Closing Buy with huge Profits, engaging new / #12 Profits row

As discussed on my Friday's commentary:" My position: Since my Monthly Profits are huge, I will not rush onto new position. I maintain my Buy zones, either from #1,860's, or if #1,898.80 Resistance breaks, but both ways, I expect strong Bullish sessions ahead." - I have closed my Buy order with huge Profits (#1,878.80 - #1,899.80) as I re-Bought instantly, calling for #1,927.80 extension. Congrat's for Traders who followed my call, as I am on #12 consecutive Profits row.


Technical analysis: The Price-action broken the first #1,892.80 Higher High Resistance and engaged Buying sequence as aswell further uptrend/Buying continuation. However, market responded Buying sequence which was symmetrical to the November #16 High of #1,894.80. My strategy is going in my favor, since I always note that my aim is to project Long-term/Quarterly cycles and I believe I am always right about Gold’s Long-term direction. Medium/Long term Traders' goal should be to focus on Resistance/Support levels as the breakout points. My estimation shows that the base case scenario is even extending the Price-action to #1,927.80 but it is too early to mention such High levels since #1,902.80 is still preserved. Gold is on a tight balance at the moment, positively biased by the pullback on world equities and DX, but still on healthy positive cycle due to the continuous decline on DX, fueled by such Fed results and Stimulus talks near agreement. Gold always respects it’s variances and Long-term cycles as for now, trend is fully Bullish right on the current fractal, retracement level since last August's bottom. If the Higher High zone breaks however, I will be looking at the very real possibility of a new #1,957.80 test, and by my estimation, this is maximum of this Bullish cycle.


Gold's correlations: Gold keeps close track of the DX (strongest correlation I have at the moment) as in the absence of macroeconomic news it is consolidating (market awaits for finalization of Stimulus negotiations), ignoring though the Usd-Jpy pair Trading on gains, which shows that it continues to be detached to DX and rallies on Usd-Jpy pair don't (as for the current configuration at least) translate into equal rallies on Gold as long as DX isn't falling. Gold is above the Daily chart #MA50 and this is the best time to add more Buy orders, as market is obviously waiting for catalysts to move. Right now Buying towards the Daily chart Resistance, having a stop on the Hourly 1 Support near #1,875.80, is the most optimal Trade to take, if of course #1,902.80 is invalidated. U.S. session aswell has Buying sentiment.


Hourly 4 chart: As long as current variance holds, there are higher probabilities to reach the Hourly 4 Higher High zone again (which is right now priced at #1,902.80 on Spot prices but touch will be done lower depending on the aggression of the current variance). Technically, Gold should ease the Overbought levels, but on such Fundamental landscape, it is not wise to Sell the market. After all, on the Daily timeframe (aswell on Hourly charts), the pattern is an healthy Channel Up which just touched the Higher High trendline and has a limit just over #1,902.80 my main point of interests (depending on the aggressive of the wave started late current Week). Below the #1,848.80, Short-term Bullish pattern is invalidated and the Selling may be accelerated towards the Daily chart #MA200.


My position: I am highly satisfied with my Monthly Profits, as I waited for a small pullback (#1,884.80 as a current market Price-action) where I re-Bought towards #1,900.80. I expect #1,927.80 within #5 sessions.