Waiting for opportunity to add more Sells

8 Mar 2020

Once again Fundamentals distorted Technical proper trend (Bearish) with unexpected aggressive Gap on DX and Stocks which added huge Bullish pressure on Gold. With aggressive rise on E.U. opening on Friday, Gold has continued trading in a Wedge on Daily chart as Friday's #1,670.70 is a Higher High and #1,655.70 a Lower High. I am waiting for "middle" to be broken again (#1,660.70) and will add second Set of Sells calling for all the way to #1,600.70. This is a natural volatile response prior to such an important macro Fundamental events and surely this is not Gold’s fair Technical value. DX was losing value with every Hourly candle and progressively it added Buying pressure on Gold. Important note: For Gold to obtain Bullish confirmation, it’s needed to see firm ground for it = #1,690.70 or more. I am expecting new #1,630.70 Test early next week. Weekly candlestick patterns show anemic activity, which is difficult to determine an intraday trend. As I stated, I will patiently wait for the right moment to add more Shorts. Trending traders may follow last week's developments, but no Investment bank nor a Trader could foresee #2 gaps on DX and Stocks at the same time which was a pure sign of market manipulation.