goldenBear88

Closing my set of Sells with great Profits / Gold still Bearish

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold has made an important Bearish step towards reversal sustainability as it almost printed Three Black Crows formation (Third candle almost printed). #1,695.80 Support was aggressively broken as I closed my first set of Sells (from #1,703.80 to #1,687.80) with great Profits. Gold is of course still Bearish on Medium-term (as I advised) and Congrat's to Traders who followed my Sell call. To be more precise, I didn't expected Support break this early, (early week phase), but as I stated:" Opening set of Sells a bit earlier than expected if Selling breakout happens", and I wasn't mistaken. Hourly 4 chart practically showing Bearish developments, Daily chart is still Neutral. With Stock markets starting a Medium-term correction and DX on Lower Highs, expect an small correction upwards and #1,675.80 test in continuation. The Hourly 4 chart #MA50 is holding firmly, which is a Bearish sign for sure and Technically the next Lower High should be tested. Keep in mind that the longer Stock markets are on high volatility the more Bearish that will be for Gold, despite the rise on DX. Currently on sidelines as I am expecting Gold to first recover #1,700.80, and then steeper fall to #1,675.80 on Medium-term. I am contemplating Selling the market for sure.

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