Sell order activated / Rising Wedge invalidated

Technical analysis: The Price-action instantly surged as despite the Inflation PCE outcome, the DX remains more Neutral than Bullish for the session, however appears to be reversing on a Hourly 4 chart’s series of Engulfing Bullish candles (I advised it should rise gradually within #10 sessions, not remaining isolated within Neutral Rectangle). In addition regarding Daily chart configuration, market sentiment appears to have regained the standard correlation but I need to allow enough time (another #2-sessions horizon including today’s one to have a clearer picture). #1,900.80 psychological benchmark may still be tested into this week’s variance (since PCE didn’t disappoint, the news relationship appears now to be inverse, possibly good news raise accelerated rate hike concerns). I rely on the Weekly chart’s Technicals at hand suggesting that the Lower pressure point of #1,900.80 will be tested. The Price-action is attempting a Double Top, (November #9 resemblance) on Oversold Hourly chart’s. I expect the multi-Month re-Sell zone to take control again and reverse the Price around the #1,917.80 Support as a first Target, then #1,900.80 in extension. This rise on Gold in form of a Buying pressure can be also linked to the fact that the DX was on the back foot (on disappointing numbers), causing capital exodus from shares and currencies to the safe-haven instruments of Gold. Within #2-session horizon, I am expecting #1,900.80 to be met where Price-action might get rejected towards #1,952.80 psychological benchmark once again, which should be Ultimate Top zone for current Bull cycle.


My position: In regards of the above, I have engaged new Selling order (#1,923.80) as an key entry point with #1,900.80 psychological benchmark as an optimal Target. I have engaged my position before the confirmation however, Daily chart is indicating correction on Gold which I am ready to pursue with my Selling orders.