Closing my Selling order / #83 Profits row
As discussed throughout my yesterday's session commentary: "My position: I have engaged re-Sell order with #2,665.80 entry point with #2,627.80 as an optimal Target / my Stop is already moved to breakeven."
I have closed my Selling order (#2,665.80 - #2,645.80) on a fine #20-point run extending my results range to #83 Profits and #18 Stop-loss hits regarding December - October cycle. I recovered recent Stop hit nicely.
Technical analysis: The dominant pattern was a clear Descending Channel since October #10 local Low's. However (as cycle from September #12 tells) the Daily chart’s RSI was Ascending, being on Lower High’s, which was on a Bearish divergence (pointing to a steeper takedown) matching with the actual Spot Price-action which is inside Higher High’s High's / Low's. I have seen the exact same sequence on July #8 - #16 fractal, where Gold was within Rectangle, engaged the aggressive decline, then started the recovery with more than #200 points. The RSI was then Descending, while the Price-action made #3 Lower Low’s on the Bottom trendline of the Descending Channel, which Technically (if Gold repeat it’s cycle) could engage the decline and hit #2,600 psychological barrier on the #2,642.80 - #2,652.80 local Support zone break aftermath. Configuration shows that Gold always delivers #3 Lower Low’s (or Higher High’s) and then engages the aggressive takedown (or uptrend in the other case).
My position: It is indeed tricky configuration on Gold where both sides spikes is equally probable, however I lean more to the Bear side and expect #2,622.80 - #2,632.80 extension test on #2,652.80 benchmark break-out. Gold is recently struggling to maintain Higher levels which is positive development for Sellers.
I have closed my Selling order (#2,665.80 - #2,645.80) on a fine #20-point run extending my results range to #83 Profits and #18 Stop-loss hits regarding December - October cycle. I recovered recent Stop hit nicely.
Technical analysis: The dominant pattern was a clear Descending Channel since October #10 local Low's. However (as cycle from September #12 tells) the Daily chart’s RSI was Ascending, being on Lower High’s, which was on a Bearish divergence (pointing to a steeper takedown) matching with the actual Spot Price-action which is inside Higher High’s High's / Low's. I have seen the exact same sequence on July #8 - #16 fractal, where Gold was within Rectangle, engaged the aggressive decline, then started the recovery with more than #200 points. The RSI was then Descending, while the Price-action made #3 Lower Low’s on the Bottom trendline of the Descending Channel, which Technically (if Gold repeat it’s cycle) could engage the decline and hit #2,600 psychological barrier on the #2,642.80 - #2,652.80 local Support zone break aftermath. Configuration shows that Gold always delivers #3 Lower Low’s (or Higher High’s) and then engages the aggressive takedown (or uptrend in the other case).
My position: It is indeed tricky configuration on Gold where both sides spikes is equally probable, however I lean more to the Bear side and expect #2,622.80 - #2,632.80 extension test on #2,652.80 benchmark break-out. Gold is recently struggling to maintain Higher levels which is positive development for Sellers.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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