goldenBear88

My Buy orders activated

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
The Price-action found strong Resistance at #1,892.80 and that attracted Selling pressure. The previous Hourly 4 candle stopped below the Resistance and the current one should stop on the #1,851.80. I don't expect Gold to go any lower this week especially with RSI lately on #8 months Support. Stimulus hopes/negotiations are hyping DX upwards, breaking all Resistances - and since it is mainly correlated with Gold / is on a decline. This is a gradual Crisis/Recession sign as Stock markets dipped, Bond notes broken all Resistances and DX is soaring. At this point it is essential to either choose a range to Scalp (which I am not big fan of) or take a Medium-term position (what I did preserving my Buying outlook). I personally remain Bullish under the Daily Bearish action of the past several weeks which suggests that Trading will continue to be performed within the #1,880.80 - #1,890.80 range. If Gold continues to lose, it will devalue lot’s of currency pairs and bring imbalance to the general economy. Very Bearish E.U. opening on the Hourly 4 chart as this is a typical sign that the market is consolidating, waiting for a catalyst to give a direction. I assume that following the Monthly fractal, the market is waiting for the U.S. opening to see how Wall Street will digest current developments. Fundamentally, the risk-off sentiment that DX had these past few weeks should fade away after this result as Investors will remove capital from riskier assets and can go back to Gold with confidence. Meaning that if DX loses value, Gold should benefit along with the Stock markets. Any pullback to the #1,840.80 is a Buy option, above #1,882.80, I expect last week's late Buyers to yield and push the Price-action towards my Target. It is highly important to note that Gold always repeats it’s cycles and allow me share the current configuration which is evident on the charts: On November #11 - #12, Gold dipped on E.U. session towards the #1,856.80 and as market closing approached, Bought back the dip and finished session near #1,884.80. On November #16 (Monday), market sentiment delivered almost the same movement, decline towards #1,864.70, and tomorrow’s session market closing near Weekly High priced at #1,895.80 (again similar scenario). Throughout yesterday’s session, E.U. opening was flat but as Wall Street approached, Price-action dipped on an aggressive spike towards #1,864.80, and Bought back just within few hours towards #1,877.80, so - according to Daily cycles, tomorrow (Friday) or late U.S. session today I should expect aggressive push towards #1,892.80 Resistance and #1,910.80 extension as I don’t see why Gold won’t repeat this kind of sentiment and follow the statistic rules. I am ready with my Buy orders to pursue upper Targets.

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