As discussed throughout my yesterday's session commentary: "My position: My Selling order which was engaged on #1,917.80 triggered the #1,927.80 Stop-loss however I have engaged new Selling order on #1,931.80 (throughout last Friday's session) which I will keep in order of testing and breaking first Support for the fractal which will confirm once again the fair downside."
I have closed my Selling order (#1,931.80 - #1,915.80) on a fine #16 point Profit, extending my results range to #82 Profits row and (including covered Stop throughout Friday's session) #19 Stop-loss hits regarding April #2022 - July #2023 cycle.
Technical analysis: Virtually flat yesterday's session on Hourly 4 chart with false Bullish formations both ways from #1,927.80 and #1,912.80 contact points. Gold is Trading currently on the Lowest Buying Volume since August #22, #2022 which translates that the intra-day fluctuation holds a High degree of Volatility and directionless movements. Hourly 4 chart has just completed Bearish pattern which is constantly delivering Selling signals all along with #1,918.80 as an Natural neckline between the two (Supports and Resistances). I am still looking at #1,900.80 benchmark cross which may lead to fill near #1,882.80 however yesterday's Trading was very thin session for concrete conclusions regarding the Short-term. I still keep #1,900.80 benchmark of course as my obvious Target and line of utmost importance as I am always ready to pursue it with my piercing Selling orders. The dominant pattern on Hourly 4 chart is an healthy Ascending Channel. However since the June #20 the Hourly 4 chart’s RSI is Descending, being on Lower High's, which is on a Bearish divergence with the actual Spot Price-action which is within Lower High’s and Lower Low’s for more than #20 sessions. I have seen exact the same sequence many times before where Gold was delivering Triple or Quadruple Top's rejection and then delivering aggressive decline. That suggests that Gold may be pricing a Top here (temporary or not) and using #1,940.80 - #1,942.80 as an rejection point ahead of #1,900.80 benchmark test and #1,882.80 extension.
My position: I have engaged Selling order with #1,933.80 as my entry point. My optimal Target remains #1,918.80 and #1,900.80 benchmark.
I have closed my Selling order (#1,931.80 - #1,915.80) on a fine #16 point Profit, extending my results range to #82 Profits row and (including covered Stop throughout Friday's session) #19 Stop-loss hits regarding April #2022 - July #2023 cycle.
Technical analysis: Virtually flat yesterday's session on Hourly 4 chart with false Bullish formations both ways from #1,927.80 and #1,912.80 contact points. Gold is Trading currently on the Lowest Buying Volume since August #22, #2022 which translates that the intra-day fluctuation holds a High degree of Volatility and directionless movements. Hourly 4 chart has just completed Bearish pattern which is constantly delivering Selling signals all along with #1,918.80 as an Natural neckline between the two (Supports and Resistances). I am still looking at #1,900.80 benchmark cross which may lead to fill near #1,882.80 however yesterday's Trading was very thin session for concrete conclusions regarding the Short-term. I still keep #1,900.80 benchmark of course as my obvious Target and line of utmost importance as I am always ready to pursue it with my piercing Selling orders. The dominant pattern on Hourly 4 chart is an healthy Ascending Channel. However since the June #20 the Hourly 4 chart’s RSI is Descending, being on Lower High's, which is on a Bearish divergence with the actual Spot Price-action which is within Lower High’s and Lower Low’s for more than #20 sessions. I have seen exact the same sequence many times before where Gold was delivering Triple or Quadruple Top's rejection and then delivering aggressive decline. That suggests that Gold may be pricing a Top here (temporary or not) and using #1,940.80 - #1,942.80 as an rejection point ahead of #1,900.80 benchmark test and #1,882.80 extension.
My position: I have engaged Selling order with #1,933.80 as my entry point. My optimal Target remains #1,918.80 and #1,900.80 benchmark.
- My official and only Telegram Channel: t.me/goldenBear88
- 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.
- 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.