Gold on relief rally with DX as a catalyst

Technical analysis: #1,927.80 - #1,932.80 continues to offer stiff Suport zone (as #1,925.80 is distinguished as an session Low’s) and in the meantime, Price-action made a Higher Low’s zone with the #1,962.80 - #1,965.80 zone containing the uptrend on Intra-day relief rally on Gold. Support line is seen Trading at #1,952.80 (benchmark which acted as Support and Resistance many times under the fractal) and as long as it Supports, the Price-action will remain Neutral back in the box (Short-term) above the Higher Low’s trendline of the Hourly 4 chart’s Neutral Rectangle which is now extended. There is strong #1,940.80 test probability throughout Monday’s session since (as I announced many times) underlying trend remains Bearish as it is important to await market closing while DX still didn't found the Support zone, but generally the Daily chart’s timeframe is pointing on a steady slide and prolonged weakness on Gold. I am still expecting #1,900.80 benchmark test, probably mid or late next week (rough estimations) as it all depends on how DX fares into coming sessions. Hourly 4 chart constitutes Selling continuation aswell, as Investors are cautious, speculating how market will digest Powell’s speech (catalyst of the current week), and what kind of after-effect it will have on DX and most importantly Gold. Base case scenario and market configuration are pointing that Trading should be performed below Higher Low's zone (Higher Low's / Lower Low's), and that Selling trend is here to stay.


My position: Even though my yesterday's Selling order was in decent Profit (#1,937.80 entry point) near #1,920's, Fundamentals once again distorted Technical trend and delivered relief rally which triggered my #1,947.80 Stop-loss on my order. If there wasn't parallel decline on DX, Gold would be significantly Lower. Prolonged weakness is not going in favor to my Selling model and as soon as DX finds the Support and starts reversing, expect #1,900.80 and #1,852.80 (both crucial Medium-term benchmarks) test. Overall, #1,962.80 - #1,965.80 is excellent re-Sell zone and I am Highly satisfied with my Yearly Trading results.