goldenBear88

Keeping my set of Sell orders / Gold on Volatile candles

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Regarding August-early September, I am more than satisfied with my #13 Profits in a row. The Price-action is under extreme Hourly 4 volatility and on very important crossroads. The Hourly 4 should break to the downside and at the same time Stock markets broke their Hourly 4 Resistance (both marginally) which is Fundamentally Bearish for Gold. Bond notes however (which has been the benchmark for Gold lately) keeps their Channel Up intact (unless the Support breaks). This displays a very mixed picture for Gold and I can only approach it with break-out points. I am well known as a Technical Trader more than Fundamental, so I will always act “by the book” which means respect Technical background. If #1,972.80 breaks to the upside, I have a sustainable Bullish reversal on the cards confirmed and my Stop-loss triggered. Otherwise, the trend remains Bearish but can have small Buying note. Fundamentally, Gold is Bullish, but will not pay too much attention to it, my main point of interest is Death Cross on Hourly 1 chart. My expectation is that the markets await for the U.S. opening Bell to make a move. My goal now is to get on the correct side on the trend (when that presents itself) and Trade Long-term like I always do. This is translated into temporary minor movements, which will be less important when the Trend appears. As expected the #1,940’s Support Zone (spot prices on my focus) has accumulated the necessary Buying force, initially to stop the downtrend (Gold pressured by Stock markets) and make Gold trade sideways on Hourly 4 chart. With the Hourly 1 and 4 charts all with Williams% levels near the critical Overbought point, it is obvious that there has to be an attempt to Neutralize these levels and should spike Gold downwards. On the Short-term it is Hourly 1 chart that got my attention that has the most probabilities to meet it’s Bearish Divergence and that will be within #1,737.80 - (my Medium-term Target). On an Intra-day level if #1,972.80 breaks, expect #1,998.80 to be filled. As I mentioned, these pull back projections will be invalidated once Gold crosses above #1,941.80. Keep in mind that my approach is swing trading (Long term in positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent. Bottom line: I have my set of Sell orders opened with #1,972.80 as an Stop-loss, since every candle below the Resistance means that there are more chances for lower levels test.

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