goldenBear88

Gold Trading on Indecision candles

Short
TVC:GOLD   CFD na złoto (USD/OZ)
Regarding August-early September cycle, I am on #13 Profits and only #2 Stop-loss hits (not more than #11$ both) as I am highly satisfied with my Profits. Xau-Usd (which I always use on my commentary) broke the #1,913.80 Support but quickly retraced back above it and in my opinion if the Hourly 1 candle (which is the breakout candle) were closed in red, then I would see a decline towards the Hourly 1 chart on the #1,882.80 Lower Low. It was sideways on a #12 hour basis or at least the equilibrium between the spot price (Xau-Usd) and Futures (GC) is regained, which as I have been mentioning, is the catalyst for the next move. If the current Daily chart candle turns green though, Gold will remain Neutral on #1-2 session base with #1,955.80 as an limit. Again, the disproportionate decline of Gold yesterday (# -0.80%) against the rise on Stock markets (# +0.78%) should tell a lot about Gold's underlying trend and why Gold is Bearish. Again, the first test on the Resistance was so far unsuccessful as Short-term Buyers seem to withdraw from the market, awaiting for confirmation by the Wall Street opening Bell today. The Hourly 4 chart is turning Neutral and as a result Gold may be going towards Lower ground today. However, if Gold breaks #1,912.80 (Daily chart #MA50 which is rejecting the Price-action since June #8), that will be quick Selling response and a call for #1,900.80 Support test and #1,882.80 Lower Low extension, that’s why was ready with my set of Sells to pursue Lower Targets yesterday - same one I closed almost on breakeven with minimum Profit. If Gold breaks first Support, it will be an aggressive downfall and quiet a Bearish session intra-day, if not - #1,935.80 - #1,945.80 test is possible, but both scenarios point out to Bearish underlying trend and strong extension. I am certain in Selling sequence and see no reason to change my Medium-term Bearish perspective. However, if Hourly 4 #MA50 breaks, Gold will be calling for #1,965.80 test, but I am not interested in Buying soon. With DX met it’s Support and Stock markets on Lower levels, Gold will be ranging. Expect stronger move within #2 sessions. I am comfortably on sidelines, and will Trade the breakout since I am in no rush to engage as my Profits are amazing regarding August-September cycle.

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