As discussed throughout my yesterday’s session commentary: “My position: My #2,902.80 pending Buying order got triggered and is currently running in decent Profit.”
I have closed my #2,902.80 entry point Buying order on #2,922.80 with excellent #20-point Profit however I have engaged new #2,920.80 entry point Buy which I didn’t closed on #2,927.80 Resistance test and had to close it on #2,915.80 with #5-point loss. I have waited for Bottom test prior to each Ascending Channel and re-Bought Gold on #2,908.80 and kept the order which is currently running. I am expecting #2,952.80 benchmark as next extension / contact point if #2,927.80 Resistance / local High’s gives away. I will turn to Selling only if #2,900.80 benchmark gets invalidated and market closes below / or aggressive break-out to the downside.
Technical analysis: Very flat to Neutral Trading numbers since early E.U. session, ranged on the Hourly 4 chart within roughly #2,910.80 – #2,922.80 zone which represents the optimal breakout zones regarding Short-term. As long as the sequence lasts, this makes an basic Intra-day Neutral Rectangle Trading without any major changes, even though that Yields were Trading above the Daily chart’s Resistance for more than #8-Hour horizon however main pointer is DX. The Medium-trend remains fully Bullish however lately potential Bearish reversals / Technicals are easily distorted by Fundamental announcements, which are adding strong uncertainty on DX and – directly affecting Gold. As side Swings are the new norm, I adjusted my Trading strategy properly. Gold is strongly correlated with DX however always-changing trend (on High speculation mode ahead the news) makes Gold (for now) difficult asset to Trade on for Sellers.
My position: My #2,908.80 entry point Buy order is up and running with Stop on break-even towards #2,927.80 Resistance. If this fails, I will add one last Buy as near as #2,900.80 benchmark. If that fails (less likely), I will Sell Gold on spot below #2,900.80 benchmark towards #2,852.80 in extension. However I give more probabilities to the upside and will keep Buying every dip / local Low’s which Gold delivers.