As discussed on my Wednesday's session commentary: "My position: Market just gives then takes back on past few Trades however I really don't mind. Even though there is possibility of new #8 - #10 point spike upwards before full oscillation towards #1,952.80 benchmark and #1,942.80 Support in extension, I engaged new Selling order on #1,982.80 with #1,952.80 as my optimal Target. Remember that Gold is Trading on Inflated Price-action and as strong the uptrend is, more aggressive correction will be."
I have closed my Selling order throughout today's session (#1,982.80 - #1,965.80) on a fine #17 point Profit, extending my results range to #84 Profits row and #20 Stop-loss hits regarding April #2022 - July #2023 cycle. I will use this chance to highlight my Selling model once again and to remind Buyers that not every upside leap is "ATH's" test. Trade without emotions and follow the Price-action Technically.
Technical analysis: So far Gold has failed at attempt to break above the #1,982.80 - #1,985.80 wall of Resistances on Hourly 4 chart, despite an #3-consecutive sessions of weakness and #3-Month old Resistance zone ahead. Since #1,952.80 - #1,955.80 Support zone managed to showcase strong durability and Price-action delivering almost #35 point uptrend on Intra-day basis, such aggressive spike confirms that Support zone is now even stronger and that area represents the trend's Ultimate Bottom. DX was about to engage spiral correction has there is fine downside reaction on Gold. Only reasoning I have regarding the Buying pressure is that Gold became too sensitive to cooling Inflation and that's why more and more Buyers appeared on the market. Even though my projection about Bullish (at least for DX) news came as no surprise however Gold was falling as much as I've expected on the news aftermath, #1,968.80 - #1,972.80 was well defined Bottom and barrier for Bullish bias and as long as the area was intact, Gold's Price-action would experience Bullish spikes all along but now the area is invalidated which is indeed development going in Seller's (my) favor. The Price-action is Trading currently below #1,968.80 - #1,982.80 soft Rectangle on Hourly 4 chart and comprehensibly Bearish values across all Hourly and Minute charts. I am not interested on the extra Risk involving Trading outside my breakout points. #100.600 Resistance was getting closer and closer on DX which was indeed spectacular development. I was calculating my re-Sell point (confirming once again that Bullish reversal should be short-lived) with goal to pursue #1,952.80 benchmark first then #1,942.80 and #1,927.80 contact points. I am expecting #1,900.80 psychological benchmark test within early August's fractal. It is interesting to see however that Daily chart although isolated within Ascending Channel (started on July #6) looks more like a Bearish reversal (can't be confirmed yet) especially as long as the #1,982.80 - #1,985.80 Resistance zone stays intact (the Neutral to Bearish High's / Low's is the first signal in support to this argument). This is further backed up by the fact that today's session observation on how Hourly 4 chart appeared to form strong Double Top formation is now Technically seen on the Bearish shift on most of my indicators. This means that most of the Buyers started Profit taking process and more Selling pressure will be visible in the next #2 - #4 sessions.
My position: I am Highly satisfied with end of the week developments, closing all of my orders and calculating my new re-Sell point towards #1,952.80 benchmark first then #1,942.80 Support in extension. I am not interested (and certainly will not be) in Buying Gold regarding both Short and Medium-term.
I have closed my Selling order throughout today's session (#1,982.80 - #1,965.80) on a fine #17 point Profit, extending my results range to #84 Profits row and #20 Stop-loss hits regarding April #2022 - July #2023 cycle. I will use this chance to highlight my Selling model once again and to remind Buyers that not every upside leap is "ATH's" test. Trade without emotions and follow the Price-action Technically.
Technical analysis: So far Gold has failed at attempt to break above the #1,982.80 - #1,985.80 wall of Resistances on Hourly 4 chart, despite an #3-consecutive sessions of weakness and #3-Month old Resistance zone ahead. Since #1,952.80 - #1,955.80 Support zone managed to showcase strong durability and Price-action delivering almost #35 point uptrend on Intra-day basis, such aggressive spike confirms that Support zone is now even stronger and that area represents the trend's Ultimate Bottom. DX was about to engage spiral correction has there is fine downside reaction on Gold. Only reasoning I have regarding the Buying pressure is that Gold became too sensitive to cooling Inflation and that's why more and more Buyers appeared on the market. Even though my projection about Bullish (at least for DX) news came as no surprise however Gold was falling as much as I've expected on the news aftermath, #1,968.80 - #1,972.80 was well defined Bottom and barrier for Bullish bias and as long as the area was intact, Gold's Price-action would experience Bullish spikes all along but now the area is invalidated which is indeed development going in Seller's (my) favor. The Price-action is Trading currently below #1,968.80 - #1,982.80 soft Rectangle on Hourly 4 chart and comprehensibly Bearish values across all Hourly and Minute charts. I am not interested on the extra Risk involving Trading outside my breakout points. #100.600 Resistance was getting closer and closer on DX which was indeed spectacular development. I was calculating my re-Sell point (confirming once again that Bullish reversal should be short-lived) with goal to pursue #1,952.80 benchmark first then #1,942.80 and #1,927.80 contact points. I am expecting #1,900.80 psychological benchmark test within early August's fractal. It is interesting to see however that Daily chart although isolated within Ascending Channel (started on July #6) looks more like a Bearish reversal (can't be confirmed yet) especially as long as the #1,982.80 - #1,985.80 Resistance zone stays intact (the Neutral to Bearish High's / Low's is the first signal in support to this argument). This is further backed up by the fact that today's session observation on how Hourly 4 chart appeared to form strong Double Top formation is now Technically seen on the Bearish shift on most of my indicators. This means that most of the Buyers started Profit taking process and more Selling pressure will be visible in the next #2 - #4 sessions.
My position: I am Highly satisfied with end of the week developments, closing all of my orders and calculating my new re-Sell point towards #1,952.80 benchmark first then #1,942.80 Support in extension. I am not interested (and certainly will not be) in Buying Gold regarding both Short and Medium-term.
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- 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.