Re-Sell order engaged / #2,300.80 TargetedAs discussed throughout my yesterday's session commentary: "My position: I have engaged Selling order with #2,348.80 entry point, #2,300.80 benchmark remains optimal Target for the fractal. I do believe that Gold might re-test #2,350's Resistance zone before #2,300.80 aggressive takedown test."
My #2,348.80 entry point hit #2,356.80 Stop-loss as I re-Sold Gold with #2,356.80 entry point, optimal Target remains #2,300.80 benchmark.
Technical analysis: Gold has light calendar throughout the session and expect no sudden moves. DX is on mild decline which is adding Buying pressure on Gold. There is no definitive upwards direction motion within this range so from a Technical standpoint, Selling is recommended until Gold presents me with a break-out (market closing below #2,352.80). I am still idle until we either approach the #2,362.80 Resistance or if #2,340.80 Support breaks to the downside (even though my Selling order is in excellent Profit by now). In both cases the Short-term Target is #2,300.80 benchmark. Despite last week’s strong Bearish candle sequence, Gold remains largely Neutral within the #2,332.80 Bottom and the #2,456.80 Resistance zone. Following yesterday's unexpected Bullish spike towards #2,352.80 benchmark / first Resistance (Bullish spikes became new norm lately), Gold is now consolidating on Hourly 1 chart within #2,340.80 - #2,352.80 Neutral Rectangle (limited to #2,332.80 - #2,356.80 High’s / Low’s) raising decent Selling opportunity for Short-term Sellers. Based on the Daily chart’s Descending Channel though, this may be just the consolidation before the next aggressive slide but could be as long as the previous decline within last Daily chart’s cycle to the downside (# -8.13% magnitude). Sellers which aren't positioned on market are a bit late now and should look for a Higher entry later on.
My position: I have re-Sold Gold with #2,356.80 entry point, optimal Target remains #2,300.80 benchmark.