Closing my set of Buy's yesterday with excellent Profits / #9
As I've stated on my weekend commentary (post on August #8):" 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.". I have closed my set of Buy's yesterday (#2,030.80 - #2,049.80) with excellent Profits and current Profit represents #9th Profit in a row. I am highly satisfied with my Profits throughout July-August.
Regarding Gold's outlook on Short-term and my next move: It was no Technical surprise that the Price-action was consolidating on the third straight Hourly 1 candle (Rectangle) after early E.U. session delivered strong rejection and restored Bullish outlook yesterday. As I stated, Gold was near the Top (Higher High trendline) of the August #2 High (and needed Overbought levels to normalize) with the upside limit placed then at #2,062.80. As long as #2,018.80 Support were holding, going back to the Hourly 1 #MA50 (which was at #2,047.80) was the most likely outcome. Support didn't held and Selling sequence that I have chance to witness at the moment is true Bearish response for spiked up Gold. Needless to say, everything depends upon the catalyst’s of the session, whose speculation is leading the Stock markets higher but Gold doesn't follow (quite possibly due to the small rise on the Bond market). Technically the healthy Channel Up on Hourly 4 is broken and still has Higher Low to give around #1,980.80 before I re-evaluate the trend on the Medium-term. As I mentioned, Gold was Neutral, turning fully Bearish now since strong Support from July #15 - #18 was widely broken. Bullish bias is restored only if Hourly 4 chart's #MA50 (#2,007.80) gets tested, below that I will be not interested in Buying. Personally, everything points on #1,975.80 test and if that point is broken, Price-action will Trade on even lower levels. Channel Up is broken due to the sharp recovery on DX and uncertainty regarding the monetary stimulus. This outweighs the rise on the Stock market. I am ready to sell Gold with every Hourly candle.
Regarding Gold's outlook on Short-term and my next move: It was no Technical surprise that the Price-action was consolidating on the third straight Hourly 1 candle (Rectangle) after early E.U. session delivered strong rejection and restored Bullish outlook yesterday. As I stated, Gold was near the Top (Higher High trendline) of the August #2 High (and needed Overbought levels to normalize) with the upside limit placed then at #2,062.80. As long as #2,018.80 Support were holding, going back to the Hourly 1 #MA50 (which was at #2,047.80) was the most likely outcome. Support didn't held and Selling sequence that I have chance to witness at the moment is true Bearish response for spiked up Gold. Needless to say, everything depends upon the catalyst’s of the session, whose speculation is leading the Stock markets higher but Gold doesn't follow (quite possibly due to the small rise on the Bond market). Technically the healthy Channel Up on Hourly 4 is broken and still has Higher Low to give around #1,980.80 before I re-evaluate the trend on the Medium-term. As I mentioned, Gold was Neutral, turning fully Bearish now since strong Support from July #15 - #18 was widely broken. Bullish bias is restored only if Hourly 4 chart's #MA50 (#2,007.80) gets tested, below that I will be not interested in Buying. Personally, everything points on #1,975.80 test and if that point is broken, Price-action will Trade on even lower levels. Channel Up is broken due to the sharp recovery on DX and uncertainty regarding the monetary stimulus. This outweighs the rise on the Stock market. I am ready to sell Gold with every Hourly candle.
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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.