goldenBear88

No changes so far / Possible Selling sequence ahead

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
After #10 consecutive Profits, I am waiting for Medium-term opening calling for #11th Profit. The last four (including the current one) Hourly 4 chart candles have been within the #1,940.80 - #1,950.80 range with Hourly 1 chart Neutral. This doesn't offer any meaningful conclusions for the session not even on a Scalping basis. I mentioned last week that #1,950's is a Neutral territory with no apparent trend but could discuss the Hourly 4 Bollinger Bands Scalping - it is surely not my suggestion to Short-term Traders who didn’t took Volatility into account. Daily chart turned Bearish, but is still not enough reason for me to engage my Position (set of Sells) since I believe that #MA50 on Hourly 1 chart needs to be broken firmly. Keep in mind that as discussed throughout this week, the trend is Bearish most likely because the Daily chart and since Stock markets are soaring as end of the week approaches and counterbalances the rise on Usd-Jpy pair, keeping Gold on equilibrium until one of the two reverses. Personally, I give more probabilities to the downside. #1,969.80 Resistance rejected the Price-action on multiple occasions (August #7-14) as I think it could still be the case. If Hourly 1 chart Support breaks, Gold will be calling for #1,906.80 contact point.

- 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.