goldenBear88

Maintaining my Bullish outlook / waiting for Buy opportunity

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
As I was waiting for a breakout throughout yesterday's session, vaccine news had strong impact on the markets as I used such opportunity to Buy the dip and made decent Profits on it. As discussed, unless #1,862.80 breaks, trend remains Bullish and suitable for Buyers. As expected, Gold reacted to new vaccine news and broke through the lower layer of the Rectangle, but still within Buying zone and comforted Buyers early on. My suggestion would be to continue Buying Gold as long as Stock markets are on the rise and DX without a recovery. I expect aggressive Resistance break within #3 sessions with #87.92 chances, statistically: as every #3rd week of every Trading Month is a trend setter, I expect current one to reveal a major move. Despite Friday’s strong response to #1,900.80, Gold failed to maintain those high levels and was rejected on the Hourly 4 chart MA’s. Yet, it still found Support on the Daily chart’s Higher Low, which remains Bullish and has high potential to contain current Bearish pullback. Factors that may break the Resistance: #1) DX bought back lost ground but still didn’t found the Support #2) Bond market is still on High levels / also the Weekly chart has been Overbought for some time #3) Stock markets are the most important asset to monitor since it has strongest correlation/impact on Gold. Unless Gold Trade sideways for at least #5 - #10 sessions, Hourly 4 chart Rectangle will always pressure for a test with the #1,910.80 as a final destination, which is enough reason for me to pursue upper Targets. Personally, as long as #1,862.80 Support holds, I remain Long and preserving my Bullish outlook on Gold. For now I see no decent opportunity on a horizon, nothing worth a risk so again I will wait for a breakout to add my Buy orders. I have my breakout points ready to engage my Buy orders pursuing #1,910.80 and above.

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