Sell order activated / #1,700.80 barrier on Sellers aim

Gold's general commentary: Gold closed Wednesday’s session widely below from one of strongest Support zones priced in at #1,752.80 - #1,755.80 which Technically became a Resistance zone (Support level which gets invalidated becomes an instant Resistance and vice-versa) as Price-action delivered aggressive takedown which was altered near another crucial level of #1,727.80 (as DX started rebounding slowly above Higher High’s extension), regardless I still don’t see any Bullish signs on all Gold charts as current relief spike towards #1,752.80 barrier can be distinguished as an small correction which can be recognized as an Dead Cat bounce pattern. Wednesday's FOMC committee meeting delivered merely hawkish than dovish statement, and as a result my strongest correlating asset DX is still above local High’s, just on Short-term Natural retracement. Bond Yields engaged steady uptrend from Lower Low’s area with yesterday's Fundamental numbers going in favor for Yields. I expect Gold to remain heavily pressured as long as DX keeps record High’s, and current Dead Cat bounce can extend Price-action all the way below #1,700.80 psychological barrier.


Technical analysis: Clear Inverted Cup and a Handle formation on Gold chart as U.S. Treasury attempt to limit the rise at all costs as their main aim is not to hyper-Inflate the economy. Inflation chart is up on a mere (# +8.00%, in the same time representing ATH values), but Gold is ignoring eminent reversal signs and remains on Spinning Top’s (usual indecision candles) and continuing the idle Intra-day sequence. It is my belief that Investors are unwilling to commit before the full scale Support break, and as an result, Volatility kicked in and Gold didn’t offered anything in particular throughout the session. Personally, I am not surprised at all regarding yesterday’s session turn of the events as Support break and Lower Low’s test was on the cards - Price-action reversed on an almost #10 point uptrend since DX got rejected with an Double Top formation. No Daily changes so far after a very flat E.U. session opening on traditionally Volatile Hourly 4 chart’s candles. I can easily spot on Hourly 4 chart how the current slow falling consolidation is repeating the pattern of November #26 - December #5. As discussed, the statistics on how non-Technical sessions affect Gold are usually changeable.


Fundamental analysis: One of the most Volatile Trading week was current one, according to the Historical Data with a #82.70% point differential on Daily chart, also seen by the wide margin (Bearish) on mostly all Hourly charts. Gold enters an stabilization belt in my book and should reveal underlying Bearish Trend as today's U.S. session approaches. Technical analysis cannot be immediately effective on such high Volatility levels so, as I mentioned throughout my remarks, I was patiently awaiting for Breakout of #1,740.80 where I Sold Gold on spot again pursuing #1,700.80 with my piercing Selling order. Technically, Daily chart formed steep Descending Channel and got rejected near #1,752.80 barrier as Price-action is gradually building it’s way to Lower levels. If Gold don't break #1,732.80 throughout today's session, it is going to be a ranged day but if it does, I may see a quiet a Bearish session on the aftermath. Personally by my estimation, Selling sequence is far from exhaustion.


My position: Since I always trust my models (aswell Gold's cycles I spotted in the past) and last #5 out of #5 NFP events had less or no impact on Gold's Price-action, I will give no importance to it. I engaged my Selling order with #1,740.80 as an entry point, Targeting #1,700.80 psychological barrier in extension. If #1,733.80 Support gets invalidated, expect #1,700.80 barrier within #2 sessions, which may be the maximum out of current Bearish cycle regarding the Short-term.


Important update: As an addition to providing market insights and guidance on Gold (signals), I have been receiving increased inquiries regarding mentorship and Trading education. With that being said, I have decided that I will not only be providing consulting in regards to the market but I will also be providing teaching and education on Gold Trading (#1 on #1 classes) / this I’ll include Technical and Fundamental analysis . If this is something you are interested in or if this is something you have requested from me, please feel free to get in contact with me to get further information.

Trade closed manually:

Selling order closed on breakeven.