Closing both orders with ProfitI have engaged first Selling order on #2,900.80 benchmark break-out to the downside and closed my Selling order on #2,887.80 (#2,900.80 - #2,887.80) however as I announced that Gold is on decline just to rise more, I have engaged Buying order on #2,882.80 Support extension and closed my order on #2,900.80 benchmark (#2,882.80 - #2,900.80) where both orders delivered excellent Profits and I called it for the session.
Technical analysis: Flat E.U. opening with visible Selling pressure on Gold, as DX (my main correlating asset currently) Trading on gains and pierced Short-term Resistance caused by impressively great numbers on U.S. economical parameters, secondly Bond Yields engaged relief rally and are currently Targeting #4.600 psychological barrier and third / it is important to mention Usd-Jpy pair which is on steady uptrend and partly it's back to my correlation asset list. Currently, Gold is Trading near one of crucial Support level of #2,872.80 - #2,882.80 and by breaking it, may attract more Sellers and extend Gold’s takedown towards #2,852.80 benchmark sequence. There is strong #2,800.80 benchmark test probability once / if #2,852.80 surrenders and if market closes below #2,900.80 psychological mark while DX invalidated the Hourly 4 chart's Resistance zone am expecting decline to be in continuation under these circumstances. Daily chart is pointing on a steady slide as well, so Medium-term Buyers should take that into consideration before planning a move. Investors remain cautious and that's why Traders are witnessing Low Volume throughout today's session as CPI news are planned ahead.
My position: As long as market closes below #2,900.80 benchmark, I will keep Selling Gold (Intra-day only of course) however keep in mind that anytime Gold can reverse into new relief rally and Bull leg. My break-out points are intact and will Trade by them.
