goldenBear88

My Sell order activated / Medium-term opening

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold was once more used as a safe-haven and ground for continuous Bull spiked Price-action. Technical proper trend is distorter as Gold risen in combination of Stock markets positive gap fill and E.U. summit stimulus. Bond notes found the Support which is positive sign for Sellers. Investment banks once more spiked the Gold price up (Supply-Demand) as market speculators was in expectation of yesterday’s outcome. This combination provides the Gold with a very steady uptrend on Hourly 4 chart where the next Higher High was projected within #1,848.80. Daily chart Channel Up Top is #1,850.80, and should be a Technical turning point back representing total Bearish dominance. #1,830.80 - #1,850.80 price range was formed as Gold broke the Hourly 4 consolidation Rectangle (fully Overbought Williams%) and is approaching the Daily Resistance (values illustraded on Xau-Usd). I had chosen to wait for another Selling opportunity as this was the Ultimate Top, and after Stop-loss hit, I engaged set of Sells calling for #1,820.80 extension, and #1,865.80 Stop-loss (since mentioned Price-action represents Resistance, and if broken can easily spike up to #1,888.80). Within the next #2 sessions the fair Bearish value of Gold will be spotted. If Gold closes today's Daily candle in Red and eases off on late U.S. session, I will have a clear session Top rejection with significant potential to retest the bottom. What is highly important to note is that I can spot Bearish candlestick pattern on Daily chart (resemblance which means that the same scenario of falling can again occur) which can be indication for Bearish reversal. Apart from that, yesterday's #1,841.80 Lower High can be distinguished as an strong Support and turning point if Gold tests it and doesen’t break it. Gold’s underlying trend remain Bearish (Short-term) and strict Sell order is demonstrating that my outlook is still unchanged. My initial Target remain #1,820.80. After #5 Profits in a row, my outlook got stopped out but I see no reason why I couldn't recover the damage with current Position calling for lower levels.

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