goldenBear88

First set of Sells in decent Profits, adding second set of Sells

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
The Price-action broken the #MA50 #1,708.80 Support so my calculations couldn't have been better on the last 3 set of Sells/Trades as I am highly satisfied with my weekly Profit. Taking Profits on #2 additional set of Sells that I engaged (#1,740 and #1,710.80) are successfully closed - first (original) one is currently in decent Profits and in addition, I am adding second set of Sells calling for #1,690.80 and #1,680.80 Support extension. In general - I have #2 set of Sells engaged and waiting for full Selling sequence with already mentioned Targets. Another attempt by Gold to defend the #1,708.80 Support level (Xau-Usd prices on my analysis) which has been holding since April #22 was unsuccessful. Daily chart is on a clear Double Top, Hourly 4 chart printed Head and Shoulders formation, both fprmations point to the new Technical dip on Gold towards #1,680.80 strong Support as my main point of interests. Once again my strategy is going in my favor, since I always note that I am Long-term trader/Predicting right Gold trend on Quarterly cycles and I believe that I am always right about Gold’s Long-term direction. Medium/Long term traders' goal should be to focus on those Resistance/Support levels. My estimation shows that the base case scenario is even extending the Price-action to #1,647.80 but it is too early to mention Lower Low levels. Gold is on a tight balance at the moment, positively biased by the Buying pressure on world equities and Stocks, but still on a Medium-term negative cycle due to the continuous volatility on DX. My previous Sells have been successful and also what I did is - I tried to exploit key Daily Supports. Scaling is part of trading and when you have a Long-term trend you should act accordingly. Gold always respects its Long-term cycles and for now Gold should correct #1,740.80 Williams% Overbought levels. Regarding Longer-term, I will be looking at the very real possibility of a new #1,610.80 test, and by my estimation, this is maximum of this Bearish cycle. As for the Fundamental side, pre-Fed speculation is ahead and past #2 Fed events on March #3 and March #15 were Bearish for Gold (88% Sell chances) so Gold is both Technically and Fundamentally equipped to test lower levels (my Targets). Congrat's to Traders who followed my Long-term Sell calls, also they were highly patient with holding their Sells, now they are in excellent Profits and on the clear Sell sequence!

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