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NTrading "Gold Journal"


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NTrading "Gold Journal"

  #81 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50

Overnight, GC found buyers active at the 1225.3-27.2 support zone. GC broke above the 1231.7-33.2 zone where it is now finding support at that zone.

Daily Bias: Neutral (longer-term)
Today's Bias: Neutral (short-term)

Heading into the open, 1231.7-1233.2 will be used as initial support. We saw this zone get tested yesterday a couple of times as it became resistance. The 1231.7-33.2 is a zone within a larger developed structure. There is still hope for buyers if GC breaks below this zone. Support can be found at 1228.3 and 1225.3-27.2 support zone. A break below this zone, GC may find support at 1221.2-1222.7. Additional support can be found at 1212.1-14.1, 1208.1-1210.2 and the gap would be filled at 1202.3-03.9

Above initial support, sellers can still be active at initial resistance zone 1236.4-38.7. A break above initial resistance, GC can test minor zone 1241.5-1242.2. GC can accelerate to 1245.9-1248.2 and 1254.6-12561. which marks the break-down from the FOMC announcement.

Economic News: 7:30;

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #82 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50


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  #83 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50


Failed pattern shown above

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  #84 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50

Overnight, GC put in a strong move to the upside, finding responsive buyers at stronger support zone 1221-22.7. Sellers responded at the 1236.4-1238.7 zone. GC is still trading in a two-day balance area.

Daily Bias: Neutral (longer-term)
Today's Bias: Neutral (short-term)

Heading into the open, 1230.5-31.9 will be used as initial support along with 1229.1. Buyers may be active at initial support off the open. However, sellers may still try to defend the initial resistance zone at 1235.5; 1236.4-1238.7. If GC breaks below initial support, then support may be found at the bottom of balance at 1225.2-1226.5 which will be used as today's micro- bull/bear zone. A failed attempt at that zone was seen overnight with the low and stronger support at 1221.2-1227. Additional support can be found at 1212.1-14.1, 1208.1-1210.2 and at 1202.3-03.9

If buyers are truly going to be active above initial resistance, then it is possible for GC to trade up to the 1245.9-1248.2 zone, finding minor resistance along the way at 1241.5-1242.2 zone. Additional resistance can be found at 1254.6-1256.1; 1258.9; and 1262.8-1264.4.

Economic News: no major announcements on the calendar

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #85 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50


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  #86 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50

GC continues to flirt with larger time-frame support. We have to continue favoring the short side until we see buying confirmed. Overnight, GC chopped around yesterday's micro bull/bear zone at 1225.2-26.5. Choppiness is expected around these zones until there is conviction either way.

Today's Bias: Bearish-Neutral (short-term)

Heading into the open, we have to be cautious for big volatile swings in either direction. The micro bull/bear zone at 1225.2-26.5 will be used as "the line in the sand". Below that zone, GC can test/break below the overnight low at 1223.5 then support may be found at 1221-22.7 which was tested already during yesterday's overnight. Breaking below that zone, can bring in a swift move down to 1212.1-1214.1 where GC can be short-term exhausted. Additional support can be found at 1208.1-1210.2 and at 1202.3-03.9

Holding above 1225.2-1226.5 may attract new buying. Real time analysis will be required to see the strength of the buyers. Sellers may still be found at 1228.7-1230.2. Buying conviction through this zone can can bring GC up to test minor resistance at 1231.9 and upper balance resistance zone 1235-37.2, GC could be extended at this point. Additional resistance can be found at 1238.7; 1241.5-1242.2; 1245.9-48.2.

Economic News: 9:00

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #87 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
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  #88 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50

Buyers stepped in at the end of yesterday's trading session and took GC back up to yesterday's micro bull/bear zone at 1225.2-26.5. Overnight, buyers could not penetrated through that zone and GC remained in balance.

Today's Bias: Bearish-Neutral (short-term)

Heading into the open, we have seen a pullback into a key reference area. We will continue to use 1225.2-26.5 as a micro bull/bear zone. Below that zone, initial support can be found at 1220.0-21.7. If GC breaks below that zone, then GC can retest yesterday's low at the 1213.4-14.4 zone, finding 1217.8 as minor support along the way. Below the 1213.4-14.4 zone there starts to be stronger support where buyers can be active. Areas of support include 1208.1; 1203.3-1203.9 where GC can be short-term exhausted.

A break above 1225.2-1226.5 may attract new buying, but with reservation. Real time analysis will be required to see the strength of the buyers. Sellers may still be found at 1228.3-1229.6. Buying conviction through this zone can can bring GC up to test minor resistance at 1231.9-32.9 and upper balance resistance zone 1235-36.9, GC could be extended at this point. Additional resistance can be found at 1238.7; 1241.5-1242.2; 1245.9-48.2.

Economic News: 7:30; 9:30

"Learn to use your mind, or your mind will use you. Actions follow our thoughts and images. Don't look where you don't want to go. Trade mindfully; trade the zones" - NTrading

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  #89 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
Thanks Received: 50


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  #90 (permalink)
NTrading
Chicago Illinois USA
 
Posts: 122 since Mar 2017
Thanks Given: 3
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Last Updated on March 6, 2018


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