Closing my Selling order / #47 Profits row

As discussed throughout my yesterday's session commentary: "My position: Besides all Bullish signs and pointers, I have engaged my Selling order with (#1,847.80 as an entry point), optimal Target is #1,827.80 first, then #1,800.80 psychological benchmark in succession. However, keep in mind that as long as #1,827.80 is preserved, Price-action will remain Bullish and will always pressure for a Resistance test, keeping the Bullish bias alive."


My re-Sell zone worked perfectly as I have closed my Selling order (#1,847.80 - #1,830.80) on a fine #17 point run, extending my results range to #47 Profits row and #11 Stop-loss hits regarding April - January cycle. I will use this chance to congratulate Traders who followed my yesterday's session call, well done!


Technical analysis: No big surprises so far throughout yesterday's and today’s session as the Price-action is pulling back on Hourly basis having been rejected just above the Hourly 4 chart’s #1,865.80 Resistance. As I've mentioned previously, Gold was basically Overbought on all main charts within roughly #1,852.80 - #1,865.80 Rectangle as Seller's Profit is too good to be ignored at this point. I will continue utilizing my Medium-term patterns and Trading this as long as it lasts but keep in mind that on the Medium-term the Price-action is still Bullish within the Weekly chart’s (#1W) Ascending Channel, able to test #1,900.80 psychological barrier if #1,827.80 configuration rejects the Seller's intent. Capital moved from Bond Yields is Buying back every dip on Gold and that sequence turned Gold'sShort-term from Neutral to Bullish. Still, I haven’t got confirmation for Medium-term opportunity and it is still not worth entering the market without tight Risk management. Practically, my Buying bias is unchanged as I will treat Bearish spikes as an oscillation from Overbought to Neutral (Williams%), which may deliver new space for Bullish aggressive correction (Inflated Prices easily lose value, therefore aggressive takedown may be on the cars aswell if local Top is Priced in). Support zone got invalidated but shortly after Gold rebounded and is currently within the (former) #1,827.80 - #1,842.80 Neutral zone fractal. The Hourly 4 chart was at it’s Highest since the #1,852.80 pressure point (currently on #2-session Selling spree) as Daily chart’s Bullish values are well preserved, able to convert to Buying sequence anytime. These are all negative signs for the Medium-term Gold Sellers but as discussed on my remarks, the market has turned to Fundamentals again for direction as Bond Yields are on Top of my importance list (currently on parabolic downtrend). Failure to deliver a supportive sentiment may panic the Yields more and may suffer double the effect if DX don't find the Resistance and continue to gain in value (eminent recovery) with Investors using it as safe-haven (note that this was similar to what happened in February and early March last Year (virus parabola). If Gold preserved Monthly Support of #1,827.80, it can pierce the #1,852.80 variance once again, otherwise look to re-Sell near Support cluster towards #1,800.80 psychological benchmark if Support fails to hold (remember, as long as #1,827.80 is holding, Buyers will re-appear and push the Price-action towards the Resistance cluster). Break of the Support negates and invalidates Bullish bias.


My position: As I am Highly satisfied with my Trading results and this is the last session of the week (+ NFP on the calendar), I will take no wild bets on the market and will monitor the Price-action from sidelines, preserving my capital and results, ready for next week's opportunities.