Engaging my Buying order (Targeting #1,910.80 extension)

Gold's general commentary: Gold eventually pulled back, giving a false breakout signal throughout Friday's session (I engaged Buying position, moving my SL and having minimum Profits on Friday), as it did after breaking the Hourly 4 Support on May #18. Since the pattern remains an Channel Up (ready to convert into a Rising Wedge), I believe there is some more downside to it, probably towards #1,833.80 if #1,850.80 breaks. However it may not be worth losing a potential new Buying leg for a few points. As discussed, I will give additional chance and pursue the #1,900.80 psychological barrier (and Higher) with my Buying order, and if fails and market closes below #1,871.80, I will no longer honor Buying potential as I will shift to Selling instantly on Medium-term (without waiting for Selling confirmation). With DX without a recovery and Bond Yields in deep Bearish territory (and market speculators prevented huge scale Bearish reversal more than #4 times within Monthly variable) seems like market is preparing strong upswing which will be followed with much needed correction, strong necessity for a Lower Low extension.


Technical analysis: The Double Top on the Daily chart timeframe on the #1,870.80 - #1,880.80 Resistance Zone worked once again as Gold was rebounding throughout Friday's session. Personally, I saw no strong reason to backup the rejection, but one couldn’t count on instant rejection as Bond Yields were under Lower Low extension on (#W1) Weekly chart and DX taking strong hits. I was expecting more Bullish action with U.S. session candle but Gold reversed and honored the Double Top formation. Hourly 4 chart is still Bullish though but pay attention to the possible Selling sequence regarding Gold, an ultimate Top which has been rejecting every breakout attempt since the May #9. The Short-term in my view is a Technical Buying towards #1,910.80, if rejected rebound again towards #1,880.80. Daily chart preserves Bullish values #MA50 and #MA200 are about to form Golden Cross (last time seen on January #5). Fundamentally, this week’s Lower than expected readings should drive the DX lower hence boost Gold's upside attempt. My opinion is that I drawn the best out of the current Price-action for the past couple of weeks.


My position: As it is too early to position myself on Medium-term and due to Daily chart's market closing in Bullish territory, I will follow the trend and engage Buying order now towards #1,910.80 extension. My Stop-loss is priced near since lately Gold is Trading under strong Volatility.

Kommentera:

I have closed my Buying order on breakeven as I will engage only (continue Buying) if #1,890.80 breaks.