Closing set of Sells with huge Profits / #10 Profits in a row
As I stated yesterday (#23 hours ago, August #11 as it was evident on my chart):" Technically the healthy Channel Up on Hourly 4 is broken and still has Higher Low to give around #1,980.80 before I re-evaluate the trend on the Medium-term. As I mentioned, Gold was Neutral, turning fully Bearish now since strong Support from July #15 - #18 was widely broken. I am ready to sell Gold with every Hourly candle". I have closed my set of Sells with huge Profits (#1,995.80 - #1,950.80) as the current achievement represent my #10th Profit in a row. Congrat's for Traders who followed my call.
Yesterday I witnessed one of the biggest Gold Intra-day declines in recent times (# -2.67%) and needless to say, I announced it week ago also backing it up with my Bond notes projection which you can find in my "Related ideas section". There are two possibilities: 1) Price-action testing the #2,000.80 psychological barrier again where I will be contemplating Sell order / set of Sells 2) Further dip as Wall Street opening Bell approaches. I have stated all week how Overbought Gold was and how a mix of data and the virus outbreak (institutions withdrawing profits from Gold's #3 month parabolic run) was extremely Bearish on the Short-term. Gold was extending the pullback following the break down of the former Hourly 4 chart Channel Up, as Bond notes and Stock markets gain for the #3rd straight session and capital is leaving Gold's Safe-haven towards riskier assets (Stock markets with U.S. futures close to their Highs again). See how Gold's strong Buy level of the #2,027.80 - #2,017.80 zone is fairly symmetrical with the decline on Stock markets, and current #1,927.80 - #1,917.80 in identical manner. Gold was extremely Bearish in the combination of no changes on a horizon regarding monetary stimulus, as Investors parked their capital on equities and similar markets. Below #1,900.80 is also where the #MA200 is (note that Gold haven't touched the Hourly 4 since #57 sessions). Despite still having a full day of data ahead and the catalyst of the week - all announcements which affect Stock markets, the current levels are as good as for Buying the market. Again. Gold already tested the Lower levels and a closing below #1,920.80 will set the final motion for the Support Zone which is a strong Buying accumulation region. DX is irrelevant at this point. With U.S. manufacturing posting the first rise since May #27, risk appetite is improving and that applies Selling pressure on Safe-havens like Gold, despite the virus numbers growing. The Daily chart is now Neutral as I am expecting Buyers to re-emerge by the end of the week with Gold rise ahead.
Yesterday I witnessed one of the biggest Gold Intra-day declines in recent times (# -2.67%) and needless to say, I announced it week ago also backing it up with my Bond notes projection which you can find in my "Related ideas section". There are two possibilities: 1) Price-action testing the #2,000.80 psychological barrier again where I will be contemplating Sell order / set of Sells 2) Further dip as Wall Street opening Bell approaches. I have stated all week how Overbought Gold was and how a mix of data and the virus outbreak (institutions withdrawing profits from Gold's #3 month parabolic run) was extremely Bearish on the Short-term. Gold was extending the pullback following the break down of the former Hourly 4 chart Channel Up, as Bond notes and Stock markets gain for the #3rd straight session and capital is leaving Gold's Safe-haven towards riskier assets (Stock markets with U.S. futures close to their Highs again). See how Gold's strong Buy level of the #2,027.80 - #2,017.80 zone is fairly symmetrical with the decline on Stock markets, and current #1,927.80 - #1,917.80 in identical manner. Gold was extremely Bearish in the combination of no changes on a horizon regarding monetary stimulus, as Investors parked their capital on equities and similar markets. Below #1,900.80 is also where the #MA200 is (note that Gold haven't touched the Hourly 4 since #57 sessions). Despite still having a full day of data ahead and the catalyst of the week - all announcements which affect Stock markets, the current levels are as good as for Buying the market. Again. Gold already tested the Lower levels and a closing below #1,920.80 will set the final motion for the Support Zone which is a strong Buying accumulation region. DX is irrelevant at this point. With U.S. manufacturing posting the first rise since May #27, risk appetite is improving and that applies Selling pressure on Safe-havens like Gold, despite the virus numbers growing. The Daily chart is now Neutral as I am expecting Buyers to re-emerge by the end of the week with Gold rise ahead.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
