Closing my Buying order with Profit

As discussed throughout my yesterday's session commentary: "If #2,800.80 mark gets invalidated and market closes above, I add more Buying orders on mentioned levels aiming at #2,818.80 (slightly below #2,822.80 Resistance line). As expected, Buying accumulation I discussed throughout the session started and the Technical reason behind it was the Ascending Channel configuration which was adding confidence to Buyers, and attracted Short-term Investors, triggered their pending Buying orders (spike towards #2,800.80 benchmark from #2,772.80 Higher High's Lower zone few Hours ago confirms the above)."


I have closed my Buying order (#2,801.80 - #2,822.80) on a fine #21-point run as Gold tested even levels above #2,822.80 however that was fine by me since I am satisfied with my order returns.


Technical analysis: Price-action came too close to the #2,822.80 - #2,832.80 Medium-term Resistance zone and the fact that is currently strongly rebounding may not only be Technically attributed to mentioned fractal (representing the February #11 similarities) but also to the fact that it just hit the Higher High’s trendline of the Hourly 4 chart’s Ascending Channel. As long as mentioned zone is providing Resistance, I expect Gold to break back below the Hourly 4 chart’s Rectangle and pressure for #2,800.80 Higher High’s Lower zone (benchmark). Gold is Trading on Inflated prices and same as Gold was purely rising on Fundamental factor, similar takedown will follow. If Gold closes the session below the #2,800.80 benchmark on market closing, expect Gold to make a Top here. If on the other hand #2,832.80 gets invalidated and Gold eventually closes the session above, I expect the High Volatility zone with similarities to mid-April - June to be replicated and #2,852.80 benchmark test in extension.


My position: As discussed above, I do believe that Gold is Overbought and some cool-off to such levels I do expect and #2,800.80 eventual Intra-day test. If however Gold breaks to the upside, I will act according to what I wrote above.