Huge profits as Gold broke the 1973,90 support early week
Huge profits as Gold broke the 1973,90 support early week
The Gold Spot as expected, after reaching nearly it's ATH, started trading with losses, and currently is trading with "three black crows" candlesticks pattern on daily's chart, showing medium term trend switch. During my Sunday's commentary and analysis, I spotted bearish pattern with 1976,90-1973,90 representing strong 7th and 10th March, 2022 support zone and 1997,90-2000,90 standing as 7th March/psychological resistance. With bearish trend in place, once the 1976,90-1973,90 strong support zone was invalidated and broken, I engaged my set of selling orders, pursing the 1957,90 support as 1st, and 1926,90 in extension. The Price Action, once again, reached my 1st goal on Monday's early EU session, closing my selling order with 14 Points profit. The 1957,90-1960,90 support zone brought many buyers on, so two h4 candles failed to close below the previously mentioned support, but once again, when sellers took their part in, Price Action rushed towards my 2nd target.
Thanks to all the traders who followed my call.
All eyes for tomorrow's session will be on Interest Rate decision, happening on 7:00 CET. I expect FED's to raise interest rates by a quarter of percentage point, which should be bullish for USD. As Gold proven to lost all correlation to its closest assets (US10Y and DX), due to Ukraine-Russia conflict and all the market movements are clearly fundamental, I expect Gold not to lose much of its value, rather stay above the 1900,90 psychological barrier. So having that in mind, I will carefully monitor the market and act accordingly.
The Gold Spot as expected, after reaching nearly it's ATH, started trading with losses, and currently is trading with "three black crows" candlesticks pattern on daily's chart, showing medium term trend switch. During my Sunday's commentary and analysis, I spotted bearish pattern with 1976,90-1973,90 representing strong 7th and 10th March, 2022 support zone and 1997,90-2000,90 standing as 7th March/psychological resistance. With bearish trend in place, once the 1976,90-1973,90 strong support zone was invalidated and broken, I engaged my set of selling orders, pursing the 1957,90 support as 1st, and 1926,90 in extension. The Price Action, once again, reached my 1st goal on Monday's early EU session, closing my selling order with 14 Points profit. The 1957,90-1960,90 support zone brought many buyers on, so two h4 candles failed to close below the previously mentioned support, but once again, when sellers took their part in, Price Action rushed towards my 2nd target.
Thanks to all the traders who followed my call.
All eyes for tomorrow's session will be on Interest Rate decision, happening on 7:00 CET. I expect FED's to raise interest rates by a quarter of percentage point, which should be bullish for USD. As Gold proven to lost all correlation to its closest assets (US10Y and DX), due to Ukraine-Russia conflict and all the market movements are clearly fundamental, I expect Gold not to lose much of its value, rather stay above the 1900,90 psychological barrier. So having that in mind, I will carefully monitor the market and act accordingly.
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