Gold paused the Selling sequence near Triple Bottom formation

Technical analysis: The current set-up on the Daily chart is still a solid Descending Channel (able to deliver Head and Shoulders pattern) with the #1,962.80 - #1,965.80 Resistance zone rejecting the uptrend and well Resisting the Buying pressure from Fundamental news and correlating assets (DX mostly filling the Gap). Right now the Price-action is near the Lower High’s Lower zone trendline of the pattern, so it is Natural to expect a pullback to the Support of #1,952.80 if the line Resisting from above isn’t invalidated, before the trend resumes and decide where to next. However, yesterday’s session Wall Street opening Bell brought heavy Volatility to the table, so it is best for me to keep operating with already projected model which I have since any rise to the Lower Lower High’s zone is Sold back since late April - early May. Bearish leg in continuation should be Targeting, typically #1,940.80 first Higher Low’s Upper zone fractal if #1,952.80 Support (turned many times into a Resistance) breaks. Needless to mention, Gold would be significantly Lower if Fundamental news didn’t distorted Technical trend (as seen many times now).


My position: Gold is still on healthy Technical downtrend. I am waiting Hourly 1 chart's Gap to be filled and re-test of #1,952.80 Support where Gold remains under the #1,972.80 - #1,982.80 Lower High's range of the Daily chart's Descending Channel after Friday's Doji Star series of Bearish candlesticks. Practically Hourly 4 chart is flat but on Bearish gradient and besides operating with Selling orders, from now on I won't be engaging any Buying orders unless Daily chart's #MA50 breaks. The Volume remains Low however and it appears that the demand was unaffected by the policy remarks as Investors stayed within the traditional financial assets. This is another reason to expect a decline, besides the Technical selling pressure that the Daily chart's Descending Channel applies.