Closing my Selling order with Profit / #76 Profits row

Sep 18

As discussed throughout my yesterday's session commentary: "My position: I have engaged Selling order with #2,578.80 entry point / optimal Target remains #2,552.80 benchmark first and if invalidated, #2,527.80 Support in extension. I do believe that Gold's reversal is showcasing signs of heavy exhaustion and correction downwards is ahead (all goes according to my plan / model as I maintain my strategy accordingly)."


I have closed my Selling order (#2,578.80 - #2,563.80) on a fine #15-point run extending my results range to #76 Profits and #15 Stop-loss hits regarding December - September cycle. I am Highly satisfied with returns on my traditional re-Sell orders.



Technical analysis: Gold is Buying every dip successfully however I have spotted increasing Resistance level seen Trading at #2,582.80 - #2,592.80 configuration and as Doji Star Bearish reversal candle was delivered, it was possible to extend the Selling sequence below #2,552.80 psychological benchmark as Buying pressure was easing, and if there isn't Fed Rate decision ahead, Gold would Trade significantly Lower. Volume remains relatively High and Fundamental side relatively strong so downside attempts should remain very limited. I have now updated the main correlation shift from Bond Yields to DX (Intra-day basis), so take that into consideration prior to positioning. One of the reasons why Gold stays ranged and not losing more is DX on spiral downtrend, testing it's Daily chart's Support zone which is applying Buying pressure on Gold. Keep in mind that previous Selling attempts were rejected however current configuration points that if Short-term switch occurs (Bearish), Selling potential will be here to stay.


My position: As stated above, if there wasn't Fed Rate decision throughout the session, I would Sell Gold on spot towards #2,527.80 Selling extension, however as all High-impact Fundamentals had critically Bullish after-effect on Gold regardless of the outcome, I don't see why Fed Rate decision will arise Gold's Sellers. #50 BPS cut signals for Inflation, #25 in Recession so Fed has tough decision tonight. I will comfortably stay aside and observe the Price-action from sidelines with my capital well preserved.