Gold under one of the many aggressive Bullish spikes
As discussed throughout my yesterday's session commentary: "My position: As Gold is isolated within Neutral Rectangle on smaller charts, I am not hesitating to utilize the sequence to it's maximum and await final #2,300.80 benchmark break which may extend the Selling sequence all the way towards Daily chart's #MA50. My new Selling order is active as I will continue operating with Selling orders."
My Sell order (#2,320.80 entry point) hit #2,327.80 Stop-loss (#7-point Stop as I didn't closed the order in Profits near #2,300.80 benchmark test, waiting for final break of the sequence) however I have engaged new re-Sell order on #2,328.80 and closed it on #2,314.80 which covered the Stop I have made previously and even delivered small Profit on the aftermath. I assume no new orders for the session.
General Gold overview: Gold was isolated within Neutral Rectangle (more precisely / Falling Wedge) on Hourly 4 chart and #2,300.80 benchmark is still Trading as my area of utmost importance. It is unknown why Gold is Buying every dip with critically Bearish Technicals and DX on Medium-term recovery which should progressively add significant Selling pressure on Gold. Keep in mind that #2,352.80 psychological benchmark was untouched since April #26 (invalidated to the downside on April #22) and could pose as an strong Resistance zone, however with current (now new norm) aggressive Bullish spikes out of nowhere, Technical rules do not apply on such Fundamentally driven moves. Also it is worth noting that Death Cross is forming on Hourly 4 chart which is spectacular development for both Short and Medium-term Sellers. Nothing out of the ordinary as Gold found the Support just above #2,300.80 psychological benchmark which was the Annual High’s recently and is now acting as an vital Support zone for Buyers. The Higher High’s (High’s / Low’s) Lower zone neckline also provides well known rebound zone, so expect to hit #2,300.80 benchmark once again before next weekend break (close of the Weekly (#1W) candle). It is important to keep Daily chart on healthy Bearish levels and not Oversold in order to sustain a steady downtrend.
My position: Throughout today’s late Asian / early E.U. sessions, Traders witnessed how Fundamentals (Gold’s Price-action very sensitive to DX on mild decline and totally ignoring motion when DX is trending upwards) can momentarily distort Technical trends, as an seemingly Bearish Hourly 4 chart’s series of candles will close in positive fashion. Bullish Daily chart’s trend of Ascending Channel still weighs but on predominantly Neutral to Bearish bias, since Gold is still Trading below the #2,400.80 Bullish variance and pressure point (at least for now). Since I am more than satisfied with my set of re-Sell orders on Monthly scale, I will call it for the session and take early weekend break with my capital ready for next week's Selling opportunities.
My Sell order (#2,320.80 entry point) hit #2,327.80 Stop-loss (#7-point Stop as I didn't closed the order in Profits near #2,300.80 benchmark test, waiting for final break of the sequence) however I have engaged new re-Sell order on #2,328.80 and closed it on #2,314.80 which covered the Stop I have made previously and even delivered small Profit on the aftermath. I assume no new orders for the session.
General Gold overview: Gold was isolated within Neutral Rectangle (more precisely / Falling Wedge) on Hourly 4 chart and #2,300.80 benchmark is still Trading as my area of utmost importance. It is unknown why Gold is Buying every dip with critically Bearish Technicals and DX on Medium-term recovery which should progressively add significant Selling pressure on Gold. Keep in mind that #2,352.80 psychological benchmark was untouched since April #26 (invalidated to the downside on April #22) and could pose as an strong Resistance zone, however with current (now new norm) aggressive Bullish spikes out of nowhere, Technical rules do not apply on such Fundamentally driven moves. Also it is worth noting that Death Cross is forming on Hourly 4 chart which is spectacular development for both Short and Medium-term Sellers. Nothing out of the ordinary as Gold found the Support just above #2,300.80 psychological benchmark which was the Annual High’s recently and is now acting as an vital Support zone for Buyers. The Higher High’s (High’s / Low’s) Lower zone neckline also provides well known rebound zone, so expect to hit #2,300.80 benchmark once again before next weekend break (close of the Weekly (#1W) candle). It is important to keep Daily chart on healthy Bearish levels and not Oversold in order to sustain a steady downtrend.
My position: Throughout today’s late Asian / early E.U. sessions, Traders witnessed how Fundamentals (Gold’s Price-action very sensitive to DX on mild decline and totally ignoring motion when DX is trending upwards) can momentarily distort Technical trends, as an seemingly Bearish Hourly 4 chart’s series of candles will close in positive fashion. Bullish Daily chart’s trend of Ascending Channel still weighs but on predominantly Neutral to Bearish bias, since Gold is still Trading below the #2,400.80 Bullish variance and pressure point (at least for now). Since I am more than satisfied with my set of re-Sell orders on Monthly scale, I will call it for the session and take early weekend break with my capital ready for next week's Selling opportunities.
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- 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.