Despite today's E.U. opening pullback Gold is showing high durability as it remains on Higher High relative to Tuesday's and Monday's Higher Low’s. Despite the new High lately on Stock markets, the continuous dip on Bonds and of course the parabolic Hourly 4 chart rise on DX resulted on Gold that it hasn't made a new Low this week, making me believe that the underlying trend remains Bullish and Price-action is trading on local Higher Low’s - but I doubt it will stay this way for long. Further argument for it is that the Weekly chart is defending the further downside movement and Gold should follow soon enough (any break below #1,705.80 is an full Bearish confirmation). My advice for Short-term traders is to Sell Gold on tight stops whenever they see Daily Bullish candle on DX or Stocks, keeping in mind that the market has to make needed correction, can’t only trade in one direction. The Hourly 4 #MA200 remains my main point of interests and my Target zone when #1,705.80 Support breaks. If #MA200 is compromised, then I expect another #1,580.80 extension - Bottom and demand zone, former #5 year Resistance. It is highly important to note is that RSI is on the same level as it was on the March #7th Top and what followed it was an aggressive -27% decline on Medium-term (#89% probability), so I expect the similar scenario at the moment. However as long as Gold don't break #1,705.80, I can't confirm Bearish reversal, but as the DX is rebounding again today and the Stocks markets drop, my Selling outlook is intact.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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.