Closing my Selling order / #58 Profits run / new Sell engaged
As discussed throughout my yesterday's session commentary: "My position: My Selling order (#1,827.80 as an entry point) is running nicely and I will look to take Profit near #1,800.80 psychological benchmark. It is important to note that if #1,800.80 psychological benchmark breaks and market closes below the level, #1,792.80 and #1,778.80 will be optimal Targets for Sellers."
I have closed my Selling order (#1,827.80 - #1,812.80) on a fine #15 point Profit run, extending my results range to #58 Profits row and #14 Stop-loss hits regarding April - February cycle. I will use this chance to congratulate Traders who followed my call, well done!
Gold's general commentary: Gold continues to Trade within healthy Hourly 4 chart’s Descending Channel, holding tightly the #1,800.80 - #1,805.80 pressure point as an Support zone (see how it held throughout yesterday’s session on the exact spot, aswell holding and untouched in #2-Month basis). Assuming that the Selling pattern continues, then the current market sentiment represent an additional solid Selling opportunity towards the #1,778.80 extension (taken from June - July Annual High’s), as recession sentiment is off the markets so safe-haven assets such as Gold (which were on High-demand) should suffer as Investors are slowly losing interest which should add strong Buying pressure on Bond Yields and DX (my main correlation at the moment). There is only one Resistance line left towards #1,778.80, which is currently Trading on #1,792.80 configuration if firstly Support zone nearby is invalidated. I’ve been highlighting the #1,800.80 potential, and I assume with current market overview Gold may test it within #1-session horizon. After the Lower Low’s Upper extension test it is pure speculation where market will be headed next, however my estimates show (according to Weekly chart’s (#1W) historical resemblance / Bear cycle) that correction process on Gold is over and multi-Month Selling sequence will continue towards #1,752.80 benchmark first and #1,700.80 in extension (only if market closes below #1,800.80 Support).
Technical analysis: Following yesterday's session spread divergence on Gold’s Spot-prices (Xau-Usd) and Gold Futures are attempting a balance and they are pretty close at the moment which indicates that Gold should be Trading according the Technical rules. My focus is on Spot-prices indeed which were Trading on Selling pressure throughout the E.U. session but engaged the Short-term upswing in form of a spike as U.S. session approached. Naturally, it becomes obvious that Technically, mini Buying leg in form of a correction should be over with the multiple Top’s on Hourly 4 chart, as I am expecting Hourly 4 chart’s #1,792.80 test as an obvious Short-term Target. It is my belief though that the extension can be as Low as the #1,778.80 on Medium-term, if #1,800.80 psychological barrier / Medium-term Support gives away and gets invalidated (untouched since December #27). Daily chart remains Bearish, however Gold is not reacting as negatively as one would expect to with such DX developments. However, DX is pulling back also after hitting it’s April’s Resistance, so in my opinion I am expecting this week’s Bearish sequence to continue aggressively when Sell-off below #1,800.80 benchmark is realized as tomorrow’s U.S. session approaches. Yields sold back last week’s peak and are suffering Intra-day losses. I am expecting Gold to re-test levels close to #1,790’s within #1 session, otherwise Double Bottom level will prevail and reject the Price-action once again for the #3rd time. Despite hawkish Powell and excellent (Jolt and ADP) reports outcome DX is struggling go Higher, rejecting every local High’s break attempt. Markets entered Neutral-to-Bearish pace in combination of NFP and hawkish Rate hike, I am expecting Gold to reach #1,752.80 psychological benchmark by March #17.
My position: Since I have closed my yesterday's Selling order, I have awaited pullback towards #1,827.80 - #1,833.80 zone where I engaged additional Selling order on #1,823.80 (representing my new entry point). This time I am Targeting #1,792.80 Support in extension directly with my Selling order.
I have closed my Selling order (#1,827.80 - #1,812.80) on a fine #15 point Profit run, extending my results range to #58 Profits row and #14 Stop-loss hits regarding April - February cycle. I will use this chance to congratulate Traders who followed my call, well done!
Gold's general commentary: Gold continues to Trade within healthy Hourly 4 chart’s Descending Channel, holding tightly the #1,800.80 - #1,805.80 pressure point as an Support zone (see how it held throughout yesterday’s session on the exact spot, aswell holding and untouched in #2-Month basis). Assuming that the Selling pattern continues, then the current market sentiment represent an additional solid Selling opportunity towards the #1,778.80 extension (taken from June - July Annual High’s), as recession sentiment is off the markets so safe-haven assets such as Gold (which were on High-demand) should suffer as Investors are slowly losing interest which should add strong Buying pressure on Bond Yields and DX (my main correlation at the moment). There is only one Resistance line left towards #1,778.80, which is currently Trading on #1,792.80 configuration if firstly Support zone nearby is invalidated. I’ve been highlighting the #1,800.80 potential, and I assume with current market overview Gold may test it within #1-session horizon. After the Lower Low’s Upper extension test it is pure speculation where market will be headed next, however my estimates show (according to Weekly chart’s (#1W) historical resemblance / Bear cycle) that correction process on Gold is over and multi-Month Selling sequence will continue towards #1,752.80 benchmark first and #1,700.80 in extension (only if market closes below #1,800.80 Support).
Technical analysis: Following yesterday's session spread divergence on Gold’s Spot-prices (Xau-Usd) and Gold Futures are attempting a balance and they are pretty close at the moment which indicates that Gold should be Trading according the Technical rules. My focus is on Spot-prices indeed which were Trading on Selling pressure throughout the E.U. session but engaged the Short-term upswing in form of a spike as U.S. session approached. Naturally, it becomes obvious that Technically, mini Buying leg in form of a correction should be over with the multiple Top’s on Hourly 4 chart, as I am expecting Hourly 4 chart’s #1,792.80 test as an obvious Short-term Target. It is my belief though that the extension can be as Low as the #1,778.80 on Medium-term, if #1,800.80 psychological barrier / Medium-term Support gives away and gets invalidated (untouched since December #27). Daily chart remains Bearish, however Gold is not reacting as negatively as one would expect to with such DX developments. However, DX is pulling back also after hitting it’s April’s Resistance, so in my opinion I am expecting this week’s Bearish sequence to continue aggressively when Sell-off below #1,800.80 benchmark is realized as tomorrow’s U.S. session approaches. Yields sold back last week’s peak and are suffering Intra-day losses. I am expecting Gold to re-test levels close to #1,790’s within #1 session, otherwise Double Bottom level will prevail and reject the Price-action once again for the #3rd time. Despite hawkish Powell and excellent (Jolt and ADP) reports outcome DX is struggling go Higher, rejecting every local High’s break attempt. Markets entered Neutral-to-Bearish pace in combination of NFP and hawkish Rate hike, I am expecting Gold to reach #1,752.80 psychological benchmark by March #17.
My position: Since I have closed my yesterday's Selling order, I have awaited pullback towards #1,827.80 - #1,833.80 zone where I engaged additional Selling order on #1,823.80 (representing my new entry point). This time I am Targeting #1,792.80 Support in extension directly with my Selling order.
- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
