goldenBear88

Closing second set of Sells with decent Profits, keeping first

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
I have closed second set of Sells yesterday (#1,740.20 - #1,712.80) with decent Profits, keeping the first set while waiting opportunity to add more. Gold is still on a very tight balance, contained within the Lower High Medium-term trend line on Daily chart, and the Higher Low trend line of the Weekly chart. With Daily chart fully Bearish, it is more than obvious why Gold have been consolidating since the #1,740.80 High for few days. I am (as always) following my Long-term pattern with strict Risk/Reward ratio which indicates that Gold will rebound considerably on this Higher Low but still want to test #1,680.80 Support in order to achieve the Lower High sequence. I keep Hourly 4 chart #MA50 as my main point of interest since if it rejects the price, then #1,740.80 is next, if broken - I expect #1,705.80 first Support test and #1,680.80 in extension. On the Medium-term, the Price-action still need to complete the #1,610.80 fractal on Daily chart. I will wait for Monday to see what market opening will offer and patiently wait for US session later on. Gold shows no apparent signs for stopping its Bearish direction - again only if #MA50 rejects the price, Gold will rise but yet again, will dip back on my #1,680.80 levels both ways. If you have followed my reports and read it with understanding you can see that I am heavily on the Bear side (which should be the fair Technical price since I am Technical trader), and my view has not changed since the last week, but I think on wider picture Stocks are keeping Gold on this level and mostly Gold is correlated with Stocks lately. For now, Candle analysis has given me patterns with decent reliability (82% accuracy), also if #1,705.80 Support breaks, my estimation shows even #1,647.80 really soon. I am satisfied with weekly Profit and will not make hasty decisions to endanger it.

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