20 Points Profit with Gold still losing it's value
20 Points Profit with Gold still losing its value
As I stated in my last week's analysis (can be found among the Link to Related Ideas), the inevitable direction for the Gold Price was psychological barrier of 1750. As Gold breached the 1770 strong support during last mid-week, I opened short position pursuing the 1750 support, aiming for 20 Points profit, and placing my SL on 1783. I kept my position open throughout the Wednesday and early Friday sessions, with Gold finally hitting my 1750 TP on early Friday EU session, providing me with huge 20 P profit.
The main counter correlating asset (DXY) is still trading within bullish rectangle, and once it breached the 106.915 strong resistance on h4 chart, it provided huge selling potential on XAUUSD, which gave me confirmation on my prediction for Gold Price direction. Dollar is still rallying upwards, for forth day in a row, as speculations that Fed's will hike rates on its September meeting, from expected 0.25% to 0.75% basis Points, are still adding huge selling pressure on Gold.
The Gold is currently trading within bearish rectangle, with Price Action constantly rebounding every support towards the previous resistance. Three out of last three significant meltdowns on Gold’s Price happened after Price action rebounded the resistance/which represented support once, and as the selling pressure from DX is evident and should further apply on Gold, I see no other direction for Gold than going for the 1717 support and 1700 in aftermaths. I will observe the market throughout early EU session and will sell the next rally, which now represents the Price Action rebounding the 22nd, 25th and 27th July resistance/28th July support of 1740-1743..
As I stated in my last week's analysis (can be found among the Link to Related Ideas), the inevitable direction for the Gold Price was psychological barrier of 1750. As Gold breached the 1770 strong support during last mid-week, I opened short position pursuing the 1750 support, aiming for 20 Points profit, and placing my SL on 1783. I kept my position open throughout the Wednesday and early Friday sessions, with Gold finally hitting my 1750 TP on early Friday EU session, providing me with huge 20 P profit.
The main counter correlating asset (DXY) is still trading within bullish rectangle, and once it breached the 106.915 strong resistance on h4 chart, it provided huge selling potential on XAUUSD, which gave me confirmation on my prediction for Gold Price direction. Dollar is still rallying upwards, for forth day in a row, as speculations that Fed's will hike rates on its September meeting, from expected 0.25% to 0.75% basis Points, are still adding huge selling pressure on Gold.
The Gold is currently trading within bearish rectangle, with Price Action constantly rebounding every support towards the previous resistance. Three out of last three significant meltdowns on Gold’s Price happened after Price action rebounded the resistance/which represented support once, and as the selling pressure from DX is evident and should further apply on Gold, I see no other direction for Gold than going for the 1717 support and 1700 in aftermaths. I will observe the market throughout early EU session and will sell the next rally, which now represents the Price Action rebounding the 22nd, 25th and 27th July resistance/28th July support of 1740-1743..
Related publications
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.