Engaging new Selling order / Gold Targeting #1,748.80 extension

Gold's general commentary: Despite the significant rise on DX (# +2.10%), Gold is looking rather weak within the inner layers of the Daily chart’s #1,792.80 - #1,800.80 Higher Low extension, mainly because of the current High's on Bond Yields (Weekly chart’s (#1W) Gap on Bond Yields, very strong impulse which added enormous Selling pressure on Gold, is now Sold back towards Support zone). As the announcements debacle virtually out of the question (no significant market reaction), Buying pressure is not so strong and #1,800.80 psychological barrier should keep the Selling bias alive, as Gold is Trading within Bearish Flag at the moment, where my estimations are pointing that #1,800.80 - #1,806.80 can contain any Price-action pullback towards Higher levels. Daily chart’s Resistance is intact as I don’t see a valid reason why Gold gradually won’t fall back to #1,778.80 Support as today’s U.S. session approaches, which may cause even stronger uptrend on DX. With Weekly chart still on a Long-term downtrend, there are no arguments to Support the uptrend. Correlating assets are still strong and should prevent the further uptrend, but as always I will approach with extreme caution.


Technical analysis: Gold reached my projected #1,782.80 - #1,792.80 (on Spot Prices) Selling accumulation zone which is roughly the neckline of current Selling structure on Hourly 4 chart and got Naturally rejected exactly on the #1,782.80 point, pricing strong Support there. However I see strong consolidation now around the Daily chart’s Support zone (hence Oversold RSI). However, if #1,778.80 breaks it will represent Selling signal towards #1,748.80, clues which I am currently Trading on, operating with engaged Selling order. Otherwise the Lower High trendline since August #18 can prevail and push the Price-action back towards the #1,865.80 - #1,875.80 Medium-term Resistance zone, if #1,823.80 breaks (only #11.78% chances for that outlook, really slim chances). I am certain that current Bearish leg is sustainable (further Fed tapering and DX is gaining with every Hourly 4 chart’s candle) and by my estimations, #1,748.80 is the next extension Gold Sellers should have as their Target on their chars. It is my belief aswell that #1,748.80 is maximum out of current Selling potential.


My position: I am looking at a decent opportunity to extend my #10 Profits run to #11 (August - September fractal) with current Selling order I engaged few minutes ago. My entry point is #1,794.80, and my Target is #1,748.80 Lower Low extension. I will add one more Selling order if #1,778.80 breaks, both Targeting a piercing of #1,760.80 Support towards #1,748.80 Lower Low as the final Taking Profit zone.