Closing my set of Sells with huge Profits / Next week estimation
As I've stated in my yesterday's commentary:" The Hourly 4 chart printed an evident pullback formation and now on a Higher High for the first time since August #4 and the current peak. Even Daily switched back to Neutral which is a good sign for me and is aiming at the #2,033.80 Technical Gap fill which is roughly near #MA50 Hourly 1 is. Assuming it takes more than a day to reach this level, then this is also where the Hourly 1 will be so it is a good benchmark and first Semi-Target.". I have closed my set of Sells with huge Profits, and makes it #8th Profit in a row. Traders who followed my call - enjoy the Profits!
Despite the strong Bearish candle sequence on the Stock markets, Gold didn't remained Neutral and above my Support for the day as the U.S. session approached and NFP results resurfaced. However, #2,072.80 was the new Resistance zone projected by the Hourly 4 chart Like I noted on my reports, the Hourly 4 Ascending Channel was timed for downside. DX is hammered (falling with every Weekly candle) and Stock markets positive Gap fill adding Selling pressure on Gold, gave me a hint that new Bullish momentum is still not sustainable. Gold aggressively dipped after the unexpected NFP report which spiked up Bond notes which added expected Selling pressure on Gold, against the theoretical correlation, which may indicate a strong Bearish shift on the underlying trend (but not yet by my estimations). As I explained on my last commentary (possible Selling spikes), this is primarily because it reached an important threshold on Daily chart, the #2,061.80 Higher High zone of the Uptrend that began throughout July #27 - August #7. It should be no surprise that the session was near closing on a # -1.0% decrease, the first Bearish Daily candle after #3 straight green. The Price-action is currently just below the Hourly 4 Support, as #2,018.80 break should represent further decline calling for #2,005.80 extension. Keep in mind that #2,045.80 is a Lower High so if Gold gets rejected on that Resistance next week, the Ascending Channel will be broken and Gold will continue Trading below it. Personally I want to see Resistance break to re-confirm the Bullish resume towards #2,050.80. I will contemplate Buying the market if Monday’s E.U. opening offers steady Bull correction so by my estimation, Gold will rise on Short-term. Enjoy the Profits!
Despite the strong Bearish candle sequence on the Stock markets, Gold didn't remained Neutral and above my Support for the day as the U.S. session approached and NFP results resurfaced. However, #2,072.80 was the new Resistance zone projected by the Hourly 4 chart Like I noted on my reports, the Hourly 4 Ascending Channel was timed for downside. DX is hammered (falling with every Weekly candle) and Stock markets positive Gap fill adding Selling pressure on Gold, gave me a hint that new Bullish momentum is still not sustainable. Gold aggressively dipped after the unexpected NFP report which spiked up Bond notes which added expected Selling pressure on Gold, against the theoretical correlation, which may indicate a strong Bearish shift on the underlying trend (but not yet by my estimations). As I explained on my last commentary (possible Selling spikes), this is primarily because it reached an important threshold on Daily chart, the #2,061.80 Higher High zone of the Uptrend that began throughout July #27 - August #7. It should be no surprise that the session was near closing on a # -1.0% decrease, the first Bearish Daily candle after #3 straight green. The Price-action is currently just below the Hourly 4 Support, as #2,018.80 break should represent further decline calling for #2,005.80 extension. Keep in mind that #2,045.80 is a Lower High so if Gold gets rejected on that Resistance next week, the Ascending Channel will be broken and Gold will continue Trading below it. Personally I want to see Resistance break to re-confirm the Bullish resume towards #2,050.80. I will contemplate Buying the market if Monday’s E.U. opening offers steady Bull correction so by my estimation, Gold will rise on Short-term. Enjoy the Profits!
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.