My set of Sell orders still valid / Buying pressure visible

TVC:GOLD   CFDs on Gold (US$ / OZ)
The Price-action is ranged to it’s maximum as my lower limit projection is still intact (#1,860.80 extension). As I noted, Gold is ranged within Higher Low and Lower High. At the moment, Gold is Buying every Low and Selling every High sequence (classic Investment banks strategy) and should now respect Selling phase. Once more DX was being utilized as a safe haven as the equity markets suffer significant losses and capital is taken away from Gold into riskier assets. However as discussed, I am making use of the Stock markets as my key correlating assets to suggest the underlying trend for Gold , which remains Bearish , as DX made a solid Technical Higher Low yesterday and rebounded strongly, assisted also by the impressive Reports announcements. I expect Wall Street opening to just maintain this momentum, so that by Monday (my yesterday’s #3 sessions limit projection), Gold can return to at least #1,870.80. I am still assured that Gold is Bearish on the Medium-term. No strategy shift so far needed. Weekly chart is still Selling on most MA’s. Despite the decline on Bond notes and Stock markets (# -0.27%) negative Gap and instant recovery ( DX on negative candle after yesterday's Highs on # -0.15%), Gold has managed to consolidate throughout the E.U. session and enter the #1,910’s Hourly 4 first Resistance zone . This is the Bearish extension of the Higher Low sequence within the Daily chart Channel Down. The Hourly 4 chart is approaching Bearish RSI levels for the first time in #3 Weeks, which indicates Bearish pullback and Selling sustainability on the Medium-term. In my opinion #1,870.80 is the first extension and my plan is to wait for Bull semi-pullback and Sell as Higher as I can towards #1,860’s, as better Selling opportunity lies near that Price-action. If however if #1,919.80 breaks, my outlook is still not invalidated (#1,935.80 is final Resistance) and I am expecting new Buying accumulation towards #1,960.70 as that scenario is less possible at the moment. The Hourly 4 chart RSI continues to Trade sideways and the longer it does, the more the #1,910.80 - #1,920.70 level will be used as the Top for this week's uptrend. Gold should be successfully testing #1,882.80 as the Hourly 4 #MA200 is now few percents down, Trading at #1,919.80. Technically Gold is approaching the Higher Low zone of the Daily Channel Down and it should represent local Bottom, especially if the DX (which has reached a Higher Low) rebounds and the Stock markets make a Short-term recovery. I would advise to resume Buying again only if the previous Higher Low breaks #1,935.80 and turn the Daily #MA50 into a Support.
My Telegram channel:

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.


Great analysis! You're work has been paying off for the past few months!
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out