Closing my Selling order with Profits / #7 Profits run

As discussed throughout my yesterday's commentary: "My position: As #1,808.80 - #1,812.80 Resistance zone holds firmly, my estimations are showing that uptrend is strongly limited and if correlating assets Trade in Sellers favour, #1,800.80 psychological barrier break can engage more serious decline towards #1,778.80 extension. I will be ready not to miss it certainly, as such market opportunities are always delivered after uptrend extension reaching the Top."

I have closed my Selling order (#1,803.80 - #1,793.80) with decent #10 point Profit and extended my Profit row to #7. Congratulations for Traders who followed my call!


Technical analysis: Gold was dangerously approaching the August #5 and the July #20 High’s, both of which I consider Medium-term strong Resistance levels. Price-action is on a tight spot but the situation is not critical for both Buyers and Sellers. There are Higher chances to rebound before #1,812.80 but if first Resistance is touched again, my advice is to go Long on one of the given pressure spots. That way I will keep the Buying order (once I engage) for as long as the new Bullish wave lasts (#1,827.80 on the cards) and then wait until the uptrend reaches the Top (Upper zone), where I will contemplating Medium-term Selling order towards #1,778.80 Medium-term Support zone. If #1,812.80 is not touched within #2 session fractal, my suggestion is to Sell again to the Lower levels, configuration which hasn't been broken and is acting as a Resistance for an almost #25-session horizon. That level is now around #1,812.80. No changes so far on the Daily perspective as today’s session E.U. opening didn’t delivered any significant move towards any Buying or Selling pressure point/confirmation, as Gold is still Trading within Neutral territory.


Fundamental analysis: The Price-action remains Neutral above the Hourly 4 Support of #1,787.80, and below the #1,808.80 - #1,812.80 Resistance zone. It is Natural that Price-action found Sellers as RSI hit the #2-Month Resistance, and with the absence of macro-economic catalysts, strong Volatility is expected, and don’t be surprised if you see thin Volume throughout today’s session. As the market is waiting for a catalyst (Durable Goods on main stage, which can attract Buyers), I see no alternative under such a Neutral setting but to maintain my breakout strategy and watching closely Bond Yields chart, to carefully issue my next move. Nothing more to add to today's session ranged movements as the Hourly 1 chart also couldn't be more Neutral. Bond Yields were Trading on a Cup and Handle formation (on Weekly (#1W) chart), pointing for additional weakness while DX might continue the downtrend. All those pointers are showing that Price-action should be performed below #1.800.80 barrier, but it is important to note that Gold is showing High durability.


My position: As I closed my Selling order and now I am without an order, market is pointing to both sides where Trading the breakout is most optimal strategy at the moment. If #1,787.80 breaks, I will Sell on spot towards #1,762.80, while if #1,800.80 barrier breaks, I will Buy Gold towards #1,812.80 Resistance zone. Keep in mind that Durable Goods reading can attract Buyers if you intend to Sell Gold, and close the order on time if outcome is against your favour.