Closing my Buying order / #42 Profits row
As discussed throughout my yesterday's session commentary: "My position: Remember my remarks regarding financial crisis around the corner where I mentioned that ahead of every crisis, DX and Gold are on huge gains, then Gold reverses into a Selling Medium-term leg, DX tests Higher High's extension (current #20-Year High's). Then later on, when crisis is about to take place, DX loses strongly and Gold gains as a safe-haven ( fractal which is happening at the moment). So bottom line, this is undisputed Bullish trend and total Buying domination. Since Gold is already on #15-point decline, I believe that Selling sequence is limited to a great extent. I will await #1,748.80 - #1,752.80 Support zone test, and re-Buy Gold from there towards #1,782.80 Resistance. If Support zone breaks however and market closes the session below (assuming that DX found and priced in the Support zone ), I will Sell Gold on spot towards #1,727.80 extension."
My Buying order was automatically closed (#1,754.80 - #1,782.80) on a fine #28 points, extending my results range to #42 Profits row and #10 Stop-loss hits regarding April - November Trading cycle. I will use this chance to congratulate Traders who followed my yesterday's call and had patience to hold the order over-night, well done!
Gold's general commentary: The Price-action was circling the #1,752.80 mark but not gaining more Selling momentum as it seemed that DX found the Support fractal. I can't speculate how far or downwards Price-action can go fuelled by new market dynamics, only follow it Technically. And Technically, a #13 point Stop-loss (moving the Stop-loss in Profits every #5 points) will be acceptable risk at the moment, however Selling on such Bullish bias is not advisable. Gold was approaching again the Higher High’s trendline of the Hourly 1 chart’s Volatility (on one of the strongest Intra-day mixed values since late May), slightly above my Support zone which was an ideal Buying point (as I implemented Selling every Top strategy when DX was testing #20-Year High’s, now the strategy is to Buy every dip). I will continue Buying (tight stops) as long as DX is on Selling sequence and under strong Selling pressure.
Technical analysis: March #9 multi-Month Descending Channel broke to the upside after many failed attempts (April #18, August #15, October #4) as Price-action is comfortably Trading above it currently. Current sequence remains undisputed Bullish trend as Gold is under total Buying domination on most charts. SAR is giving me nothing but Bullish signals however answer can be found in Overbought Hourly 4 chart’s Technicals, where even though Gold is approaching local High’s, there is still strong Fundamental presence which can extend the Buying sequence towards #1,800.80 psychological benchmark. The current Hourly 1 chart candle is too flat to provide Intra-day direction but with Hourly 4 chart and Daily showcasing strong underlying Bullish trend, Short-term Traders may find value within the #1,782.80 - #1,800.80 range. The key is the Daily chart’s #1,782.80 Resistance line which was broken only twice since December #16, #2021 Year. It is important to note that as similar as there is Medium-term Buyers presence at 1,615.80 - #1,618.80, September #28, #2-Year Bottom, there are Medium-term Sellers near #1,800.80 - #1,811.80 zone, so local High’s will not be invalidated without a serious cause. Otherwise, the #1,722.80 - #1,727.80 Support should be re-tested for a potential Double Bottom as in late September #2021 (then break of #1,795.80 spiked the sequence downwards towards #1,771.80 pressure point). The DX though got rejected on it’s Daily chart’s Support and it is strongly uncommon due to the weak Bond Yields (trend which lasts for more than #3 consecutive sessions) that Gold isn't above #1,782.80 Resistance already, so Traders should realize the significance of that level.
Fundamental analysis: Inflation on ATH is adding strong Volatility on the markets and as all correlating assets of Gold are on unprecedented Volatility aswell, I am Bullish on Gold but as you had chance to spot on Daily basis, ever-changing trend is not allowing fair Technical Trading, however it is my belief that Trading should be performed widely above the #1,782.80 Resistance (line of utmost importance). In addition - Gold is bound to give one more Higher High’s (remember the #3 Lower Low’s cycle). DX is virtually unaffected by the negative Fundamental announcements (so is the indecision on the Bond Yields which are trending downwards) which holds the meaning that Investors shift their focus on further Weekly and Monthly announcements. I am expecting Price-action to fill #1,800.80 psychological benchmark within #5-session horizon with decent #82.77% chances.
My position: As I am Highly satisfied with my current Trading results, I won't rush to engage additional order. Sentiment remains critically Bullish however and #1,800.80 should be tested very quickly. Regarding Intra-day basis, there could be small pullback (only to form Buying accumulation) as I will re-Buy only on a firm break above the #1,782.80 Resistance line.
My Buying order was automatically closed (#1,754.80 - #1,782.80) on a fine #28 points, extending my results range to #42 Profits row and #10 Stop-loss hits regarding April - November Trading cycle. I will use this chance to congratulate Traders who followed my yesterday's call and had patience to hold the order over-night, well done!
Gold's general commentary: The Price-action was circling the #1,752.80 mark but not gaining more Selling momentum as it seemed that DX found the Support fractal. I can't speculate how far or downwards Price-action can go fuelled by new market dynamics, only follow it Technically. And Technically, a #13 point Stop-loss (moving the Stop-loss in Profits every #5 points) will be acceptable risk at the moment, however Selling on such Bullish bias is not advisable. Gold was approaching again the Higher High’s trendline of the Hourly 1 chart’s Volatility (on one of the strongest Intra-day mixed values since late May), slightly above my Support zone which was an ideal Buying point (as I implemented Selling every Top strategy when DX was testing #20-Year High’s, now the strategy is to Buy every dip). I will continue Buying (tight stops) as long as DX is on Selling sequence and under strong Selling pressure.
Technical analysis: March #9 multi-Month Descending Channel broke to the upside after many failed attempts (April #18, August #15, October #4) as Price-action is comfortably Trading above it currently. Current sequence remains undisputed Bullish trend as Gold is under total Buying domination on most charts. SAR is giving me nothing but Bullish signals however answer can be found in Overbought Hourly 4 chart’s Technicals, where even though Gold is approaching local High’s, there is still strong Fundamental presence which can extend the Buying sequence towards #1,800.80 psychological benchmark. The current Hourly 1 chart candle is too flat to provide Intra-day direction but with Hourly 4 chart and Daily showcasing strong underlying Bullish trend, Short-term Traders may find value within the #1,782.80 - #1,800.80 range. The key is the Daily chart’s #1,782.80 Resistance line which was broken only twice since December #16, #2021 Year. It is important to note that as similar as there is Medium-term Buyers presence at 1,615.80 - #1,618.80, September #28, #2-Year Bottom, there are Medium-term Sellers near #1,800.80 - #1,811.80 zone, so local High’s will not be invalidated without a serious cause. Otherwise, the #1,722.80 - #1,727.80 Support should be re-tested for a potential Double Bottom as in late September #2021 (then break of #1,795.80 spiked the sequence downwards towards #1,771.80 pressure point). The DX though got rejected on it’s Daily chart’s Support and it is strongly uncommon due to the weak Bond Yields (trend which lasts for more than #3 consecutive sessions) that Gold isn't above #1,782.80 Resistance already, so Traders should realize the significance of that level.
Fundamental analysis: Inflation on ATH is adding strong Volatility on the markets and as all correlating assets of Gold are on unprecedented Volatility aswell, I am Bullish on Gold but as you had chance to spot on Daily basis, ever-changing trend is not allowing fair Technical Trading, however it is my belief that Trading should be performed widely above the #1,782.80 Resistance (line of utmost importance). In addition - Gold is bound to give one more Higher High’s (remember the #3 Lower Low’s cycle). DX is virtually unaffected by the negative Fundamental announcements (so is the indecision on the Bond Yields which are trending downwards) which holds the meaning that Investors shift their focus on further Weekly and Monthly announcements. I am expecting Price-action to fill #1,800.80 psychological benchmark within #5-session horizon with decent #82.77% chances.
My position: As I am Highly satisfied with my current Trading results, I won't rush to engage additional order. Sentiment remains critically Bullish however and #1,800.80 should be tested very quickly. Regarding Intra-day basis, there could be small pullback (only to form Buying accumulation) as I will re-Buy only on a firm break above the #1,782.80 Resistance line.
- 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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