Technical analysis: Gold is currently on one of the strongest Daily candles since February #14 (not on Daily % change) as the #2,162.80 (my previous Target which I announced lately many times throughout my commentary) fractal Low's wasn't met but constituted an ideal Higher High’s to the emerging Hourly 4 chart’s Ascending Channel. This means that the channel can now put the #2,220.80 - #2,227.80 Ultimate Top's level to the test before further downside. With Daily chart however critically crossed into Bearish values I maintain my final Target of #2,100.80 psychological mark (on Medium-term). Remember when unsure of Gold's direction look always for the underlying correlations with the strongest instruments. With DX convincingly breaking the Medium-term Resistance cluster (# +0.27%), Gold is guided by outside factor which is manually keeping Bullish bias alive. Gold's Bearish Medium-term trend on Daily chart though is maintained. What lot’s of Traders cannot realize and cope with is that it is fine to sit out sessions and fractals which are not within your model, regardless DX is soaring however Gold remains on mega Bullish trend which is delivering aggressive Bullish spikes almost on Daily basis. Gold still gains more value than DX does, indicating an elemental Bullish trend. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility "noise" candles occur outside of the Technical channels. At this point it is essential to either choose a range to scalp or take a Medium-term position (what I am doing successfully lately). I personally remain Bearish under the Daily chart’s Selling action of the past several sessions which suggests that Trading may continue to be performed within #2,162.80 - #2,182.80 belt. However if market closes above #2,200.80 benchmark, expect Buying sustainability on Short-term coupled with aggressive Bullish spikes and heavy Buying pressure.
My position: I spot no Selling opportunities and will remain on sidelines. My yesterday's Selling order triggered breakeven Stop-loss and I am ready for my capital to utilize new re-Sell orders.