goldenBear88

Closing my yesterday's Buy order in huge Profits / New Buy

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
I have closed my yesterday's Buy order (#1,825.80 - #1,838.80) as my Weekly Profits is now on #5 Profits row as I am highly satisfied with my Monthly Profits in total. Congrat's for Traders who followed my call! New Higher High on the Hourly 4 chart is visible with the trend now even more Bullish. However, market can’t only Trade in one direction and Gold could test the Support again and normalize critically Williams %Overbought levels (near #1,827.80). My attention is shifted to RSI as my main point of interest - what is evident from the Daily chart RSI is that it was close to March #5 levels last week of near #300.00, last time Price-action were Trading near that variable, Gold risen more than #60$ on the aftermath, which should be the case at the moment. If Usd-Jpy resumes the decline (as it is the case at the moment) Gold is bound to give one more peak near Higher High zone (#1,865.80). Xau-Usd (which I always use on my commentary) broke the #1,813.80 Support throughout yesterday's session and quickly retraced and bought back above it and in my opinion if the current Hourly 1 candle (which is the breakout candle) breaks the #1,847.80, then I will see test towards the Hourly 1 chart peak on the #1,865.80 Lower High. This is sideways on a #12 hour basis or at least the equilibrium between the spot price (Xau-Usd) and Futures (GC) is regained, which as I have been mentioning, is the catalyst for the next move. If the current Hourly candle turns red though, Gold will remain Neutral on #1-2 session base with #1,817.80 as an lower limit. Again, the proportional rise of Gold on yesterday’s session (# +0.10%) against the decline on Usd-Jpy (# -0.18 %) should tell a lot about Gold's underlying trend and why Gold is Bullish. Again, the first test on the Resistance today is so far unsuccessful as Short-term Traders seem to withdraw from the market, awaiting for confirmation by the Wall Street opening Bell. However, if Gold breaks the Resistance, that will be quick Buying response and a call for #1,848.80 Resistance test and #1,865.80 Higher High extension, that’s why I am ready with my set of Buy orders to pursue upper Targets and Gold’s maximum peak. If Gold breaks first Support, it will be an aggressive downfall and quiet a Bearish continuation Intra-day (which I will later Buy), if not - Resistance test is possible. I am certain in Buying sequence and see no reason to change my Medium-term Bullish perspective, as it is surely within my models. This is pure Bullish gradient as Price-action is Trading on the Hourly 4 chart where all indicates on a Medium-term Buying opportunity. Strong rejection followed the Bullish E.U. opening (regarding Gold) since Usd-Jpy pair entered the decline without the recovery signs as I don’t think that other correlating assets will have any strong impact since strong Buying pressure from Usd-Jpy is visible and altered the general downtrend on Gold. Gold has finally peaked and printed more than #1 Bullish candle and hit the Daily chart #MA50 which is holding and rejecting the Price-action since November #11. Last time the Price-action broke below the Daily chart #MA50 it dropped another # -1.70% before starting a strong #15 session Bull run. Technically that puts Gold at #1,882.80 and more which is the September #11 Lower Low extension. The Resistance is now at #1,848.80 and breaking above it, confirms the new Bullish leg towards #1,861.80 - #1,865.80 zone. My estimations show even #1,900.80 psychological barrier test within #20 sessions. If my Buy order is invalidated, I will again re-Buy on lower levels.

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