goldenBear88

Keeping my first set of Sells, closed second with Profits

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Despite the rise on Bonds and Stocks buy-off (DX on negative Daily candle on -0.45%), Gold (Xau-Usd Spot prices on my reports) has managed to consolidate throughout the E.U. session and enter the #1,718.80 Hourly 4 first Support zone. This is the Bearish extension of the Higher Low sequence within the Hourly 4 Channel Down. The Hourly 4 chart is approaching RSI levels of #55.88, turning point for the #4 months, which usually determines the underlying trend and by my calculations, it should indicate Bearish pullback and Selling sustainability on the Medium-term. In my opinion #1,610.80 is the lowest extension (Lower Low) and a better/another Sell opportunity lies at #1,710.80 when #MA50 breaks. If however #1,735.80 breaks, my outlook is invalidated and I am expecting new Buying accumulation towards #1,545.80 but that scenario is less possible at the moment. I am still assured that Gold is Bearish on Medium-term but I still spotted space for a taking profits on Short/Sell positions as I will use all the potential of this Bearish correction on Gold. No strategy shift so far as Weekly is still Selling on most Moving averages. If I had to take a guess about today’s session - idle Price-action within #1,720’s belt without major movements, unless #MA50 breaks calling for #1,705.80, or #1,735.80 break calling for #1,745.80. I still give more probabilities to Bear side.

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