Gold really close to turn Bearish on the Short-term

Gold's general commentary: As expected the #1,971.80 - #1,982.80 Support zone held throughout late last week and that development alone gave Gold a strong boost back above the Daily chart's #1,991.80 Resistance (former Support line). Gold's Short-term remains Bullish regardless of Intra-day's aggressive slide and the next Technical Target remains #2,000.80 psychological benchmark. This strength of Gold is maintained despite current weakness on DX (indecisive moves) and every time Price-action gets rejected near the Support zone, Gold will be forced once again towards the Resistance (and vice-versa). Current aggressive spikes to the downside are sign of decreased demand for Gold and that Fundamentals are slowly leaving the scene. Based on Daily chart's dynamics, Gold's Bullish trend is preserved and if #2,000.80 benchmark gets invalidated, #2,010.80 - #2,014.80 Resistance zone is zone to monitor.


Technical analysis: Last week's local Low's rejection pushed Gold aggressively on my recent take Profit of #1,991.80 to form #2-session High's. Traders witnessed fair Technical slide which I always look to utilize as Shorting is excellent way to make Profits on Gold since there is lot's more traffic in Selling than Buying, as Bull leaps are usually Fundamentally driven on Gold. Hourly 4 chart is approaching #8-session old Neutral Rectangle however Daily chart may shake off the last of it's Neutral values and align with semi- Bearish CCI which is approaching # -100 numbers, delivering Medium-term Selling signal. DX rebounded strongly off it's local High's and is now in the process of seeking the Support. (#1W) Weekly chart's candle is near a (#-1.27%) close, effectively limiting the losses / however on the other side, Buying pressure is not so strong and that's why you witness such Low Volume movements on Gold's Price-action. Monthly candle is now at (# -0.49%) and the goal is to slide further by closing, extending the Selling continuity. That is why Traders should observe their gains / losses on a Monthly basis, as despite the Volatility on smaller timeframes as this one, the Medium / Long-term patterns always prevail.


My position: As I was heavily on Bullish side taking Profits by Buying Gold on every local Low's, current Selling developments seem sustainable as there are significant risks that Gold might deliver aggressive takedown towards #1,952.80 psychological benchmark followed by #1,940.80 Support test in extension. My Selling order is intact I engaged late last night ahead of Asian session with #1,982.80 as my entry point. #1,952.80 benchmark is my optimal Target however I will monitor closely the sequence and close the order if it does not deliver results.