Closing my Buy order with huge Profits / #11 Profits row
As discussed on my yesterday's commentary:" Regarding my position: I will keep Buying Gold , as I have my Buys ready for the #1,900.80 test, and will add more Buy orders if Price-action dips, since Gold is on undisputed Bullish trend." - I have closed my yesterday's Buy order with decent Profits as Price-action almost touched the #1,900.80 psychological barrier (#1,874.80 area of Buy) and closed it in huge Profits. Congrat's for Traders who followed my call as now they should be on decent gains regarding their capital.
Technical analysis: Once again I witnessed the dynamics of Buying Low’s and Selling High’s (Investment banks classic strategy), as the Bearish momentum on Daily chart failed after the #1,872.80 Bottom. Main reasons for current configuration are: #1) Fed kept the rate unchanged and announced that they will keep the previous plan and as an result DX engaged the meltdown with evident Daily Bearish Gap fill which added significant Buying pressure on Gold and #2) Stimulus announcements are making Gold gradually testing the #1,900.80 psychological barrier. It is vital to understand that with the risks involved on a Weekly scale, only if July's High of #1,816.70 is crossed, I can say that the Bearish reversal is in continuation (less likely, possibility of a mere #12.77% out of #100%) ). I expect test of #1,900.80 test on undisputed Bullish trend, and not making strategy shift so far - statistically: Last time when Fed announced the Rate, Gold was extremely Bullish after Volatility response, as I expect the same response within few hours from this point. Hourly 4 chart is still an healthy Channel Up and should turn into a aggressive Buying sequence anytime and progressively test the Daily chart Resistance near my Targets. Price-action is still within my projected values and Buyers are again in charge. As long as Hourly 4 remains Bullish, Gold has more chances of breaking the #1,900.80 Resistance and #1,927.80 variance, than the local Support so my practical suggestion will be to Buy every dip that market offers. I remain fully Bullish on the Medium-term, and I expect #1,900.80 break within #3 sessions. As I can see, Daily Bullish Price-action confronted Buyers head on today, as I am confident that current configuration will last. Influenced by strong decline on DX mostly, Daily action pressed Gold as far upwards.
My outlook/next move: Expected Price-action fluctuation and aggressive Volatility came as no Technical surprise as is post-Fed rate candles. I am waiting #1,890.80 - #1,900.80 test as I contemplate Buying the market from mentioned Resistance zone priced on #1,890.80 extension. Despite current configuration and from a Technical standpoint, Daily chart is showing a wide Channel Up with detectable Lower High’s and Higher High’s, able to convert into a historical Buying sequence. I do not see Bearish Short-term trend as sustainable, unless #1,832.80 breaks (slim chances). Long-term, the developments are there to support an strong uptrend. Fundamentally, deflation of DX would be temporary and would likely produce the kind of fiscal and monetary policies to revive growth. The post-crisis environment might be Gold friendly (as expected), like the recovery from the financial crisis. With Fed aftermath and Stimulus near the completion, I see no reason why Gold shouldn’t pierce the #1,927.80 extension.
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.
Technical analysis: Once again I witnessed the dynamics of Buying Low’s and Selling High’s (Investment banks classic strategy), as the Bearish momentum on Daily chart failed after the #1,872.80 Bottom. Main reasons for current configuration are: #1) Fed kept the rate unchanged and announced that they will keep the previous plan and as an result DX engaged the meltdown with evident Daily Bearish Gap fill which added significant Buying pressure on Gold and #2) Stimulus announcements are making Gold gradually testing the #1,900.80 psychological barrier. It is vital to understand that with the risks involved on a Weekly scale, only if July's High of #1,816.70 is crossed, I can say that the Bearish reversal is in continuation (less likely, possibility of a mere #12.77% out of #100%) ). I expect test of #1,900.80 test on undisputed Bullish trend, and not making strategy shift so far - statistically: Last time when Fed announced the Rate, Gold was extremely Bullish after Volatility response, as I expect the same response within few hours from this point. Hourly 4 chart is still an healthy Channel Up and should turn into a aggressive Buying sequence anytime and progressively test the Daily chart Resistance near my Targets. Price-action is still within my projected values and Buyers are again in charge. As long as Hourly 4 remains Bullish, Gold has more chances of breaking the #1,900.80 Resistance and #1,927.80 variance, than the local Support so my practical suggestion will be to Buy every dip that market offers. I remain fully Bullish on the Medium-term, and I expect #1,900.80 break within #3 sessions. As I can see, Daily Bullish Price-action confronted Buyers head on today, as I am confident that current configuration will last. Influenced by strong decline on DX mostly, Daily action pressed Gold as far upwards.
My outlook/next move: Expected Price-action fluctuation and aggressive Volatility came as no Technical surprise as is post-Fed rate candles. I am waiting #1,890.80 - #1,900.80 test as I contemplate Buying the market from mentioned Resistance zone priced on #1,890.80 extension. Despite current configuration and from a Technical standpoint, Daily chart is showing a wide Channel Up with detectable Lower High’s and Higher High’s, able to convert into a historical Buying sequence. I do not see Bearish Short-term trend as sustainable, unless #1,832.80 breaks (slim chances). Long-term, the developments are there to support an strong uptrend. Fundamentally, deflation of DX would be temporary and would likely produce the kind of fiscal and monetary policies to revive growth. The post-crisis environment might be Gold friendly (as expected), like the recovery from the financial crisis. With Fed aftermath and Stimulus near the completion, I see no reason why Gold shouldn’t pierce the #1,927.80 extension.
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.
- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
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