Gold on well known relief rally
As discussed throughout yesterday's session: "My position: I have engaged Selling order with #2,595.80 entry point with #2,562.80 as my optimal Target. My Stop is already on #3-points on breakeven as #2,600.80 benchmark break-out restores Short-term Buying trend. However rejection here may reverse the trend and re-test #2,552.80 benchmark. This is roadmap for the #1 - #3 session period (small Risk / huge potential) as it is no time to take wild bets on the market."
Technical analysis: I have announced #2,600.80 break-out as an distinguished Short-term Buying trend restored as Gold is showcasing underlying Bullish trend and is comfortably Trading above #2,600.80 psychological benchmark throughout the session. The rebound can extend as High as the Resistance (former Support now turned to Resistance) on Daily chart which is currently Trading at #2,642.80 and if it gets invalidated, I do expect #2,652.80 benchmark test in extension before new Short-term Sellers re-appear. Even though DX is recovering, I still don't spot any Selling signals and reversal patterns / it seems to me that Gold is on usual Buying patterns and that #2,700.80 benchmark might be on aim if #2,652.80 benchmark gets invalidated. Worst thing a Trader can do is swim against the tide (trend is your friend) which is Sell Gold at the moment.
My position: As discussed above, I have engaged #2,630.80 entry point Buying order / optimal Target is #2,652.80 benchmark. If however #2,652.80 benchmark gets invalidated with full candle closing above (or even better market closing), I will aim for #2,700.80 benchmark.
Technical analysis: I have announced #2,600.80 break-out as an distinguished Short-term Buying trend restored as Gold is showcasing underlying Bullish trend and is comfortably Trading above #2,600.80 psychological benchmark throughout the session. The rebound can extend as High as the Resistance (former Support now turned to Resistance) on Daily chart which is currently Trading at #2,642.80 and if it gets invalidated, I do expect #2,652.80 benchmark test in extension before new Short-term Sellers re-appear. Even though DX is recovering, I still don't spot any Selling signals and reversal patterns / it seems to me that Gold is on usual Buying patterns and that #2,700.80 benchmark might be on aim if #2,652.80 benchmark gets invalidated. Worst thing a Trader can do is swim against the tide (trend is your friend) which is Sell Gold at the moment.
My position: As discussed above, I have engaged #2,630.80 entry point Buying order / optimal Target is #2,652.80 benchmark. If however #2,652.80 benchmark gets invalidated with full candle closing above (or even better market closing), I will aim for #2,700.80 benchmark.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.