Sell every High's on Gold

13 Nov

My position: Gold is delivering excellent Selling opportunities as I am expecting even more pain for Buyers on Gold. All this is closely attached to DX on aggressive relief rally which is delivering heavy Selling pressure on Gold. Due Daily chart's #MA50 break-out and market closing below, I am expecting #2,552.80 benchmark before stagnation zone (as discussed many times on my remarks that #2,552.80 - #2,600.80 is ahead). I have engaged new Selling order with #2,595.80 entry point (optimal Target remains #2,552.80 benchmark).


My #2,595.80 entry point re-Sell order hit #2,601.80 Stop-loss throughout yesterday's session however I have re-Sold Gold on #2,613.80 / closing my re-Sell order on #2,593.80 which recovered instantly small loss I have made previously. Remember that the Trade remains "Sell every High's" where I will Sell every High's which Gold delivers.


Technical analysis: Gold continues to Trade within healthy Hourly 4 chart’s Descending Channel, holding tightly the #2,592.80 - #2,602.80 pressure point as an Support zone (see how it held throughout today’s session on the exact spot, aswell holding and untouched on multi-Month base). Assuming that the Selling pattern continues, then the current market sentiment represent an additional solid Selling opportunity towards the #2,552.80 extension (taken from June - July Annual High’s), as recession sentiment is off the the markets slightly so safe-haven assets such as Gold (which were on High-demand) should suffer as Investors are slowly losing interest which should add strong Buying pressure on Bond Yields and DX (my strongest correlation at the moment). There is only one strong Support line left towards #2,552.80, which is currently Trading on #2,562.80 configuration. I’ve been highlighting the #2,552.80 potential many sessions ago and I assume with current market overview, Gold may test it within #2 - #5 session horizon. After the Lower High’s Upper extension test it is pure speculation where market will be headed next, however my estimates are showcasing (according to Weekly chart’s (#1W) historical resemblance / Bear cycle) that correction process is in extension if #2,552.80 break-out deliver more pain for Buyers ahead.


My position: I currently hold no new orders as I plan to re-Sell Gold ahead of CPI which is on calendar throughout the session. As long as DX is on aggressive relief rally there will be no serious uptrend on Gold as I will Sell every High's which Gold delivers. I do expect CPI to rise which will spike up DX even more as I will re-Sell Gold as near of CPI event. I am looking at #2,552.80 test initially.