Gold is on crossroads regarding Short-term / #22 Profits row
As discussed throughout my yesterday's session commentary: "My position: My yesterday's session breakeven Stop-loss was triggered as I awaited new Selling opportunity. It appeared as today's E.U. session approached, where I engaged my Selling order with #1,923.80 as an entry point. My optimal Target is #1,910.80 first, then #1,900.80 barrier in extension. Implement strict Risk management."
My Selling order has closed automatically on Intra-day basis (#1,923.80 - #1,900.80) with an Target hit on a fine #23 points Profit, extending my results run to #22 Profits row and #4 Stop-loss hits (which were not more than #8 points per Stop-loss hit) regarding January - March cycle as I am more than satisfied with my Monthly results. I will use this chance to congratulate Traders who followed my call and had patience to hold the order, well done!
Gold's general commentary: The DX did approach the #98.20 Support zone but Gold remained more or less stationary on Hourly 4 chart, highlighting the strong Bearish pressure it is under. Besides strong Selling Intra-day impulse, Gold found Buyers near #1,892.80 Higher Low’s Upper zone where Institutional capital flew into Gold and Investors offloaded their Short-term Buying orders, pushing Price-action once again above #1,917.80 multi-Month Resistance level. Constant Hourly 4 chart’s Bullish spikes and Bullish move in general has no further room to go, so I don't expect this consolidation to continue for more than #2 sessions. My focus shifts to the peace negotiations which are in final phase, aswell to the ties of Gold with Bond Yields and DX, where Gold is attempting to find a equilibrium between the two.
Technical analysis: Technically, this indeed is not a good sign for those who want to Buy this market (most of Traders will) as the more prominent area for Buyers to arise is likely around Hourly 4 chart’s #1,938.80 - #1,942.80 (possible Triple Top rejection point) which is crucial re-Buy zone (if breaks) to rely on, having seen how well it held Price-action Lower or Higher in the past few Months (current fractal). This is a cautious market at the moment. As Buying seems limited in most cases, I am still waiting for Selling confirmation (once again). Once Gold stabilizes, #1,913.80 can be used as an re-Sell area towards #1,900.80 barrier. However if #1,942.80 breaks on the other side, Buyers may await contact with #1,952.80 (former Bullish pressure point). In light of the analysis above, keeping my Stop-loss wide on the next order may be the better path to take at the moment and sustain current Stop-loss hunts by Institutional Trading conglomerates.
My position: I am currently without an order, comfortably monitoring the Price-action from sidelines. Price-action can turn both ways currently, but Buying has lot's of obstacles on a way towards #1,952.80 barrier and Bullish extension, so Sellers should get the most returns out of the current Price-action. I am not interested in Buying Gold unless Price-action breaks and closes the market above #1,942.80 zone. However, if #1,913.80 breaks, #1,900.80 barrier should be filled Intra-day. I am in a no rush to engage new order since I am more than satisfied with my current results.
My Selling order has closed automatically on Intra-day basis (#1,923.80 - #1,900.80) with an Target hit on a fine #23 points Profit, extending my results run to #22 Profits row and #4 Stop-loss hits (which were not more than #8 points per Stop-loss hit) regarding January - March cycle as I am more than satisfied with my Monthly results. I will use this chance to congratulate Traders who followed my call and had patience to hold the order, well done!
Gold's general commentary: The DX did approach the #98.20 Support zone but Gold remained more or less stationary on Hourly 4 chart, highlighting the strong Bearish pressure it is under. Besides strong Selling Intra-day impulse, Gold found Buyers near #1,892.80 Higher Low’s Upper zone where Institutional capital flew into Gold and Investors offloaded their Short-term Buying orders, pushing Price-action once again above #1,917.80 multi-Month Resistance level. Constant Hourly 4 chart’s Bullish spikes and Bullish move in general has no further room to go, so I don't expect this consolidation to continue for more than #2 sessions. My focus shifts to the peace negotiations which are in final phase, aswell to the ties of Gold with Bond Yields and DX, where Gold is attempting to find a equilibrium between the two.
Technical analysis: Technically, this indeed is not a good sign for those who want to Buy this market (most of Traders will) as the more prominent area for Buyers to arise is likely around Hourly 4 chart’s #1,938.80 - #1,942.80 (possible Triple Top rejection point) which is crucial re-Buy zone (if breaks) to rely on, having seen how well it held Price-action Lower or Higher in the past few Months (current fractal). This is a cautious market at the moment. As Buying seems limited in most cases, I am still waiting for Selling confirmation (once again). Once Gold stabilizes, #1,913.80 can be used as an re-Sell area towards #1,900.80 barrier. However if #1,942.80 breaks on the other side, Buyers may await contact with #1,952.80 (former Bullish pressure point). In light of the analysis above, keeping my Stop-loss wide on the next order may be the better path to take at the moment and sustain current Stop-loss hunts by Institutional Trading conglomerates.
My position: I am currently without an order, comfortably monitoring the Price-action from sidelines. Price-action can turn both ways currently, but Buying has lot's of obstacles on a way towards #1,952.80 barrier and Bullish extension, so Sellers should get the most returns out of the current Price-action. I am not interested in Buying Gold unless Price-action breaks and closes the market above #1,942.80 zone. However, if #1,913.80 breaks, #1,900.80 barrier should be filled Intra-day. I am in a no rush to engage new order since I am more than satisfied with my current results.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) and Gold Trading school.
- Trading Gold since #2012'.
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