Gold can't ignore correlations for much longer / Decline ahead

Gold's general outlook: With the Fundamental events positively exceeding forecasts and as I expected, Gold dipped on early Asian session yesterday while Bond notes made an recovery and added significant Selling pressure on Gold. Technically, it should be no surprise that Gold made a session Low near #1,723.80. Yesterday's session Bearish spike was mainly attributed to the turnover on both DX and Bond notes and traditional Gold decline after Fed monetary policy hike, even though that Resistance is broken on multiple occasions. It is important for the Hourly 4 chart to break the #1,722.80 on one try, as the current momentum still holds some Neutral bias. Gold is near the Higher Low extension, so according to Historical resemblance - Gold always repeats it’s cycles and Volatile sessions are ahead, but Selling sequence is inevitable. Like I said the trend is still Bearish regarding Short-term, and will only reverse if the current Weekly candle ends in gains (Breaking the #1,764.80 Resistance), which presently has slim chances. Gold has rallied in #2020, rising to the highest level in #6 Years, as Investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering Trade frictions. With that being said, I will not consider Buying anymore and will only turn to Selling Gold on Short-term.


Technical analysis: Gold was giving nothing but Low reliability signals as Resistance/Support breakouts were invalidated most of the times. As discussed, these are Fundamentally driven sessions and unusual spikes are part of it. The Price-action is under extreme Hourly 4 Volatility and on very important crossroads. The Hourly 4 should break to the downside and at the same time DX is Bullish along with the Bond notes on Monthly High’s (both marginally) which is Technically Bearish for Gold. Bond notes however (which has been the benchmark for Gold lately along with the DX) keeps their solid Channel Up intact. This displays a very mixed picture for Gold and I can only approach it with breakout points, as Gold is ignoring correlations for more than #14 sessions now. This is translated into temporary minor movements, which will be overshadowed when the Trend appears and allows the fair Technical Trading. As I am no longer interested in Buying, #1,720.80 - #1,722.80 is my re-Sell area and break of can engage #1,700.80 psychological barrier extension in motion.


My position: I am without a position almost for #7th session in a row, since I don't want to allow myself to gamble on ranging markets. I have no other option than to be patiently waiting for my model to appear and engage the Selling sequence which I am expecting / Gold surely can't ignore correlations for much longer, as DX and Bond notes were skyrocketing lately without Gold following it with an evident Selling pressure. If there wasn't strong Volatility, Gold's would be considerably lower.