Gold eyeing #1,678.80 and #1,588.80 in extension / Keeping Sell

Technical analysis: As is evident on my chart, Gold broken the semi-Support of #1,753.80 and should be comfortably Trading below it, which delivered strong Selling signal and gave me a final go to pursue the #1,700.80 psychological barrier, but Price-action strongly rebounded and engaged mini Buying leg (in form of a Short-term recovery attempt), however such configuration is no cause for alarm. Gold is now ranging as the signs of exhaustion from both Fed speculations rally and DX Lower High rejection early on (currently Trading on mere losses # -0.12%). Technically, Price-action is fully Bearish on Hourly 4 chart within #1,760’s belt. However, Price-action got rejected near the #1,744.80 Support and immediately Bought back recent losses as Buying pressure impacted the market from recovery on Bond Yields, and DX taking strong hits on Wall Street opening Bell throughout Friday’s session. Bond Yields were soaring but within an Trading Hour, filled the Negative Gap and this Buying action on Gold is an result of it. Under this Hourly 4 chart’s Volatility, best to do is wait for a Selling breakout (meltdown initiation), with already engaged Selling order, ready to pursue #1,727.80 or less. Anything outside Daily chart’s Channel Down is led by macroeconomic forces that are difficult to handle with such uncertainty. Regarding historical resemblance, it is evident on my chart that Gold is trending downwards and Trading on Selling cyclical potential since August #7, #2020. Since August, Gold always got rejected #3 times near Lower Low extension, than made a final aggressive takedown of more than #200 points. Currently, same fractal is yet to be repeated, where Gold priced in #3 Lower Low extensions, Bought back the losses (towards September #7 Top), and is ready for final meltdown, where I am expecting #1,678.80 configuration and #1,588.80 in succession. All values are placed on my chart explanation.


My position: I am holding my Selling order I engaged throughout yesterday's session, with #1,757.80 as an entry point. As discussed above, I am confident that multi-Month Bearish cycle is ahead on Gold. #1,720.80 configuration is my first Target.