Gold on well known relief rally

avant-hier

As discussed throughout yesterday's session: "My position: I have engaged Selling order with #2,595.80 entry point with #2,562.80 as my optimal Target. My Stop is already on #3-points on breakeven as #2,600.80 benchmark break-out restores Short-term Buying trend. However rejection here may reverse the trend and re-test #2,552.80 benchmark. This is roadmap for the #1 - #3 session period (small Risk / huge potential) as it is no time to take wild bets on the market."


Technical analysis: I have announced #2,600.80 break-out as an distinguished Short-term Buying trend restored as Gold is showcasing underlying Bullish trend and is comfortably Trading above #2,600.80 psychological benchmark throughout the session. The rebound can extend as High as the Resistance (former Support now turned to Resistance) on Daily chart which is currently Trading at #2,642.80 and if it gets invalidated, I do expect #2,652.80 benchmark test in extension before new Short-term Sellers re-appear. Even though DX is recovering, I still don't spot any Selling signals and reversal patterns / it seems to me that Gold is on usual Buying patterns and that #2,700.80 benchmark might be on aim if #2,652.80 benchmark gets invalidated. Worst thing a Trader can do is swim against the tide (trend is your friend) which is Sell Gold at the moment.


My position: As discussed above, I have engaged #2,630.80 entry point Buying order / optimal Target is #2,652.80 benchmark. If however #2,652.80 benchmark gets invalidated with full candle closing above (or even better market closing), I will aim for #2,700.80 benchmark.