goldenBear88

Bullish sequence near Top / I may engage Sell order

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold is displaying extreme durability as despite the Bearish pressure provided by the parallel rise of Stock markets and Bond notes, the spot prices (Xau-Usd numbers on my commentary) was testing #2,041.80 Resistance throughout yesterday's session, extending the range to #2,058.80. In addition to that, today's session Low bounced exactly on the Buying accumulation point which is a sign that Bearish reversal may be far away. On the other hand, Top scale of Hourly 1 Bollinger Bands provided strongly visible Rejection which may be a Short-term Selling signal. Daily chart remains an healthy Ascending Channel but at the same time, Weekly chart is also on Positive gradient so only a new Higher High test (#2.060.80) can restore the Long-term Bearish sentiment. Also, constant decline without recovery signs on DX are adding to Bullish continuation and now engaging a position is still a gamble: 1) There is no point for Selling the Fundamental aggressive rise 2) There is also no point in opening Buy order since Price-action can turn downwards any moment and invalidate my Position. Remember, Fundamental rises are most Volatile times as the Price-action is Trading on big spreads so finding myself on wrong end can be vulnerable for my capital. At the moment Gold is favored heavily but all developments (Technical) are calling for lower levels. However, with implementation of very careful Risk management, I may use today's opportunity and Scalp the #2,045.80 - #2,032.80 belt. Expect strong Volatility.

- 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.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.