goldenBear88

Still no sign of Support on DX

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
Technical analysis: Even though Technically Gold should Trade below #1,952.80 benchmark already, DX is still below #103.600 Support for the fractal which is not letting Gold decline more. So far #2-positions not materialized as market delivers aggressive Support fractal rejections making me without #20-point Profit or more. Regardless, I will stick to my model as I have temporarily miscalculated the local High's variance however Price-action is not soaring anymore. Regardless, due to the fact that Top's haven't been aggressively Sold, there is still some Buying pressure left (evidence is strong #1,952.80 benchmark rejection throughout today's session and #2 more within past #2-sessions). However if #1,952.80 breaks, I do expect a test of #1,942.80 contact point as Bottom is still much Lower according to my estimations (Targets mentioned previously). Almost all charts continue to pile Selling signs all along as #1,900.80 remains my Medium-term Target ahead of #1,882.80 Lower Low's extension. The condition I set lately mentioning that Buying remains very limited is fulfilled as #1,964.80 - #1,968.80 posed as an ultimate Top (at least for now). As a result I have opened the Swing Selling order that I typically do on similar Ascending Channel's Upper band looking to close below #1,942.80 Support extension. I do expect Daily chart to meet Selling requirements and Swing to it's Bottom in due time. The Daily change is perfectly justified by the rising number of Sellers participating on the markets as I expect next Week to close below #1,927.80 Support in extension (decreasing succession of Bullish (#1W) Weekly chart's candles since May #8).


My position: I will keep utilizing Selling every Top's strategy (for #3-Month fractal now) as my Selling order engaged on Friday's session is still active (#1,958.80 entry point) as it is very important that market closed below #1,957.80 sequence. DX is my main chart for now and look for pointers there prior to positioning. #1,942.80 is my first Target.

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