As discussed throughout my yesterday's session commentary: "My position: Following the #1,985.80 local High's rejection, the Price-action pulled back on a Daily chart's Engulfing Bearish candle, making an expected Bottom at #1,960.80 - #1,962.80. This doesn't alter my perspective and I am not concerned if I miss any potential upside correction leg towards #1,972.80 as the current levels are too Volatile even for Gold standards. Hourly 4 chart appears to be healthy Descending Channel taken from Double Top formations (Lower High's / Higher Low's) and a #1,952.80 - #1,962.80 Support base. I am not interested in engaging on additional Risk outside my (more comfortable) Short benchmarks (known from previous remarks). Therefore, Selling with #1,963.80 entry point sounded like a reasonable pick for me where I Sold Gold on spot Targeting #1,942.80 Selling extension."
I have closed my Selling order (#1,963.80 - #1,953.80) with fine #10-point Profit extending my results range to #85 Profits row and #20 Stop hits regarding April #2022 - July #2023 cycle. I will continue Selling Gold on every High's which was proven strategy throughout last #4-Month's cycle.
Technical analysis: Obvious Bearish developments as Gold eventually tested (or better yet currently testing) the #1,960.80 - #1,962.90 Support zone that I have been referring to since last Trading week, which is the symmetrical level from the July #13 High's in reverse (former Lower High's of last Year's downtrend). Gold was showing High durability ahead of yesterday's U.S. session and almost touched #1,972.80 strong Resistance, but trend reversed downwards as an result of yet another Buying leg in extension on DX. I have been monitoring the sequence all session long and if #1,960.80 breaks, expect #1,952.80 benchmark fill within #3-Hours time. There was (former) Triple Bottom rejection on Hourly 1 chart, showcasing strong Support presence near current levels. This is a strong Short-term Support level to consider as I expect the Hourly 4 chart to act accordingly and initiate a steady downtrend after yesterday's non-significant rise as an answer for DX's almost failed optimism and easing Oversold levels. Notice also that similarly (Lower High's), Gold found Support during the May / June #2019 breakout, and in a few sessions Price-action delivered new Bearish leg. I spotted High chances of repeating that sequence. Hourly 4 chart is still not stabilizing while the Daily chart is close to complete total Selling domination indicating that Profit on the recent Top's has been taken (Medium to Long-term Investors) and configuration is pointing again that fair Technical Selling sequence could be on the cards. Since #1,972.80 failed to be tested yet again, the Price-action found moderate Selling momentum during the session on Hourly 4 chart (consecutive Engulfing Bearish and Three Outside down candles) reaching an #1,952.80 local Low's.
My position: I am calculating my next re-Sell point which will be delivered as close as #1,972.80. My optimal Target remains #1,942.80.
I have closed my Selling order (#1,963.80 - #1,953.80) with fine #10-point Profit extending my results range to #85 Profits row and #20 Stop hits regarding April #2022 - July #2023 cycle. I will continue Selling Gold on every High's which was proven strategy throughout last #4-Month's cycle.
Technical analysis: Obvious Bearish developments as Gold eventually tested (or better yet currently testing) the #1,960.80 - #1,962.90 Support zone that I have been referring to since last Trading week, which is the symmetrical level from the July #13 High's in reverse (former Lower High's of last Year's downtrend). Gold was showing High durability ahead of yesterday's U.S. session and almost touched #1,972.80 strong Resistance, but trend reversed downwards as an result of yet another Buying leg in extension on DX. I have been monitoring the sequence all session long and if #1,960.80 breaks, expect #1,952.80 benchmark fill within #3-Hours time. There was (former) Triple Bottom rejection on Hourly 1 chart, showcasing strong Support presence near current levels. This is a strong Short-term Support level to consider as I expect the Hourly 4 chart to act accordingly and initiate a steady downtrend after yesterday's non-significant rise as an answer for DX's almost failed optimism and easing Oversold levels. Notice also that similarly (Lower High's), Gold found Support during the May / June #2019 breakout, and in a few sessions Price-action delivered new Bearish leg. I spotted High chances of repeating that sequence. Hourly 4 chart is still not stabilizing while the Daily chart is close to complete total Selling domination indicating that Profit on the recent Top's has been taken (Medium to Long-term Investors) and configuration is pointing again that fair Technical Selling sequence could be on the cards. Since #1,972.80 failed to be tested yet again, the Price-action found moderate Selling momentum during the session on Hourly 4 chart (consecutive Engulfing Bearish and Three Outside down candles) reaching an #1,952.80 local Low's.
My position: I am calculating my next re-Sell point which will be delivered as close as #1,972.80. My optimal Target remains #1,942.80.
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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.