Closing my Buying order / #78 Profits rowAs discussed throughout my yesterday's session commentary: My position: I have engaged Buy order (#2,655.80 entry point) optimal Target remains #2,700.80 benchmark (#2,682.80 is first / last strong Resistance).
I have closed my Buying order (#2,655.80 - #2,675.80) on a fine #20-point Profit as I re-engaged similar Buying order throughout today's session on #2,657.80 (#2,673.80 closing point) are two Short-term Profits which extended my results range to #78 Profits and #17 Stop-loss hits regarding December - September cycle.
Technical analysis: As expected, Gold gradually got back towards Hourly 1 chart’s Neutral Rectangle (sign of ranging market) and currently touching the #2,638.80 - #2,642.80 Support level which is the first Daily chart’s Support line. Technically it is confirmed that the consolidation of the past #2-session horizon was simply a Support and Resistance zone establishment (on the completion of the Neutral Intra-day patterns) after a nearby test of local High’s in order to form Trading range for next week within Hourly 4 chart. Gold is on an interesting Fundamental fractal on the Hourly 4 chart, able to convert into aggressive uptrend towards #2,700.80 psychological benchmark as Middle East conflict is escalating.
New meta: I have made a test with my own Trading account and my Trading group (bigger margin accounts) and Bought Gold within #2,570.80 - #2,580.80 with Lower Volume orders (#3.0 and #4.0's) and kept both orders until #2,680's which delivered spectacular Profit on each order. Taking the fact that relief rally isn't stopping since mid-October last Year in consideration, I have extended my Technicals which are pointing that Gold (due Fundamentals) should extend the Buying cycle towards #2,852.80 - #2,900.80 hard Resistance zone and new record High's. I am contemplating (besides my usual Day-Trading orders) doing the same, Buying Gold and keeping my orders until #2,852.80 or above which is my Medium / Long-term Target of Gold. Gold will also deliver Short-term corrections which of course I will keep utilizing however this is excellent opportunity ahead of us to take advantage of Middle East crisis escalation.