I have closed my set of Buys with excellent Profits and regarding month May, I am on #11 Profits and only #1 SL hit - my monthly Profit is huge. Regarding the previous Position, was from #1,719 to #1,736.20. Early U.S. session opening delivered just what I was expecting as it is most likely a call for testing the Hourly 4 chart #1,755.80 extension on Medium-term. Price-action is under strong Buying pressure since (as I expected), capital from Stocks (riskier assets) will be now parked in Gold (safe-haven) as Investors are again searching for Medium-term relief. Again, I need to point out that the Bullish confirmation is only complete it Gold closes above #MA50, which hints on new Bullish sequence (which just happened). The Hourly 4 chart #RSI sequence is identical to the February 24th - #27th, which after it broken the #MA50, resulted into the aggressive rise and call for furthest extension. I don’t doubt that this will be the case now as Gold historically repeats it’s cycles, especially on Monthly fractal. In my opinion Stocks are they key (essential), if they extend their Bearish bias (and Usd-Jpy makes its first Bearish Daily chart candle) Gold will follow it’s Technical Buying course. I am not interested in opening any additional Positions ahead of weekend, I am comfortably on sidelines. Personally, I expect Bullish leg to continue, but it is to early for me to enter the market. Who followed my calls, enjoy the Profits!
Thank you for your sharing, it is hard to believe that we were only around under 1710 yesterday and your 1736 target in today setup is precisely correct. We are waiting for a 4h candle close above EMA 20-25 in order to confirm a new bull trend. For a downtrend, Gold often looks for EMA 50 or even EMA 200 to confirm an Oversold position. Again, cheers and greatly appreciate to your sharing.
goldenBear88
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@JimParis, Many thanks for your kind words! Enjoy the Profits if you followed my calls.