goldenBear88

Holding my set of Sell orders

שורט
TVC:GOLD   CFDs על זהב (US$ / OZ)
The Price-action is now just below the Hourly 4 #MA50 gaining momentum as the DX is pulling back and Bond notes taking strong hits as Gold could be used once again as a safe-haven. Gold is approaching again the Lower High trendline of the Daily Channel Down, slightly above the #1,898.80 which represents Selling point since October #17. It would be best for Short-term Traders to wait for Bond news to arrive on the market. Absence of Stimulus negotiations and capital moved away from Bons notes will most likely push Gold back to upper levels (distorting Technical trend) and as discussed, unless #1,892.80.80 or #1,879.80.80 break, the Price-action will be calling for #1,917.70 extension. Technically this is a duel between the Short-term Bull trend of the Hourly 4 Channel Up and the critically Bearish Daily chart, Channel Down started from July fractal. Friday’s Top was made exactly on the Lower High trendline of the Daily Channel Down, which doesn't allow any more room for uptrend (Technically). If Price-action breaks Friday’s High, the Selling formation is invalidated and on the Short-term the next pullback should be a Buying opportunity. It will all be on how the DX and Bond notes Trade on today’s session. Technically a break above #1,906.70 is a Short-term Buy opportunity and #1,906.70 rejection will deliver decent Medium-term Selling sequence. My recommendation is to wait for area to be engulfed and then make a move if you are not positioned on the market already. Gold erased last week’s losses and is marginally near the #1,906.80 strong Resistance on the Hourly 4 chart as, despite the decline on Stock markets, DX is soaring on a positive U.S. Trade deal environment and Bond notes developments. Technically, Daily chart is critically Bearish as I still don’t see recovery signs and Bullish sustainability. The Medium-term charts Daily and Weekly still point to a lower Price-action which reveals underlying Bearish trend and this is why I will keep Selling the market on the longer run. A relative risk factor is off the markets and that’s why Stock markets should rise and add more Selling pressure on Gold. Also, as long as Bond notes are Trading on Support zone, their Channel Down will be intact and will progressively apply Buying pressure on Gold, since Stock markets and Gold attract risk seeking capital from it. I do expect however the currency speculators to push DX as High as they can ahead of this week’s Fundamental events in order to secure a more comfortable Sell entry in late session near the break. Gold is both Technically, but not Fundamentally equipped for Bearish continuation. If my #1,906.80 point is invalidated, I will continue with Buy position/outlook.

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