Both Buying orders in Profit / #2,700.80 Target

21 Nov

Technical analysis: Following the #2,622.80 local Low’s rejection, the Price-action pulled upwards on a Daily chart’s Engulfing Bullish candle, making an expected Bottom at #2,618.80 - #2,622.80. This doesn't alter my fair Technical perspective (even though I turned to Buying) as the current levels are too Volatile even for Gold standards. Hourly 4 chart appears to be healthy Ascending Channel taken from Double Bottom formations (Lower High’s / Higher Low’s) and already mentioned Support base. I am not interested in engaging on additional Risk outside my (more comfortable) Buy benchmarks (known from previous remarks).


Fundamental analysis: Gold has started trending upwards again on a very strong Hourly 4 chart’s Engulfing candle that broke through the immediate Resistance and should aim on the next candle at #2,672.80 - #2,678.70 Gap fill. As mentioned throughout my remarks, what was causing “soaring on Gold was a combination of Trade optimism (DX on losses against the Gold as safe-haven) but mostly in my opinion - geo-political tensions escalation". It is no surprise that today's Support rejection on Gold comes with DX declining sharply. Even though DX is on Bullish Technicals, it is not playing any role in current configuration. Since Hourly 4 chart still didn't reached it’s maximum, I still do not expect Short-term Selling opportunity towards session Low’s.


My position: I have announced on beginning of the week that Gold may skyrocket due Nuclear war news on Russia - Ukraine front and as such Gold has to soar as a safe-haven. Since my re-Sell zone has been invalidated, I have engaged two Buying orders with #2,647.80 and #2,656.80 entry points / both are Targeting #2,700.80 benchmark. If #2,672.80 gets invalidated, #2,682.80 is next extension towards #2,700.80 benchmark.