goldenBear88

After yesterday's Profits, engaging another Buy order

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
As I stated on my yesterday's commentary: "Bullish if the Price-action breaks the semi-Resistance and #1,800.80 psychological barrier. Bullish reversal is confirmed only if #1,800.80 is invalidated which is far away, as Gold is looking really weak to sustain the uptrend." #1,763.80 Support was too strong (Price-action formed decent Support) and was enough reason for me to engage my Buy order as U.S. session approached and close it on #1,782.80 peak. As I expect #1,800.80 psychological barrier break, I engaged new Buy order with #1,810.80 Target. Technically Gold is still within an Channel Down and has an upside Lower High limit within #1,800.80 psychological barrier before it makes a new High. If however #1,763.80 breaks first, I expect an aggressive take down to the #1,745.80. As discussed, I believe the market will present the dominant move after today’s U.S. opening and with the DX on a Technical decline (main correlation I have at the moment), Gold should be a Buy option. The fractal acted on Gold's favor and yesterday's rebound broke above the previous Hourly 1 chart Lower High and is most likely headed for a Daily chart Resistance (#1,792.80 and above on Spot prices) for the first time since November #17. Hourly 4 chart has fully recovered , with #1,792.80 acting as an strong Resistance - as this is most likely the Lower High leg of the Daily Channel Down. If symmetry from September #23 - #26 applies, I am looking for a possible #1,800.80 psychological barrier test and the full oscillation towards upper levels. This matches perfectly the Daily #MA50 Resistance, which is the key of the trend for the next weeks/Month, as Gold is surely in Bearish territory, and breaking of #1,867.80 is making Gold shift from Bearish to Bullish on Medium-term. Another fact to support the uptrend, Gold is rejected on Bottom of the Channel Down that started on November #17 and Hourly 4 chart was at it’s lowest Technically it has been since August - September fractal / Oversold on all major RSI . Keep an eye on the Stock markets and DX configuration in order to accurately track the markets on Short-term as the Medium-term has now the Daily #MA50 as Resistance and #1,763.80 as Support (which is considerably lower). However, the Daily chart RSI is on the lower levels but in fact far away in points form the March bottom of #30.00. Typically when the RSI hits these levels it finds Buyers and that has been so consistent since the August #2018 market bottom. The downside potential is #1,745.80 - #1,763.80, while on Medium and Long-term, #1,900.80 is surely on the cards as I give more probabilities to the Bullish sequence. I am ready with my Buy order to pursue upper Targets.
My Telegram channel: https://t.me/goldenBear88

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.

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