goldenBear88

My set of Sells intact / Death Cross

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Excellent Price-action suited for Scalpers on an Intra-day Hourly 1 chart level as the mini-spike was again rejected on the #1,812.70 point near the Resistance. Intra-day Traders who took that call should already book their Profits, those who Trade on a slightly longer timeframe may wait for the #1,805.80 Support but with the Stop-loss already on the Profit range of their liking (what I will do). The Fundamental side for current session is Neutral but the Lows on DX are extremely Bullish for Gold, which on any other period (without Covid-19) should have been Bearish for Gold. The Hourly 1 chart #MA50 is now priced at #1,805.80 and hasn't been touched since July #17. Since I believe that this is a mirror (panic) phase of the Iran tension aftermath in January, I believe the bottom of this pull back sequence is slightly below the #1,750.80 (as it happened then) and after “dust” settled, strong decline on Gold followed. Nothing irregular at the moment on the short term as Gold continues to Trade sideways within the #1,825.80 Resistance and #1,805.80 Support on the Hourly 1 chart. The underlying Short-term trend is still Bearish so if the Intra-day Low breaks then I expect another run towards the #1,794.80 second Support (representing my Target). One important difference though: the Hourly 1 #MA50, if breaks, Gold will be testing it as an Support (which needs to be broken again), not as an Resistance like in previous occasions. Most important factor here is possible Death Cross formation on Hourly 1, messenger of strong decline. #MA200 is priced on same values as #MA50 is, while the RSI is on a Bearish divergence. Ultimately everything comes down to today's situation on Stock markets as I can’t ignore the fact that Gold remains on High (relative to Friday's peak) levels despite the sharp sell-off on the Stock markets and Bond notes. Once those start recovering the lost ground, Gold should see capital moving away from its safe haven. No strategy shift so far as I am expecting Gold to fall calling for my #6th Profit in a row.

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