Closing my Selling order / #53 Profits row

As discussed throughout yesterday's session commentary: "My position: I am still operating with my Selling orders, closing my previous Selling order and and engaging new one with #1,886.80 as an entry point. Congratulations if you are utilizing these Intra-day High's and Low's by Selling every Top that Gold delivers. My optimal Target remains #1,833.80 extension."


After multiple #8 - #10 point Profits within last couple of sessions (Selling every Top strategy which Gold delivers, proved to be excellent), Intra-day orders which I don't post on forum / I have modified / moved my original Target upwards from #1,833.80 to #1,852.80 psychological barrier, and my order was closed automatically over-night (#1,886.80 - #1,852.80) on an excellent #34 point Profit, extending my results range to #53 Profits row and #13 Stop-loss hits regarding April - early February cycle. I will use this chance to congratulate Traders who followed my calls and had patience to hold the order and utilize Top Selling strategy, well done!


Technical analysis: Current aggressive takedown near the #1,852.80 (first Lower Low's decimal) came as no Technical surprise as Price-action was next to the Weekly chart's Top (prior to historical Triple Top rejections April #22, May #4, July #5). If Gold closes today's Daily candle in red (and most likely it will as Price-action is comfortably Trading below #1,874.80 first Resistance) and eases off throughout Monday’s session, I will have another clear signal for Selling sustainability with significant potential to retest the #1,852.80 Bottom and #1,833.80 in extension. It is Highly important to note that I can spot Bearish candlestick patterns on both Hourly 4 and Daily chart (resemblance which means that the same scenario of decline can again occur) which can be indication for Bearish sustainability - also I need to follow the DX rule - with DX Trading within Neutral Rectangle (in deep Bullish territory) and Bond Yields (# +8.54%) are Trading on similar fractal, my formula points that Bullish reversal is not possible (Short-term) as Gold is experiencing Bullish spikes since DX was touching Lower zone of Neutral Rectangle which was later on Bought back (Gold replicating the movement). Bond Yields was in jitters due to the general Inflation on ATH and Fed’s rate hike, however with Inflation chart easing, Yields progressively soared. Personally, DX is much more important currently than trinity of (Bond Yields, Usd-Jpy, Stock markets). It is important to note that historically, Gold always gives #3 Lower Low’s and then prints solid recovery or delivers a Bottom. Regarding March #30 cycle, when Bond Yields made their first Yearly rise, Gold's Low was near #1,678.80, which confirms Gold’s strong correlation with Yields then, meaning if there were no Trade tensions and indecision of Fed regarding the rate around the corner, fair value would be near #1,678.80 March’s Double Bottom. In the meantime, Hourly 4 chart’s Descending Channel has taken a pause and moving off the course to form a #1 - #2 session Bullish bias as the absence of economic news is session is causing some sideways action. Apart from that, #1,874.80 Higher Low’s can be distinguished as an strong Resistance and turning point if Gold tests it and doesen’t break it. Gold’s underlying trend remain Bearish (Short-term) and strict rule that Bottom is still not formed is demonstrating that my outlook should remain unchanged. My initial Targets remain #1,852.80 and #1,833.80 in extension. As discussed, the Daily chart’s RSI is on Neutral levels but in fact lately, just away in points form the March’s bottom of #30.00. Typically when the RSI hits these levels it finds Sellers and that has been so consistent since the August #2018 market bottom. The trend is still Bearish, and will only reverse if the current Weekly candle ends in losses (breaking the #1,900.80 psychological benchmark and market closing above), which presently has slim chances.


My position: Gold has rallied in #2022, rising to the highest level in #6 Years (#2020), as Investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering Trade frictions. With that being said, I will not consider Buying anymore (regarding Medium-term) as Gold always tends to struggle Long-term after pricing the ATH, and will only turn to Selling Gold on Short-term. The downswing on Gold has been given added momentum, particularly now. Ahead on Short-term regarding Gold, I expect Neutral consolidation and personally, Hourly 4 chart’s #1,852.80 and #1,833.80 Support test. Highly satisfied with my current Trading results, I assume no new orders and will comfortably remain on sidelines, awaiting next week's opportunities.