TVC:GOLD   CFDs on Gold (US$ / OZ)
Hi Guys,

following the idea posted yesterday, Gold broke out the distribution period to make a low at n.3 lower then n.2 and complete the Zig-Zag .

Yesterday's bullish opening of the stock market prompted Gold bearish move into n.3.

Growing optimism in respect of US-China Trade Deal is favouring a Risk-On mood despite lot's of issues are still pending. However, the rolling back of tariffs is the latest sign of progress.

As fas as the above chart is concerned please refer to yesterday's post to appreciate the 200SMA pushing down into n.2 for the breach of 1480 level (violed dotted line).

Gold stopped at 3 to pullback during night time (after US markets closed). However it fell again this morning just after 9:00 (European Time) o'clock.

Another period of distribution into descending 116SMA may be a possibility like it happened after n.2 was made.
However it could still keep falling from A (red) towards n.3 or below if stock markets increase their gains.

Please note that RSI is adjusted at 47 in order to follow below 116SMA.
AToW sentiment remains into bearish territory below 50line.

Latest candlesticks on Daily and Weekly structures looks bearish to me:

If you have any questions or comment to add please do not hesitate to post it.

Thank you for your support and for sharing your ideas.

Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.

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Comment: Below same structure with same paramenters of 30m chart above but at 15minutes compressed. This IMHO provides a better target for the potential run into descending 116SMA if it does not fall into n.3.
Comment: If A is breached price may run a little. However, bearish pressure may push it down at anytime therefore profits will be limited unless some news or event provide a boost.
Comment: From A price was pushed down beyond 3 but at approximately 16:00 o'clock Reuters published a news that Trump did not agreed to roll back tariffs on Chinese goods. Such news made Gold pull back into descending 269SMA or previous supporting level of distributive channel breached Friday morning.