Gold's indecisive Short-term / decline ahead

Gold's general outlook: The Price-action is back up on Daily levels and Buyers who engaged extended Buy orders again were tricked into their false beliefs since they didn’t checked DX levels (once again Gold breaks the Support/Resistance and reverses). Despite all this and from a Technical standpoint, Daily chart is showing an Price-action Rectangle with detectable Higher Low’s, able to convert into a Descending Wedge. I do not see Bullish Short-term trend as sustainable, unless #1,750.80 breaks (slim chances). Long-term, the developments are there to support an downtrend. Also, Gold failed to break above the Double Top region and was rejected (on wider margin already being around # +0.08%). With Hourly 4 chart now turning Neutral, the spot price (which is always the focus of my analysis) is close to my desired vicinity as mentioned on the two previous posts, configuration which is Trading on #1,722.80 variance. This is an Three Drives pattern and if the identical TDP pattern of February #24th - March #11th is replicated, then I can expect a #1 session upswing to upper levels, followed by a Selling break out below #1,722.80. Don’t set aside that crucial level is Hourly 4’s chart strong Support aswell is priced on #1,718.80 - it is important to monitor will the Price-action break the Moving average or reject the sequence. Still I see no Profitable Short-term pattern since Gold is in Horizontal Channel with Lower Low’s and Higher Low’s giving me a hint that best decision at the moment is to patiently wait for a breakout. The correlation of Gold with the Bond notes is very strong (and diagonally correlated).


Technical analysis: Since the Daily chart Rectangle is preserved and Resistance line was still out of reach throughout today’s session, Gold Bought the dip and is close to the Daily chart pressure I mentioned on my commentary which was the ultimate Top Target in the event of a breakout. Personally I gave more chances to the Bear breakout as (on the other side) this is why I have Support levels for, to provide exact signals and Sell the market when they break. I have to zoom out to the Daily chart to better assess the situation where the RSI is just below the November #6 High levels, with the Highest level before that being the August #7 High, which is giving confidence to Sellers, showing that there is still much space for the downtrend. So it appears that the Daily chart’s pressure point of #1,722.80, which has been the Long-term Selling accumulation level - in this case will be a Medium-term breakout call and shift Gold from Neutral to Bearish on the Short-term. In such situations, the Daily pressure point (typical Selling variance) when broken, engages the minimum #58 point Price-action fractal, as I expect #1,678.80, if #1,700.80 gets invalidated on Daily chart. I am confident that Gold will break the #1,700.80 psychological barrier with ease and continue Trading on lower levels. Gold is Neutral for #10 consecutive sessions now.


My position: I will engage my Selling orders only if #1,722.80 breaks.