Engaging my Buying order (calling for #1,900.80 break)
Gold's general commentary: Irregular movements at the moment on Short-term as Gold continues to Trade sideways (and represent a product of High speculation) within the #1,870.80 - #1,880.80’s belt / Resistance is invalidated on #2 occasions and #1,866.80 first Support on the Hourly 1 chart, #3 occasions. If I can draw anything positive out of this week’s Volatility, is that Gold revealed the underlying Short-term trend switch to - Bearish as Hourly 4 chart is Trading under a Rising Wedge. I expect correction (steeper fall) on Monday’s E.U. opening and aggressive correction towards #1,833.80 pressure point, if Gold does not recover the #1,900.80 on today's session. One important difference though: #1,866.80 Support is near, and break of (along with Yields on an eminent uptrend, above #1,6800) it can extend the Price-action towards the #1,833.80 Support extension. However on the other side, #1,883.80 is the Resistance, and as Crypto market is cracking under strong pressure due regulatory risks, Investors can use Gold again as an safe-haven in which case Gold can peak again near #1,900.80 psychological barrier.
Technical analysis: Gold is Trading on expected values within Rising Wedge since #3 sessions ago. Rising Wedge has a clear Higher High and Lower High zone. This is where a Medium-term Trade Sells and Buys respectively (usual sign of indecision). Since yesterday’s session, the Price-action has put a temporary stop to the downtrend as it hasn't made a new Higher High extension yet (even though that DX was taking strong hits and Bond Yields on parabolic downtrend). I will allow one more session and if Gold don’t honor the #1,900.80 psychological barrier, I will position myself on Medium-term and pursue #1,833.80 with my order, eventually waiting for Rising Wedge to switch Gold from Bullish to Bearish on Short-term. Gold got rejected few points above the Resistance as Investors were slowly taking Profits on their Buying orders, which Sold back current peak and made Gold flat towards market closing. Regarding Hourly 4 chart configuration, Support priced on #1,865.80 caught my attention as an possible Bear breakout. Also it is worth noting that November #6 - #12 fractal had similar sequence, where Price-action dipped aggressively starting at November #8, engaged the Short-term recovery on the aftermath, but gave #2 more Lower Low’s and then full scale Bullish reversal occurred / I see no reason why it shouldn’t be the case at the moment. Fundamentally, Gold is bound to give one more Higher High test near #1,900.80 Medium-term Resistance, while breaking it can engage the #1,927.80 sequence, and switch Gold from Bearish to Bullish on the Medium-term. #1,865.80 is Support to monitor, while #1,900.70 break invalidates current Selling pattern.
My position: As discussed above, I engaged my Buying order Targeting #1,900.80 psychological barrier, as my Stop-loss (Risk management) is really close to prevent unexpected scenarios which can endanger my Monthly Profits (#5 Profits and #1 Stop-loss hit of #6 points). If Gold don't honor and tests #1,900.80 barrier throughout today's session, I won't be Buying anymore on Short-term.
Technical analysis: Gold is Trading on expected values within Rising Wedge since #3 sessions ago. Rising Wedge has a clear Higher High and Lower High zone. This is where a Medium-term Trade Sells and Buys respectively (usual sign of indecision). Since yesterday’s session, the Price-action has put a temporary stop to the downtrend as it hasn't made a new Higher High extension yet (even though that DX was taking strong hits and Bond Yields on parabolic downtrend). I will allow one more session and if Gold don’t honor the #1,900.80 psychological barrier, I will position myself on Medium-term and pursue #1,833.80 with my order, eventually waiting for Rising Wedge to switch Gold from Bullish to Bearish on Short-term. Gold got rejected few points above the Resistance as Investors were slowly taking Profits on their Buying orders, which Sold back current peak and made Gold flat towards market closing. Regarding Hourly 4 chart configuration, Support priced on #1,865.80 caught my attention as an possible Bear breakout. Also it is worth noting that November #6 - #12 fractal had similar sequence, where Price-action dipped aggressively starting at November #8, engaged the Short-term recovery on the aftermath, but gave #2 more Lower Low’s and then full scale Bullish reversal occurred / I see no reason why it shouldn’t be the case at the moment. Fundamentally, Gold is bound to give one more Higher High test near #1,900.80 Medium-term Resistance, while breaking it can engage the #1,927.80 sequence, and switch Gold from Bearish to Bullish on the Medium-term. #1,865.80 is Support to monitor, while #1,900.70 break invalidates current Selling pattern.
My position: As discussed above, I engaged my Buying order Targeting #1,900.80 psychological barrier, as my Stop-loss (Risk management) is really close to prevent unexpected scenarios which can endanger my Monthly Profits (#5 Profits and #1 Stop-loss hit of #6 points). If Gold don't honor and tests #1,900.80 barrier throughout today's session, I won't be Buying anymore on Short-term.
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
