As discussed throughout my yesterday's session commentary: "My position: If you took my #3,252.80 benchmark break-out to the upside call you are in excellent Profit by now. I have closed all my Buying orders and especially I am satisfied with Scalp Buying orders from #3,275.80 towards #3,282.80 - #85.80 multiple times. Keep in mind that as long as #3,300.80 benchmark holds, bias is to the upside with #3,327.80 Resistance in extension. Trade accordingly."
My #3,327.80 Resistance was delivered as I engaged many both Swing and Scalp orders towards it. I have Bought #3,292.80 - #3,300.80 reversal many times and #3,306.80 Resistance break-out to the upside.
Technical analysis: The Price-action has been in a fierce consolidation since the #3,332.80 Resistance rejection as Gold has completed #2 straight red Weeks which is a historic Short-term signal for Sellers. Technically, all Bear cycles on Gold have started with a hit on the (#1W) Weekly chart’s #MA200, which is currently Trading comfortably below the Price-action which signals that Bearish Long-term reversal is far away. All previous Bear cycles though touched that level followed with aggressive takedown ahead and if I don't get at least (# -1.00%) drop this week (chances are #87.44% that I will not), Gold is more likely to Trade sideways for rest of the May before hitting #3,400.80 sequence in extension where by that time Price-action should be closer to psychological mark (my Long-term Target and possible stabilization zone). In any case, if you are a Medium or Long-term Investor, this is the opportunity you get once every #2 Years.
My position: I will Scalp the Neutral Rectangle unless either #3,292.80 - #3,300.80 gets invalidated to the downside or #3,327.80 - #3,332.80 to the upside.
My #3,327.80 Resistance was delivered as I engaged many both Swing and Scalp orders towards it. I have Bought #3,292.80 - #3,300.80 reversal many times and #3,306.80 Resistance break-out to the upside.
Technical analysis: The Price-action has been in a fierce consolidation since the #3,332.80 Resistance rejection as Gold has completed #2 straight red Weeks which is a historic Short-term signal for Sellers. Technically, all Bear cycles on Gold have started with a hit on the (#1W) Weekly chart’s #MA200, which is currently Trading comfortably below the Price-action which signals that Bearish Long-term reversal is far away. All previous Bear cycles though touched that level followed with aggressive takedown ahead and if I don't get at least (# -1.00%) drop this week (chances are #87.44% that I will not), Gold is more likely to Trade sideways for rest of the May before hitting #3,400.80 sequence in extension where by that time Price-action should be closer to psychological mark (my Long-term Target and possible stabilization zone). In any case, if you are a Medium or Long-term Investor, this is the opportunity you get once every #2 Years.
My position: I will Scalp the Neutral Rectangle unless either #3,292.80 - #3,300.80 gets invalidated to the downside or #3,327.80 - #3,332.80 to the upside.
- 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.
- 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.