goldenBear88

Keeping my both set of Sells

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Once again I witnessed the dynamics of Buying Lows and Selling Highs (Investment banks classic strategy), as the Bearish momentum on Daily chart failed (only for few sessions) after the #1,698.80 Bottom. Main reasons for this are developments regarding Fed which kept the Rate unchanged and announced that they will keep the previous financing plan and as an result - Stock markets dipped with Daily Bearish Gap fill which added Buying pressure on Gold (Gold is mainly correlated with Stock markets lately). It is vital to understand that with the risks involved on a Weekly scale, only if July's High #1,736.80 is crossed, I can say that the Bullish reversal is in continuation (less likely). I expect test of #MA50 test again and I am not making strategy shift so far - remember: Last time when Fed announced the Rate, Gold dipped after Buying response, as I expect the same scenario within #2 sessions. Hourly 4 chart is still a Channel Down and should turn into a aggressive Selling sequence anytime and progressively test the Daily Support near my Targets. Price-action is still within my projected values and no cause for alarm. As long as Hourly 4 remains Bearish, Gold has more chances of breaking the #1,705.80 Support and #1,680.80 extension than #1,737.80 Resistance. I remain fully Bearish on the Medium-term, and I expect #1,705.80 break within #2 sessions. As I can see, Daily Bullish Price-action confronted Buyers head on today, but I doubt that it will last. Influenced by a pullback on Stocks mostly, Daily action pressed Gold as far upwards as current values, though managed to find a bottom just near Support level. My outlook remains unchanged.

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