Possible Sell opportunity
After exactly #1 Month of Trading (the #1,744.80 High during June), the Daily Rectangle should break to the downside and that constitutes an automatic Bearish break-out call. Hourly 4 chart turned Bearish again and every pullback on the Hourly 4 scale is again a Sell opportunity (Death Cross supports the formation). Technically Hourly 4 chart is a decent Channel Down now with a potential dip possibility around #1,695.80 and #1,680.80 extension if first Support breaks (which is the June #8 Lower Low) so a consolidation (around #1,720’s) is possible before a Higher Low test. If Hourly 4 #MA50 breaks, Gold ( Xau-Usd on my comments) will most likely delete the previous gains and engage a Selling sequence, breaking the Moving Average may extend the Price-action calling for Yearly Low test. On a side-note, since I booked decent Profits these sessions on Scalp positions, I will not change my strategy unless the #MA50 breaks and the Medium-term Selling opportunity appears. It is no surprise that the Price-action is consolidating on the third straight Hourly 4 candle as I mentioned, Gold was near the Top (Lower High trendline ) of the Rectangle and didn’t managed to break it and engage the Bullish confirmation point. As long as Top/Resistance holds, going back to the Hourly 4 #MA50 (which is now around #1,715.80) is the most likely an possible outcome. Needless to say, everything depends upon the catalysts of the week (Fundamental announcements), whose speculation is leading the Stock markets lower but Gold doesn't follow strongly (quite possibly due to the rise on the Bond notes). The obvious Target of the downtrend would be Daily’s Low #1,695.80. The session so far doesn't offer any conclusions as to the Medium-term direction as Gold continues to be Neutral on the Hourly 4 chart. Investors may be waiting for today's U.S. opening Bell to engage and the statistic I have and followed upon is, that Monday’s sessions (throughout past weeks) are Medium-term trend revealing sessions so I’ll keep an eye for it. I am on Bearish side surely.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-