Closing my Selling order / #41 Profits row
As discussed throughout my yesterday's session commentary: "My position: Even though I am Trading before the news, I am confident that Medium-term sentiment remains Bearish , where I engaged my Selling order with #1,664.80 representing my entry point. Optimal Target for the sequence remains #1,642.80 Support extension. Keep in mind that Gold should Trade significantly Higher due constant Low's on DX , but Gold still gains less value than DX loses, indicating elemental Volatile trend and that market speculators are preventing full scale oscillation towards #1,700.80 psychological mark. Gold should remain under heavy Selling pressure."
I have closed my Selling order (#1,664.80 - #1,651.80) on a fine #13 point Profit run, extending my results range to #41 Profits row and #9 Stop-loss hits regarding April - October cycle. This is one of my best Trading results in my career and congratulations to all Traders who followed my calls, well done!
Technical analysis: So far so good as there were no Short-term surprises. DX again reversed (# +0.76%) and it's no surprise that this is pushing Gold Lower (# -0.27%). No doubt that Gold is also affected by the effect of Bond Yields policy remarks, testing the #3.88 Support (# -1.63%) and correlation standpoint will be visible from today’s session. Surprisingly, yesterday’s session strong Bullish DX developments didn’t had any impact on Gold, just a minor #8-point spike downwards. This tight balance keeps the Hourly 4 chart’s Descending Channel valid in High volatility belt and keeping #1,652.80 barrier as the next Higher Low’s Upper zone. I have noted that Traders will witness this Volatility until ECB Rate release and then, by my estimations I expected further downturn towards #1,652.80 mark first, then #1,642.80 Support in extension. My analysis is based on Spot prices as always as I can point with certainty that those Gold moves that Traders are witnessing right now are purely random and haven’t got any visible connection with Technical’s nor Fundamental’s. While the threat of further Buying on the Weekly timeframe is still there (chances are slim), Swing Traders may be interested in a Selling from below October’s opening level on the Hourly 4 chart’s timeframe.
Fundamental analysis: DX is on relief rally (Naturally expected after such aggressive #2-session decline and after such ECB High-impact announcement which as expected went in my favor (hawkish stance will follow), both Technically and Fundamentally Gold is equipped to start the aggressive Medium-term decline (entry / risk levels can be decided according to this breakout candle if the variance allows), aligning with Daily chart’s fluctuation pushing Gold Lower from noted Supply - Demand zone, has #1,615.80 test ahead on the cards (extended from the previous Low). Remember: #8 out of #10 times when Gold soared, Price-action always tested the Hourly 4 chart’s Lower Low’s extension on the way back, and that made me enter my Selling order, since I see no firm reason why that shouldn’t be the case at the moment. I haven’t got any reservations regarding current Selling sequence ahead on Gold. Only new DX surprise can turn the Price-action upwards, however Gold is already Trading in Overbought levels. My Medium-term Targets are unchanged.
My position: Since #1,652.80 sequence may stall the downtrend and this is the final session of the week, I closed my Selling order / comfortably starting early weekend break without any order, awaiting Monday's session to make my move. My practical suggestion for Traders is to start taking portion of Profits near #1,652.80 (which I did) or move the Stop-loss in Profit margin, limiting the Risk to it's maximum.
I have closed my Selling order (#1,664.80 - #1,651.80) on a fine #13 point Profit run, extending my results range to #41 Profits row and #9 Stop-loss hits regarding April - October cycle. This is one of my best Trading results in my career and congratulations to all Traders who followed my calls, well done!
Technical analysis: So far so good as there were no Short-term surprises. DX again reversed (# +0.76%) and it's no surprise that this is pushing Gold Lower (# -0.27%). No doubt that Gold is also affected by the effect of Bond Yields policy remarks, testing the #3.88 Support (# -1.63%) and correlation standpoint will be visible from today’s session. Surprisingly, yesterday’s session strong Bullish DX developments didn’t had any impact on Gold, just a minor #8-point spike downwards. This tight balance keeps the Hourly 4 chart’s Descending Channel valid in High volatility belt and keeping #1,652.80 barrier as the next Higher Low’s Upper zone. I have noted that Traders will witness this Volatility until ECB Rate release and then, by my estimations I expected further downturn towards #1,652.80 mark first, then #1,642.80 Support in extension. My analysis is based on Spot prices as always as I can point with certainty that those Gold moves that Traders are witnessing right now are purely random and haven’t got any visible connection with Technical’s nor Fundamental’s. While the threat of further Buying on the Weekly timeframe is still there (chances are slim), Swing Traders may be interested in a Selling from below October’s opening level on the Hourly 4 chart’s timeframe.
Fundamental analysis: DX is on relief rally (Naturally expected after such aggressive #2-session decline and after such ECB High-impact announcement which as expected went in my favor (hawkish stance will follow), both Technically and Fundamentally Gold is equipped to start the aggressive Medium-term decline (entry / risk levels can be decided according to this breakout candle if the variance allows), aligning with Daily chart’s fluctuation pushing Gold Lower from noted Supply - Demand zone, has #1,615.80 test ahead on the cards (extended from the previous Low). Remember: #8 out of #10 times when Gold soared, Price-action always tested the Hourly 4 chart’s Lower Low’s extension on the way back, and that made me enter my Selling order, since I see no firm reason why that shouldn’t be the case at the moment. I haven’t got any reservations regarding current Selling sequence ahead on Gold. Only new DX surprise can turn the Price-action upwards, however Gold is already Trading in Overbought levels. My Medium-term Targets are unchanged.
My position: Since #1,652.80 sequence may stall the downtrend and this is the final session of the week, I closed my Selling order / comfortably starting early weekend break without any order, awaiting Monday's session to make my move. My practical suggestion for Traders is to start taking portion of Profits near #1,652.80 (which I did) or move the Stop-loss in Profit margin, limiting the Risk to it's maximum.
- 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'.
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