#2,552.80 achieved, well done!

7 ngày trước

As discussed throughout my yesterday's session commentary: "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."


My Medium-term Target is achieved which I announced more than a Month ago as I kept re-Selling Gold until I achieved #2,552.80 Medium-term Target. This went very good along with my recent Profits as Gold looks to even steeper decline ahead.



Technical analysis: The current strong decline towards #2,552.80 benchmark and in addition the #2,542.80 local Low's came as no surprise as it is next to the Weekly (#1W) market Bottom. If we close today's Daily candle in red we will have significant potential to re-test the #2,500.80 benchmark Bottom. What is Highly important to note is that I can spot very Bearish candlestick patterns on Daily chart (Three inside Down and Hammer's) which made me re-Sell every High's which Gold delivered - however also followed strictly DX chart - with DX on aggressive relief rally, never attempt to swim against the tide and Buy Gold at all (as I announced that Traders are underestimating strongest correlation Gold has which is Gold / DX). I still belive that Bullish reversal is not possible. I was expecting #2,500.80 benchmark today but this has to be postponed for mid or end of the week as sentiment might be in jitters due to the Oil crash. For me it is more important that DX met its Daily chart's Resistance / adding heavy Selling pressure on Gold where Selling potential on Gold is significant. I have announced #2,552.80 - #2,600.80 possibility since #2,700's.


My position: I am out of all orders and even if DX is skyrocketing, I will monitor the Price-action on sidelines with my Targets and Profit range achieved. Congratulations!