Keeping my Selling order / #2,652.80 benchmark Target

Fundamental analysis: Within turbulence caused by the U.S. presidential election and Head and Shoulders pattern aftermath, Gold finally broke through the Channel formed since the beginning of August. This does not change the Long-term Bull outlook for now, but the correction now is promising to be greater than the last couple of times. The Bottom line of the next Channel can be the February one, which represents Sellers goal (#2,592.80 – #2,600.80). As Fundamental effects usually correct back half of the Price-action change in the short period that follows, a retest of the Lower line of the August channel seems very likely. Based on this, the obvious strategy is to re-Sell Gold on bigger charts from the psychological levels / benchmarks (these are also Fibonacci retracement levels for the full or local decline).


Technical analysis: So far so good as my first Selling Target is concluded near #2,682.80 Weekly Bottom and local Low's. Overbought Technicals prevailed followed by a strong Bearish reversal in form of Selling candlestick formation that Priced in a Bottom with #2,682.80 as first signs of new-old Support zone appearing, on a Hourly 4 chart’s Three Black Crows candle extension. Despite this, both Hourly 1 and Hourly 4 chart were completely Overbought, and current sequence on Gold was Natural response to such Technical development. No Moving Average still supports Buying bias on any chart, however this is typical Price-action behaviour near Daily chart’s local Bottoms or Top’s. Reversals are not evident and remember that the #2,652.80 - #2,662.80 is a heavy downside Support zone. For now as expected, no signs of Bullish reversal. On such a range bound session, Gold value continues to operate within my Hourly 4 chart's chart’s Bollinger bands. Market closing is adding credence to Sellers, and if market opens on Monday with Selling spike below #2,652.80 benchmark (last strong Support), break of the mentioned zone can aim for another #2,600.80 strong Support line (as cycle showcases that #2,600.80 test might be ahead. Everything in between is Price-action Daily fluctuation which contains no new clues where Price-action will Trade next. Keep in mind however that Technically I can expect Lower levels to be met and tested, however current market structure still holds Medium-term Bullish bias (since Hourly 4 chart is showcasing Bullish presence) and only if #2,700.80 psychological mark breaks and gets re-tested and market closes above (both Weekly and Daily market closing), I can expect Medium-term sentiment to regain Buying status. These multi-session gains on Gold are almost negated with respectful amount of losses Gold delivered and invalidated multi-Month Ascending Channel.


My position: As I expected Fed easing the Rate and which may hurt the DX even more, I have awaited the Fed Rate announcement aftermath and engaged re-Sell order with #2,708.80 since I was aware that Gold will not deliver a move once again above #2,727.80 Medium-term Resistance zone. My order is currently running however I have missed the chance to close the order on #2,682.80 Support / even though my Profit on my re-Sell order is decent already, I will take the Risk and keep the order and close it as close as #2,682.80 Support zone in extension on overall another excellent week for me.
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