Closed my Buy with huge Profits / #10 Profits row

2020年12月17日

As discussed on my yesterday's commentary:" Regarding my position: Gold has broken my Resistance as I acted accordingly, have my Buy order ready to pursue upper Target as Gold has Bullish sustainability. Next strong Resistance is #1,872.80, and if invalidated, #1,900.80 psychological barrier is on the cards for sure." - I have closed my Buy order (#1,851.80 - #1,873.80) with huge Profits as I will keep Buying Gold on Medium-term. Congrat's for Traders who followed my calls, as there was #10 Profits row and only #1 Stop-loss hits, as I am more than satisfied with my Monthly cycle Profits.


Technical analysis: Since #1,852.80 broke, the former Bearish pattern got invalidated and as the Hourly 4 #MA50 continues to act as a Support. Gold is Naturally testing the #2 Month Resistance zone of #1,872.80 - #1,882.80. This is rather straightforward on a Medium-term basis. There was switch from Bearish to Bullish Medium-term trend, and should continue as High as roughly #1,927.80 where the psychological barrier of #1,900.80 will be waiting firstly. In order to invalidate current configuration (in case always if #1,872.80 holds) Gold may decline towards Hourly 4 #MA50 (or below) as it happened both on November #9 and November #23. It is important to note that Technically, SMA variance is showing strong Buying signals and Fundamentally it appears that currently Gold is not correlated with Usd-Jpy pair anymore, than to DX (whose Low levels should have had Gold much higher) but with the act that following the vaccine, Stimulus sentiment (which should be Bullish for Gold), Long-term Investors that have Bought months back are closing their positions in an attempt to limit the downside risk. I expect #1,900.80 break within #5 sessions.


Fundamental configuration: Gold was among the winners of the Fed's decision this throughout yesterday’s session. Valuable ground's given and #1,805.80 strong Medium-term Support looks unreachable for at least #40 sessions. Fed kept rates unchanged, and signaled that near-zero rates would continue through #2023 to support the next phase of the economic recovery as the vaccine news are already digested by the market. Investors clearly show their interest to try riskier assets like equities and as long as DX is without a recovery (Currently on steep Channel Down), Gold will keep Trading on gains. Daily chart turned Bullish with Resistance level priced at #1,889.80, and if broken I expect historic upside potential of Gold (my estimations show even #1,988.80 and #2,000.80 in succession within #2 Month variance). Quarterly Investors will pressure on the Resistance based on Bullish Fundamental outlook on Gold (As long as Fed remain the rate unchanged, Gold will rise) and Stimulus negotiations which are near the completion. Buying pressure has the potential to make a run to the upper Keltner channel zone (above my Resistance). The sentiment is strong Buy and the Price-action cannot rebound more at the moment. Gold has corrected most of the last Week's losses with a Hourly 4 twin candle on today's undisputed Bull trend. Daily chart displays very balanced Bullish Technicals. In any case, Target #1,900.80 is surely still in effect. Statistically, #4 out of #4 Fed events brought Volatility, and Buying sequence on the aftermath / I see no reason why it shouldn’t be the case at the moment.


Regarding my position: I will keep Buying Gold, as I have my Buys ready for the #1,900.80 test, and will add more Buy orders if Price-action dips, since Gold is on undisputed Bullish trend.