goldenBear88

16 profits in a row looking for 17th!

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Hello fellow traders! After short brake of resting on sidelines and waiting for a option for Short position, the chance has arrived and I am opening another Short position looking for 17th profit in a row on Short positions. Gold was once more used as a safe haven due to the turmoil on the stock markets and has gained considerably and disproportionately to DX. Clearly, I can say with certainty that this is not the fair technical value of Gold (#1,222). Gold has started pulling back on Hourly 5 chart as global stock indices began to recover a big portion of last week's losses. Dow Jones just went above its 50% Fibonacci level but Gold is still above its 38.20%. This is expected as Gold is always lagging on similar situations when stocks recover and Gold parked capital is invested back into the equity markets. Shortly, I expect to see #1,219.40 first then more down, Shorting to Gold's fair level around #1,190-#1,180.30. With DX above 95.50 at +0.55%, Gold should not stay as high if the stock markets continue to recover. I need to mention again that the USD price movement should always be considered and such imbalances between correlating instruments should always be taken advantage of. Gold acting as a safe haven these last few sessions is a fantastic short opportunity which I am utilizing to its maximum. Will Short it all the way (minimum 3 sells) to #1,180.30. Who follows me, Good luck my fellow traders and let's hope for new profits in a row. Take care!

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