Sell order activated / Fed's hawkish stance expected

Gold's general commentary: Gold is slowly but steadily approaching the most important Resistance of this fractal, the Daily chart’s Lower High’s Lower zone (#1,886.80 on Spot prices) where Price-action last time failed to close the market below and got rejected. This pattern continues to be very similar to the early August fractal where Gold was again rejected on the Daily chart’s Support zone and after a pullback to the Resistance, #3 session later it broke above it to test the #1,834.80 Resistance, and then continued the Medium-term downtrend. I am expecting a similar breakout, especially since both Hourly 4 chart and Daily chart are neutralized Oversold RSI levels and everything is set for Selling sequence on Gold. Important Trading session ahead for Gold in expectation of traditional Volatility visible on the markets as Fed (doing the same manoeuvre over and over again to postpone, but not to prevent the final crash) is Repurchase agreements scheme and inventing such thing as “Federal Debt ceiling”, as discussed above is traditional manoeuvre of Fed as they want to pass another huge Bill (which will be released shortly) and their main aim is to remove the public’s attention from huge disastrous Bill they are about to pass, and shift it towards Debt ceiling issue.


Technical analysis: This is Inflation data and always keep in mind Gold's use as a counter to Inflation, but with current hyperinflation growing on Daily basis, I do not see Gold as sustainable sole asset as hedge against it. From #20 - #30 sessions aspect and point of view, if chart is consulted (observing September #3 High’s and September #30 Low’s cycle), it is obvious why the Price-action is caught in below Neutral Rectangle (but leans more to the Bearish side as Price-action should be comfortably Trading near the #1,852.80 barrier). No surprise then why Hourly 1 chart is Bearish, unless #1,886.80 benchmark breaks. An break to the upside sets Target for the #1,900.80 belt while a break to the downside back to the #1,831.80 Low’s. Gold still is product of High speculation mode, and Volatility narrative is still present on the market, where yesterday's session developments on DX (which should be extremely Bullish for Gold) had less or no impact at all (only mild recovery). Gold already tested the #1,870’s Zone, and reverse into a meltdown towards #1,831.80 or less.


My position: Since I could afford the risk, I engaged my Selling order without waiting for confirmation. My entry point is #1,871.80, and my Target is seen Trading at #1,848.80 Support zone. If my Target of #1.848.80 is tested and invalidated, sentiment may arise Sellers which may drag the Price-action all the way towards #1,831.80 strong Support zone. I am expecting hawkish stance on FOMC minutes and aggressive Selling pressure on the aftermath.