goldenBear88
Long

Booked portion of Profits / Engaged new set of Buys

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold so far isn't capitalizing on today's Bullish Engulfing candle on Daily chart as the fall on Stocks ( at -0.37% notably and what I have been waiting for) practice Buying pressure on Gold despite the relative upswing on DX (+0.05%). I closed portion of my Buys with decent Profits and added more since #1,576.80 Resistance is broken. As posted before, this is the Natural consolidation process after a $20 Overbought run, limited to #1,560.70 (Support). The confirmation from the FOMC Meeting Minutes and Core CPI is what the market awaits since surely it will be Bullish for Gold . This doesn't affect my Dip Buying and High Selling strategy, but for now I will utilize the Bullish potential to it’s maximum. Weekly chart is on a strong Resistance so I will not make a strategy shift. It should be no surprise that Gold is trading around its #1,577.70 ahead of the upcoming Fundamental events. Gold is still just above the Daily Resistance Zone and the upside potential remains highly possible. Both the Stock markets and Gold remain Overbought, on Medium term I am fully Bullish since both Fundamental events which should be Bearish for Gold didn’t invalidated Gold’s underlying Bullish trend . #1,595.70 is my new Target.


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Comments

well analysis.
it's my idea.
what is your opinion?
+1 Reply
@SEYED98, Looking good just in my opinion, you should expand your Target 10$ more/Up.
Reply
SEYED98 goldenBear88
@goldenBear88, if I expand profit to it then my harmonic idea will invalidate and impossible in theory.
Reply
Congratulation Sir...love to see ur analysis and ideas...Very remarkable and fantastic . Great
Reply
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