Traders who took my Buy call, Congratulations on great profits!
As end of the session approaches, Gold
will seemingly print another (2nd in a row) Bullish
Daily candle in search for #1,486.70. On a side-note, this marks the biggest three candle Bullish
cohesion since May 3, #2019. The Weekly candle closes on a near +2.00% but the Monthly is still on an encouraging +0.36%. I will not need to analyze this more than once to spot that the current Daily Channel Up will allow a symmetrical #1,492.20 extension (the monthly MA20 period) on the Monthly chart by end of the week as my new Target
. I will be reviewing my technical outlook day-by-day but we cannot deny that we are on Bullish
momentum on Gold (my estimation shows even #1,500.20)
. However it is important to consider that Selling near Monthly rejection points is technically not advised, especially when Keltner/Williams on both Weekly and Monthly/86.832/ -6.203 and 100/ -3.756) on a clear Oversold condition. This suggests than only if July's Low #1,462.20 is crossed, we can spot with certainty that Selling is a clever idea. As I mentioned, and Technically on the Long term Selling is not favored unless those benchmarks break. Torn DX will add Buying pressure on Gold as I engaged new set of Buys to utilize this Bullish potential to it’s Maximum. Target remained the same.
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