Even though the Price-action broke the Lower High trendline yesterday, it failed to test the #1,727.80 first Support (former Resistance), so Technically, Gold is still near the Lower High, but still I see no signs of a recovery. If #1,727.80 breaks, then the Hourly 4 #MA50 should be tested, in case of Bearish sequence below, Price-action will be calling for #1,695.80 extension (Since many Traders are making inquiries regarding the Price-action - is #1,695.80 is my Target? - here is the explanation: I always mention furthest possibile extension, I don’t set a TP/Target on it - my Target is #1,715.80 (MA50)). However, as Long as the #1,744.80 Resistance Zone holds, Gold is Neutral/Bearish on the Medium term. If broken, 1,750.80 should be next extension - since Volatility is ahead and I don’t want to gamble on ranging markets, I’ll add tight SL to my Trade (around #1,745.80) so I won’t endanger my Monthly Profits. Hourly 4 #MA50 is still untouched, so Technically I still don't have confirmation of a downfall, but I already engaged Sell with #1,715.80 Target. Usd-Jpy pair recovered losses and is near last week's High but this was counterbalanced by the pullback on Stock markets. Gold remains relatively High under the circumstances. Under this volatility best to do if you are a Short-term Trader is to scalp the price whenever it goes within the Hourly 4 Bollinger Bands. Anything outside this range is led by macro-economic forces that are difficult to handle with such uncertainty. My first Target is #1,715.80.
Note
SL moved to #1,749.80.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
- My official and only Telegram Channel: t.me/goldenBear88
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.