Technical analysis: Double rejection on #3,402.80 - #3,405.80 (former Medium-term Support belt now turned in Short-term Resistance) has proved to be the upside barrier for Gold and the Bull cycle of #Q2 now continues. Daily chart should Technically deliver #3,352.80 benchmark Support test, as the Descending Channel has aggressively invalidated almost all former local Lower levels. The expected #3,352.80 psychological benchmark test came earlier so the Price-action should now either dip straight to #3,352.80 benchmark or gradually rise once again within Neutral Rectangle before soaring / rising again. Regardless of the outcome, as I mentioned on my remarks on the Medium to Long-term the Ascending Channel is very strong and decisive to engage multi-Month Bullish cycle on Gold ahead. At this pace the maximum possible upside extension is #3,377.80 and then wall of Resistance zones towards #3,400.80 Weekly High’s. This is undisputed Bullish Long-term trend and total Buying domination. Underlying trend rains fully Bullish as well and that explains why Gold remains heavily pressured on Intra-day basis only.
My position: I am expecting Gold to either test #3,352.80 benchmark or even #3,342.80 and then relief rally towards #3,362.80 - #3,365.80 Resistance belt or above. I will continue Buying the dips on Gold.
My position: I am expecting Gold to either test #3,352.80 benchmark or even #3,342.80 and then relief rally towards #3,362.80 - #3,365.80 Resistance belt or above. I will continue Buying the dips on Gold.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.