goldenBear88

Engaging my Sell orders calling for #14 Profit in a row

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
I am engaging my set of Sell orders calling for #14 Profit in a row. Two important things on E.U. opening. First, even though the Price-action broken the Lower High trend line from #1,940’s earlier, it failed to test the #1,955.80 Resistance and close above it, so Technically it is still above Lower High but with tendency to engage the decline. Like I said before as long as the #1,955.80 Resistance Zone holds, Gold is Bearish on the Medium-term. Second, the Hourly 4 #MA50 is still untouched, so Technically I don't have confirmation of a recovery. DX is recovered and is near Friday’s high but this is counterbalanced by the pullback on Bond notes. Gold remains High under the circumstances. The Bearish U.S. data were unable to stop the DX index from making another parabolic jump (nearly #93.20) yesterday, but today small decline is visible. At the moment the Price-action is only consolidating on Hourly 1 chart, as I am not making strategy shift so far. The Price-action has been struggling to get past the #1,949.80 barrier all session long (E.U. opening) as the July #18th High and Daily Resistance applies Selling pressure besides Stock markets on Weekly Lows. I can't approach this situation Fundamentally but I do expect a pullback back towards #1,927.80 as the main Support and Higher Low zone, since #MA50 on Hourly 4 chart is broken but printed a fakeout as Price-action will most likely close below the it. Despite Stock markets still not stabilized, the continuous rise on Bond notes and of course yesterday's parabolic rise on DX, Gold hasn't made a new Low yet, making me believe that the underlying trend remains Bearish and Price-action can start losing with every Hourly candle any minute early on Wall Street opening. Further argument for it is that the Weekly chart is defending the bounce it made on Monday on the Weekly Resistance, as I doubt it will last. My advice for Short-term Traders is to Sell Gold on tight stops whenever they see pullbacks on Stock markets (which is the case for now) - Selling every High strategy - keeping in mind that the #MA50 on the Hourly 4 chart was always crossed after every High since the start of #2020. Unless #1,757.80 is compromised (closing above and my Stop-loss), it provided me with a steady Selling opportunity on which case I may see #1,927.80 test and #1,920.80 (my Target).

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