goldenBear88

Closing first set of Sells with decent Profits, engaging second

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold has made first test of the #1,674.80 psychological barrier as I closed my first set of Sells (#1,705.80 to #1,674.80) with decent Profits and so far it is holding as a Support. Congrat's who followed my call. Daily chart has marginally broken to the downside (still healthy Bearish outlook non-Overbought Williams% - Daily chart) but as I said on the previous report, I want to see #1,670.80 test to be convinced of a clear downside momentum/dip to #1,610.80. Technically I already assumed that the price will drop a bit since DX and Stocks made a rebound, Gold testing lower levels is still more likely possible at moment. This shows that big institutional capital speculate on the same strategy that I apply, taking Profits on Highs of the Ascending Channel, causing Bearish spikes, which they later Buy. The #1,580.80 Low can be Technically used as an entry for the #1,642.80 Resistance test (Long-term). Besides that, the February #17 Low has been touched with the Hourly 4 Descending Channel ready to bring Gold one step to my Target (#1,610.80). Daily Support that prevents Gold from turning Bearish (holding on neutral levels on my indicators) is already mentioned #1,678.80 and provided steady Support on multiple occasions, but I don’t think that will be the case now. DX broke above it’s Hourly 5 Resistance but for now that is not engaged to my main plan and point of interest since Gold slightly lost correlation with DX (on Short term) and now correlates with Stocks mostly. Hourly 4 chart being of utmost importance as it will determine investor sentiment (rejection lower of break out higher), as I am certain that Bearish outlook will continue. If the Stock markets hold their current Support levels, I expect my Target #1,610.80 to be realized within #4 Sessions (Probability of #87%).

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