goldenBear88

No changes to my previous outlook / waiting for decent Buy entry

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
The Hourly 4 chart has a clear Double Bottom as Gold is currently Trading within Triangle, while Daily chart remains Bullish but still within the Hourly 4 Triangle, visible on my chart. This is a news driven market, with Gold being dragged lower along the Stock markets under fears of new lockdowns due to the rising virus cases. #1,874.80 is the first retracement level, with the Hourly 4 #MA50 representing the Resistance near #1,901.80. I will be Trading within these two levels and if any of the two breaks, then I have a trend Trade (Bull above, Bear below). Keep in mind any news breaking the market on more Fed stimulus, will be Bullish. As expected the #1,862.80 Support held and Gold was rejected way above it, while the Selling pressure of the Higher High had a stop near #1,862.80 which made me believe that it represents the Monthly Low and most likely Gold won’t pierce past it. The strong Selling on the Stock markets upon the hearing of tax news, is a Bullish mix for Gold (supports my Bullish configuration) which rose early in the E.U. session on Bearish geopolitical Fundamentals, so this is a contract liquidation effect. This Channel Up (continuation if Triangle breaks above) touched the Hourly 4 #MA50, every time after Support rejection (#8 times already since June #15), so discussed, there is no reason not to expect this again (#1,901.80). As discussed, as long as #1,862.80 (Xau-Usd numbers on my commentary) holds, Gold is more likely to push towards #1,910’s for test, but still within the Hourly 4 Triangle. This week is packed with Fundamental announcements the real trend should be revealed after the report, since today’s session delivered idle movements only. The Short-term Price-action has turned Bearish just over the Hourly 4 first Resistance #1,892.80. It is interesting to mention that even the Hourly 1 and Daily charts to a certain extent are Bearish (cannot rule out the #1,865.80 possibility). Everything depends upon the Triangle break (and to a lesser extent the Stock markets and Bond notes), so I can't make any Short-term recommendation other than the set of Buy orders that I am conteplating. See also how Xau-Usd (spot price) and GC (Futures price) are finally closing the gap and getting into tight range again. Regarding today’s session - two straight red Hourly 4 candles (after Bullish rejection) so far which indicate (unless broken) that #1,892.80 is a Short-term Double Top. Most likely Gold is going towards #1,898.80 to test the Resistance and then if Price-action gets rejected, then Hourly 4 #1,865.80 test should be next extension - and potentially stay Neutral for a few sessions in a symmetrical manner as September #23 - #28. If #1,892.80 gets broken, #1,929.80 should be furthest extension.

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