Closing my Selling order with Profits / #11 Profits row
As discussed throughout my yesterday's session commentary: "I am not interested in Buying Gold and if #1,830.80 breaks ahead of the Fed statement, I will engage my Selling order (Targeting #1,811.80 Support). Otherwise, I will be carefully listening to Fed's statement and draw conclusions, where if rate decision and speech goes in my favour, I will Sell on spot, Targeting #1,828.80 first, and if invalidated, continue Selling towards my desired Profits range."
Price-action triggered my #1,830.80 pending order and as expected engaged the full scale decline towards my #1,811.80 Selling extension. My Selling order was closed (#1,830.80 - #1,811.80) on a fine #19 point Profit and exceeded my Profits run to #11 Profits row and #2 Stop-loss hits for December - January cycle. I will use this chance to congratulate Traders who followed my call and had patience to Trade post-Fed Volatility, well done!
Gold's general commentary: With the Fundamental events positively exceeding forecasts and as discussed, Gold was soaring on #2 consecutive weeks of Buying run while Bond Yields made an recovery attempt and added significant Selling pressure on Gold. Technically, it should be no surprise that Gold made a session High near #1,848.80 as every Support zone rejection can be considered as an another Buying opportunity (and vice-versa regarding the opposite side). Current Bearish sequence was mainly attributed to the turnover on both DX and Bond Yields (fuelled by expected Fed's stance and unchanged rate aftermath) and traditional Gold’s downtrend ahead of Fed monetary policy hike, even though that Higher High's peak rejected the Buyers intent on multiple occasions. It was important for the Hourly 4 chart to break the Support cluster of #1,832.80 - #1,828.80 on one try, as the current momentum still held some Bullish bias (but is wiped out at the moment on full Selling domination).
Technical analysis: As Gold was near the Higher High’s extension, according to Historical resemblance - Gold always repeats it’s cycles and every Higher High’s peak resulted as an #50 + point decline on the aftermath (which could be the case at the moment). As previously discussed, the trend is still Bearish, and will only reverse if the current Weekly (#1W) candle ends in gains (Breaking and closing above the #1,852.80 Resistance), which presently has slim chances. Gold has rallied in #2020 - #2022, rising to Highest Levels of all times, as Investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering Trade frictions. With that being said, I will not consider Buying anymore and will only turn to Selling Gold on Short-term. Current bias was heavily dependable on Fed statement, and Selling wave on Fed's statement aftermath removed big portion of Buyers from the market.
My position: As I am more than satisfied with my current Trading results, I won't jump on the new order as I will wait for area to be engulfed. I will wait out for confirmation on sidelines, expecting additional decline on Gold if #1,805.80 - #1,803.80 Support zone breaks, then I will Sell Gold on spot, Targeting #1,778.80 Selling extension, ahead of #1,766.80 Medium-term Support.
Price-action triggered my #1,830.80 pending order and as expected engaged the full scale decline towards my #1,811.80 Selling extension. My Selling order was closed (#1,830.80 - #1,811.80) on a fine #19 point Profit and exceeded my Profits run to #11 Profits row and #2 Stop-loss hits for December - January cycle. I will use this chance to congratulate Traders who followed my call and had patience to Trade post-Fed Volatility, well done!
Gold's general commentary: With the Fundamental events positively exceeding forecasts and as discussed, Gold was soaring on #2 consecutive weeks of Buying run while Bond Yields made an recovery attempt and added significant Selling pressure on Gold. Technically, it should be no surprise that Gold made a session High near #1,848.80 as every Support zone rejection can be considered as an another Buying opportunity (and vice-versa regarding the opposite side). Current Bearish sequence was mainly attributed to the turnover on both DX and Bond Yields (fuelled by expected Fed's stance and unchanged rate aftermath) and traditional Gold’s downtrend ahead of Fed monetary policy hike, even though that Higher High's peak rejected the Buyers intent on multiple occasions. It was important for the Hourly 4 chart to break the Support cluster of #1,832.80 - #1,828.80 on one try, as the current momentum still held some Bullish bias (but is wiped out at the moment on full Selling domination).
Technical analysis: As Gold was near the Higher High’s extension, according to Historical resemblance - Gold always repeats it’s cycles and every Higher High’s peak resulted as an #50 + point decline on the aftermath (which could be the case at the moment). As previously discussed, the trend is still Bearish, and will only reverse if the current Weekly (#1W) candle ends in gains (Breaking and closing above the #1,852.80 Resistance), which presently has slim chances. Gold has rallied in #2020 - #2022, rising to Highest Levels of all times, as Investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering Trade frictions. With that being said, I will not consider Buying anymore and will only turn to Selling Gold on Short-term. Current bias was heavily dependable on Fed statement, and Selling wave on Fed's statement aftermath removed big portion of Buyers from the market.
My position: As I am more than satisfied with my current Trading results, I won't jump on the new order as I will wait for area to be engulfed. I will wait out for confirmation on sidelines, expecting additional decline on Gold if #1,805.80 - #1,803.80 Support zone breaks, then I will Sell Gold on spot, Targeting #1,778.80 Selling extension, ahead of #1,766.80 Medium-term Support.
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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.
- 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.
