Re-Sell zone near / Gold to remain heavily pressured

Technical analysis: Gold is isolated within Dead Cat bounce formation and if there wasn’t Powell’s press conference, Price-action would be significantly Lower (I highlighted that only catalyst which can revive the Price-action and kick-start the relief rally is on Fundamental side). The Hourly 4 chart’s indicators were showcasing that Gold was Oversold and MACD was about to make a Bullish roll-over as I believed that I should start preparing ourselves for a slight pullback (Medium-term trend stays Bearish though especially with DX still critically Bullish, Bond Yields rejected on #3-Week Top zone). Next Resistance is priced at #1,991.80 / break of it might extend the uptrend towards #2,000.80 benchmark configuration. Gold hasn't still invalidated solid Descending Channel on Hourly 4 chart and if you recall, delivered #2 additional Lower Low’s (my chart’s explanation that Gold always delivers #3 Lower Low extensions ahead of full scale reversal, so practically I have one more Lower Low’s to expect according to the cycle). DX (# -0.37% almost on Friday's session) is again turning the market sentiment to Bullish on Intra-day basis, and according to my estimations, current Selling sequence was due to the Oversold Hourly 4 chart, which is being aggressively Bought due to the remarks by the Fed chair. Always keep in mind that in times of Gold corrections / pullbacks, Investors tend to purchase the U.S. Dollar as a safe-haven (as it happened in March #2020), which has in turn a negative reaction on Gold (hence holding negative correlation for the two). Subsequently adding to the configuration that Bond Yields are aswell on promising uptrend, Gold Traders may witness aggressive takedown towards #1,952.80 - #1,952.80 early next week (delivering #3rd Lower Low’s). It is important to note that Gold is not rising proportionally with red candles on DX, and assuming that market could close once again below #1,991.80 former Support now turned to Resistance, Selling sentiment is postponed but surely not invalidated.


My position: As I believe that current Fundamentally driven spike will be aggressively Sold, I engaged my Selling order throughout Friday's session on #1,982.80 and closed it this morning on #1,972.80 (delivering #10-point Profit) as I will look to re-Sell Gold once again with #1,982.80 as most viable re-Sell point (#1,952.80 Target). However keep in mind that Volume is slowly decreasing and that today's session candles may not deliver anything significant. Overall, I am Highly satisfied with my results.