goldenBear88

Keeping my original Buy order / Bought the dip yesterday

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold has been consolidating on the past #3 Hourly 1 candles within #1,830.80 - #1,845.80 belt. So far this consolidation is within my models as I announced big Volatility on Short-term especially on current session since NFP report is ahead. Besides my original Buying order engaged yesterday, I Bought the #1,825.80 dip and made decent Profits on it, and keeping my original Buying order at the moment. Lower High decimal is still intact and is now under full Bullish dominance. Gold is Trading near Resistance region and since my Bull trendline is still preserved (#1,845.80), it didn’t triggered the Buying sentiment, but by all Bullish developments, I see further gains. Same resemblance happened on March #31 - April #3 - Price-action tested Support on multiple occasions and then (with huge Volatility) spiked up strongly. If today’s DX data don’t disappoint, I will be looking at #17$ Intra-day rise. As long as Support is intact, there are more chances for an uptrend. If #1,845.80 is broken, should put #1,865.80 extension in motion. The inability to get above the #MA50 on the Daily chart along with the sharp fall on equities, are putting Gold (Xau-Usd numbers on my commentary) under pressure again. At the same time DX (on a strong # -0.62%) has made a new #52 Week Low on yesterday's session, as expected the fact that Gold didn't follow with a Higher High, leads me to believe that it is being used as a hedge instrument. I had my Buys ready in order to utilize potential aggressive Bullish Gap fill, on the contrary Price-action ignored the meltdown on DX and followed Technical Overbought levels Gold was Trading on, but provided me decent opportunity to Buy the dip. However the Hourly 4 Technicals suggest that if #1,821.80 breaks, (the Channel Up is invalidated) and Gold should should test the #1,805.80 in extension, but chances to that scenario are less possible. It is highly important to note, statistically / when Gold Trades on such configuration (ignoring the correlating instruments) Volume for #2 - #6 sessions, aggressive uptrend occurs on the aftermath. (September #14 - #21, October #1 - #6, October #8 - #13 fractal on Hourly 4 chart), as I don’t see reason why Gold shouldn’t repeat it’s cycles. When the Daily chart #MA50 turns into a Support, Gold tends to pull back roughly within #1,916.80 - #1,903.80, as it did on August #20 - #27. This Price action is beyond doubt related to the essential Technical rules, so I’ll approach with extreme care. As discussed, unless the Hourly 4 Resistance breaks at #1,845.80, I can't be expecting a sustainable rebound. Personally, I believe these are the right circumstances for Gold to test the Daily chart #MA50 again for the first time since beginning of November. The Hourly 4 chart Price-action continues to Trade sideways and the longer it does, the more the #1,830.80 - #1,844.80 level will be used as the Top for this Week’s uptrend. Gold is successfully testing #1,845.80 and the Hourly 4 #MA200 is now few percents down, Trading at #1,874.80 (possible extension). Technically Gold is approaching the upper Lower High zone of the Hourly 1 Channel Up and should be a local Top, especially if the DX (which has reached a Lower Low) extends the meltdown and the Usd-Jpy makes a new Low. Gold is Trading on undisputed Bullish trend and my suggestion will be to Buy the market, and to Buy every dip on Gold, where the Price-action will turn the Daily chart #MA50 into a Support. I am ready with my Buy order to pursue upper Targets.

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