Closing my Selling order Intra-day / #18 Profits row
As discussed throughout my Friday's session commentary: "My position: As both Technically and Fundamentally Gold is equipped for a downtrend, I engaged my Selling order with #1,850.80 as an entry point. Optimal Target of this Selling potential is #1,817.80 ahead of #1,806.80 extension. #1,842.80 Support (former Resistance) can reverse Gold's Intra-day trend, so look for pointers there and protect your capital. I am expecting more Price-action as Powell's speech approaches."
I have closed my Selling order Intra-day throughout Friday's session (#1,850.80 - #1,837.80) on a fine #13 point run, extending my Profits range to #18 and only #3 Stop-loss hits regarding April - May - June cycle. I will use this chance to congratulate Trades who followed my call and had patience to Trade Gold under this Volatile setting, well done.
Gold's general commentary: Gold has hit the #1,842.80 Support (former Resistance of invalidated #MA200) and didn’t seemed to struggle to get past it. But until #1,831.80 breaks, I can't call for a continuation of current downtrend, even though the dominant Hourly 1 chart pattern is an Descending Channel and market closing below the already mentioned Support. As a result I suggest to continue Selling the #2 consecutive sessions downtrend, monitoring the Bear and Bull clash / which side would prevail, as I give more probabilities to the downside. Fundamentally, the Fed delivered assurances that the markets needed and Powell gave more than was expected, pledging for more years of battle against the Inflation, as long as that state lasts, DX will constantly push for Higher High’s peak. That development alone was Fundamentally Bullish for the DX and Bond Yields (Real Yields aswell), hence Bearish for Stock markets and Gold.
Technical analysis: Regarding the Technical configuration, both Hourly 1 and Hourly 4 charts delivered an Descending Channel which as long as it remains Resisted by the Hourly 4 chart’s #1,865.80, it aims at the critical #1,778.80 level (which has been a Support on June #28 and was representing the Resistance on July #2). If that level breaks, the Daily chart’s #1,752.80 psychological barrier should be tested (#87 points away on Spot prices currently) which will provide the sentiment for the next #2 - #4 week’s horizon. Spot how current DX correlation wasn’t fairly symmetrical with DX meltdown #2 session ago, where Gold risen more than #30 points on Intra-day relief rally while tomorrow’s Selling sequence deliverer only #18 point decline. I haven’t got any other alternative than to keep operating with strict Risk management until market return to normal Trading conditions. I do not expect much from today's session Price-action and will remain on sidelines.
I have closed my Selling order Intra-day throughout Friday's session (#1,850.80 - #1,837.80) on a fine #13 point run, extending my Profits range to #18 and only #3 Stop-loss hits regarding April - May - June cycle. I will use this chance to congratulate Trades who followed my call and had patience to Trade Gold under this Volatile setting, well done.
Gold's general commentary: Gold has hit the #1,842.80 Support (former Resistance of invalidated #MA200) and didn’t seemed to struggle to get past it. But until #1,831.80 breaks, I can't call for a continuation of current downtrend, even though the dominant Hourly 1 chart pattern is an Descending Channel and market closing below the already mentioned Support. As a result I suggest to continue Selling the #2 consecutive sessions downtrend, monitoring the Bear and Bull clash / which side would prevail, as I give more probabilities to the downside. Fundamentally, the Fed delivered assurances that the markets needed and Powell gave more than was expected, pledging for more years of battle against the Inflation, as long as that state lasts, DX will constantly push for Higher High’s peak. That development alone was Fundamentally Bullish for the DX and Bond Yields (Real Yields aswell), hence Bearish for Stock markets and Gold.
Technical analysis: Regarding the Technical configuration, both Hourly 1 and Hourly 4 charts delivered an Descending Channel which as long as it remains Resisted by the Hourly 4 chart’s #1,865.80, it aims at the critical #1,778.80 level (which has been a Support on June #28 and was representing the Resistance on July #2). If that level breaks, the Daily chart’s #1,752.80 psychological barrier should be tested (#87 points away on Spot prices currently) which will provide the sentiment for the next #2 - #4 week’s horizon. Spot how current DX correlation wasn’t fairly symmetrical with DX meltdown #2 session ago, where Gold risen more than #30 points on Intra-day relief rally while tomorrow’s Selling sequence deliverer only #18 point decline. I haven’t got any other alternative than to keep operating with strict Risk management until market return to normal Trading conditions. I do not expect much from today's session Price-action and will remain on sidelines.
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- 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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