goldenBear88

No strategy shift so far / expecting Gold's recovery

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold keeps close track of the DX as in the absence of macroeconomic news it is consolidating, ignoring though the rise on the Stock markets, which shows that it continues to be detached and rallies on Stock markets don't (at the time at least) translate into equal rallies on Gold as long as the DX isn't falling. Gold is too close to the Daily chart #MA50 and this is not the time to take wild bets on a market that is obviously waiting for catalysts to move. Right now Buying towards the Hourly 4 chart Resistance, having a stop on the Daily High near #1,900.80, is the most optimal Trade to take. Excellent sideways Price-action extension on the Hourly 4 chart as the consolidation patterns providing the safest framework for dip Buying strategy. The Hourly 4 Resistance of #1,892.80 has been rejected twice already (November #10 and November #11) which gives a updated Targets with a potential extension to #1,910.80. I don't expect tomorrow’s reports to be relevant, as I am sure in #1,910.80 test. Gold remains at the bottom of Daily chart Rectangle that started on November #9 and Hourly 4 chart is at its lowest Technically it has been since October #28 (Oversold on all majors oscillators). Keep an eye on the Stock markets (positive correlation) and DX (negative correlation) in order to accurately place your positions on the Short-term as the Medium-term has now the Daily chart #MA50 as Resistance and #1,860.80 clear Support (which is considerably lower). However, the Hourly 4 chart RSI touched October #28 Support line and in fact only a few points away form the September #23 bottom of #27.460. Typically when the RSI hits these lows it finds Buyers and that has been so consistent since the August #2018 market bottom. I am ready with my Buying orders to pursue Higher levels towards my #1,910.80 Target.

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