goldenBear88

Engaging set of Buys

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
The Price-action (Xau-Usd spot prices on my reports) was under Selling pressure yesterday and got lower on each Hourly 4 candle but on a slow pace which was an indicator that the decline is over. However, I needed to see the Hourly 4 #MA200 broken and closing above it to confirm a reversal. Like I said yesterday with the Daily chart neutral, I believe Gold is well Supported within #1,702.80 - #1,695.70. Still, I didn't took any risks. The reason of that decision is - after every steeper fall on Gold, Volatility kicks in and Trend indecision and could pause the Bullish reversal. As expected Gold broke through the optimal Buying spot (#MA200 on Hourly 4 chart) trend line and as the #1,695.80 #1,705.80 Support zone held, Gold turned Neutral again and Bullish on Medium-term which is reason of engaging my Buys pursuing higher Targets (#1,737.80 is my first point of interests). The main driver behind it is of course the pull back on Stock markets and at the same time rise on Usd-Jpy pair, as the markets are attempting an recovery. Gold will get out of the mentioned Neutral zone when #1,732.80 (#MA50 on Hourly 4 chart) breaks, since that current point rejected the Price-action on multiple occasions. However, reasons above are enough for me to engage my set of Buys with respectful Stop-loss, not to endanger the Monthly Profit. Today, Fundamental side has lot to offer, so market awaits Volatility. I expect sharp drop on Stock markets which could add Buying pressure on Gold. I engaged my Buys a bit earlier than I expected but don't want to miss decent opportunity and #MA50 Gap fill.

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