I have closed my set of Sell orders with huge Profits (#1,901.80 - #1,880.80) as I am highly satisfied with my Monthly Profit! The inability to get above the #MA50 on the Hourly 4 chart along with the sharp fall on equities, are putting Gold under pressure again. At the same time DX has made a new #1 Week High, and the fact that Gold didn't follow with a Lower Low, making Stock markets the strongest Gold's correlation at the moment. This configuration suggests that as soon as Stock markets recover while DX stays Bullish, Gold may extend an aggressive drop and alter the low Volume sessions for good. In any case the Hourly 4 Technicals suggest that if #1,869.80 breaks, (the Channel Up is invalidated), Gold should should test the #1,858.80, and #1,832.80 in extension. It is highly important to note, statistically / when Gold Trades on low Volume for #4 - #11 sessions, aggressive decline occurs on the aftermath. (September #14 - #21, October #1 - #6, October #8 - #13 fractal on Hourly 4 chart), as I don’t see reason why Gold shouldn’t repeat it’s cycles. When the Hourly 4 #MA50 turns into a Resistance, Gold tends to pull back roughly within #1,916.80 - #1,903.80, as it did on August #20 - #27 if Support rejects the Price-action. This Price action is beyond doubt related to the essential Fundamental reports release, so I’ll approach with extreme care. As discussed, unless the Hourly 4 Resistance breaks #1,919.80, I can't be expecting a sustainable rebound. Congrat's for Traders who followed my call.
Very detailed as per usual and very profitable again! Appreciate the analysis looking forward to the next set. More and more profits each time, you’re a legend!