Gold on slide aftermath / Medium-term Buy orders closed with TGNew meta: As it was evident recently on my commentaries, I have been engaging Medium-term Buying orders (#2.0 and #3.0 Volumes) #3 times in a row now and first two times it was sharp #100-point Profits. Previous two orders were engaged on #2,712.80 and since #2,790.80 was Fibonacci Ultimate Top's I have decided to close both of them there / delivering #78-point Profit on both of orders. I could officially await #2,800.80 benchmark or more however I took a safe path and closed my orders with #78-point Profit on both of them / Highly satisfied however since Elections are approaching, I will not make any more moves since Elections can finally deliver certain Selling action on Gold (as markets may have some confidence after voting) which may cause safe-haven assets such as Gold to lose and riskier assets to gain on Medium-term.
Intra-day / Short-term: The #2,772.80 former strong Support now turned in Resistance was crossed and Gold was Technically ready to accomplish new local Low’s (major break-out I announced if it gets invalidated). This will be essentially a Higher High's Lower zone first on Descending Triangle validating my expectation of an #10 to #15 point Trading range (Rectangle) on however aggressive pace for the next #1 - #2 session horizon. The (#1W) Weekly candle is now at (# +1.05%) and the week will most likely close on a positive note following last candle's (# +2.28%). I will take advantage of the Higher High’s Lower zone, giving distinguished Buying order within this relief rally / Bullish Intra-week cycle and Profit on wide timeframes for reduced Risk as I still maintain my Buying order (Buying every Bottom) which I engaged on #2,735.80 (ideally I expect to close the position above #2,752.80 benchmark). Keep in mind that this is NFP session as I am looking at #2,727.80 test initially if NFP delivers upside surprise.
My position: As discussed above, I do expect upside surprise on NFP announcement and if that's the case, Gold may spike towards #2,727.80 Support zone in extension. I will close my current Buying order as Higher as I can and will look to re-Sell Gold ahead of NFP numbers. Overall another excellent week.
