15 Points profit as Gold managed to breach the psyc. barrier
15 Points profit achieved as I keept my model throughout the week
As I mentioned during my last week's commentary, the 1.950,90 represented strong resistance zone, hence once the Price Action managed to breach it, buyers pushed the price action toward's the 1970,90 resistance. I patiently waited for my model to come up, as the Price Action strongly rejected the 1950,90 psychological barrier throughtout the Tuesday's US session, but also rejected the 1917,90 support zone.
As I anticipated, once the hourly 4 candle managed to run past the 1.953,90 resistance, I engaged my buying order pursuing the 1.970,90 strong 24th February 2021, 15-16th September 2020, 27th August-02 Sept. 2020 and 29-30 July resistance zone, ending up the high volatile week with 15 Points of Profit.
It is also worth noting that every time the Price Action rejected the previously mentioned resistance zones (the Daily chart candle failed to breach and to close above the 1.970,90-1.973,90 resistance), it sharply declined towards the 1.950,90 psychological barrier.
All the economic events/reports that took place throught the last week such as Initial Jobless Claims (215K), Nonfarm Payrolls and Fed Chair Powell testimony, showed that the economy is recovering pretty well, and that the Fed's should raise interest rates by 0.25 at the next meeting. The last time the Fed's raised up interest rates from ground, on late October 2015, the Gold Spot managed to lose approx. 80 Points, which I strongly expect to happend again.
I expect this model to come up, as the Gold Spot usualy repeat it's cycle, but due to the high market volatility and overboughtness of the Gold, I will cautiously wait for my selling order to get confirmation, as I will engage my selling order pursing the 1.950,90 resistance that became support and the 1.927,90 in aftermaths.
As I mentioned during my last week's commentary, the 1.950,90 represented strong resistance zone, hence once the Price Action managed to breach it, buyers pushed the price action toward's the 1970,90 resistance. I patiently waited for my model to come up, as the Price Action strongly rejected the 1950,90 psychological barrier throughtout the Tuesday's US session, but also rejected the 1917,90 support zone.
As I anticipated, once the hourly 4 candle managed to run past the 1.953,90 resistance, I engaged my buying order pursuing the 1.970,90 strong 24th February 2021, 15-16th September 2020, 27th August-02 Sept. 2020 and 29-30 July resistance zone, ending up the high volatile week with 15 Points of Profit.
It is also worth noting that every time the Price Action rejected the previously mentioned resistance zones (the Daily chart candle failed to breach and to close above the 1.970,90-1.973,90 resistance), it sharply declined towards the 1.950,90 psychological barrier.
All the economic events/reports that took place throught the last week such as Initial Jobless Claims (215K), Nonfarm Payrolls and Fed Chair Powell testimony, showed that the economy is recovering pretty well, and that the Fed's should raise interest rates by 0.25 at the next meeting. The last time the Fed's raised up interest rates from ground, on late October 2015, the Gold Spot managed to lose approx. 80 Points, which I strongly expect to happend again.
I expect this model to come up, as the Gold Spot usualy repeat it's cycle, but due to the high market volatility and overboughtness of the Gold, I will cautiously wait for my selling order to get confirmation, as I will engage my selling order pursing the 1.950,90 resistance that became support and the 1.927,90 in aftermaths.
