goldenBear88

Gold having Bearish sentiment / still not worth entering

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Regarding August-September cycle, I am on #15 Profits in a row and only #2 Stop-loss hits. Gold manages to keep the Low levels despite the stabilization on Stock markets and very sharp Weekly drop on Usd-Jpy, as both currencies and the Bond notes (#5Y) sell-off provide Support as Gold entered the Neutral phase. Especially the fact that the Bond notes (#10Y) broken the lower Resistance on Hourly 4 Channel Up (which is a good sign for Sellers), makes Gold yet again Neutral on the Short-term, but it's own Hourly 1 chart having regained complete Bearish status for the first time since September #2. Gold is Trading within #1,930.80 - #1,960.80 Channel and breaking of it will set the Trend for the Weekly fractal. This side Swings that I am witnessing are consolidation candles. Furthest line of the defense is #1,935.80 (Daily chart #MA50), if broken, could result as an decline with a Bottom below #1,900.80. As long as that line is intact, dip Buying strategy is favored. Every Support rejection, Buying pressure will be visible. As soon as the new market dynamics, post Fed, find their prior balance, Gold can resume its steady Medium-term downtrend. As you understand Trading Gold is a quite complex asset to deal with but done right can provide steady base of income. Constant monitoring is required as well as checking how the Price-action behaved in the past when similar patterns formed, and Golden rule is to follow and to Trade by is that Gold always repeats it’s cycles. Bottom line: If #1,935.80 gets broken, Gold could test the #1,900.80 Higher Low, however Daily chart #MA50 Price-action rejection may lead to #1,955.80 Resistance test, and if broken, #1,971.80 as an ultimate Resistance. Best suggestion at the moment is to Trade the breakout.

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