Selling order activated / Buying bias limited as expected

As discussed throughout my Friday's session commentary: "Since Buying is strongly limited, I don't have any interests in Buying Gold on both Short and Medium-term, so I will await the chance to re-Sell Gold towards #1,892.80 configuration. Most likely, such opportunity will not arise throughout today's session as I will take early weekend break, Highly satisfied with my Trading results for current cycle."


Gold's general commentary: Gold well respected my reversal values and is now Trading under Selling pressure which I mentioned on my remarks throughout last week. Gold continues to consolidate near the Hourly 4 chart's Support Intra-day, while being unable to extend the candle below #1,877.80 variance. This time however the Hourly 1 chart’s configuration is coming strong from below to offer potential support at #1,877.80 - #1,882.80. If the market closes above it, then more than likely the Daily chart’s Top’s formation will potentially be tested within tomorrow's session (currently Trading at #1,892.80 - #1,897.80). A break above it paves the way for #1,906.80 barrier test in extension, while a Daily market closing below the Hourly 4 chart’s #1,886.80 (former multi-Month Resistance zone) opens the way for #1,852.80 - #1,861.80. It is important (since the Bond Yields remain Bullish on Hourly 4 chart) to keep an eye on DX which came too close to its Daily chart’s rejection pressure point and now is on parabolic uptrend. I give more probabilities to the downside, #1,886.80 or below once again, anyway’s it is still too early for me to speculate the depth of current Selling sequence (with Selling pressure coming from both correlating assets).



Technical analysis: The Price-action remains within the #1,880.80 - #1,890.80 range, way above of the December #28 - January #16 High Volatility zone and is consolidating as mentioned on my Friday’s session remarks. I treat this as an already formed Three Drives pattern so the formation should be fairly symmetrical. The January #26 Low’s was at #1,852.80 so I can't exclude a similar symmetrical Low’s test this time around, and if Price-action invalidates #1,877.80 sequence, then doors are open to #1,852.80 and #1,800.80 psychological barrier test. The Daily chart is currently on negative gradient as it was close to complete the Ascending Channel’s Ultimate Top zone (near #1,917.80 - #1,927.80 possible zone, after previous July #17, July #29 and September #29 Triple Top formation) for the first time since April #18 decline. If the current pattern is symmetrical to the November - January Inverted Head & Shoulders, then the Selling sequence that took place on February #16, #2021 and delivered the #1,678.80 market bottom of March #8, could be the directly symmetrical sequence and Medium (to Long-term) Selling projection, which offers great value for Gold’s Sellers. That suggests that if Gold breaks below the current High Volatility zone (#1,886.80 - #1,892.80), the first Target on the cards should be the Lower High’s Lower zone (around #1,852.80 - #1,855.80, representing stabilization zone) and then a Lower Low’s extension should follow below #1,827.80 configuration.


My position: As Gold reached my Selling entry values, my Selling order was triggered on #1,886.80 Support break (entry point) where I am ready to pursue #1,861.80 vicinity and #1,852.80 with my activated Selling order. I firmly believe that this time Gold will extend the decline and test Lower zone of Higher Low's belt.


I will use this chance to congratulate Bayram to all Muslims, Eid Mubarak!