Closing my Selling order / #33 Profits row / Sell order active

Aug 31, 2022

As discussed throughout my yesterday's session commentary: "My position: I have engaged previous Selling position throughout yesterday's session and closed it on breakeven due Gap fills both on DX and Gold's Hourly 4 chart which made me not so confident regarding my order. However, as Traders are aware that I have been announcing #1,700.80 psychological mark test all the way since #1,800's, current sequence is still within my Trading model and I have engaged new Selling order near yesterday's session market closing. My entry point is #1,740.80, and my first Target is #1,721.80 Support, ahead of #1,700.80 mark. I am confident that Gold is Targeting #1,700.80 mark first then #1,678.80 Lower Low's extension, and path towards the barrier will be cleared once DX picks a side and alter mixed values. I am looking at #1,678.80 test possibility within #8 sessions."


I have closed my Selling order Intra-day (#1,740.80 - #1,723.80) on a fine #17 point Profit run, extending my results range to #33 Profits row and #6 Stop-loss hits regarding April - August cycle. I will use this chance to congratulate Traders who followed my call and had patience to hold the order, well done!


Gold's general commentary: So far so good / Gold is comfortably Trading below the #1,752.80 level (Xau-Usd numbers) which is a big psychological benchmark regarding Annual fractal. This is a Technical pullback and may very well test the Hourly 4 chart’s #1,700.80 psychological mark and #1,678.80 Lower Low’s in extension. Tough the two former a Death Cross, which last time brought the #1,678.80 Lower Low’s test (July #21 fractal). Hourly 4 chart is still marginally Bearish an RSI around #35.800 - #37.800 is still showing that there is still space for further Selling. As expected the Hourly 4 chart’s #1,730.80 Support broke and the #1,721.80 Short-term Target has been filled instantly. Throughout yesterday's session, Gold broke the Daily chart Higher Low’s aswell for the first time since July #27 and naturally the next Technical pressure point is the #1,700.80 Medium-term Support as mentioned many times throughout my remarks.


Technical analysis: Hourly 4 chart is under total Selling domination as the Fed’s conference aftermath dealt a major hit both on Gold’s Price-action but mainly spiked up the DX which has been Bullish for a while now, holding Gold from making its sustainable relief rally. On a wider scale (timeframe) current development brings attention back to September #21 scenario, where the market pierced thru the Support, touched Lower Low’s without a recovery. With DX rising miraculously, Gold is bound to test it's own Daily and Weekly Low’s. Today’s Bearish Daily Price-action should typically work in favor of Gold’s Sellers, keeping the Selling potential intact. Historical candle regressions on Weekly chart show a resemblance of the current candle series with the July #03 - September #25 cohesion. I am confident that #1,700.80 psychological mark is about to be tested within #3-session horizon.


My position: As I am confident that Gold will pierce #1,700.80 extension, I have engaged new Selling order with #1,721.80 as an entry point. My optimal Target is #1,700.80 psychological mark which is now slowly approaching, and it is only matter of time when the fractal will be tested.