Closing my Selling order / #112 Profits rowAs discussed throughout my yesterday's session commentary: "My position: I have engaged Selling order on #2,680.80 / optimal Target remains #2,662.80 Support in extension. If #2,676.80 gets invalidated, development alone will add credence to Sellers."
I have closed my re-Sell order (#2,680.80 - #2,657.80) on a fine #23-point run extending my results range to #112 Profits and #22 Stop-loss hits regarding December #2023 - January #2025 fractal.
Technical analysis: Gold is constantly under heavy Buying pressure (Buying every dip) as the Fundamental side is preserved and is Buying every dip and rejecting every downside attempt even though DX is Trading above #52-week High's. Now this is largely Volatile territory on the Hourly 4 chart. Typically the Ascending Channel is a pattern of trend continuation, marking a Bottom and turning Bullish on Short-term even though that Daily chart's #2,682.80 first Resistance got invalidated. However the larger time-frame of Weekly chart (#1W) remains Bearish, so again I need to pay attention of potential reversal points and Selling the Top as High (and safely) as I can. Gold remains Technically Bearish however Fundamental side prevails and the result is those Bull reversal candles which are visible on the charts. Strong Resistance zone is seen Trading at #2,678.80 - #2,682.80 while first Support zone is priced at #2,657.80 - #2,662.80, which means as long as Support is intact, there are more probabilities for the uptrend. It is important to note that below #2,657.80, there is only #2,652.80 benchmark to hold Gold from testing #2,642.80 but again I need to keep in mind that on these Fundamentally driven sessions, Gold can go as far as pressure pushes it so I will not try to Sell aggressively current Buying bias, only if strong Support gets invalidated and with tight Stop's.
My position: Since I am Highly satisfied with NFP and yesterday's session Profits, I will Trade the break-out and remain on sidelines monitoring the Price-action.
