goldenBear88

After decent Profits on yesterday's session, I expect #1,910.80

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Despite the strong Bearish candle sequence on the Stock markets, Gold remains Neutral and above my Support for the day as the U.S. session approaches and Political tensions resurface. However, #1,892.80 is new Resistance zone made by the Hourly 4 candlestick configuration. Observing the Hourly 4 chart, similar configuration occurred on September #23 - #28 fractal, when Gold retraced once more, priced the Double Bottom pattern and engaged the Buying sequence. As discussed, the Hourly 4 Rectangle is broken upwards should be timed for upswing. I am looking to complete a full oscillation to #1,910.80 my main point of interests. Consequently the current consolidation and another Bullish wave should come as no Technical surprise, only if my Support is intact (#1,850.80). My first #1,882.80 Target has been hit throughout yesterday's session following the Hourly 4 Rectangle break-out. DX extended the Channel Down as as pandemic cases and lockdowns rise globally, the DX will continue to lose (was flat on E.U. opening) against Gold as the safe-haven choice, much like the situation in March. Since my Profits were decent on both orders, I am engaged final one towards #1,910.80 / #1,892.80 Resistance break which will put #1,910.80 extension in motion. Even the Stock markets chart looks disappointing after Resistance rejected the Price-action #3 times this Month. The Price-action has achieved a temporary equilibrium on Hourly 4 chart, between #1,870.80.80 and #1,880.70 (roughly Gold was in Oversoldwaters) as it balances the Technically Bearish dynamics of Short-term and the Bullish fundamental "fear factor". By my calculations, situation regarding World's economy - sole Fundamental driver behind Gold’s potential rise still didn't lost it’s strength (regarding Gold markets). It is also unknown whether a potential signing of the Stimulus agreement is already priced in or not. This should imply that even Fundamentally (besides the Virus outbreak) the trend should reverse higher. The risk factor is not at it's highest level now, but I will still hold on to previous Buying decision (which delivered decent Profits for me this week) and utilize it even more. At this point it is essential to either choose a range to Scalp or take a Short-term position (what I always tend to do). I personally remain Bullish under the Daily Bullish action of the past several hours which suggests that Trading will continue to be performed within the #1,900's belt.

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