Gold on the path towards #1,900.80 / #76 Profits row

As discussed throughout my yesterday's session commentary: "My position: As stated many times, I will continue Selling every Top that Gold delivers on Daily basis and as I expect Rate to remain unchanged today followed with hawkish stance from Fed chair on the aftermath, current sequence may be enough for Gold to pierce #1,927.80 - #1,932.80 Support zone and Trade more closer towards #1,900.80 benchmark. I will re-Sell Gold as near as (or within) #1,950's with #1,900.80 as my optimal Target. Do not expect #2,000.80 benchmark test on every small upward impulse in form of a correction as #2,000.80 is impossible level to be considered, at least for Medium-term (stay with the trend for optimal Trading results)."


I have closed my Selling order as Fed delivered what I was waiting for (#1,958.80 - #1,940.80) on a fine #18-point run, extending my results range to #76 Profits and #17 Stop-loss hits regarding April #2022 - June #2023 cycle. I will use this chance to congratulate Traders who followed my calls and had patience to hold the order throughout the news.


Technical analysis: Excellent Selling pressure on Fed rate announcement aftermath so far has been nicely utilized as Gold reached recent well known local Low’s rejection point of #1,937.80 - #1,942.80 on series of Selling candles after #1,960.80 - #1,962.80 spike got rejected near Short-term Resistance zone mentioned above. Volume remains above average so Selling seems sustainable at this phase however Hourly 4 chart’s Descending Channel is close to an Oversold condition. Despite the Intra-day sentiment reversal on Hourly 4 chart in Sellers favor, Price-action continued to pile heavy pressure on #1,940.80 Support fractal as it was only matter of time when the level will ease and give away. Daily chart still advocates Selling pressure as the Price-action is seen Trading way below the Lower High’s zone (untouched for a while now, signaling that more and more Buyers are getting liquidated (normal development as many Traders are not staying with the trend and are constantly attempting to Buy Gold on such Bearish bias). Gold should slowly move Lower and deliver Lower Low’s Upper zone test however #1,952.80 (#1,952.80 - #1,955.80 rough projection) benchmark had to be re-tested before Gold resumed the downtrend.


My position: I have engaged my Selling order with #1,937.80 as my entry point. Optimal Target remains #1,900.80 benchmark which I have been calling it from #2,000's.