Opening my set of Selling orders / Bearish Gold on Short-term

General outlook: Productive day throughout yesterday's session for both Buyers and Sellers as the Top rejection on Daily chart rejected further uptrend and as my #1,960.80 break out point still not compromised, Gold made it to #1,939.80 almost (Spot prices). The Bullish reaction is due to the Higher High trendline that started with last week’s High zone. Gold firstly invalidated #1,941.80 and #1,947.80 Resistances with the fakeout, engaged the decline which was later Bought. This is not the most important Resistance level though, it is the Hourly 1 chart #1,962.80. As long as Gold is below it the Hourly 1 Support will be continuously tested but above it, the goal is the Hourly 4 chart #1,971.80 fractal. Do not Trade this without breakout points, the times are very Volatile. I am expecting Daily chart #1,927.80 Gap fill and #1,917.80 in extension as Price action will most likely close below Resistance. As I noted, Gold is surely correlated with DX again (February #27 - July #27 sequence), but this time Diagonally (when DX is rising, Gold should decline). DX is still taking strong hits and that is the reason behind the strong Volatility Gold is Trading under. Bond notes are above the Hourly 1 Support too so everything is set for aggressive decline. Most important pointer is Technical necessity for a Lower High test, and Resistance rejection should engage Support test in motion. I have positioned myself on Medium-term on Selling pattern and I will operate on my Sell orders it as long as it lasts.


Technical analysis: Market closing session so far didn’t offered any conclusions as to the Short-term direction as Gold (Xau-Use on my commentary) continues to be Neutral on the Hourly 1 chart and especially Hourly 4 chart with the upper line of Keltner Channel as an re-Sell entry, and lower line of KC and below should represent my Target. Investors may be waiting for today’s session U.S. opening Bell to see how the market will digest mix of Fundamental speculations which are keeping Bullish bias alive, and Technical Bearish opening / and the only statistic I have is that every time Gold reaches Resistance levels on RSI (Hourly 4 chart), Gold is Bearish with a #71.4% probability on a #4 session horizon. I will trust my model/statistic and engaged my Sell order with #1,920.80 Target. I assume that DX will rebound a little on today’s session from the current levels and that should give me a Price-action dip around #1,920.80, my main point of interests which I will use to Buy again since Gold is Bullish on Medium-term. Since my last Year's Profits were great, margin will allow me a bit wider Stop-loss on set of Sells I am operating with.