Bullish Gold / free Monthly chart explanation
Regarding my position: I have engaged my Buy order instantly after yesterday's Profits (#1,902.80 Higher High test), waited for a correction near #1,884.80, where I engaged Buy which I currently hold with a wide Stop-loss near #1,844.80. I will add one more Buy order when I spot an steady uptrend.
Technical analysis: Gold has entered the #1,892.80 - #1,902.80 Profit Taking zone, which is the first one on current new Bull Wave and as discussed last Week, it would be optimal for Short-term Traders to book their Profits until #1,874.80 and re-engage only after #1,892.80 breaks (Technically). Fundamentally, Gold is strong Buy option and Selling on such landscape could be disastrous for one’s capital. After if you took the Lower Buy on the Weekly chart #MA50 I mentioned, the Profit is already too good to ignore. With the Hourly 4 chart RSI having been rejected at #70.000 on the December #2, the current Bullish sequence resembles more and more the last strong rebound of October #29 - November #9. Halfway before it’s Top, this rebound pulled back to test the Hourly 4 chart #MA50, so Technically I can't ignore this possibility before we eventually hit the Hourly 4 #1,902.80 Resistance. Mentioned variance could Technically be possible, but with all Fundamental factors, chances of Gold testing the #1,844.80 Support are small and almost equal to zero. I am confident that Gold is a Buy option.
Technical analysis: Gold has entered the #1,892.80 - #1,902.80 Profit Taking zone, which is the first one on current new Bull Wave and as discussed last Week, it would be optimal for Short-term Traders to book their Profits until #1,874.80 and re-engage only after #1,892.80 breaks (Technically). Fundamentally, Gold is strong Buy option and Selling on such landscape could be disastrous for one’s capital. After if you took the Lower Buy on the Weekly chart #MA50 I mentioned, the Profit is already too good to ignore. With the Hourly 4 chart RSI having been rejected at #70.000 on the December #2, the current Bullish sequence resembles more and more the last strong rebound of October #29 - November #9. Halfway before it’s Top, this rebound pulled back to test the Hourly 4 chart #MA50, so Technically I can't ignore this possibility before we eventually hit the Hourly 4 #1,902.80 Resistance. Mentioned variance could Technically be possible, but with all Fundamental factors, chances of Gold testing the #1,844.80 Support are small and almost equal to zero. I am confident that Gold is a Buy option.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.
