goldenBear88

Gold soaring on Fundamental sentiment / Selling sequence ahead

TVC:GOLD   CFDs on Gold (US$ / OZ)
My decision to remain off the markets throughout yesterday's session turned out to be excellent. With DX testing Monthly Support again (# -0.49%) and Gold on Ascending Channel, the only confirmation I need to completely justify the Bullish continuation on Short-term Daily chart is, as I already mentioned, Stock markets breaking above the Lower High trendline without recovery signs and adding Buying pressure on Gold. I was waiting for an opportunity to add Sell orders, but explosion in Lebanese factory added Buying pressure on Gold and did no favors for my outlook. I will keep waiting for that chance since opening an Buy order is really risky since Fundamental rises can stop anytime and invalidate my outlook. Gold is, for now - completely ignoring the DX negative Gap fill and confirms my idea of Gold’s correlation with Stock markets on Monthly variable. Now I have a sustainable Bullish trend as mentioned on July #28. Otherwise, if that didn't occurred and my Support broken, currently Neutral Daily chart would simply keep Gold ranged like it happened on Monday's session. As I stated before, today’s U.S. session opening Bell should provide the initial direction, but my expectation is that most investors wait for how Gold to reveal it’s underlying trend and then make their move. If the speculative opening delivers bigger move than expected, that will provide me with even more comfortable market entry as for now it is still early to contemplate entering the market. This is all of course very speculative and subject to a high rate of risk so I will be extra cautious on my next Position. Usually, certain days I advise my Traders not to trade as the market sentiment is mixed and is better to stay off and not endanger the Monthly Profits.

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