goldenBear88

My set of Sell orders intact / possibility of adding more

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
My set of Sell orders remained intact since Price-action bounced back / was rejected exactly on my Stop-loss (#1,932.80) as expected and since Daily chart #MA50 was below, the result is this mini decline you see on Gold. Despite the aggressive Stock markets Sell-off on yesterday's U.S. session, the Gold’s Daily chart candle managed to close in gains yesterday (+0.34%) and today's candle is capitalizing on that (# -0.36% so far). Attention is needed as despite the rise on U.S. equities and DX being up only by (# +0.31%), Gold is on a disproportional rise. Assuming that Bond notes found their Medium-term Support and as the Stimulus hopes and speculations are slowly away, probably situation will deliver a new Bearish outlook - Gold should test #1,898.80 again and probable #1,880.80 extension. Later session delivered what I was waiting for and better Sell opportunity lies at #1,912.80. I will not revise my Weekly Target and by my estimation - no strategy shift so far as I easily monitor Gold from Technical standpoint. Technical configuration offered me decent Selling opportunity since Daily chart #MA50 was near (priced at #1,924.80) and every time Price-action is rejected from that zone, Gold engaged the decline more than #27$ (#MA50 is holding from October #11). It all comes down of course to Stock markets as a catalyst. A strong Bullish number can easily make Gold testing #1,900.80. (December #14 fractal - Gold dipped and rebounded #7 times and then soared almost #160$). Current session and E.U. opening didn’t delivered any significant move (classic consolidation) and despite the decline on Bond notes and gains on Stock markets, Gold has managed to defend the Support throughout the session and enter the #1,910’s Hourly 4 Neutral zone. This is the Bullish extension of the Lower High sequence within the Daily Rectangle. In my opinion #1,932.80 is the highest extension and decent Sell opportunity is ahead. I am expecting new Selling accumulation towards #1,900.80 still assured that Gold has to respect Technical course and normalize Overbought levels with sharp decline. No strategy shift so far as Weekly chart is still Selling on most Moving averages. As long as Gold is below #1,927.80, there are more possibilities for a decline.

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