Closing my Selling order in Profit / #37 Profits row
As discussed throughout my yesterday's session commentary: "My position: I have engaged Selling order with #2,318.80 representing my entry point, optimal Target remains #2,300.80 psychological benchmark."
My #2,318.80 Selling order has hit #12-point stop on #2,330.80, however I have re-Sold Gold immediately on #2,336.80 and closed my order on #2,310.80, delivering #26-point Profit, covering the immediate loss and finishing the session in Profits. I am currently on #37 Profits and #7 Stop-loss hits regarding December - April's cycle.
Technical analysis: Gold has made an important Bearish step towards full scale Daily chart’s reversal as it almost touched the #2,300.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning on the Bearish side, however well Supported within #2,300’s belt, which has held on multiple occasions so far. As mentioned throughout my remarks, Hourly 4 chart is still Neutral as said, but invalidated Ascending Channel has expanded giving me Selling signs that Gold may test #2,300.80 psychological benchmark on current Fundamental mix (if #2,300.80 gets invalidated, Gold can kick-start aggressive decline towards #2,292.80 first, posing as an strong Support in extension, and fill #2,252.80 psychological benchmark). Gold lost all correlations on current non-stop Buying sequence, however I do expect that DX slowly returns into the picture which confirms my Gold - DX correlation on #Q2 May’s opening, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on DX and Trade accordingly. Only when DX Trades on Weekly chart’s Lower High’s Lower zone, I will be able to note with a Higher degree of certainty that the Bearish reversal on Gold is sustainable.
My position: Current sequence heavily depends on today's GDP numbers, and as I do expect strong upside number on the announcement, I will look to re-Sell Gold as High as possible ahead of the event and pursue #2,300.80 benchmark test.
My #2,318.80 Selling order has hit #12-point stop on #2,330.80, however I have re-Sold Gold immediately on #2,336.80 and closed my order on #2,310.80, delivering #26-point Profit, covering the immediate loss and finishing the session in Profits. I am currently on #37 Profits and #7 Stop-loss hits regarding December - April's cycle.
Technical analysis: Gold has made an important Bearish step towards full scale Daily chart’s reversal as it almost touched the #2,300.80 pressure point. That makes Hourly 4 chart practically Neutral but leaning on the Bearish side, however well Supported within #2,300’s belt, which has held on multiple occasions so far. As mentioned throughout my remarks, Hourly 4 chart is still Neutral as said, but invalidated Ascending Channel has expanded giving me Selling signs that Gold may test #2,300.80 psychological benchmark on current Fundamental mix (if #2,300.80 gets invalidated, Gold can kick-start aggressive decline towards #2,292.80 first, posing as an strong Support in extension, and fill #2,252.80 psychological benchmark). Gold lost all correlations on current non-stop Buying sequence, however I do expect that DX slowly returns into the picture which confirms my Gold - DX correlation on #Q2 May’s opening, so look for pointers there. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on DX and Trade accordingly. Only when DX Trades on Weekly chart’s Lower High’s Lower zone, I will be able to note with a Higher degree of certainty that the Bearish reversal on Gold is sustainable.
My position: Current sequence heavily depends on today's GDP numbers, and as I do expect strong upside number on the announcement, I will look to re-Sell Gold as High as possible ahead of the event and pursue #2,300.80 benchmark test.
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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.