Selling order engaged / #2,300.80 Targeted

Technical analysis: DX again reversed (# -0.37%) and it is no surprise that it is pushing Gold Higher, Buying every dip towards #2,350's Resistance zone. No doubt that Gold is also affected by the effect of DX policy remarks, testing the #104.500 Support and correlation standpoint will be visible from today’s U.S. session. Not surprisingly, last week’s DX developments, which were later on strongly Sold, had High impact on Gold. This tight balance keeps the Hourly 4 chart’s Descending Channel valid in High Volatility belt as I am keeping #2,320's as next Higher High's Lower zone. I have noted that Gold Traders will witness this Volatility until Fed announcement and then, by my analysis I expect further downturn followed by Lower High's test, as Gold always gives #2 additional Lower Low’s and then prints an healthy rebound. Gold is Trading on possible Dead Cat bounce as I found new cycle that Gold always delivers #100 - #150 point correction after testing new High’s (that is why I expected current #150-point decline on Gold). Keep in mind that Hourly 4 chart’s #MA200 got invalidated to the downside for the first time since February #23. Prior to each decline on Weekly chart (#1W) coupled with Selling signal on MACD, Gold delivered parabolic multi-Month decline towards either #MA50 or #MA200. If there are no Fundamental surprises, Gold is set for multi-Month Bearish cycle on Gold.


My position: I have engaged Selling order with #2,348.80 entry point, #2,300.80 benchmark remains optimal Target for the fractal. I do believe that Gold might re-test #2,350's Resistance zone before #2,300.80 aggressive takedown test.