goldenBear88
Short

Holding my Sells

TVC:GOLD   CFDs on Gold (US$ / OZ)
Two important things on E.U. opening. First, even though the Price-action broken the Lower High trend line from #1,770’s earlier, it failed to test the #1,756.80 Support, so Technically it is still under a Lower High just diagonal resemblance. Like I said before as long as the #1,758.80 Support Zone holds, Gold is Neutral on the Medium-term. Second, the Hourly 4 #MA50 is still untouched, so Technically I don't have confirmation of either recovery, nor upswing. Most likely I will get it this week, so patience if during this flat week nothing happens. DX recovered and is near Friday’s high but this is counterbalanced by the pullback on Bond notes. Gold remains High under the circumstances as also continues to consolidate on the Hourly 1 basis. The Bearish U.S. data were unable to stop the DX from making another parabolic rise (nearly #97.80) as it continues to monopolize the Safe-haven status. But on the bright-side Gold is holding and isn't rising more. As I have been mentioning last week, this only shows the underlying strength and how Medium-term Investors defend the current level. My perspective is unchanged and all my previous levels remain valid in my book. If the Resistance zone holds today and tomorrow as well, then by Wednesday it is possible to see an aggressive Hourly 4 dip to #1,747.80. This is due to the #MA50 on the Hourly 4 chart still holding quite well. Resistance is priced at #1,778.80 and if broken, could lead to #1,792.80 extension. Gold is extending the pullback following the break down of the former Daily chart Channel Up, as Bond notes and DX gain for the #3rd straight session and capital is leaving Gold's Safe-haven towards riskier assets (Stock markets with U.S. futures close to their Lows again). See how Gold's strong Buy level of the #1,767.80 - #1,777.80 zone is fairly symmetrical with the decline on Stock markets. On the Short-term the Hourly 4 chart is still the Support at #1,747.80 and is also where the #MA50 is (note that Gold haven't touched the Hourly 4 #MA50 since June #11). Despite still having a full session of data ahead and the catalyst of the week - all announcements which affect Stock markets, the current levels are as good as for Selling the market as any (Short-term Traders to target the Hourly 4 #MA50 and Long-term Traders #1,717.80 as Daily chart #MA50). As the Daily chart Channel Up broken downwards, Gold already tested the Lower levels and a closing below #1,770.80 will set the final motion for the Support Zone which is a strong Selling accumulation region. The Hourly 4 #MA50 is closing in fast to Support from below. The main reason for today's strong consolidation is the risk-off sentiment on the Stock markets along with the rebound on Bond notes. DX is irrelevant at this point. With Powell's testimony ahead and Investors anticipating the announcement, risk appetite is improving and that applies Selling pressure on Safe-havens like Gold , despite the Covid-19 numbers growing. The Daily chart is now Neutral as I am expecting Sellers to re-emerge by the end of the week with Gold decline ahead.
My Telegram channel: https://t.me/goldenBear88

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.

Comments

Wrong again
+1 Reply
Do you think US dollar is going to be bullish throughout today's session?
+1 Reply
goldenBear88 AlliedAtomics
@AlliedAtomics, Regarding Gold, DX is not very important and that's why I don't track it at the moment. My position is on lowest Volume since I want to sustain bigger rise so I can go "all in" when Selling pattern emerges, which is very soon.
Reply
US is bullish today so make sure you don't buy Gold anytime soon today
+1 Reply
goldenBear88 AlliedAtomics
@AlliedAtomics, I am ready to hold my Sells as long as Bull last - since as more as metal rises, the steeper the fall will be.
Reply
AlliedAtomics goldenBear88
@goldenBear88, That's great.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out