Closing my both orders with Profit / #93 Profits row

22 nov

As discussed throughout my yesterday's session commentary: "My position: I have announced on beginning of the week that Gold may skyrocket due Nuclear war news on Russia - Ukraine front and as such Gold has to soar as a safe-haven. Since my re-Sell zone has been invalidated, I have engaged two Buying orders with #2,647.80 and #2,656.80 entry points / both are Targeting #2,700.80 benchmark. If #2,672.80 gets invalidated, #2,682.80 is next extension towards #2,700.80 benchmark."


I have closed both of my Buying orders on #2,675.80 which delivered #2 excellent Profits as I engaged new Buying order on #2,663.80 pullback which I will hold until eventual #2,700.80 benchmark extension. I am on #93 Profits row and #20 Stop-loss hits regarding December - November cycle.


Technical analysis: The Hourly 4 chart’s Ascending Channel increases it’s gains towards Overbought levels as #2,700.80 psychological benchmark is near however showcasing durability. Both Daily and Weekly chart (#1W) chart are on a encouraging gains (# +1.37% and # +5.47% respectively) and with ranging candles I can't see any rebound possibility before #2,700.80 benchmark test. Throughout the week the #2,652.80 benchmark got invalidated and as I mentioned on my remarks balanced MA periods to settle within the #2,627.80 - #2,672.80 range. More and more Buying signs are appearing as I am confident in my Buying model as Fundamental Trade tension adjusted Bearish Technicals to Bullish. If Bullish continuation point of #2,682.80 gives away, I will add more Buys again until #2,700.80 benchmark is breached.


My position: According to my preliminary expectations, Price-action was not able to close back below the #2,657.80 Resistance now turned to Support and it was Natural to expect prolonged gains on Gold due it's role as an safe-haven. DX on the other hand reacted positively to Powell’s testimony which then limited Gold from further decline (as well as invalidating the Neutral Rectangle) and almost Bought back all previous losses. However, the underlying trend (Bullish) can be confirmed in the visible fact that Gold did not react as proportionally as it should to the slide of the DX (sequence last seen on June #15). I am holding my new Buying order with #2,682.80 Resistance break-out on main stage with #2,700.80 benchmark as my Target.