My Selling outlook is still valid

9 mar 2020

Aggressive volatility came as no surprise as pre-FED rate candles are arriving. I successfully preserved my account and since I am certain in my Selling outlook, I am patiently waiting for new opportunity to add another set of Sells. The price is back up on Daily levels and traders who engaged Buys again were tricked into their false beliefs since they didn’t checked levels of Stocks. Check the Williams% on Hourly 4 chart. Despite all this and from a Technical standpoint, Daily chart is showing a wide Channel Down with Higher Lows, able to convert into a Descending Wedge with #1,650 as an Support, if broken then the #1,600.70 call will be tested and will engage Historic Gold fall. However, if #MA50 holds, price action would be calling for #1,700.70 and #1,720.70 in extension (next week) but chances for that are really slim. As I can note, these are the most volatile times on Gold since #2012 with the Volatility variable on 87% (this year), last year the variable was on mere #23%. Long term the data are there to Support an downtrend, but Fed rate can push the market both ways. For Short term, Gold is Bearish. Gold is once more used as a safe haven (all metals are down except for Silver and Platinum) against the Stocks sell-off that was triggered after the official tariffs passed. The price action didn’t took me by surprise, as Asian Stocks last night withstood this firestorm, but the E.U. markets (that where the losers of the presidential memorandum) ended in enormous losses. I cannot speculate how long this state of uncertainty will last for but for as long as it does, I will adjust my strategy in order to keep profiting on the Bearish Gold, adding strict risk management. Now, Gold is slowly regained Gold-Stocks correlation (for this week), as I monitor all the time those instruments (have 1 screen dedicated to them) and how they move against each other and this is how I determine which affects Gold most on a particular day. My pick is Bearish run to Support first, then on #1,600.70.