Selling order activated / #1,640.80 extension on Sellers aim
Gold's general commentary: Gold is going after the #1,627.80 - #1,633.80 configuration again, which as I mentioned represents this week’s strong Support zone. It is negative that #1,652.80 (Xau-Usd Spot prices numbers on my remarks) level held throughout Friday's session, as it maintains the Daily chart’s Descending Channel Bottom and since Hourly 4 chart points to an steeper fall and #1,652.80 variance (which is Trading below #1,678.80 Annual Low’s), I may have a quiet a Bearish development on my hands, due to disastrous readings on U.S. Fundamental announcements. But as long as the Price-action doesn't break the #1,652.80 or less, I can't be sure of a sustainable decline in continuation. Especially ahead of the Volatility on correlating assets which can shift momentum easily (as seen many times this current Week).
Technical analysis: The Daily chart is Bearish and since March #30, when the Daily chart RSI is within #48.800 and #54.200, it is the ideal Medium-term Selling entry as Gold rallies aggressively. But that would be further confirmed if the Price-action either breaks below #1,652.80 or touches the Daily chart’s #1,688.80 - #1,692.80 Higher Low’s Lower extension. Historical resemblance shows that Gold should be already below #1,652.80 psychological mark / many similarities with cycle below when correlating assets were skyrocketing, engaging parabolic uptrend / Gold ignored it on more than #3 occasions (March #12, March #5 and February #26 where Selling extension reversed into a Bullish rally with DX and Bond Yields above the Resistances). Resemblance shows that every #4th try will reveal a major move (possible aggressive takedown) and it would be no surprise to see additional #50 - #80 point decline on Gold within #10 sessions. Gold remains under total Selling domination where I will use every chance to re-Sell every Top which Gold delivers.
My position: I have engaged my Selling order (#1,670.80 as an entry point), Targeting #1,652.80 first, then #1,640.80 extension. I am confident that Selling bias is here to stay and best option is to Sell every local Top that Gold delivers (successfully implementing the model for #4 straight week's).
As I have been receiving many inquiries and messages of Traders with liquidated accounts and still activated positions pricing in huge losses / answering on each message would be unfair for Traders who purchased my paid consulting services. However my practical suggestion is not to Trade against the trend and especially not against the Fundamentals (Buying Gold on such Selling bias is dangerous move to do) so Trade with key entry points and strict Stop-loss selection is you already decided to Buy the market (once again, Gold is under total Technical and Fundamental Selling domination) and regardless if you agree with the statement personally, do not Trade against the trend.
Technical analysis: The Daily chart is Bearish and since March #30, when the Daily chart RSI is within #48.800 and #54.200, it is the ideal Medium-term Selling entry as Gold rallies aggressively. But that would be further confirmed if the Price-action either breaks below #1,652.80 or touches the Daily chart’s #1,688.80 - #1,692.80 Higher Low’s Lower extension. Historical resemblance shows that Gold should be already below #1,652.80 psychological mark / many similarities with cycle below when correlating assets were skyrocketing, engaging parabolic uptrend / Gold ignored it on more than #3 occasions (March #12, March #5 and February #26 where Selling extension reversed into a Bullish rally with DX and Bond Yields above the Resistances). Resemblance shows that every #4th try will reveal a major move (possible aggressive takedown) and it would be no surprise to see additional #50 - #80 point decline on Gold within #10 sessions. Gold remains under total Selling domination where I will use every chance to re-Sell every Top which Gold delivers.
My position: I have engaged my Selling order (#1,670.80 as an entry point), Targeting #1,652.80 first, then #1,640.80 extension. I am confident that Selling bias is here to stay and best option is to Sell every local Top that Gold delivers (successfully implementing the model for #4 straight week's).
As I have been receiving many inquiries and messages of Traders with liquidated accounts and still activated positions pricing in huge losses / answering on each message would be unfair for Traders who purchased my paid consulting services. However my practical suggestion is not to Trade against the trend and especially not against the Fundamentals (Buying Gold on such Selling bias is dangerous move to do) so Trade with key entry points and strict Stop-loss selection is you already decided to Buy the market (once again, Gold is under total Technical and Fundamental Selling domination) and regardless if you agree with the statement personally, do not Trade against the trend.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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