goldenBear88

Idle session ahead without major moves on Gold

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Yesterday's session configuration concluded my final Bearish Target (#1,880.80) on current Selling Price-action leg. Gold decline came as no Technical surprise and even reached the middle extension of #1,880's formation. On an Intra-day basis Stock markets had a rejection early on, and Wall Street opening Bell delivered just what I was expecting - Hourly 4 #1,913.80 Bulltrap reversal candle near the Daily High, resulted as an aggressive decline. What was the catalyst for current Selling move is strong DX (what I have been waiting for) as I patiently closed portions of my Sell orders over the time and booking excellent Profits step by step (Moving the Stop-loss as south as possible). Since on a Monthly basis the Price-action remains on the thrird straight Bearish candle, it is more likely on the Medium-term to test the December #2012 high #1,600.70 before I consider a Bullish domination in extension (another Bullish phase such as March/August and possible ATH test). As long as Stock markets and Bond notes Trading near Resistance, then the Selling pressure on Gold will remain strong. My Target was modeled partly also (besides Stock markets and DX) after the January #2017 Top on Usd-Cny (strongest correlation so far) # 6.9651, which hints to the #1,832.80 Lower Low on Gold. If #1,898.80 Resistance rejects the Price-action throughout today's session, I will be looking for possibility of #1,860.80 test within #2 sessions. However, if situation allows, I will not hesitate to Sell instantly towards #1,848.80. Most likely Gold is going towards the Resistance, and rejection will provide me with another Selling opportunity, on the other hand / Gold might potentially stay Neutral regarding today's session in a symmetrical manner as October #23 - #27. Gold is surely Bearish on Medium-term.

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