goldenBear88

Gold on undisputed Bullish trend

Viés de alta
TVC:GOLD   CFDs em Ouro (US$ / OZ)
Technical analysis: One of the many Stop-loss hunts in the last couple of sessions where Gold continues to consolidate on the Hourly 4 chart after Intra-day recovery on DX (Gap fill), while being unable to firmly extend the candle above #1,933.80 variance (so far). This time however the Hourly 1 chart’s configuration is coming strong from below to offer potential support at #1,921.80 - #1,923.80. If the market closes above it, then more than likely the Daily chart’s Top’s formation will potentially be re-tested within the Trading week (currently Trading at 1,931.80 - #1,933.80). A break above it paves the way for #1,952.80 barrier test in extension, while a Daily market closing below the Hourly 4 chart’s #1,921.80 (former multi-Month Resistance zone) opens the way for #1,905.80 - #1,900.80 sequence. It is important (since the Bond Yields remain Bullish on Hourly 4 chart) to keep an eye on DX which came too close to its Daily chart’s rejection pressure point and now is on parabolic downtrend (regarding bigger charts). I give more probabilities to the upside, #1,933.80 or above once again, anyway’s it is still too early for me to execute the order (after closing previous one, Buying every dip that Gold delivered). Price-action remains within the #1,921.80 - #1,942.80 range, way above of the December #28 - January #16 High Volatility zone and is consolidating as mentioned on my last week’s remarks. I treat this as an already formed Three Drives pattern so the formation should be fairly symmetrical. The January #26 Low’s was at #1,852.80 so I can't exclude a similar symmetrical Low’s test this time around (once local Higher High’s are priced in), and if Price-action invalidates #1,933.80 sequence (full candle closing), then doors are open for #1,952.80 psychological benchmark test. Daily chart is currently on positive gradient as is close to complete the Ascending Channel’s Ultimate Top zone (near #1,942.80 - #1,952.80 possible zone, after previous July #17, July #29 and September #29 Triple Top formation) for the first time since multi-Month Bearish cycle (many similarities with April #18 decline, only different side). Gold is bound to test #1,952.80 extension as I will keep operating with my set of Buying orders to utilize Bullish momentum. #1,921.80 - #1,923.80 represents distinguished re-Buy zone and keep Buying Gold with tight Stops for full Profit maximisation. However, if re-Buy zone get invalidated, I will look to Sell Gold on spot towards #1,905.80 Support, and late on look to re-Buy once again towards #1,923.80 Resistance. Keep taking advantage of Hourly 4 chart's Volatile setting.

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