#19 Profits row / Possible Bullish continuation
As I stated on my yesterday's commentary:" The candles may continue under the Lower High zone but RSI is showing critical Bullish values, and is a signal for Buyers. Gold is showing both Bullish and Bearish signs (Indecision candles), so best suggestion in those cases is to Trade the breakout. #1,840.80 calling for #1,830.80, #1,865 towards #1,887.80." - Congrat's for Traders who had patience and followed my call. I have closed my set of Buy orders with decent Profits, makes it #19 Profit in a row regarding August-September cycle.
Another High on the emerging Hourly 4 chart which was testing the #1,880.80 mark quickly entered the Neutral territory. It is more than obvious that Gold first spiked upwards, then strong rejection followed since Stock markets were Trading on Bearish Gap fill which was instantly bought back (and made me close my Buy orders) - as Gold was and still is again with Bullish note, which once against confirms that Gold’s strongest correlating asset at the moment are Stock markets. The World’s political uncertainty is on the main stage as both Gold’s correlating markets are moving on a much slower pace (DXY # -0.14%, Stock markets # +1.61%). It is Natural to expect a pullback if the political matters aren’t resolved (Monetary stimulus still in discussion phase), but as long as Stock markets are not pressured by disappointing numbers I expect smooth diagonal correlating (Stock markets-Gold) Trading. Today’s session has #87.18% chances to be the trend setter and with major move, pointing me to be extra careful as U.S. opening Bell approaches. Strong Bid/Ask Volume usually reveals that strong movement session is ahead, and if Gold breaks the Support, could easily engage Lower Low sequence and even deeper test of #1,800.80. Upper extension remains #1,892.80, as I doubt that Gold will pierce #2,000.80 psychological barrier this Week. Especially since Daily chart is about to turn Bearish again. Since Gold was rejected instantly above the Resistance on Hourly 4 chart, I will treat this as an Top, with the next Technical stop on the #1,900.80 zone (Hourly 4 #MA200 is also strong Resistance zone). I remain Bullish, especially if U.S. session delivers positive opening targeting #1,892.80 first and #1,899.80 in extension Buying on every Low. At this point I would like to share a key landmark on the monthly scale - Gold hasn’t still harmonized with DX. Bearish reversal is only sustainable if #1,855.80 is broken, but by my calculations, chances are slim regarding that outlook as I am not interested in further Selling. I am ready with my set of Buy orders calling for #1,899.80 extension as an Target.
Another High on the emerging Hourly 4 chart which was testing the #1,880.80 mark quickly entered the Neutral territory. It is more than obvious that Gold first spiked upwards, then strong rejection followed since Stock markets were Trading on Bearish Gap fill which was instantly bought back (and made me close my Buy orders) - as Gold was and still is again with Bullish note, which once against confirms that Gold’s strongest correlating asset at the moment are Stock markets. The World’s political uncertainty is on the main stage as both Gold’s correlating markets are moving on a much slower pace (DXY # -0.14%, Stock markets # +1.61%). It is Natural to expect a pullback if the political matters aren’t resolved (Monetary stimulus still in discussion phase), but as long as Stock markets are not pressured by disappointing numbers I expect smooth diagonal correlating (Stock markets-Gold) Trading. Today’s session has #87.18% chances to be the trend setter and with major move, pointing me to be extra careful as U.S. opening Bell approaches. Strong Bid/Ask Volume usually reveals that strong movement session is ahead, and if Gold breaks the Support, could easily engage Lower Low sequence and even deeper test of #1,800.80. Upper extension remains #1,892.80, as I doubt that Gold will pierce #2,000.80 psychological barrier this Week. Especially since Daily chart is about to turn Bearish again. Since Gold was rejected instantly above the Resistance on Hourly 4 chart, I will treat this as an Top, with the next Technical stop on the #1,900.80 zone (Hourly 4 #MA200 is also strong Resistance zone). I remain Bullish, especially if U.S. session delivers positive opening targeting #1,892.80 first and #1,899.80 in extension Buying on every Low. At this point I would like to share a key landmark on the monthly scale - Gold hasn’t still harmonized with DX. Bearish reversal is only sustainable if #1,855.80 is broken, but by my calculations, chances are slim regarding that outlook as I am not interested in further Selling. I am ready with my set of Buy orders calling for #1,899.80 extension as an Target.
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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.
