goldenBear88

Decent Sell opportunity

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Strong recovery so far almost hitting the #1,705.80 benchmark, in the outcome of yet another lower than expected E.U. opening that is typically Bullish tor Gold (Intra-day). The Stock markets are consolidating, having seemingly reached a Weekly peak. This continues to be Bearish for Gold as I see a max Top within #1,710.80 - #1,717.80 for now. If broken, I will take measures from there, but until then the trend remains Bearish on Medium-term - as Gold is far from Neutral. Death Cross on Hourly 4 fractal is fully formed for the first time since #March #17, represents strong Sell signal and surely - the biggest mistake would be to ignore it. As mentioned the obvious Targets are the #1,680.80 April #2 - 22 sequence and if broken, #1,660.80 Low should be the next extension. I was waiting yesterday's and today’s Price-action to reach the #MA50 #1,717.80, but since Swings are new norm and as Gold ignores lately the Technical trend, I will wait #MA50 test first near #1,717.80 and then engage my Sells, or wait for #1,695.80 breakout and from that vicinity pursue Lower Targets. Last rebound which could be repeated now (June #5 - now June #8) - was rejected instantly on the Hourly 4 #MA50 (which is priced at #1,717.80), and then dipped - so that justifies my decision to wait for a breakout. Personally - along with today's session, Bullish consolidation is over, or at least near exhaustion. Even though the #MA50 is not touched, now #MA200 represents the new Resistance. Stock markets are still Bullish overall and the Bond notes on their majority pressing the Supports, I see no reason for Gold to move higher than my projected values, unless those cross instruments start moving to favorable directions. I see this mostly as filling the negative Gap and in my opinion, #1,680.80 is next. See also an interesting fractal, which resembles a lot the current Price-action: November #2019 and the bounce from the #1,445.80 bottom, cross of Hourly 4 #MA50, failure to break #MA200 and then back down to #1,450.80. My pick is #1,680.80, with Stop-loss around Hourly 4's #MA50, according to course of the events I explained above.

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