As discussed throughout my yesterday's session commentary: "My position: I have engaged Selling order with #2,361.80 entry point when market opened last night and closed my order on #2,340.80, delivering fine #21-point Profit. Since #2,338.80 - #2,342.80 represents Short-term Support, I will take no more Risk and await more comfortable re-Sell entry. I am more than satisfied with returns on my re-Sell set of Selling orders. I am expecting #500-point parabolic decline on Gold on Long-term which I will be ready to utilize for us."
Technical analysis: Despite holding the #2,338.80 - #2,342.80 Support zone and rebounding so far, Gold is seen on the current Hourly 4 candle Trading under heavy Selling pressure yet again. However, if #2,338.80 (below both lines) cannot contain takedown which Gold may be pricing ahead, it is possible to see Gold test it’s Daily chart’s Medium-term Higher High’s Lower zone extension, which is currently seen Trading at #2,300.80 benchmark (but testing can be made closer to #2,312.80 - #2,320.80), means that if #2,300.80 psychological benchmark gets invalidated, #2,252.80 benchmark / precise Selling extension has decent chances to be filled within #1 to #3 sessions after the break. Gold is still on a very tight balance, contained above the Higher High’s trendline on the Daily chart, and the Higher High’s neckline of the Descending Channel on Hourly 4 chart. With Hourly 4 chart regaining full Bearish status once again (result of current Bullish spike you witnessed throughout last week), it is more than obvious why Gold has been Trading on multi-week consecutive gains (Weekly candle (#1W) is on (# +1.27%) while Monthly candle is not green anymore (# -0.59%) and still have enough sessions to finish the fractal on greater losses). Since the #2,352.80 sequence, representing multi-Month Higher High’s peak was invalidated, it is Natural to expect #2,300.80 psychological benchmark to be tested in succession. I am strictly following my Long-term formula with strict Risk management (I still haven’t got luxury to set wider Stop-losses since these are not normal market conditions, at least for smaller margins) which indicates that Gold may rebound considerably near current Higher High’s peak variance and still about to test #2,300.80 psychological barrier in extension and Support cluster.
My position: Therefore, I have engaged Selling order on #2,348.80 (entry point) with very strict Stop-loss, optimal Target remains #2,300.80 benchmark. Since Gold failed to extend the Buying sequence towards record High's, Buying should remain limited (however overall Bullish trend persists).
Technical analysis: Despite holding the #2,338.80 - #2,342.80 Support zone and rebounding so far, Gold is seen on the current Hourly 4 candle Trading under heavy Selling pressure yet again. However, if #2,338.80 (below both lines) cannot contain takedown which Gold may be pricing ahead, it is possible to see Gold test it’s Daily chart’s Medium-term Higher High’s Lower zone extension, which is currently seen Trading at #2,300.80 benchmark (but testing can be made closer to #2,312.80 - #2,320.80), means that if #2,300.80 psychological benchmark gets invalidated, #2,252.80 benchmark / precise Selling extension has decent chances to be filled within #1 to #3 sessions after the break. Gold is still on a very tight balance, contained above the Higher High’s trendline on the Daily chart, and the Higher High’s neckline of the Descending Channel on Hourly 4 chart. With Hourly 4 chart regaining full Bearish status once again (result of current Bullish spike you witnessed throughout last week), it is more than obvious why Gold has been Trading on multi-week consecutive gains (Weekly candle (#1W) is on (# +1.27%) while Monthly candle is not green anymore (# -0.59%) and still have enough sessions to finish the fractal on greater losses). Since the #2,352.80 sequence, representing multi-Month Higher High’s peak was invalidated, it is Natural to expect #2,300.80 psychological benchmark to be tested in succession. I am strictly following my Long-term formula with strict Risk management (I still haven’t got luxury to set wider Stop-losses since these are not normal market conditions, at least for smaller margins) which indicates that Gold may rebound considerably near current Higher High’s peak variance and still about to test #2,300.80 psychological barrier in extension and Support cluster.
My position: Therefore, I have engaged Selling order on #2,348.80 (entry point) with very strict Stop-loss, optimal Target remains #2,300.80 benchmark. Since Gold failed to extend the Buying sequence towards record High's, Buying should remain limited (however overall Bullish trend persists).
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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.