goldenBear88

Stop-loss hit / decent recovery on my yesterday's Buy order

Long
TVC:GOLD   CFDs on Gold (US$ / OZ)
As I've stated on my yesterday's report: "If my #1,906.80 point is invalidated, I will continue with Buy position/outlook.". My Selling outlook got invalidated, but yesterday's session Buy order recovered almost #80% of my losses on current position as I will continue Buying the market. No big updates so far today as the Price-action is pulling back on an Hourly basis having been rejected just above the Hourly 4 #MA50 Resistance, as expected. As I've mentioned previously, Gold is turned from Bearish to Bullish on all charts (except Daily) within roughly a #1,890.80 - #1,905.80 Rectangle. I will continue utilizing my Medium-term Selling pattern and Trading this for as long as it lasts but keep in mind that on the Short-term the Price-action is still Bullish within the Daily Rectangle as I activated my Buy orders. Capital moved from Bond notes is Buying back every dip on Gold and that sequence turned Gold's Short-term from Bearish to Bullish. Today’s Wall Street opening Bell can have Bearish impact also on Stock markets, hence Bullish for Gold. My Buying bias is unchanged as I will treat Bearish spikes as an oscillation from Oversold to Neutral (Williams%), which created new space for Bullish aggressive correction. Monday’s opening delivered strong Selling pressure on Gold but still not enough since #MA50 Hourly 4 chart is compromised Also on the other side, Gold failed to break above the Double Bottom zone and was rejected ( being around # +0.22% on yesterday's session) as yesterday's High was sold and current Price-action offered me another Buying opportunity. With Hourly 4 chart now turning Neutral, Gold is close to my #1,900.80 (strong Resistance) and the Hourly 4 #MA50 as mentioned on the two previous posts. The correlation of Gold with Bond notes is very strong (and negatively correlated). The upside extension remains #1,927.80, so if the Resistance rejects the Price-action, Gold will dip, if the case is opposite, #1,927.80 should be next. The inability to get below #MA50 on the Hourly 4 chart along with the sharp fall on equities, are putting Gold under Buying pressure again. At the same time DX has made a new 1 week Low, and the fact that Gold didn't follow with a Lower Low, leads me to believe that it is being used as a leverage against the current sharp Resistance break on Stock markets and capital drawn from Bond notes. Same configuration suggests that as long as Stock markets Trading on High’s, while DX engages the recovery, Gold may experience an aggressive rise. In any case the Hourly 4 and Daily chart Technicals suggest that if #1,900.80 breaks, I should see #1,917.80 next and #1,927.70 extension. I executed my Buy order calling for #1,917.80 extension.

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