goldenBear88

#22 Profits row / Important week on Gold ahead

TVC:GOLD   CFDs sobre oro (USD/OZ)
Regarding August-October cycle, I am on #22 Profits row and #2 Stop-loss hits. Gold Bullish Price-action came as no Technical surprise and as Price-action was rising on a combination of positive Trade negotiations and much needed Technical Bullish correction. It is closely related to currency Volatility on DX, the Price-action was near equilibrium with Stock markets also on Weekly scale and even if the pair completes its correlation pattern, Gold should not Technically stay above Daily chart #MA50 for too long (#2 sessions). On the Short-term side there is a Bearish pattern after yesterday’s candle on Hourly 4 Chart that shows that Higher Low is near and clear Support at #1,900.80 which could engage the Hourly 4 Channel DOwn - typical target of this includes #1,892.80 on Short-term. In extension - I will advance with extreme care ahead of the most significant macroeconomic events of the next week. However, if #1,935.80 breaks, #1,977.80 can be next extension. I expect sharp Gold drop soon enough, with #1,919.80 as an possible Double Top rejection. Gold reached my projected #1,910.80 - #1,920.80 (on Spot prices) zone which was roughly the turning point throughout September but the Price-action wasn't rejected exactly on the #1,919.80 Resistance (possible Double Top). However I see strong consolidation now around the Daily #MA50 (hence Neutral RSI). However, again - if #1,935.80 breaks it will be a Buy signal towards #1,965.80 which I will use (and #1,975.80 extension). Otherwise the Lower High trendline since August #18 can prevail and push the Price-action back towards the #1,865.80 - #1,875.80 Support Zone. I don’t think this Bullish leg is sustainable (Monetary stimulus is not near completion and DX is gaining on every Daily candle, and Bearish answer will come as no Technical surprise. Bottom line - whatever happens, I will be ready to Trade the breakout calling for #23rd Profit.

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