Holding my both Selling orders / #1,615.80 on the cards

2022年10月20日

As discussed throughout my yesterday's session commentary: "My position: I have engaged additional Short-term Selling order (#1,645.80 entry point) along with portion of Medium-term Selling orders Targeting #1,633.80 Support first, then #1,600.80 mark in extension. Gold is under total Selling domination currently, Selling every local High's."


Technical analysis: My #1,622.80 - #1,627.80 projection has almost been hit even earlier than I expected as yesterday’s session Daily chart’s engulfing candle collapsed under the heavy Selling pressure from DX which finally found Support zone and attracted Buyers, aswell Bond Yields are Trading on spiral uptrend towards local High’s. As I've mentioned multiple times on my remarks since early last week, Gold Traders should expect Selling sequence in continuation. Gold was well Technically and Fundamentally equipped for an aggressive takedown towards Daily chart’s Support levels, which was much needed correction following the constant rise and soaring lately (keep an eye on November #3 cycle for similarities). I am expecting Gold only to fall more under these conditions. As Daily chart is now marginally Trading below the Selling accumulation area, current sentiment is turning into new Medium-term Selling opportunity once again and even though I can expect mild correction towards #1,652.80 benchmark, Gold may decline as Low as #1,615.80 former Resistance (September #28, #2-Year Bottom) and #1,600.80 psychological barrier in extension (Lower Low’s trendline of the Descending Channel).


My position: There is strong possibility of another case of DX pump (filling the Bullish Gap) which would make capital rush into the DX from safe-haven assets which were in demand such as Gold as I expect a test of the #1,600.80 Medium-term Support zone before any chances of recovery. If you followed my call you have many options on the table and of course, option not to Trade this anymore. If you are satisfied with #1,645.80 entry Profits and you are Short-term Investor, the Profit is too good to be ignored and order can be closed. If however you are willing to allow additional risk, move the Stop-loss on entry point (#1,645.80) and Trade the sequence towards #1,615.80 #2-Year Bottom. Personally, even though my Medium-term order from #1,720's is on heavy gains, I will allow additional risk and keep the Short-term order aswell (#1,645.80 entry point) and will slowly start taking Profits near #1,615.80 Bottom. Once again my Medium-term estimations are providing excellent results (Gold testing #1,600.80 mark, announced weeks ago), congratulations if you followed.