Closing my Selling order with Profits / #9 Profits row
As discussed throughout my yesterday's session commentary: "My position: As Daily chart's #MA200 was preserved throughout the yesterday's session (#1,797.80) I remained on sidelines without a Profitable pattern, and decision seemed to work out as Gold is on recovery candles. However, I am confident that Buying bias is limited and I will await a decent opportunity to Sell Gold towards #1,778.80. If #1,814.80 breaks, next Technical stop is #1,805.80 Support, where I will be ready to Sell Gold towards #1,778.80 or less."
I have closed my pending Selling order (#1,805.80 - #1,795.80) on a quick #10 point Profit, and continued my Profits run to #9 and only #1 Stop-loss hit, as Fed delivered (as expected) hawkish stance where Gold was rejected from upper values all the way towards my entry points. I will use this chance to congratulate Traders who followed my call! Well done!
Technical analysis: I am expecting a Technical takedown soon. My formula points that Gold have been consolidating on Hourly 4 chart all session long (yesterday's session) as it was typical system of pricing of Resistance base. Gold was on a tight #1,820.80 - #1,830.80 range, evident Hourly 4 chart’s High Volatility belt as the Price-action was absorbing conflicting pressures by the falling DX and the Bond Yields on #10-Month High’s. The result is this tight balance you witness lately, Selling every High and Buying every Bottom. My Mid-week Support zone been met earlier than I expected as FED statement aftermath improved the DX and Hourly 4 chart push to the upside lost momentum (was near exhaustion already) below the Hourly 1 chart's Resistance of #1,832.80 (as I knew that Fed's statement will revive Sellers with a hawkish stance and limit the upside on Gold). The Volatility is still High however and Gold may look to set a new Support zone first (my estimate #1,790.80 - #1,795.80) before hitting #1,766.80 Higher Low extension. The Short-term trend remains Bearish (unless Resistance of #1,814.80 breaks) with Hourly 1 and 4 charts about to turn reddish on all of it’s indicators, still on the early stages of the new possible Selling takedown / leg as Price-action is just below the #1,800.80 psychological barrier (hence the current pullback). My Medium-term Target remains #1,678.80.
My position: As Gold should already be near #1,766.80, market speculators (based on my formula) prevented the downtrend with Buying pressure out of nowhere ahead of Fed's statement (January #4 session, where DX was near #52- Week High and Bond Yields on Annual High's), as they already understood that the Fed will deliver hawkish stance, and in that case they wouldn't have chance to alter the downtrend potential, as Gold would be on #50 point decline minimum by then. However, I would pull the trigger right away and engage my Selling order instantly, but as it is new norm lately that Gold rejects all Selling potential which Buying pressure (again out of nowhere), I will await #1,790.80 break and engage my Selling order towards #1,766.80 extension (#1,789.80 entry point).
I have closed my pending Selling order (#1,805.80 - #1,795.80) on a quick #10 point Profit, and continued my Profits run to #9 and only #1 Stop-loss hit, as Fed delivered (as expected) hawkish stance where Gold was rejected from upper values all the way towards my entry points. I will use this chance to congratulate Traders who followed my call! Well done!
Technical analysis: I am expecting a Technical takedown soon. My formula points that Gold have been consolidating on Hourly 4 chart all session long (yesterday's session) as it was typical system of pricing of Resistance base. Gold was on a tight #1,820.80 - #1,830.80 range, evident Hourly 4 chart’s High Volatility belt as the Price-action was absorbing conflicting pressures by the falling DX and the Bond Yields on #10-Month High’s. The result is this tight balance you witness lately, Selling every High and Buying every Bottom. My Mid-week Support zone been met earlier than I expected as FED statement aftermath improved the DX and Hourly 4 chart push to the upside lost momentum (was near exhaustion already) below the Hourly 1 chart's Resistance of #1,832.80 (as I knew that Fed's statement will revive Sellers with a hawkish stance and limit the upside on Gold). The Volatility is still High however and Gold may look to set a new Support zone first (my estimate #1,790.80 - #1,795.80) before hitting #1,766.80 Higher Low extension. The Short-term trend remains Bearish (unless Resistance of #1,814.80 breaks) with Hourly 1 and 4 charts about to turn reddish on all of it’s indicators, still on the early stages of the new possible Selling takedown / leg as Price-action is just below the #1,800.80 psychological barrier (hence the current pullback). My Medium-term Target remains #1,678.80.
My position: As Gold should already be near #1,766.80, market speculators (based on my formula) prevented the downtrend with Buying pressure out of nowhere ahead of Fed's statement (January #4 session, where DX was near #52- Week High and Bond Yields on Annual High's), as they already understood that the Fed will deliver hawkish stance, and in that case they wouldn't have chance to alter the downtrend potential, as Gold would be on #50 point decline minimum by then. However, I would pull the trigger right away and engage my Selling order instantly, but as it is new norm lately that Gold rejects all Selling potential which Buying pressure (again out of nowhere), I will await #1,790.80 break and engage my Selling order towards #1,766.80 extension (#1,789.80 entry point).
- 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.
