Closing my Selling order with Profits / #4 Profits row

As discussed throughout my yesterday's commentary: "My position: As stated above, I Sold Gold on spot calling for #1,700.80 psychological barrier extension. My entry point is #1,731.80, as I expect #1,700.80 test within #1 session."

I have closed my Selling order Intra-day ahead of crucial #1,718.80 Support (#1,731.80 - #1,720.80) with an decent #11 point Profit. I am currently on #4 consecutive Profits row. Congratulations for Traders who followed my call!


Technical analysis: The Price-action found strong Resistance zone durability at #1,738.80 - #1,743.80 and that structure itself attracted Selling pressure. The previous Hourly 4 chart candle stopped below the Resistance zone and the current one should stop below the #1,727.80. I don't expect Gold to Trade any Higher than this week’s numbers especially with RSI lately rejected near #8-Month Support (that was the sole reason of Short-term recovery throughout Monday’s session). Regardless of that the Weekly chart’s Double Top constitutes that the #1,678.80 should be tested once again (break of Triple Bottom zone) and make a rebound only near Lower Low stabilization zone (near #1,627.80) as the Selling sequence is looking for continuity. At this point it is essential to either choose a range to Scalp (which I am not big fan of, as every Trader understands) or take a Medium-term position (what I will do preserving my Selling outlook). I personally remain fully Bearish under the Daily chart’s Bearish action (and the eminent Death Cross on Hourly 4 chart) of the past several weeks which suggests that Trading will continue to be performed within the #1,700.80 - #1,690.80 range. Prepare for total Bearish domination and Multi-Year Bear cycle. I am confident that Price-action will cover the #1,700.80 ground within end of the Trading week.


My position: However, regardless of the above, as every Professional Trader understands / market can't only Trade in one direction, as Gold may experience the #1,745.80 - #1,750.80 Bull spike, visible as an correction. It surely won't be cause for an alarm, as configuration is still within my model. I will not allow additional risk and will remain off the market for today's session, and as tomorrow's session opens, I may pursue #1,700.80 extension, as I believe that Trading will be performed below the psychological barrier. As Gold is cyclical asset, historical resemblance is pointing that Triple Bottom will break as Gold always deliver #3 firm Lower Low extensions before the stabilization area. Take that into account.