Excellent Profits on Selling order / Bearish continuation ahead
As discussed on my yesterday's commentary:" My position: I will engage my Selling orders if #1,831.80 breaks, calling for #1,810.80 extension. #1,845.80 is strong Resistance on the other side, but I will wait for #1,854.80 to be more certain in Buying." / I have closed my Selling order with excellent Profits (#1,830.80 - #1,813.80), Congrat's for Traders who followed my call!
Technical analysis: Despite the positive Trade negotiations and High's on the DX, Gold is kept Supported above #1,810.80 and currently on strong Selling rally due to the weakness on the Bond markets and mixed values of Usd-Jpy pair. However I don't expect those to play that big of a role in the coming days. At the moment Gold (Xau-Usd as always on my commentary) Technically should be below the Support and if DX extend the uptrend and Bond notes to engage the recovery / Gold will be considerably Lower. It is important to note that Gold was showing Bullish and Bearish values since Channel Up (now already broken) on Daily chart is counterbalanced by Hourly 4 Channel Down, adding constant Selling pressure on Gold and the result is current strong decline which I expected. If Support gets broken below on minimum #3 points (#1,811.80) expect #1,790.80 within #2 sessions, which will reach again the Lower Low extension of the Hourly 4 Channel. If rejected on Resistance, expect another dull session on Gold with not much Price-action. As long as Daily chart is Bullish, both scenarios are not equally probable on the Short-term, since Gold should give another Lower Low, as cycle is repeated. On the Medium-term though, as long as Gold Trades below #MA50 on Daily chart, it has more probabilities to make a Lower Low than a Lower High. Needless to say, Gold can also pierce the Resistance and switch from Bearish to Bullish on Short-term, but that pattern is less likely to arise.
My position: I have successfully closed my Selling order few moments ago, and will engage new one if #1,809.80 breaks, on such scenario / I will pursue #1,790.80. As long as Gold is not recovering the #1,816.80 Resistance, there are more probabilities to the downside.
Technical analysis: Despite the positive Trade negotiations and High's on the DX, Gold is kept Supported above #1,810.80 and currently on strong Selling rally due to the weakness on the Bond markets and mixed values of Usd-Jpy pair. However I don't expect those to play that big of a role in the coming days. At the moment Gold (Xau-Usd as always on my commentary) Technically should be below the Support and if DX extend the uptrend and Bond notes to engage the recovery / Gold will be considerably Lower. It is important to note that Gold was showing Bullish and Bearish values since Channel Up (now already broken) on Daily chart is counterbalanced by Hourly 4 Channel Down, adding constant Selling pressure on Gold and the result is current strong decline which I expected. If Support gets broken below on minimum #3 points (#1,811.80) expect #1,790.80 within #2 sessions, which will reach again the Lower Low extension of the Hourly 4 Channel. If rejected on Resistance, expect another dull session on Gold with not much Price-action. As long as Daily chart is Bullish, both scenarios are not equally probable on the Short-term, since Gold should give another Lower Low, as cycle is repeated. On the Medium-term though, as long as Gold Trades below #MA50 on Daily chart, it has more probabilities to make a Lower Low than a Lower High. Needless to say, Gold can also pierce the Resistance and switch from Bearish to Bullish on Short-term, but that pattern is less likely to arise.
My position: I have successfully closed my Selling order few moments ago, and will engage new one if #1,809.80 breaks, on such scenario / I will pursue #1,790.80. As long as Gold is not recovering the #1,816.80 Resistance, there are more probabilities to the downside.
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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.
- 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.
