Closing my set of Sell orders with huge Profits / Bearish Gold
As I stated on my yesterday's commentary:" I will wait patiently for area to be engulfed (test of #1,907.80) and rejection will provide me with another test of a #1,865.80 extension. Even if the Resistance is broken, Gold can't rise as much since there are no Fundamental aspects to sustain the uptrend. Gold is Bearish on Medium-term as I will be ready to add my Sell orders towards Lower Low. ".
I have closed my set of Sells with huge Profits (#1,908.80 - #1,891.70) and my suggestion for Traders who followed my call is to slowly start taking Profits and be off the market.
As expected, Gold is Trading on my predicted values within a Channel Down since the August #11 High. This Channel DOwn has a clear Lower High and Higher Low zone. This is where Medium-term trade Sells and Buys respectively (this is an usual sign of indecision). Now, since October #2, the Price-action has put a temporary stop to the bigger proportions uptrend as it hasn't priced a new Higher High yet (absence of Higher High test is not allowing Bull trend to be sustainable). That stop has formed near the Hourly 4 Resistance at #1,920.80 (representing Hourly 4 #MA200). Personally, I doubt that Gold will continue with rises. The lack of a new Higher High on the Daily chart Channel Down has made me believe that the time is approaching when the market will put this (Medium-term) Bullish correction behind and call for a stronger decline towards #1,750.80. But I will need to see the former Lower Low to break in order to confirm this Bearish dominance breakout which would restore the Long-term Selling bias. Yesterday’s outlook had a Bullish trend as an sign of a correction to this week’s Oversold run. If during the week Higher Low trendline breaks (#1,885.80) , it will be the first sign that the Medium-term trend is reversing (Lower). Anyway this is an overview of the current situation, but needless to note, I am expecting #1,860.80 test. Inflation on DX will be temporary and would likely produce the kind of fiscal and monetary policies to revive growth. The Volatility is still high however and Gold may look to set a new Resistance zone first before hitting lower levels. Constant efforts of Gold to defend lower levels was not sufficient as Selling pressure was evident (Investors are moving capital from Gold to riskier assets). Gold reached out to October #2011 Top levels and it should be no surprise that Gold is Trading near Support. If Support is broken (#1,885.80, I will instantly pursue lower Targets as Bearish Trend is resumed (#1,870.70 - #1,860.70). Personally, I believe that Gold is both Technically and Fundamentally equipped to start reversing into a new Bearish leg, despite what today’s U.S. session opening Bell has to offer. The narrow U.S. session today and closing should have a Neutral effect as Investors will probably focus on weak announcements reading. My focus is on Stock markets (on a decline) which will simply validate the Bearish reversal as this is far from fair Fundamental Price-action of Gold. Keep in mind that my approach is Swing trading (Long term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent. Congrat's on Profits!
I have closed my set of Sells with huge Profits (#1,908.80 - #1,891.70) and my suggestion for Traders who followed my call is to slowly start taking Profits and be off the market.
As expected, Gold is Trading on my predicted values within a Channel Down since the August #11 High. This Channel DOwn has a clear Lower High and Higher Low zone. This is where Medium-term trade Sells and Buys respectively (this is an usual sign of indecision). Now, since October #2, the Price-action has put a temporary stop to the bigger proportions uptrend as it hasn't priced a new Higher High yet (absence of Higher High test is not allowing Bull trend to be sustainable). That stop has formed near the Hourly 4 Resistance at #1,920.80 (representing Hourly 4 #MA200). Personally, I doubt that Gold will continue with rises. The lack of a new Higher High on the Daily chart Channel Down has made me believe that the time is approaching when the market will put this (Medium-term) Bullish correction behind and call for a stronger decline towards #1,750.80. But I will need to see the former Lower Low to break in order to confirm this Bearish dominance breakout which would restore the Long-term Selling bias. Yesterday’s outlook had a Bullish trend as an sign of a correction to this week’s Oversold run. If during the week Higher Low trendline breaks (#1,885.80) , it will be the first sign that the Medium-term trend is reversing (Lower). Anyway this is an overview of the current situation, but needless to note, I am expecting #1,860.80 test. Inflation on DX will be temporary and would likely produce the kind of fiscal and monetary policies to revive growth. The Volatility is still high however and Gold may look to set a new Resistance zone first before hitting lower levels. Constant efforts of Gold to defend lower levels was not sufficient as Selling pressure was evident (Investors are moving capital from Gold to riskier assets). Gold reached out to October #2011 Top levels and it should be no surprise that Gold is Trading near Support. If Support is broken (#1,885.80, I will instantly pursue lower Targets as Bearish Trend is resumed (#1,870.70 - #1,860.70). Personally, I believe that Gold is both Technically and Fundamentally equipped to start reversing into a new Bearish leg, despite what today’s U.S. session opening Bell has to offer. The narrow U.S. session today and closing should have a Neutral effect as Investors will probably focus on weak announcements reading. My focus is on Stock markets (on a decline) which will simply validate the Bearish reversal as this is far from fair Fundamental Price-action of Gold. Keep in mind that my approach is Swing trading (Long term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent. Congrat's on Profits!
- 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.
