goldenBear88

Engaged my Buy order / Expecting an decline on Short-term

Largo
TVC:GOLD   CFDs sobre oro (USD/OZ)
I have engaged my Buy order with #1,970 Short-term Target, and if it gets hit / I will contemplate Selling the market towards #1,925.80 - #1,935.80 where I will engage set of Buy orders again towards #1,970.80. Important Bond notes related developments for Gold as DX broke the #92.10 Hourly 4 Support as expected, should cause Gold to peak at #1,970.80 on the aftermath, as an Hourly 4 Engulfing Bullish candle. The sideways pattern on Bond notes (# -2.23%) is Technically completed at the current Price-action where it’s Daily Support on an Channel Down breaks to the downside, as I believe that crossing the Support level was the necessary confirmation for Gold. I spotted connection of Gold on Friday (# +0.27%) to Usd-Jpy pair (# -0.31%) which leaves Usd-Jpy totally in Gold correlations assets list. For now, I see only Bullish development on Hourly 4 Gold chart, which made me shift my strategy (from Bearish to Bullish regarding Short-term). According to statistics, last #4 times Gold touched the Higher High, resulted as an #40$ decline within #3 sessions, and if #1,970.80 (my Target) rejects the Price-action, I may see quiet Bearish session on the aftermath. It is Natural to expect a pullback if the political matters aren’t resolved, but as long as Stock markets are not pressured by disappointing numbers I expect smooth diagonal correlating (Stock markets-Gold) Trading fueled by Golden Cross, which will Buy every dip on Gold. U.S. session opening has #87.18% chances to be the trend setter and with a major move, pointing me to be extra careful as Wall Street opening Bell approaches. Strong Bid/Ask Volume usually reveals that strong movement session is ahead, and if Gold breaks the Support, could easily engage Lower Low sequence and even deeper test of #1,930.80. Upper extension remains #1,980.80, as I doubt that Gold will pierce #2,000.80 psychological barrier this Year. Especially since Daily chart is about to turn Bearish again. Since Gold was rejected instantly above the Resistance on Hourly 4 chart, I will treat this as an Top, with the next Technical stop on the #1,971.80 zone. I remain Bullish until #1,970.80 however if U.S. session delivers negative opening targeting #1,937.80 first and #1,930.80 in extension Selling on every High, Golden Cross sequence will most likely Buy back Price-action towards #1,960.80.

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