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goldenBear88
May 11, 2020 8:56 AM

Currently on Sidelines, contemplating Sells / Bearish Gold Short

GOLD (US$/OZ)TVC

Description

As expected, Monday’s opening delivered flat E.U. session including Spinning Top’s on Gold (usual indecision candlestick pattern). Besides the idle start, Usd-Jpy pair is Trading on Weekly highs, DX is on a decent upswing - but as mentioned on my previous analysis, the biggest marker on the Short-term basis is the Stock markets, which are also Trading above Daily Resistance and constantly adding Bearish pressure on Gold and making dips on Daily basis. Interestingly enough, notice how Friday’s fall on Gold (Xau-Usd) # -0.27% was inversely symmetrical to the upswing on Stock markets # +1.31%. That is why I have this as my strongest market at the moment. However since Stocks Yearly Resistance is not far off, I expect Gold to make a Bottom soon (in fact it hasn't even reached the #1,680.80 strong Support). That supports my idea to make no strategy shift so far and will continue Selling the market only when Support is broken. I am only expecting Gold to fall more under these conditions. If Gold don't break #1,701.80, it is going to be a ranged day but if it does, I may see a quite Bearish session today. As for the Price-action, for now Gold is consolidating within #1,700’s, as expected. The movement is within my models and my outlook is unchanged. The Medium-term Bearish trend within Daily chart Channel Down is intact and should be seeing #1,695.80 first no matter what happens today, with #1,680.80 in extension. Always remember to stay on trend by identifying Technical fluctuations based on Gold's correlating instruments that can provide great Trading opportunities. If stronger move is ahead, personally - I am expecting it as U.S. session approaches. If #1,701.80 breaks, #1,680.80 should be next extension
Comments
mustafaakroush
good call
goldenBear88
@mustafaakroush, Thank you.
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