Sell order engaged / #2,627.80 Target

14 oct

As discussed throughout my Friday's session commentary: "My position: Even though my CPI forecast was spot on, DX somehow started losing on such numbers and naturally pushed Gold Higher towards my Stop-loss as I didn't managed to close my order on #2,604.80 instant downwards spike. After Stop suffered I managed to return some back with re-Selling Gold from #2,627.80 towards #2,618.80. I have engaged new Selling order currently with #2,645.80 entry point / optimal Target remains #2,622.80 former Resistance turned to Support which will be last order for this week (no need to Risk more as I am satisfied with my returns)."


My re-Sell order hit #2,652.80 (#7-point Stop-loss) as Gold extended relief rally towards #2,662.80 wall of Resistance lines.


Quick update: As expected, Gold gradually got back into Hourly 1 chart’s Neutral Rectangle (sign of ranging market) and currently about to touch the #2,652.80 benchmark which is the first Daily chart’s Support line. Technically it is confirmed that the consolidation of the past #2-session horizon was simply a Support zone establishment (on the completion of the Neutral patterns) after a near test of late September's Low’s in order to print the next Higher High’s Lower zone on Hourly 4 chart. Gold is on an interesting Technical fractal on the Hourly 4 chart, able to convert into aggressive slide towards #2,600.80 psychological benchmark. Gold is so far struggling to maintain Higher levels which is indicating that more and more Sellers are participating on the market.


My position: I have engaged re-Sell order with #2,665.80 entry point with #2,627.80 as an optimal Target / my Stop is already moved to breakeven.