 announcements guided Gold in a Short-term rally, causing spikes on both sides (which may be the case shortly), only #3 were sustainable and lead Gold on #20+ point rise (#1,580.70 on November #2020 aswell). Investors may park their capital on riskier assets which will put Gold under Selling pressure. I see many similarities with current variance I am expecting at the moment, only in opposite direction (towards #1,750’s). Price-action should be Trading near #1,782.80 final Support (below #1,788.80 #MA50 on Daily chart ), and #3 point break below the Support cluster can extend the Selling sequence towards #1,752.80 benchmark.

My position: No surprises so far as today’s session very positive U.S. High impact Fundamental’s didn’t broke the #1,782.80 – #1,785.80 Support cluster and consolidation range which is slightly above, but now the Daily chart’s Descending Channel should push Gold Lower (global lockdowns fear). Following the positive Fed minutes speech outcome regarding Bond Yields, it can arise Sellers to pursue the crucial test towards #1,752.80 benchmark. If attempt is successful (firm break below #1,782.80), then #1,748.80 – #1,752.80 is the next zone to watch. Keep in mind that current variance largely depends on Yields, which should skyrocket on Short-term, which in turn should practice Selling pressure on Gold . My yesterday’s Selling order is closed on breakeven, and would surely kept it if there wasn’t Thanksgiving holiday in U.S. Due the holiday, I do not expect much from today’s session (Price-action fluctuating within #5 – #8 point belt), as I will remain on sidelines.

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