Gold on upswing as expected / Medium-term Buys engaged

24 Okt

Technical analysis: Gold shows surprising persistence after breaking the #2,727.80 - #2,732.80 former Resistance now turned to Support zone (Daily and Weekly close above the fractal necessary for Buying extension). A correction move was likely as I mentioned throughout my yesterday's remarks, however Gold was able to deliver the relief rally despite the DX continuing to strengthen in addition (up # +0.59%) while Gold was on (# +2.05%). This can also be confirmed in the "DX - Gold” proportional movement correlation. Although Powell's speech halted the growth (since it contained nothing that would even tangentially promise the Fundamental reversal of the strict Interest rate policy - Interest rate reduction), however Gold fought back almost the entire Technical loss on throughout yesterday’s session and should close the week within my Buying model on Hourly 4 chart. For the moment, current decrease can be seen as the usual correction part of a major uptrend, however, it should be noted that under such conditions Gold should continue Trading on much Higher levels fuelled by Fundamentals. My projection was delivered as I mentioned that every aggressive decline will be equally strongly reversed.


My position: I have engaged re-Sell order instantly when #2,752.80 benchmark got invalidated however I have closed my order in Profit much earlier as I expected only (# -0.90%) decline as per Hourly 1 chart's cycle of previous Rising Wedge. However I have engaged Buying order with #2,712.80 (below previous U.S. session Low's) of #2,714.80 which I believed that it will contain the uptrend and kept it over-night / closed minutes ago on #2,735.80 which brought excellent Profit. I am Highly satisfied with my results.


New meta: As I maintain my #2,800.80 Medium-term Target / I engaged two #2.0 and #3.0 Volume Medium-term orders on #2,712.80 as well with #2,800.80 Medium-term Target. I have managed to make #100-points Profit on such orders twice already and will continue to do so all the way until #3,000.80 benchmark test.