Closed my Buy order with Profits, will wait for a breakout level
Regarding my account: I have closed Buy order I engaged yesterday (#1,827.80 - #1,844.70) with decent Profits, and to protect my capital (since Gold is Trading on strong Swings lately) I will wait for the breakout (#1,850.80) then make my move, to be certain in Bullish sustainability. I am on a healthy #9 Profits row (#1 Stop-loss hit) as I am more than satisfied with my Profits for current cycle.
Technical analysis: The Spot price (Xau-Usd) lately almost touched the #MA50 on the Weekly (#1W) chart, first time it does so since the March #16 candle of the virus meltdown. Basically since Gold started this #2 Year Bullish sequence and broke above the Weekly chart #MA50 on December #2018, this has been the strongest Support and what accumulated the most Long-term Buyers among Investors. Few Week’s before, I mentioned #1,752.80, as long as this holds (or as safety it consider #1,745.80) then again Long-term Investors should accumulate for the next #6 Month Bullish wave on Weekly chart. If that level doesn't hold then current Bearish setup may trigger more Stops and Selling can get extended to the June #1,670.80 Low. Short-term Traders have no alternative options than to operate #10 point positions. It became too difficult to project the Short-term, especially with Traders with smaller margins, since Technicals are too Volatile and fluid - so I will approach with extreme care (breakout and exit points just like I did currently) to preserve my capital until the fair Technical trend appears. I believe that #1,900.80 is surely on the cards in the near future.
Technical analysis: The Spot price (Xau-Usd) lately almost touched the #MA50 on the Weekly (#1W) chart, first time it does so since the March #16 candle of the virus meltdown. Basically since Gold started this #2 Year Bullish sequence and broke above the Weekly chart #MA50 on December #2018, this has been the strongest Support and what accumulated the most Long-term Buyers among Investors. Few Week’s before, I mentioned #1,752.80, as long as this holds (or as safety it consider #1,745.80) then again Long-term Investors should accumulate for the next #6 Month Bullish wave on Weekly chart. If that level doesn't hold then current Bearish setup may trigger more Stops and Selling can get extended to the June #1,670.80 Low. Short-term Traders have no alternative options than to operate #10 point positions. It became too difficult to project the Short-term, especially with Traders with smaller margins, since Technicals are too Volatile and fluid - so I will approach with extreme care (breakout and exit points just like I did currently) to preserve my capital until the fair Technical trend appears. I believe that #1,900.80 is surely on the cards in the near future.
- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
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