Selling sequence expected on Gold / Gold Bearish on Medium-term

Gold has made an important Bearish step towards full scale reversal as it almost recovered the #MA50 on the Hourly 4 chart on June #1. That makes Hourly 4 chart practically Neutral but on the negative side, well Supported at #1,765.80, which has held on multiple occasions. Hourly 4 is still Neutral as said, but broken Channel Up on Daily chart has expanded giving me positive signs that Gold should test my first Target (#1,747.80 within #3 sessions). Gold was mainly correlated with Stock markets during first #6 months of the Year (January-June) and probability that July will also be Stocks correlation month is #91% chances since DX was on decline and broke all Supports, and Gold was also on a decline #20+ $ which confirms my Gold-Stock markets correlation on July opening. Remember, when you are unsure of the Medium-term direction on Gold always look for clues on Stock markets and Trade accordingly. Only when Stock markets Trade on Daily Higher Low I will be able to note with a higher degree of certainty that the Bullish reversal on Gold is sustainable. Since #1,765.80 held as a Support, Gold naturally found more Short-term Buyers and Investors will again use Gold as a safe-haven parking their capital from Equities to Gold, but this phenomenon will not last for long. Daily chart should turn Overbought (Williams%) near #1,776.80 but that is far above my Targets. Same outlook happened in late June to mid July #2018 (consolidation within #1,440 - #1,380) I expect to be repeated once the Top is near Price-action (#1,770’s) - I expect similar scenario at the moment (#1,770’s - #1,740’s). If Bond notes also start recovering on every Hourly candle, I am expecting Gold to first recover #1,747.80 and if broken, #1,717.80 in extension. Gold rebounded on the #1,770.80 session point on a Hourly 4 chart Engulfing Bullish candle that set the all Moving Averages back to Neutral state (which is also a Bearish sign). This move was caused by a High’s on Stocks after the GDP release, a volatility reaction on Hourly 1 Chart which should soon normalize. Gold is currently on a diagonal correlation with the U.S. Stock markets and as long as the, Fed fueled, Stock markets soaring lasts, Gold will have evident Selling pressure visible. I will Trade the breakout (#1,765.80 break calling for Lower High test). Hourly 1 chart is showing Short-term Bullish values and Selling could be paused for #1 session, but surely will continue on Medium-term. Constant efforts of Gold to defend lower levels are not sufficient as Selling pressure is evident (Investors are moving capital from Gold to riskier assets). Gold reached out to near December’s Top levels and should Trade near Support. If Support is broken, I will instantly pursue lower Targets as Bearish Trend is resumed with second set of Sells with decent Volume (First one with low Volume is still active). Personally, I believe that Gold is both Technically and Fundamentally equipped to start reversing into a new Bearish leg. The narrow U.S. session today and closing should have a Neutral effect as Investors will probably focus on U.S. holiday and flat session today will be the product of it. Regarding yesterday's session, another High on the emerging Hourly 4 chart which was testing the #1,780.80 mark quickly entered the Overbought territory. It is more than obvious that Gold first spiked downwards, then strong rejection followed since Stock markets were Trading on Bearish Gap fill. The World’s political uncertainty is on the main stage as both Gold’s correlating markets are moving on a much slower pace (DXY # -0.02%, Stocks # +0.45%). It is Natural to expect a pullback if the political matters aren’t resolved, but as long as Stock markets are not pressured by disappointing numbers I expect a smooth downfall and call for #1,747.80 test. Especially since Daily chart is about to turn Bearish again. Since Gold was rejected instantly on #MA50 Hourly 4 chart, I will treat current Price-action as an Top, with the next Technical stop on the #1,747.80 zone. I remain Bearish targeting #1,747.80 first and #1,717.80 in extension Selling on every High. At this point I would like to share a key landmark on the monthly scale - Gold hasn’t still harmonized with DX. Bullish reversal is only sustainable if #1,785.80 is broken, but by my calculations, chances are slim regarding that outlook as I am not interested in further Buying. Keep in mind that my approach is swing trading (Long term positions) within quarterly cycles and my goal is identifying the correct trend for a longer period of time, even if it lags to a small extent.