Gold broke the last barrier of #1,705.80 on spot prices (as expected), confirming the downside wave towards the Daily Support zone. I engaged set of Sells with #1705.80 (from #1,720.80) Target which was hit/tested on Intra-day basis while I booked decent Profits on the Selling sequence (#1,720.80 - #1,702.60). This is an important crossroads for Gold because this was an Selling confirmation on Weekly basis. Daily and Hourly charts turned from Neutral to Bearish again, also based on the Weekly Channel Down since April, I am even more certain in Bearish continuation. The DX is Trading on indecision candles and should stay above #99.50 but that is likely to have little effect on Gold. Gold is now Technically equipped for a new downturn, as it's directly correlated with Stock markets, partly with Usd-Jpy pair. Technically, both on Oscillators and Candlesticks , Gold should lose value with every hourly candle to #1,675.80 and if broken, the #1,647.80 is next extension. I am without a position, waiting for Monday's opening. Most likely, will engage bigger sized Selling order on early U.S. session, with #1,675.80 Target. Traders who followed my calls, congrat's on Profits!
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- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.