Closed my both Sell orders with huge Profits / Gold Neutral
As discussed on my yesterday's commentary: My position: I have successfully closed my Selling order few moments ago, and will engage new one if #1,809.80 breaks, on such scenario / I will pursue #1,790.80. As long as Gold is not recovering the #1,816.80 Resistance, there are more probabilities to the downside. Congrat's for Traders who followed both of my yesterday's calls!
Gold's overview: Gold has hit and invalidated the #1,820.80 July #16 Low, which was currently the Resistance (remember my rule: what was the Support when broken becomes the Resistance and vice-versa). The Daily chart #MA50 is far away from current configuration and in #2 Years it has always provided the Medium-term accumulation point for Buyers (slight exception the March #13 break on the virus asset wide meltdown which still lasted for less than #10 sessions). Since #1 Month Low is broken of #1,816.80 and Gold didn’t engaged the recovery, therefore I believed a Selling towards #1,790.80 Lower Low extension were offering great value, which I utilized to it's maximum.
Technical analysis: Very interesting fractal regarding Hourly 4 chart as Gold dipped almost #40 points within #2 sessions. That current decline was historical, confirms the Weekly chart configuration (#1W) where #MA50 (which has been holding for #2 straight Years broken and switched Gold from Bullish to Bearish on Medium-term. Indeed Gold was Trading on my predicted values (within my model) and current Selling sequence didn’t came as an surprise. With Weekly chart #MA50 invalidated, holding from December #24, #2018 Year, I expect #1,700.80 psychological barrier test within #2 Month horizon. I expect situation to escalate as Gold should deliver #1,782.80 test within #2 sessions if #1,812.80 is not recovered Intra-day.
My position: I am currently without a pattern to Trade by, and with NFP announcement throughout today's session and Weekend break ahead, I see no reason to risk and endanger my capital. #1,812.80 is strong Resistance, and if broken can extend the recovery towards #1,821.80, while Price-action rejection on mentioned point can engage the #1,782.80 re-test / If first or second pattern arises, I will not hesitate to pursue it. I still give more probabilities to the downside since Weekly chart #MA50 is invalidated.
Gold's overview: Gold has hit and invalidated the #1,820.80 July #16 Low, which was currently the Resistance (remember my rule: what was the Support when broken becomes the Resistance and vice-versa). The Daily chart #MA50 is far away from current configuration and in #2 Years it has always provided the Medium-term accumulation point for Buyers (slight exception the March #13 break on the virus asset wide meltdown which still lasted for less than #10 sessions). Since #1 Month Low is broken of #1,816.80 and Gold didn’t engaged the recovery, therefore I believed a Selling towards #1,790.80 Lower Low extension were offering great value, which I utilized to it's maximum.
Technical analysis: Very interesting fractal regarding Hourly 4 chart as Gold dipped almost #40 points within #2 sessions. That current decline was historical, confirms the Weekly chart configuration (#1W) where #MA50 (which has been holding for #2 straight Years broken and switched Gold from Bullish to Bearish on Medium-term. Indeed Gold was Trading on my predicted values (within my model) and current Selling sequence didn’t came as an surprise. With Weekly chart #MA50 invalidated, holding from December #24, #2018 Year, I expect #1,700.80 psychological barrier test within #2 Month horizon. I expect situation to escalate as Gold should deliver #1,782.80 test within #2 sessions if #1,812.80 is not recovered Intra-day.
My position: I am currently without a pattern to Trade by, and with NFP announcement throughout today's session and Weekend break ahead, I see no reason to risk and endanger my capital. #1,812.80 is strong Resistance, and if broken can extend the recovery towards #1,821.80, while Price-action rejection on mentioned point can engage the #1,782.80 re-test / If first or second pattern arises, I will not hesitate to pursue it. I still give more probabilities to the downside since Weekly chart #MA50 is invalidated.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
