Sell order activated / Price-action leans more to the downside

Gold's general commentary: Gold is under unprecedented Volatility more than #14 sessions with Gold and the Futures price on a tight spread. This is of course the product of heavy speculation in the Metals market, fuelled by the expectation that the Fed’s new tapering talks will be accepted. Needless to mention, this environment is Fundamentally Gold friendly, but Technically, current fractal points to the aggressive takedown once Fundamental dust settles. I can't approach this situation Fundamentally but I do expect a pullback back towards #1,840.80 again, which represents the main Support and Higher Low’s Upper zone, since Support cluster is nearby (#1,838.80 - #1,840.80). Hourly 4 chart’s Ascending Triangle is still in motion as Price-action will most likely close the session below the first Resistance. Despite Bond Yields (# +1.48%) still not stabilized, the continuous side swings on DX and of course the parabolic rise on Usd-Jpy (near local peak's), Gold hasn't made a new Lower Low’s yet (much expected #3rd Low’s extension) making me believe that the underlying trend remains Bearish and Price-action can start losing with every Hourly candle any minute early on. Further argument for it is that the Weekly chart is defending the bounce it made throughout May on the Weekly chart’s Resistance, as I doubt it will last. My advice for Short-term Traders is to Sell Gold on tight stops whenever you see pullbacks on DX (which is the case for now) - Selling every High strategy - keeping in mind that the Support on the Hourly 4 chart was always tested after every High since the start of #2022.


Technical analysis: Gold reversed on Intra-day basis (even though DX is Trading near multi-session High’s, my main correlation at the moment) and broke above the former Hourly 4 chart’s Descending Channel and is now Trading above the #1,851.80 Resistance which as I've mentioned before was nothing but an continuation of Rising Wedge on bigger charts. The Daily timeframe should turn red any minute now and as long as the #1,840.80 supports and pose as an strong rejection point, I expect a test and break of the #1,851.80 Resistance (similar fractal which happened more than once #2 sessions ago). The Inflation report that surpassed the forecast is of course showcasing a key role on this Price-action as it weakens Gold and adds Volume to DX and Yield, both of which are negatively correlated with Gold. It is important to note that Gold is dangerously approaching Lower values of Ascending Triangle on Hourly 4 chart, and if border is broken, #1,806.80 may be tested on Intra-day basis and represents sole reason why I am heavily on Selling side.


My position: As I was comfortably on sidelines awaiting for Support zone to break throughout yesterday's session, I engaged my Selling order with #1,850.80 as an entry point. My optimal Target is #1,831.80 Support extension.