goldenBear88

Important session on Gold / Bearish Gold

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
I have closed my yesterday's set of Sell orders with amazing Profits. As discussed on my yesterday’s commentary, after critical RSI levels and Resistance rejection - Selling sequence is ahead on Gold. Price-action was currently on one of the the strongest Daily candles since August #11 (not on Daily % change) and the #1,923.80 formed obvious new Top (what was Support if broken, becomes Resistance - and what was Resistance, if broken - becomes the Support). That Gold was Overbought and inflated without a reason - shows this aggressive decline throughout yesterday’s session. This means that Gold was already in high Overbought waters (since October #9) and based on my estimations, yet again I see no space for further Buying. All I can spot is new decline as an answer on Monetary stimulus absence and general World's economy uncertainty. With All Charts: Hourly (#1,#4,#5,) and Daily strongly crossed into Bearish values I maintain my Selling outlook. Remember when unsure of Gold's direction, look always for the underlying correlations with the strongest instruments. With DX convincingly breaking the Hourly 1 Resistance, Gold's answer was current Bear decline. I assume no more positions until this Daily Resistance is tested again, which could provide me with another Selling opportunity. If #1,865.80 is crossed and market closed a candle below it, then Gold will be calling for #1,832.80 Lower Low extension. Until this happens the current consolidation will continue to resemble the January - February #2018 pattern, aiming the last Selling sequence of this cycle. Gold has continued Daily chart Channel Down formation on (Breaking lower Bollinger band) with today's Price-action Trading near Higher Low. Of course much is attributed to the ongoing political tensions whose late developments are now pulling Gold downwards. Gold changed it’s trend and now have Selling sentiment on the Short-term, as every rise (either on Hourly 4 but mostly on Daily chart) should be sold. However, if #1,907.80 psychological barrier breaks again, Gold can spike up towards #1,917.80. I will wait patiently for area to be engulfed (test of #1,907.80) and rejection will provide me with another test of a #1,865.80 extension. Even if the Resistance is broken, Gold can't rise as much since there are no Fundamental aspects to sustain the uptrend. Gold is Bearish on Medium-term as I will be ready to add my Sell orders towards Lower Low.

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