goldenBear88

Possible Selling sequence on Gold / Trade the breakout

TVC:GOLD   CFDs on Gold (US$ / OZ)
Currently on #18 Profits row and only #2 Stop-loss hits (August-September cycle). New Lower Low on the Hourly 4 chart is visible with the trend now even more Bearish regarding Medium-term. However, market can’t only Trade in one direction and Gold could test the Resistance of #1,887.80 and normalize critically Williams% Oversold levels. My attention is shifted to RSI oscillations as my main point of interest - what is evident from the Hourly 4 chart RSI is that it is close to March #1 - #27 levels of near #300.00, last time Price-action were Trading near that variable, Gold risen more than #60$ on the aftermath. After possible small Bull leap, Gold should give Lower Low, and then engage a recovery towards #1,927.80 and Daily chart #MA50. Gold essentially stayed flat from U.S. session Bell opening, as it didn’t pierced (now twice) Lover High as all Intra-day gains that Gold made are now back on breakeven. Movement is for sure within my models and only crossing of a #1,887.80 final Resistance can support sustainable uptrend on Hourly 4 chart, as the Bullish reversal bias from this point is not in it's strongest effect like it was in previous Months. I expect one more slow and ranged Session today with higher than expected Volatility. The Bollinger Bands suggested range should be in motion regarding the early hours of the U.S. session, since the Price-action is Trading in projected range and respecting the borders to it’s maximum. As discussed, I remain Bearish expecting #1,855.80 Support break, in addition - I will not exit my Trade once I engage since according to my strategy, Gold is bound to give one more Lower Low. DX is virtually unaffected by the New Home Sales announcement, which is Bearish for Gold (so is the indecision on the Stock markets), and means that Investors shift their focus on next week’s announcements. Today’s session Bullish spike is nothing more than a ranged move (Daily Price-action fluctuation) and does effect my Technical perspective which should be visible from next week. Best suggestion at the moment is to Trade the breakout: #1,855.80 Support break is calling for #1,832.70 extension, while #1,887.80 Resistance break can engage #1,900.80 Resistance in motion.

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