Closing my Selling order Intra-day / #12 Profits row
As discussed throughout my yesterday's session commentary: "My position: Since current recovery can be extended within Intra-day level, I am not interested in Buying Gold , and on the contrary, it is still too early to Sell. All this above points to a "no call" decision for me. I will await another Selling opportunity where #1,852.80 break represents ideal entry, where I will be ready to Sell Gold on spot towards #1,831.80 extension. I don't mind if that chance does not arise throughout today's session."
I have closed my Selling order Intra-day (#1,852.80 - #1,837.80) on a fine #15 point Profit run, extending my consecutive Profits to #12 in a row without any Stop-loss hits regarding April - May cycle. Congratulations for Traders who followed current Intra-day call.
Gold's general commentary: Gold made a decent Selling extension just below the Weekly chart's (#1W) #1,837.80 former Support zone and if broken, it quite possibly has began the new multi-Month Bearish leg. However as long as the Daily chart is Bearish, I should continue considering this as (at least) the multi-Week variance towards the Lower Low’s pivot point. Price-action Bought back the recent slide and is comfortably Trading near #1,848.80 semi-Resistance / if broken, would not still provide me steady pattern which I am looking for. #1,886.80 - #1,882.80 is still seen as an strong Medium-term Resistance zone, and if broken / Buyers may pursue #1,900.80 psychological barrier configuration, which is representing Lower High’s Higher zone. First significant Support for me is priced at #1,837.80 barrier, and if broken could deliver #1,808.80 Lower Low’s Upper zone, and break of it can extend the decline even below the Weekly chart’s final Support zone (most likely towards #1,764.80, November #2020 Low). If the market closes beneath #1,852.80, it would be an messenger for Selling fractal on the aftermath, as Gold Spot is currently Trading near it. DX still didn't found the Support and is Trading on a mini decline which may progressively add Buying pressure on Gold (regarding Short-term), keep that in mind prior to positioning on Gold.
Technical analysis: Sideways Price-action all along on the Hourly 1 chart as the consolidation patterns providing the safest framework for dip Buying strategy (and possible Top / High's peak Selling). As Gold was critically Oversold, it was totally Natural to expect Buyers to arise and initiate the Hourly 4 chart's correction towards my Resistance and above #1,848.80 variance, but once again DX spiked downwards near the Hourly 4 chart's Support zone and prevented more serious decline on Gold. The Hourly 4 chart’s Resistance cluster has rejected the Price-action twice already which gives an updated Targets with a potential extension towards #1,806.80 Lower Low's zone within #5 sessions. Only if #1,876.80 breaks, I will contemplate Buying the market as at the moment / Hourly 1 chart’s reveals no clues nor configuration is not worth entering. Gold broke the #1,848.80 Support with ease, which has now turned into a Short-term Resistance as the first test on the previous Hourly 4 chart's candle was unsuccessful. The next barrier on my focus is the #1,837.80 level, which I expect to break with relative ease as DX should form very Bullish formation near the possible Short-term Support rejection, next stop should be #1,806.80 configuration, and break of should eye #1,750.80 (early October variance).
My position: As I am more than satisfied with my Trading results, I am not under pressure to engage new order, so I will await new Profitable pattern to arise. I am still not interested in Buying Gold regarding both Short and Medium-term, #1,837.80 is my main point of interest. If #1,837.80 breaks, I will engage my Selling order with #1,806.80 as an optimal Target. No Trading outside of this.
I have closed my Selling order Intra-day (#1,852.80 - #1,837.80) on a fine #15 point Profit run, extending my consecutive Profits to #12 in a row without any Stop-loss hits regarding April - May cycle. Congratulations for Traders who followed current Intra-day call.
Gold's general commentary: Gold made a decent Selling extension just below the Weekly chart's (#1W) #1,837.80 former Support zone and if broken, it quite possibly has began the new multi-Month Bearish leg. However as long as the Daily chart is Bearish, I should continue considering this as (at least) the multi-Week variance towards the Lower Low’s pivot point. Price-action Bought back the recent slide and is comfortably Trading near #1,848.80 semi-Resistance / if broken, would not still provide me steady pattern which I am looking for. #1,886.80 - #1,882.80 is still seen as an strong Medium-term Resistance zone, and if broken / Buyers may pursue #1,900.80 psychological barrier configuration, which is representing Lower High’s Higher zone. First significant Support for me is priced at #1,837.80 barrier, and if broken could deliver #1,808.80 Lower Low’s Upper zone, and break of it can extend the decline even below the Weekly chart’s final Support zone (most likely towards #1,764.80, November #2020 Low). If the market closes beneath #1,852.80, it would be an messenger for Selling fractal on the aftermath, as Gold Spot is currently Trading near it. DX still didn't found the Support and is Trading on a mini decline which may progressively add Buying pressure on Gold (regarding Short-term), keep that in mind prior to positioning on Gold.
Technical analysis: Sideways Price-action all along on the Hourly 1 chart as the consolidation patterns providing the safest framework for dip Buying strategy (and possible Top / High's peak Selling). As Gold was critically Oversold, it was totally Natural to expect Buyers to arise and initiate the Hourly 4 chart's correction towards my Resistance and above #1,848.80 variance, but once again DX spiked downwards near the Hourly 4 chart's Support zone and prevented more serious decline on Gold. The Hourly 4 chart’s Resistance cluster has rejected the Price-action twice already which gives an updated Targets with a potential extension towards #1,806.80 Lower Low's zone within #5 sessions. Only if #1,876.80 breaks, I will contemplate Buying the market as at the moment / Hourly 1 chart’s reveals no clues nor configuration is not worth entering. Gold broke the #1,848.80 Support with ease, which has now turned into a Short-term Resistance as the first test on the previous Hourly 4 chart's candle was unsuccessful. The next barrier on my focus is the #1,837.80 level, which I expect to break with relative ease as DX should form very Bullish formation near the possible Short-term Support rejection, next stop should be #1,806.80 configuration, and break of should eye #1,750.80 (early October variance).
My position: As I am more than satisfied with my Trading results, I am not under pressure to engage new order, so I will await new Profitable pattern to arise. I am still not interested in Buying Gold regarding both Short and Medium-term, #1,837.80 is my main point of interest. If #1,837.80 breaks, I will engage my Selling order with #1,806.80 as an optimal Target. No Trading outside of this.
- 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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