Closing my Selling order / #34 Profits row

١ سبتمبر ٢٠٢٢

As discussed throughout my yesterday's session commentary: "My position: As I am confident that Gold will pierce #1,700.80 extension, I have engaged new Selling order with #1,721.80 as an entry point. My optimal Target is #1,700.80 psychological mark which is now slowly approaching, and it is only matter of time when the fractal will be tested."


I have closed my Selling order (#1,721.80 - #1,701.80) on a fine #20 point Profit run, extending my results range to #34 Profits row and #6 Stop-loss hits regarding April - early September cycle. I will use this chance to congratulate Traders who followed all of my calls, especially current ones since I was announcing #1,700.80 mark test since #1,800's. Well done!


Technical analysis: Gold is Trading very close to the important #1,700.80 threshold as all correlating instruments (Bond Yields on green Daily candle, DX Trading on Bullish Gap fill near local High's) showcasing very Bearish sentiment to Gold. My Medium-term outlook remains Bearish (Target is #1,692.80 first with an extension towards #1,678.80) based on fractal analysis of candles, volume and RSI with the period May - September #2019 - I am expecting a Short-term pullback towards the Hourly 4 chart's semi Resistance priced at #1,705.80 - #1,712.80 first as the Hourly setting is Oversold approaching the levels of January #3rd. I am looking closely at today's U.S. data to monitor DX movements. Bulls are still struggling to maintain sustainable Bullish Price-action as both the DX and the Bond Yields are on healthy uptrend. Selling sentiment is here to stay, as I was announcing that current geo-political situation is not Gold friendly. I am expecting non-linear resemblance to the current fractal and next Technical stop near #1,678.80 extension.


My position: As I am Highly satisfied with my Trading results, I haven't got any urge to engage again as I will monitor the Price-action from sidelines. Gap fill on DX may be filled on Intra-day basis, adding mild Buying pressure on Gold (only Intra-day) and I will await market closing to re-Sell Gold once again towards #1,678.80 extension. Market closing below #1,700.80 psychological mark will be immediate signal to Sell Gold early on throughout tomorrow's E.U. session. #1,678.80 is next Target so bear that in mind. Enjoy the Profits!