Closing my Selling order with Profit / engaged new SellAs discussed throughout my yesterday's session commentary: "My position: Within #5-session horizon I am expecting #2,252.80 benchmark to be met where Price-action might get rejected towards #2,300.80 psychological benchmark once again, which should be Ultimate Top zone for current Bear cycle. Since I announced that non-stop Bullish moves are matter of history and will not be delivered anymore, I can continue re-Selling every High's which Gold delivers and continue operating with my Selling orders comfortably. I have Sell order engaged with #2,328.80 entry point (optimal Target is #2,300.80 benchmark)."
I have closed my Selling order (#2,328.80 - #2,313.80) on a fine #15 point run, extending my results range to #50 Profits and #11 Stop-loss hits regarding December - June cycle.
Fundamental analysis: Surprising market reaction on slower Rate hikes and Bond Yields Buying acceleration program (U.S. Senate agreed for lifting debt ceiling even further in near past) and for this kind of Price-action sentiment I have excellent explanation from Technical side, strong rejection came from Fundamentally Overbought levels and my oscillators rejected near upside movement neckline. In the same manner regarding the Hourly 4 chart, Gold is Trading near Support zone fractal and by breaking it, Gold will confirm Selling sustainability and Selling pressure it is Trading under.
Technical analysis: Technically, Daily chart already indicates that Buying in general is near exhaustion as in my model, all depends on DX currently Trading on mild Intra-day gains as I will keep an eye on both charts. Personally, after such Fed’s announcement, Gold should Trade significantly Lower under the circumstances. #2,300.80 benchmark configuration was broken on #1 hit / try, but spike was recovered instantly and engaged the #2-session recovery. Since all this is going on near the Medium-term Support zone, market speculators are preventing the full scale oscillation towards #1st Lower Low extension. I see no space for further Buying, as everything is set for yet another Selling sequence on Gold and multi-Month Bearish cycle ahead.
My position: As movement is within my Selling model, I will constantly re-Sell every High's which Gold delivers which is my proved Long-Year strategy. I have engaged new Selling order with #2,322.80 entry point, optimal Target remains #2,300.80 benchmark as my position is running in decent Profit currently. I do expect #2,252.80 benchmark test throughout this week so Trade accordingly.