goldenBear88

Sidelines for the session / violent Volatility on the markets

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold's general commentary and reasoning for sidelines decision: As discussed, the Hourly 4 chart’s Golden Cross was the Buying sustainability sign and the DX related developments (showing not very positive post-pandemic results) the catalyst that initially took the Price-action towards the #1,800.80 - #1,810.80 Resistance zone (above the #1,800.80 psychological barrier) all the way from #1,720’s (on U.S. session opening Bell opening, Price-action was showing High durability and even pulled the Price-action just above the #1,805.80 first Resistance line, even though DX was on aggressive Bullish engulfing candle). Later on, Gold printed decent rebound just on the third Hour of Trading session on that Zone, and it shows why it is that strong since current Resistance configuration is holding since #14 sessions, just after replicated July’s Volatility on the markets. It is important to note that Gold Traders (aswell ForEx Traders in general) haven't seen such violent Volatility and disastrous Price-action Swings (especially Intra-day) since (March and August #2020, July #2021). Technically, the Daily chart’s RSI almost was at the Lowest since March #7 - #8 sequence and June #17 - #18, and represents another reason why the Price-action was bought so aggressively (of course with a hand from market speculators, preventing fair Technical downtrend). At this point it is my essential aim to protect my capital and be ready when fair Technical trend appears so I can utilize it and take maximum out of it. I explained in addition why "easy dips" on Gold are visible on the markets, as Price-action was Trading on inflated prices and instant decline (not gradual) was the only way of Gold's way of falling, indicating that current Buying sequence was nothing more than a handmade (by market speculators) hybrid uptrend, which was not near fair Technical value of Gold. I assume no positions for current session, as I haven't got any interest to gamble on ranging markets.



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