goldenBear88

After sidelines, engaging my set of Sells

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
After successfully preserving my account, I am entering Medium-term position - using current Selling opportunity calling for #11th Profit in a row. Gold is currently on the strongest Daily candle since August #11 and the #2,010.80 formed new Top. This means that Gold is already in high Overbought waters and based on my estimations, yet again I see no space for further Buying. All I can spot is new decline as an answer on this aggressive Bullish spike. With All Charts: Hourly (#1,#4,#5,) and Daily strongly crossed into Bearish values I maintain my final Take Profits #1,992.80 (first Fibonacci Support area) and #1,984.80 in extension. Remember when unsure of Gold's direction, look always for the underlying correlations with the strongest instruments. With DX convincingly breaking the Hourly Support, Gold's answer was current Bull spike. Until this happens the current consolidation will continue to resemble the October - November #2017 pattern, aiming the last Selling sequence of this cycle. It is crucial to mention that RSI is near critical levels/Resistance, and last time I had similar situation (August #4), decline of #22$ occurred, which backs up my Selling outlook. Of course much is attributed to the ongoing trade war tensions whose late optimistic developments (deal hopes) are now pulling Gold upwards. I expect my Target to be tested within #3 sessions. I shifted my strategy at the moment and keep in mind that Gold changed it’s course and now have Bullish sentiment on the Short-term, but every rise (either on Hourly 1 but mostly on Hourly 4 chart) should be sold. However, if #2,030.80 (my Stop-loss) psychological barrier breaks, Gold can spike up #19$.

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