goldenBear88

Booked 18th profit on Short positions on Gold

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Hello fellow traders! After continuation posts, I've booked 18th profit on Short positions on Gold which was #1,207.40, check my post history for accuracy. Again, Take profit # 1,207.40 hit as the, as we can see on Daily chart, is expanding towards a new Lower Low near #1,205.25. The week is closing on -1.75% in losses, the second straight red candle, which is restoring Gold within it's fair, technical long term bearish trend. DX is approaching the 97.20 yearly high, aiming at a 97.80, which should push Gold to #1,198.50, which is August's low. With the Stocks now on the rise on a week-to-week basis,we can see how Gold gradually approaches it's fair value (which I mentioned in previous posts) and declines more than the respective rise on DX, confirming my commitment at staying short during the stock market correction. Always remember that when you are unsure about Gold's underlying trend, look at its correlation with the USD. #1,224.60 is now the Resistance and potential Lower high, where sellers will add, also with me my second Take profit #1,198.20. Who followed me - Enjoy the profit lad's and have a good weekend.

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