goldenBear88

Gold testing the Resistance / Trade the breakout

TVC:GOLD   CFDs on Gold (US$ / OZ)
Regarding August-September, I am on #13 Profits and only #2 Stop-loss hits. Another Lower High test on yesterday’s session on the Hourly 4 chart at #1,948.80 and a new Lower Low is expected next at #1,882.80. This is pure Bearish gradient as Price-action is Trading on the Hourly 4 chart where all indicates on a Sell opportunity, but still Hourly 4 chart is a healthy Channel Up. My model require to close one Daily candle below the Support though which is now at #1,927.80. Strong rejection followed the Bearish U.S. opening Bell since Stock markets entered the decline without the recovery signs as I don’t think that other correlating assets will have any strong impact since strong Buying pressure from Stock markets is visible and paused the downtrend on Gold. Gold has finally printed more than #1 Bearish (September #8) candle and almost hit the Daily chart #MA50 which is holding and rejecting the Price-action since June #8. Last time the Price-action broke below the Daily chart #MA50 it dropped another # -1.70% before starting a strong #15 day Bull run. Technically that puts Gold at #1,882.80 and less which is the May #6 Low. The Resistance is now at #1,955.80 and breaking above it, confirms the new Bullish leg towards #1,970.80, but chances are really slim with only #17% possibility since Hourly 4 #MA50 is rejecting the Price-action since September #2. However, if #MA50 breaks, I won't hesitate to Buy the market towards #1,970.80, if Price-action gets rejected, Gold will be calling for #1,927 extension.

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