Sell order activated / #1,900.80 on Sellers aim

Gold's general commentary: Hourly 4 chart remains under Volatile setting as Scalpers are getting most of the returns out of the current Price-action. Gold is isolated within Rising Wedge, already converted to TDP. If the current Three Drives pattern is the symmetrical pattern of the November - January IH&S, then the Selling sequence that took place on February #16, #2021 and delivered the #1,678.80 market bottom of March #8, could be the directly symmetrical sequence and Medium (to Long-term) Selling projection, which offers great value for Gold’s Sellers which have intention to Sell Gold on Medium-term. That suggests that if Gold prices in possible Higher High’s Upper zone test (#1,933.80 - #1,952.80), the first Target on the cards should be the Lower High’s Upper zone (around #1,900.80 - #1,905.80, representing stabilization zone) and then a Lower Low’s extension should follow below #1,852.80 psychological benchmark configuration. It is Technically too dangerous to Sell Gold on Spot (regarding Medium-term) at the moment with #2 strong Support ahead and in the same manner, it is too late to Buy Gold, since most of the gains are already priced in however Resistance zone is well preserved and showcasing strong durability.


Fundamental analysis: Gold keeps close track of the DX (strongest correlation I have at the moment) and Bond Yields (# -1.94%), as in the absence of macroeconomic news, correlating assets are near Neutral Rectangle (both), ignoring though the Usd-Jpy Trading near the Support zone (on Short-term decline), which showcases that Gold continues to be detached from Usd-Jpy pair and follows DX / Bond Yields and rallies don’t (as for the current configuration at least) translate into equal rallies on Gold as long as DX isn't falling. Gold is not too close to the Daily chart’s #MA50 (which was broken only few times since February #2) and this is not the time to take wild bets on the market that is obviously waiting for catalysts to move. Chance appeared to Sell Gold towards the Daily chart’s Support zone, having a stop on the Hourly 4 chart’s Resistance line is the most optimal Trade to take, if of course current variance allows and delivers Selling confirmation.


Technical analysis: It is important to note that Gold is cyclical asset and what caught my attention is #2-Year old fractal. Gold tends to engage the aggressive takedown after Double Top rejection on Daily chart. Throughout May #26 - July #11 fractal, Gold made an Double Top break attempt but got rejected and engaged the #140 point decline. On July #15 - August #8 fractal, Price-action made an Double Top formation and engaged the (almost #150 point) slide. Similar fractal could be repeated now, and if Gold honors it, I am looking at decent possibility of #1,852.80 Lower Low’s Upper zone extension test, and break of can put final Selling extension in motion (Medium-term), currently Trading on #1,585.80 (April #6, #2020) Low’s. Regarding the RSI indicator (strongly limiting the uptrend), variable is still close to Medium-term Resistance, which is rejecting the Price-action since June #10. Means that Gold should be Pricing a Top (temporarily or not) soon and engage the Selling sequence. However, do not expect more serious decline on Gold even though Technically it can be expected. Fundamentally, new recession fears and Fed’s hawkish stance surprises are still preserving Investor’s interest in Gold as an safe-haven asset in demand. Congratulations for my Traders which are lately Scalping the market. I have stated multiple times throughout my comments that #1,952.80 psychological benchmark is surely on the cards however still it is early to mention such levels.


My position: After couple of spectacular sessions of Selling near Top's and Buying every Bottom, I have engaged my Selling order (#1,929.80 as an entry point), with #1,905.80 as my Short-term Target.