Gold getting into a tight range / re-Sell contemplated

Fundamental analysis: Symmetrical Triangle on Hourly 4 chart is getting in tight range as U.S. Treasury attempt to limit the weakness 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 Trading under violent Volatility (usual indecision candles) and continuing the Neutral 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 Highly surprised regarding yesterday’s session turn of the events as Support break and Lower High’s Upper zone test was on the cards - Price-action reversed on an almost #10 point uptrend since DX got rejected near local Resistance level.


Technical analysis: No Daily chart changes so far after a very Bearish yesterday's U.S. 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. One of the most Volatile Trading week was previous 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 remains isolated within Neutral 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 on my commentary, I will patiently wait for breakout where I will Sell on spot again pursuing #1,952.80 benchmark with my piercing Selling orders. Technically, Daily chart formed steep Descending Channel and got rejected near #2,000.80 psychological benchmark for #7-consecutive times in a row as Price-action is gradually building it’s way to Lower levels. If Gold don't break #1,980.80 throughout today’s session (full candle closing), it is going to be a ranged day but if it does, I may see a quite Bearish session on the aftermath. Personally by my estimation, Selling sequence is far from exhaustion. Gold is seen Trading within Symmetrical Triangle on Lower High’s / Low’s in development. Next point of contact is #1,952.80 configuration as Hourly 4 chart is turning critically Bearish as the sessions go by. Price-action is seeking it’s neckline of current downtrend on a full width, while healthy Bearish Technicals are preserved. I have booked majority of my Selling orders near #1,980’s (usual practice) however, my attention is directed towards #1,952.80 benchmark. All my calculations are based on assumption that Buying bias is getting weaker, and according to the cycle / Medium-term switch to Bearish is inevitable. Further Selling may intensify as Medium-term Buyers are slowly taking Profits on their Long orders so be prepared for full scale oscillation towards #1,952.80 benchmark first, then #1,927.80 Selling extension.


My position: I have closed my yesterday's session Selling order on #1,985.80, #4 points from my #1,981.80 entry point. However #2,004.80 local peak delivered excellent re-Sell entry where I have closed my Selling order with #1,987.80 as closing point, booking excellent Profit. I am continuously Selling every High's and Buying every Low's which Gold delivers, and will continue to do so as long as current state lasts. I am looking at suitable entry to re-Sell Gold on spot towards #1,952.80 benchmark. Congratulations if you engaged Selling order on #2,000's!