24 Points Profit as Gold approached 1900,90 psychological barrier
As I expected throughout my yesterday's late evening commentary (idea among the Related Ideas section), the Gold Spot managed to lose its value on late Asian and early European trading session, with Price Action breaching the lower side of descending triangle pattern on h4 chart (1955,90 support), where I engaged my selling order pursuing the 1935,90-1938,90 support at first, which represented strong resistance on 17th and 23rd March 2022, and 1921,90 in aftermaths.
As I kept my position running, even though the Price Action had a small correction, I moved my SL on entry position/break even, trying not to lose all my capital, because the counter correlated assets US10Y and DXY haven't lost much of their value which added selling pressure on Gold yet again, with DXY trading above the 99,000 and USD10Y above the 2,414 support/ex. resistance and finally closing my position at 1921,90 strong support. Thanks to all traders who follow me, my calls and my signals!
In the next few sessions, I expect a small correction of Price Action, with few bullish candles (rising wedge pattern on h4 chart) possibly reaching the 1935,90-1938,90 support/resistance and after reaching the same, further meltdown of Gold Spot, with huge possibilities of Price Action reaching the 1900,90 psychological barrier. I will cautiously monitor the Gold and correlated assets, as Gold price these days is highly influenced by fundamental events.
As I expected throughout my yesterday's late evening commentary (idea among the Related Ideas section), the Gold Spot managed to lose its value on late Asian and early European trading session, with Price Action breaching the lower side of descending triangle pattern on h4 chart (1955,90 support), where I engaged my selling order pursuing the 1935,90-1938,90 support at first, which represented strong resistance on 17th and 23rd March 2022, and 1921,90 in aftermaths.
As I kept my position running, even though the Price Action had a small correction, I moved my SL on entry position/break even, trying not to lose all my capital, because the counter correlated assets US10Y and DXY haven't lost much of their value which added selling pressure on Gold yet again, with DXY trading above the 99,000 and USD10Y above the 2,414 support/ex. resistance and finally closing my position at 1921,90 strong support. Thanks to all traders who follow me, my calls and my signals!
In the next few sessions, I expect a small correction of Price Action, with few bullish candles (rising wedge pattern on h4 chart) possibly reaching the 1935,90-1938,90 support/resistance and after reaching the same, further meltdown of Gold Spot, with huge possibilities of Price Action reaching the 1900,90 psychological barrier. I will cautiously monitor the Gold and correlated assets, as Gold price these days is highly influenced by fundamental events.
