Holding my Selling order / FOMC on main stage

Technical analysis: Price-action respected my Resistance zone limit projection as Gold was testing #1,852.80 local High’s, and #1,862.80 Resistance in extension as a new viable Target for Buyers before aggressively pulling back to #1,800’s level (Gold is turning from Bearish to Neutral on the Short-term if market closes above #1,862.80 fractal, very slim chances however for #1,862.80 Resistance extension test). Once more Gold is being utilized as a safe-haven as the equity markets suffer significant losses, and #1,820's zone is traditionally most viable Profit taking zone by Investors, so realize the importance of the level. However as discussed before, I am making use of the DX as my key indicator to suggest the underlying trend of Gold, turned / switch from Bearish Medium-term to Bullish as Gold didn’t managed to maintain Lower levels below my #1,827.80 Support. DX made an solid Technical Lower High’s Upper zone and didn’t rebounded strongly, which is confirmation of Selling sustainability on Gold (Gold couldn’t make Bullish reversal until DX lost value). I expect late sessions of the week to maintain this momentum, so that by Friday’s session, Gold may test my #1,800.80 Target extension (posing as an important benchmark). I am still aiming at #1,792.80 and #1,778.80 initially. Weekly chart (#1W) however is still Selling on most Moving averages which confirms my Bearish Long-term Technical configuration. I will shift my strategy gradually as DX shifts it’s direction. Remember, when you are unsure of the Medium or Long-term direction on Gold always look for clues on DX and Trade accordingly (I have done that successfully throughout the whole Selling sequence currently). Only when DX makes a Daily chart’s Lower Low’s (below #101.800) I will be able to point with a High degree of certainty that the Bullish reversal (on the Long-run) on Gold is sustainable (I do not rule Bullish spikes which will be Sold later on). If Gold is unable to extend the correction above the #1,852.80 benchmark, Sellers will always arise and push the Price-action downwards as there are new threats for further Gold’s slide once again below Higher Low’s Lower zone decimal. All explanations above are still not enough reason for me to strongly Sell Gold (suggesting double Volume on my Trade) as I require #1,827.80 line of utmost importance to be tested and invalidated in order to add credence to my model. Regardless, I cannot ignore the fact that #1,800.80 benchmark will be tested sooner or later.


My position: I am holding my Selling order with #1,835.80 as my entry point, with FOMC on main stage throughout the session. I do believe that Fed's stance will remain hawkish due Fed tapering, which will add even more confidence to Gold's Sellers later on U.S. session. Both Technically and Fundamentally, Gold is equipped for yet another slide towards #1,800.80 psychological benchmark first, then #1,778.80 local Lower Low's zone extension.