goldenBear88

Closing my set of Sells with huge Profits / #13 Profits in a row

Short
TVC:GOLD   CFD sur Or (US$/OZ)
I have closed my set of Sells with huge Profits (#1,938.80 - #1,918.80) engaged on September #4 (check in my post history) which represent my #13 Profits and only #2 Stop-loss hits throughout August-September cycle. I am highly satisfied with my Profits. As expected Gold broke through the Lower High trendline (which was holding since #August #27) on September #2 and as the #1,923.80 Support zone held yesterday, Gold turned Neutral again on Hourly 1 chart but still a healthy Channel Down and a wide forming of Death Cross formation which can pierce even #1,900.80 psychological barrier. This Price-action is still supported at #1,913.80 but the slightest break out below will see Gold testing the #1,880’s High Demand zone as mentioned last week. A break above #1,951.30 is a Bullish reversal, the RSI remains on a Bearish divergence. Under the circumstance Gold can only be Traded on wide timeframes (like critically Bearish Weekly chart). Again I need to point out that this Selling pressure is caused by the rise on Bond notes (rival of Gold as a safe haven) and DX to a lesser extent. I will surely continue Selling Gold since all developments points to a new meltdown. The Bearish U.S. data were unable to stop the DX from making another parabolic rise as it continues to monopolize the safe-haven status. But on the bright-side Gold is holding and isn't rising more. As I have been mentioning last week, this only shows the underlying strength and how Long-term Investors defend the current level. My perspective is unchanged and all my previous models remain valid. I instantly engaged new set of Sells calling for #1,900.80 Target test (Daily chart #MA50) which wasn't broken for more than #2 Months. Traders who followed my call, congrat's!

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