goldenBear88

Price-action is near my Stop-loss

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold was close to the important #1,805.80 Hourly 1 Support test as all correlating instruments (Bond notes on a green Daily candle, Stock markets reversing again despite Friday’s late session dip, DX near its Weekly Support) show a Bearish sentiment to Gold. Even though my Medium-term outlook remains Bearish (Target is #1,794.80 with an extension to #1,777.80) based on fractal analysis of candles, volume and RSI with the period May - September #2019 - I am expecting a Short-term pullback towards the Hourly 4 Support zone first as the Hourly setting is Overbought approaching the levels of January #3rd, no matter what today's session brings, fall is inevitable. Important: Hourly 1 chart is near Death Cross completion, so bear that in mind. Regarding yesterday: Classic #1,808.80 - #1,818.80 Bollinger bands Trading session (Xau-Usd on my commentary) worked quite well on the Hourly 4 chart as the Stock markets paused the downtrend. Price-action continue to be under heavy volatility in an attempt to find a Support. I see no alternative besides this range Intra-day. Above #1,829.80 is Bullish confirmation, below #1,817.80 Support aggressive Selling sequence. The downside is significant (especially with emerging Death Cross) and can extend at least to #1,778.80 (symmetrical support from the June’s high). Regarding my position: Billion Euros stimulus injection is agreed on E.U. summit regarding Covid-19 pandemic, which again distorted Technical trend. Summit, personally looked like few weeks more of negotiations before clinching the deal but it took place today and caused new spike on Gold near my Stop-loss. I have no other option than to move my Stop-loss on final line of the defense near #1,829.80. On these type of sessions Technicals don’t work, but if #1,817.80 breaks, Gold could easily dip to #1,808.80. What is most important is that my row of Profits is currently #5 and Stop-loss hit will not endanger my Monthly Profits. Even if Gold breaks my Stop-loss, Selling phase is inevitable and will easily recover the current Position.

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