goldenBear88

Bearish action should be near completion

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold altered the decline following the continuation of the former Hourly 4 chart Channel Down, as Bond notes and Stock markets gain for the #3rd straight session and DX taking strong hits, as current environment is Gold friendly (should spike upwards) but yet surprisingly, Gold was loosing with every Hourly 4 candle against the Technical trend which made me include strict Risk management after yesterday Profits on Support breakout, as current configuration could be currently pricing the Bottom and small Bull spike which is visible on Gold charts could be recognized as an recovery sign. See how Gold's strong Sell level of the #1,808.80 zone is far from fair symmetrical manner with falling DX as the strongest correlation so far, but currently were both assets are on decline, fractal that last happened on September #2012 Year, messenger of strong unprecedented Volatility . Gold should be extremely Bullish as Gold is known as relief asset (should soar as relief) with Stimulus negotiations near success and DX loosing with every candle, but Gold is on aggressive decline which made me Trade with strict Stop-loss, not gambling on the ranging markets. On the Short-term, the Hourly 4 chart is critically Oversold and natural response should be #1,847.80 extension which I am sceptic about since Gold is Trading against Technical rules. Gold was providing excellent Technical Buying opportunity throughout yesterday's session with great Risk/Reward ratio but dipped on my surprise towards Lower levels, as my decision to wait for a breakout turned out to be a great move. The recent uptrend on Stock markets is approaching its October Resistance, as DX but mostly Bond notes have recovered more than 70% of the September #3 sharp fall. See how Gold (I am always using Xau-Usd on my commentary) is basically Trading against all correlations which is disproportional to Technical levels at it’s maximum. The fact that Gold has kept it’s Bearish momentum on the Weekly chart despite the DX /Bonds recovery, reveals the Bearish shift on its Medium-term trend. I just have to be careful now to Buy any dips that I will be given as for now I don't see any such opportunity for Gold’s further fall, new profitable pattern is - closer it gets to #1,800.80 psychological barrier on the Hourly 4 chart, where Gold could price a Bottom (or at current market price) and deliver reasonable Buying opportunity. The semi-pullback on Stock markets isn’t working favorably on Gold , counterbalancing the rebound on the DX , as such configuration could bring Gold back to the #1,795.80 and #1,780.80 extension. Once the Stock markets stabilize, the Bullish Short-term trend on Gold should continue and should again apply Buying pressure on Gold and this is why I remain Bullish #1,900.80 Medium-term. I will be waiting to add my Buy order to continue Profiting on this Volatile market, aswell won't hesitate to engage set of Sell orders if #1,800.80 psychological barrier is invalidated.
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.

Comments

Well timed and thought out idea. Thank you for sharing! Cheers
+1 Reply
goldenBear88 lowerlows
@lowerlows, Pleasure as always Lower!
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