goldenBear88

After yesterday's Profits - I will continue Buying Gold

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold reached my personal maximum of #1,827.80 as the Price-action invalidated Hourly 4 Channel Down as is now testing the Lower High point. However, #1,827.80 is very strong Resistance, but chances of Gold testing it or breaking on today’s session is pretty high (after such rise on early E.U. session), as Investors, after #4th in a row report announcement which missed their estimate and drawn capital from riskier assets to Gold - I doubt Gold has more potential to go lower on Medium-term. The current Buying accumulation pattern on Hourly 4 is now on total Bullish dominance but attempting to break towards November #20 Lower High, DX on a small recovery as well as the Bond notes taking strong hits. This rise on Gold goes against the continuous highs on Usd-Jpy , showing again that the underlying Short-term trend on Gold ( Xau-Usd on my commentary) should be Bullish . Gold has potential to Gap up more than #22$ (if the current situation on the markets remain as it is) so ideal Buy order should be as U.S. session approaches since Investors will be looking to book their Profits on their Buy orders and Gold’s Bearish leg is near completion. #1,827.80 is strong Resistance, if broken - Price-action will be calling for #1,860.80 extension. Yesterday's session market closing didn't offered any conclusions as to the Short-term direction as Gold (Xau-Use on my commentary) continues to be Bullish on the Hourly 1 chart and especially Hourly 4 chart with the bottom line of Keltner Channel as an re-Buy entry, and upper line of KC should represent my Target. Investors may be waiting for today’s U.S. opening Bell to see how the market will digest Fed rate and the only statistic I have is that when the reported number is unchanged than the forecast, Gold is Bullish with a #71.4% probability on a #2 session horizon. I engaged my Buy order now, and since my margin can handle it, I will re-Buy again near #1,800's if decline occurs, preserving my #1,860.80 Target. Gold is on undisputed Bullish trend and can go as far as #1,900.80 within #20 sessions.
My Telegram channel: https://t.me/goldenBear88

Professional market analyst and Financial consultant with over #8 Years experience. I specialize Gold market using specific proven mathematical models. I provide market insights and Professional guidance.

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