goldenBear88

After sidelines, engaging my set of Sells

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold is currently on the strongest Daily candle since July #27 (not on Daily % change) and the #1,990.80 formed new Top. This means that Gold is already in high Overbought waters (since August #2) and based on my estimations, yet again I see no space for further Buying. All I can spot is new decline as an answer on this aggressive Bullish spike. With All Charts: Hourly (#1,#4,#5,) and Daily strongly crossed into Bearish values I maintain my final Take Profits #1,960.80 and #1,940.80 in continuation. Remember when unsure of Gold's direction, look always for the underlying correlations with the strongest instruments. With DX convincingly breaking the Hourly Support, Gold's answer was current Bull spike. I assume no Long positions until this Daily Resistance is crossed and a Higher High is created. Until this happens the current consolidation will continue to resemble the October - November #2017 pattern, aiming the last Selling sequence of this cycle. Gold has moved onto a semi-Ascending Channel formation on Hourly 4 chart (Breaking upper Bollinger band) with today's Price-action Trading near Higher High. Of course much is attributed to the ongoing trade war tensions whose late optimistic developments (deal hopes) are now pulling Gold upwards. I expect my Target to be tested within #2 sessions. I shifted my strategy at the moment and keep in mind that Gold changed it’s course and now have Bullish sentiment on the Short-term, but every rise (either on Hourly 4 but mostly on Daily) should be sold. However, if #2,000.80 psychological barrier breaks, Gold can spike up #19$. If E.U. opening delivers situation within my model, I will engage my set of Sells.

- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
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.