Closing both Selling orders / #49 ProfitsAs discussed throughout my yesterday's session commentary: "My position: My yesterday's pre-CPI Selling order hit #10-point Stop-loss as CPI missed the estimates (downside surprise) however I have engaged two new Selling orders, one with #2,336.80 entry point and second with #2,329.80 entry point, both running in excellent Profit currently. I will close both orders as near as #2,300.80 benchmark and will re-Sell Gold below / when #2,300.80 gets invalidated. As I announced lately, no more non-stop over extended rises on Gold without firm explanation. Bear cycle has started which is perfect development I am utilizing for us (and will continue to do so)."
I have closed my both Selling orders on #2,300.80 benchmark as advised above, one with #2,336.80 entry point and second with #2,329.80 entry point / both delivered huge Profits (#2,336.80 - #2,300.80) and (#2,329.80 - #2,300.80) extending my results range to #49 Profits and #11 Stop-loss hits regarding December - June cycle. I will use this chance to congratulate Traders who are following my Long-term re-Sell calls, well done!
My position: As I am more than satisfied with this week's Profit, I will most likely remain on sidelines. I do expect Gold to remain under Selling pressure as #2,327.80 - #2,332.80 remains excellent re-Sell area. #2,338.80 - #2,342.80 is also decent area to re-Sell Gold with #2,352.80 as final Resistance. I do expect #2,252.80 benchmark test mid-next week.